Note
On November 3, 2021, International Business Machines Corporation (NYSE: IBM) (“IBM”) announced the completion of its separation from Kyndryl Holdings, Inc. (NYSE: KD) (“Kyndryl”). Starting on November 4, 2021, Kyndryl will be traded on the New York Stock Exchange under the symbol “KD”. IBM completed the spin-off of Kyndryl by the special distribution of one share of Kyndryl’s common stock for every 5 shares of IBM’s common stock held. This event triggered a Potential Adjustment Event as per the terms and conditions of the Note Securities in respect of the common shares of IBM, a Reference Asset in the Reference Portfolio of the Note Securities. As such, the Initial Value of the common shares of IBM was adjusted as of the closing of the markets on November 3, 2021.