<SEC-DOCUMENT>0001104659-25-088305.txt : 20250908
<SEC-HEADER>0001104659-25-088305.hdr.sgml : 20250908
<ACCEPTANCE-DATETIME>20250908164905
ACCESSION NUMBER:		0001104659-25-088305
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250908
DATE AS OF CHANGE:		20250908

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOME DEPOT, INC.
		CENTRAL INDEX KEY:			0000354950
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				953261426
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281802
		FILM NUMBER:		251300623

	BUSINESS ADDRESS:	
		STREET 1:		2455 PACES FERRY ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339-4024
		BUSINESS PHONE:		770-433-8211

	MAIL ADDRESS:	
		STREET 1:		2455 PACES FERRY ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339-4024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOME DEPOT INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOME DEPOT, INC.
		CENTRAL INDEX KEY:			0000354950
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				953261426
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2455 PACES FERRY ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339-4024
		BUSINESS PHONE:		770-433-8211

	MAIL ADDRESS:	
		STREET 1:		2455 PACES FERRY ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339-4024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOME DEPOT INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2525583d1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-281802</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Final Term Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 8, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE HOME DEPOT, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 3.750% Notes due 2028 (the &ldquo;2028
Notes&rdquo;)<BR>
$500,000,000 3.950% Notes due 2030 (the &ldquo;2030 Notes&rdquo;)<BR>
$1,000,000,000 4.650% Notes due 2035 (the &ldquo;2035 Notes&rdquo;)<BR>
(collectively, the &ldquo;Notes&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;<FONT STYLE="background-color: yellow"><BR></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">The Home Depot, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Expected Ratings (Moody&rsquo;s / S&amp;P / Fitch)*:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">A2 / A / A (Stable outlook for all)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">September 8, 2025&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Settlement Date**:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">September 15, 2025; T+5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNY Mellon Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: -61.4pt; padding-bottom: 7.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Title of Securities:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.750% Notes due 2028</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.950% Notes due 2030</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">4.650% Notes due 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">September 15, 2028</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">September 15, 2030</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">September 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Treasury Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.625% due August 15, 2028</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.625% due August 31, 2030</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">4.250% due August 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Yield:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.473% </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.580% </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">4.059% </FONT></TD></TR>
  <TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark:</B></FONT></TD>
    <TD STYLE="width: 26%; padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">30 bps</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">45 bps</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">63 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Reoffer Yield:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.773% </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">4.030% </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">4.689% </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">99.935% </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">99.641% </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">99.691% </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.750% per annum</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">3.950% per annum</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">4.650% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">Semi-annually on each March 15 and September 15, commencing on March 15, 2026.</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">Semi-annually on each March 15 and September 15, commencing on March 15, 2026.</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">Semi-annually on each March 15 and September 15, commencing on March 15, 2026.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to August 15, 2028, make-whole call at T+5 bps.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Par call on and after August 15, 2028</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to August 15, 2030, make-whole call at T+10 bps.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Par call on and after August 15, 2030</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to June 15, 2035, make-whole call at T+10 bps.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Par call on and after June 15, 2035</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Day Count Convention: </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 7.5pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">437076 DH2 / US437076DH27</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">437076 DJ8 / US437076DJ82</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 7.5pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">437076 DK5 / US437076DK55</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus if you request it by contacting (i) J.P. Morgan Securities
LLC collect at 1-212-834-4533, (ii) BofA Securities, Inc. toll-free at 1-800-294-1322, (iii) Barclays Capital Inc. toll-free at 1-888-603-5847,
(iv) Deutsche Bank Securities Inc. at 1-800-503-4611 or (v) Wells Fargo Securities, LLC toll-free at 1-800-645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*Note: A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>**Note: The Issuer expects to deliver the Notes against payment
for the Notes on the fifth business day following the date of the pricing of the Notes (&ldquo;T+5&rdquo;). Under Rule 15c6-1 of the Exchange
Act, trades in the secondary market generally are required to settle in one business day, unless the parties to a trade expressly agree
otherwise. Accordingly, investors who wish to trade Notes prior to one business day before delivery of the Notes will be required, by
virtue of the fact that the Notes initially will settle in T+5, to specify alternative settlement arrangements to prevent a failed settlement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
