nce Commodity on the Pricing Date, as determined by the Calculation Agent. - Anal Commodity Value: The arithmetic average of the Closing Values of the Reference Commodity on each of the rue Final Averaging Dates, as determined by the Calculation Agent. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL S

not pay any interest. Subject to the Issuer's and the Guarantor's credit risk (ability to pay), payment at maturity is linked to the performance of the Reference Commodity indicated on the cover page of this Pricing Supplement. The Notes are non-principal protected; therefore, your principal is at risk and you could lo

■ You do not believe the Reference Commodity will appreciate, on an averaged basis, over the Final Averaging Dates, as compared to the Initial Commodity Value. ■ You anticipate that on the Fi

e section "Risk Factors — Risks relating to each Reference Commodity" in the accompanying Product Supplement for additional risk factors relating to the Reference Commodity. Tax Treatment There is no direct legal authority as to the proper tax treatment of the Notes, and therefore significant aspects of the tax treatm

ould receive on the Maturity Date as described herein for each $1,000 Notional Amount of Notes. These examples are based on hypothetical values for the Reference Commodity. The hypothetical returns set forth below assume an Initial Commodity Value of 105.49 and a Downside Trigger Reference Value of 83.07 and certain