<SEC-DOCUMENT>0001104659-22-097918.txt : 20220906
<SEC-HEADER>0001104659-22-097918.hdr.sgml : 20220906
<ACCEPTANCE-DATETIME>20220906171238
ACCESSION NUMBER:		0001104659-22-097918
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220906
DATE AS OF CHANGE:		20220906

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCDONALDS CORP
		CENTRAL INDEX KEY:			0000063908
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				362361282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-258270
		FILM NUMBER:		221229037

	BUSINESS ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		630 623 3000

	MAIL ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCDONALDS CORP
		CENTRAL INDEX KEY:			0000063908
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				362361282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		630 623 3000

	MAIL ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2225163d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<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">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated September 6, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-258270</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>McDONALD&#8217;S CORPORATION</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>USD 750,000,000 4.600% Medium-Term
Notes Due 2032</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 25%; vertical-align: top">Issuer:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left">McDonald&#8217;s Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Ratings*:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Moody&#8217;s: Baa1 (Stable); S&amp;P: BBB+ (Stable)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Trade Date:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">September 6, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Settlement Date**:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">September 9, 2022 (T+3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Maturity Date:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">September 9, 2032</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Security Description:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">SEC-Registered Senior Unsecured Fixed Rate Medium-Term Notes</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Total Principal Amount:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">USD 750,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Coupon:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">4.600%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Issue Price:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> 99.556% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Yield to Maturity:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">4.656%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">T +  133 basis points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">2.750% due August 15, 2032</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury Yield:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">3.326%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Coupon Payments:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">Pays semi-annually on March 9 and September 9, beginning March 9, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Day Count:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">30 / 360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption Provision:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Prior to June 9, 2032, the issuer may
    redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a
    percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of
    the remaining scheduled payments of principal and interest on the notes to be redeemed discounted to the redemption date (assuming
    the notes matured on June 9, 2032) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
    Treasury Rate plus 20 basis points, less (b) interest accrued to the redemption date; and (2) 100% of the principal amount of the
    notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after June 9, 2032,
    the issuer may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal
    to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Joint Bookrunners:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Goldman Sachs &amp; Co. LLC</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Citizens Capital Markets, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Truist Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: left">CUSIP / ISIN:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; width: 75%">58013M FS8 / US58013MFS89</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>

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

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<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>USD 750,000,000 5.150% Medium-Term
Notes Due 2052</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 25%; vertical-align: top">Issuer:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left">McDonald&#8217;s Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Ratings*:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Moody&#8217;s: Baa1 (Stable); S&amp;P: BBB+ (Stable)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Trade Date:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">September 6, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Settlement Date**:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">September 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Maturity Date:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">September 9, 2052</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Security Description:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">SEC-Registered Senior Unsecured Fixed Rate Medium-Term Notes</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Total Principal Amount:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">USD 750,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Coupon:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">5.150%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Issue Price:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> 99.606% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Yield to Maturity:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">5.176%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">T +  168 basis points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">2.875% due May 15, 2052</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury Yield:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">3.496%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Coupon Payments:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">Pays semi-annually on March 9 and September 9, beginning March 9, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Day Count:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">30 / 360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption Provision:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Prior to March 9, 2052, the issuer may
    redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a
    percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of
    the remaining scheduled payments of principal and interest on the notes to be redeemed discounted to the redemption date (assuming
    the notes matured on March 9, 2052) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
    Treasury Rate plus 30 basis points, less (b) interest accrued to the redemption date; and (2) 100% of the principal amount of the
    notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after March 9, 2052,
    the issuer may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal
    to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Joint Bookrunners:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Goldman Sachs &amp; Co. LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Citizens Capital Markets, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Truist Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">CUSIP / ISIN:</TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif">58013M FT6 / US58013MFT62</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; text-align: center"></P>

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

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<TD STYLE="width: 13.5pt">*</TD><TD>A credit rating is not a recommendation to buy, sell or hold securities. It may be subject to revision or withdrawal at any time by
the assigning credit rating agency. Each credit rating is applicable only to the specific security to which it applies. Investors should
make their own evaluation as to whether an investment in the security is appropriate.</TD></TR></TABLE>

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

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<TD STYLE="width: 13.5pt">**</TD><TD>It is expected that delivery of the notes will be made against payment therefor on or about September 9, 2022, which will be the third
business day following the date of pricing of the notes, or &#8220;T+3.&#8221; Under Rule 15c6-1 of the Securities Exchange Act of 1934,
as amended, trades in the United States secondary market generally are required to settle in two business days, unless the parties to
any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of pricing will be required,
by virtue of the fact the notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to
prevent a failed settlement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>

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<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"><U>Modification of Prospectus Supplement, dated July 29,
2021</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD><I>Marketing Legends</I>: The text appearing on pages S-ii and S-iii shall be replaced in its entirety with the following six paragraphs:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">None of this prospectus supplement, the accompanying
prospectus and any related pricing supplement is a prospectus for the purposes of Regulation (EU) 2017/1129 (the &#8220;<I>Prospectus
Regulation</I>&#8221;). This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared
on the basis that any offer of notes in any Member State of the European Economic Area (the &#8220;<I>EEA</I>&#8221;) will only be made
to a legal entity which is a qualified investor under the Prospectus Regulation (&#8220;<I>EEA Qualified Investors</I>&#8221;). Accordingly
any person making or intending to make an offer in that Member State of notes that are the subject of the offering contemplated in this
prospectus supplement, the accompanying prospectus and any related pricing supplement may only do so with respect to EEA Qualified Investors.
Neither we nor the agents have authorized, nor do we or the agents authorize, the making of any offer of notes other than to EEA Qualified
Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in"><B>PROHIBITION OF SALES TO EEA RETAIL INVESTORS</B>
 &#8212; The notes are not intended to be offered, sold or otherwise made available, and should not be offered, sold or otherwise made
available, to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (&#8220;<I>MiFID II</I>&#8221;); (ii) a customer within
the meaning of Directive (EU) 2016/97, as amended (the &#8220;<I>Insurance Distribution Directive</I>&#8221;), where that customer would
not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined
in the Prospectus Regulation. Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the &#8220;<I>PRIIPs
Regulation</I>&#8221;) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared
and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under
the PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">None of this prospectus supplement, the accompanying
prospectus and any related pricing supplement is a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic
law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement)
Act 2020 (the &#8220;<I>EUWA</I>&#8221;) (the &#8220;<I>UK Prospectus Regulation</I>&#8221;). This prospectus supplement, the accompanying
prospectus and any related pricing supplement have been prepared on the basis that any offer of notes in the United Kingdom will only
be made to a legal entity which is a qualified investor under the UK Prospectus Regulation (&#8220;<I>UK Qualified Investors</I>&#8221;).
Accordingly any person making or intending to make an offer in the United Kingdom of notes that are the subject of the offering contemplated
in this prospectus supplement, the accompanying prospectus and any related pricing supplement may only do so with respect to UK Qualified
Investors. Neither we nor the agents have authorized, nor do we or the agents authorize, the making of any offer of notes other than to
UK Qualified Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in"><B>PROHIBITION OF SALES TO UNITED KINGDOM RETAIL INVESTORS
 &#8212; </B>The notes are not intended to be offered, sold or otherwise made available, and should not be offered, sold or otherwise made
available, to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United
Kingdom by virtue of the EUWA; (ii) a customer within the meaning of the provisions of the United Kingdom&#8217;s Financial Services and
Markets Act 2000, as amended (the &#8220;<I>FSMA</I>&#8221;), and any rules or regulations made under the FSMA to implement the Insurance
Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation
(EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA; or (iii) not a qualified investor as defined
in Article 2 of the UK Prospectus Regulation. Consequently no key information document required by Regulation (EU) No 1286/2014 as it
forms part of domestic law of the United Kingdom by virtue of the EUWA (the &#8220;<I>UK PRIIPs Regulation</I>&#8221;) for offering or
selling the notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering
or selling the notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs
Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in"><B>MIFID II/ UK MIFIR
PRODUCT GOVERNANCE / TARGET MARKET &#8212; </B>The pricing supplement in respect of any notes may include a legend entitled
 &#8220;MiFID II Product Governance&#8221; and/or &#8220;UK MiFIR Product Governance&#8221; which will outline the target market
assessment in respect of the notes and which channels for distribution of the notes are appropriate. Any person subsequently
offering, selling or recommending the notes (a &#8220;<I>distributor</I>&#8221;) should take into consideration the target market
assessment. However, a distributor subject to MiFID II and/or FCA Handbook Product Intervention and Product Governance Sourcebook
(the &#8220;<I>UK MiFIR Product Governance Rules</I>&#8221;), as applicable, is responsible for undertaking its own target market
assessment in respect of the notes (by either adopting or refining the target market assessment) and determining appropriate
distribution channels. A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593, as amended (the &#8220;<I>MiFID Product Governance Rules</I>&#8221;), and/or
the UK MiFIR Product Governance Rules, as applicable, any agent subscribing for any notes is a manufacturer in respect of such
notes, but otherwise neither the agents nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID
Product Governance Rules and/or the UK MiFIR Product Governance Rules, as applicable. We make no representation or warranty as to
any manufacturer&#8217;s or distributor&#8217;s compliance with the MiFID Product Governance Rules and/or the UK MiFIR Product
Governance Rules, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.35pt 0pt 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.35pt 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in">The communication of this prospectus supplement, the
accompanying prospectus, any related pricing supplement and any other document or materials relating to the notes is not being made, and
such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the FSMA. Accordingly,
such documents and/or materials are not being distributed, and must not be passed on, to the general public in the United Kingdom. This
document and such other documents and/or materials are for distribution only to persons who (i) have professional experience in matters
relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;<I>Financial Promotion Order</I>&#8221;)), (ii) fall within
Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are other persons to whom it may
otherwise lawfully be made under the Financial Promotion Order (all such persons together being referred to as &#8220;<I>relevant persons</I>&#8221;).
This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this prospectus supplement, the accompanying prospectus, any related pricing supplement and
any other document or materials relates will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a
relevant person should not act or rely on this prospectus supplement, the accompanying prospectus or any related pricing supplement or
any of their contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.35pt 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(2)</TD><TD><I>Plan of Distribution</I>: The text under &#8220;Plan of Distribution&#8221; is amended as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The text appearing under the subheading &#8220;Prohibition of Sales to EEA Retail Investors&#8221; on page S-50 shall be replaced
in its entirety with the following:</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Prohibition of Sales to EEA Retail Investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.15pt 0pt 0.5in; text-align: justify">Each agent has represented and
agreed, and each further agent appointed under the Distribution Agreement will be required to represent and agree, that it has not offered,
sold or otherwise made available and will not offer, sell or otherwise make available, any notes which are the subject of the offering
contemplated by this prospectus supplement as completed by the pricing supplement in relation thereto to any retail investor in the EEA.
For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.15pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the expression &#8220;<I>retail investor</I>&#8221; means a person who is one (or more) of the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>a retail client as defined in point (11) of Article 4(1) of MiFID II;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="padding-right: 17.05pt">a customer within the meaning of the Insurance Distribution Directive, where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>not a qualified investor as defined in the Prospectus Regulation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="padding-right: 6.25pt">the expression &#8220;<I>offer</I>&#8221; includes the communication in any form and by any means of
sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe
for the notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The text appearing under the subheading &#8220;Prohibition of Sales to United Kingdom Retail Investors&#8221; on page 51 shall be
replaced in its entirety with the following:</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Prohibition of Sales to United Kingdom Retail Investors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Each agent has represented and agreed, and each further
agent appointed under the Distribution Agreement will be required to represent and agree, that it has not offered, sold or otherwise made
available and will not offer, sell or otherwise make available any notes which are the subject of the offering contemplated by this prospectus
supplement as completed by the pricing supplement in relation thereto to any retail investor in the United Kingdom. For the purposes of
this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the expression &#8220;<I>retail investor</I>&#8221; means a person who is one (or more) of the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="padding-right: 13.9pt">a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law of the United Kingdom by virtue of the EUWA;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="padding-right: 12.2pt">a customer within the meaning of the provisions of the FSMA and any rules or regulations made under
the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined
in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA; or</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.2pt 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>not a qualified investor as defined in Article 2 of the UK Prospectus Regulation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="padding-right: 6.25pt">the expression &#8220;<I>offer</I>&#8221; includes the communication in any form and by any means of
sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe
for the notes.</TD></TR></TABLE>

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

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

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<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">The issuer has filed a registration statement (including a prospectus
and prospectus supplement) with the Securities and Exchange Commission (the &#8220;SEC&#8221;) for the offering to which this communication
relates. Before investing, you should read the prospectus and prospectus supplement in that registration statement and other documents
the issuer has filed with the SEC for more complete information about the issuer and the offering. You may obtain these documents for
free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the issuer or any underwriter or dealer participating in the
offering will arrange to send you the prospectus and prospectus supplement if you request them by calling Citigroup Global Markets Inc.
at 1-800-831-9146, Goldman Sachs &amp; Co. LLC at 1-866-471-2526, SG Americas Securities, LLC at 1-800-685-4786 or Wells Fargo Securities,
LLC at 1-800-645-3751.</P>



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