<SEC-DOCUMENT>0001104659-23-089430.txt : 20230810
<SEC-HEADER>0001104659-23-089430.hdr.sgml : 20230810
<ACCEPTANCE-DATETIME>20230809212439
ACCESSION NUMBER:		0001104659-23-089430
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230810
DATE AS OF CHANGE:		20230809

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:		231156935

	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>tm2323206d3_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated August&nbsp;9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-258270</P>

<P STYLE="font: 5pt 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"><B>McDONALD&rsquo;S CORPORATION</B></P>

<P STYLE="font: 5pt 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"><B>USD 600,000,000  4.950% Medium-Term Notes Due 2033</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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; width: 30%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Issuer:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">McDonald&rsquo;s Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Ratings*:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Moody&rsquo;s: Baa1 (Stable); S&amp;P: BBB+ (Stable)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Trade Date:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">August 9, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Settlement Date**:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">August 14, 2023 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Maturity Date:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">August 14, 2033</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Security Description:</TD>
    <TD STYLE="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="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Total Principal Amount:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">USD 600,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Coupon:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">4.950%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Issue Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">99.735% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Yield to Maturity:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">4.984%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Spread to Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">T + 98 basis points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">3.375% due May 15, 2033</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury Yield:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">4.004%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Coupon Payments:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Pays semi-annually on February 14 and August 14, beginning
    February 14, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Day Count:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">30 / 360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption Provision:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Prior to May 14, 2033, 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 May
    14, 2033) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus
    15 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 May 14, 2033, 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="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Joint Bookrunners:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Goldman Sachs &amp; Co. LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Truist Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mizuho Securities USA LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">PNC Capital Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. Bancorp Investments, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Co-Managers:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ANZ Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BofA Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Barclays Capital Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BNP Paribas Securities Corp.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Commerz Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Agricole Securities (USA) Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">HSBC Securities (USA) Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ING Financials Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Bank, Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Rabo Securities USA, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Standard Chartered Bank</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">TD Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">UniCredit Capital Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Westpac Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">AmeriVet Securities, Inc</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Blaylock Van, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cabrera Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CastleOak Securities, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Drexel Hamilton, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Independence Point Securities LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Penserra Securities LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: left">CUSIP / ISIN:</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">58013M FV1 / US58013M FV19</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USD 800,000,000 5.450% Medium-Term Notes Due 2053</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 8pt; text-align: left; width: 30%">Issuer:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">McDonald&rsquo;s Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 8pt; text-align: left">Ratings*:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Moody&rsquo;s: Baa1 (Stable); S&amp;P: BBB+ (Stable)</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%">Trade Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 70%">August 9, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Settlement Date**:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">August 14, 2023 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Maturity Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">August 14, 2053</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Security Description:</TD>
    <TD STYLE="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="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Total Principal Amount:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">USD 800,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Coupon:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">5.450%&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Issue Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">99.721% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Yield to Maturity:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">5.469%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Spread to Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">T + 128 basis points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">3.625% due February 15, 2053</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Treasury Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">4.189%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Coupon Payments:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Pays semi-annually on February 14 and August 14, commencing
    February 14, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Day Count:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">30 / 360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption Provision:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Prior to February 14, 2053, 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
    February 14, 2053) 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 February 14, 2053, 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="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Joint Bookrunners:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Goldman Sachs &amp; Co. LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Truist Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mizuho Securities USA LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">PNC Capital Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. Bancorp Investments, Inc.</TD></TR>

<TR STYLE="vertical-align: bottom"><TD STYLE="text-align: left; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Co-Managers:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ANZ Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BofA Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Barclays Capital Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BNP Paribas Securities Corp.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Commerz Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Agricole Securities (USA) Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">HSBC Securities (USA) Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ING Financials Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Bank, Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Rabo Securities USA, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Standard Chartered Bank</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">TD Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">UniCredit Capital Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Westpac Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">AmeriVet Securities, Inc</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Blaylock Van, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cabrera Capital Markets, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CastleOak Securities, L.P.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Drexel Hamilton, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Independence Point Securities LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 6pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Penserra Securities LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 8pt; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%">CUSIP / ISIN:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 70%">58013M FW9 / US58013M FW91</TD></TR>
  </TABLE>


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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">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0pt"></TD><TD STYLE="width: 13.5pt">**</TD><TD>It is expected that delivery of the notes will be made against payment therefor on or about August&nbsp;14, 2023, which will be the
third business day following the date of pricing of the notes, or &ldquo;T+3.&rdquo; Under Rule&nbsp;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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Modification of Prospectus Supplement, dated July&nbsp;29, 2021</u></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(1)</TD><TD><I>Marketing Legends</I>: The text appearing on pages&nbsp;S-ii and S-iii shall be replaced in its entirety with the following six
paragraphs:</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 0pt 1in; text-indent: 0.5in">None of this prospectus supplement, the
accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the Prospectus Regulation (as defined below).
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 &ldquo;<I>EEA</I>&rdquo;) will only be made to a legal entity which is
a qualified investor under the Prospectus Regulation (&ldquo;<I>EEA Qualified Investors</I>&rdquo;). Accordingly any person making or
intending to make an offer in any 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 they authorize, the making of any offer of notes in the EEA other than to EEA Qualified Investors.
The expression &ldquo;<I>Prospectus Regulation</I>&rdquo; means Regulation (EU) 2017/1129, as amended.</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>PROHIBITION
OF SALES TO EEA RETAIL INVESTORS </B></FONT>&mdash; 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 &ldquo;retail investor&rdquo;
means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (11) of Article&nbsp;4(1)&nbsp;of Directive 2014/65/EU,
as amended (&ldquo;<I>MiFID II</I>&rdquo;); (ii)&nbsp;a customer within the meaning of Directive (EU) 2016/97, as amended (the &ldquo;<I>Insurance
Distribution Directive</I>&rdquo;), where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article&nbsp;4(1)&nbsp;of
MiFID II; or (iii)&nbsp;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 &ldquo;<I>PRIIPs Regulation</I>&rdquo;), 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">None of this prospectus supplement, the
accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the UK Prospectus Regulation (as defined
below). 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
(&ldquo;<I>UK Qualified Investors</I>&rdquo;). 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 they authorize, the making
of any offer of notes in the UK other than to UK Qualified Investors. The expression &ldquo;<I>UK Prospectus Regulation</I>&rdquo; means
Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018,
as amended by the European Union (Withdrawal Agreement) Act 2020 (the &ldquo;<I>EUWA</I>&rdquo;).</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 </FONT>United Kingdom&rsquo;s Financial Services and Markets Act 2000, as amended (the &ldquo;<I>FSMA</I>&rdquo;). Accordingly,
such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom.
This prospectus supplement, the accompanying prospectus, any related pricing supplement and such other documents and/or materials are
for distribution only to persons who (i)&nbsp;have professional experience in matters relating to investments and who fall within the
definition of investment professionals (as defined in Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the &quot;<I>Financial Promotion Order</I>&quot;)), (ii)&nbsp;fall within Article&nbsp;49(2)(a)&nbsp;to
(d)&nbsp; of the Financial Promotion Order, (iii)&nbsp;are outside the United Kingdom, or (iv)&nbsp;are other persons to whom it may otherwise
lawfully be made under the Financial Promotion Order (all such persons together being referred to as &quot;<I>relevant persons</I>&quot;).
This prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials relating to
the notes are 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 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, any related pricing supplement and any other document or materials
relating to the notes or any of their contents.</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"></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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>PROHIBITION
OF SALES TO UK RETAIL INVESTORS &mdash; </B></FONT>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)&nbsp;a retail client, as defined in point (8)&nbsp;of Article&nbsp;2 of Regulation (EU) No
2017/565 as it forms part of domestic law of the United Kingdom by virtue of the EUWA; (ii)&nbsp;a customer within the meaning of the
provisions of the FSMA, and any rules&nbsp;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)&nbsp;of Article&nbsp;2(1)&nbsp;of Regulation (EU) No
600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA (&ldquo;<I>UK MiFIR</I>&rdquo;); or (iii)&nbsp;not
a qualified investor as defined in Article&nbsp;2 of Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom
by virtue of the EUWA. 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 &ldquo;<I>UK PRIIPs Regulation</I>&rdquo;) 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>MIFID
II/ UK MIFIR PRODUCT GOVERNANCE / TARGET MARKET &mdash; </B></FONT>The pricing supplement in respect of any notes may include a legend
entitled &ldquo;MiFID II Product Governance&rdquo; and/or &ldquo;UK MiFIR Product Governance&rdquo;, as applicable, 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 &ldquo;<I>distributor</I>&rdquo;) should take into consideration the target market assessment.
However, a distributor subject to MiFID II and/or the FCA Handbook Product Intervention and Product Governance Sourcebook (the &ldquo;<I>UK
MiFIR Product Governance Rules</I>&rdquo;), 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&nbsp;under EU Delegated Directive
2017/593, as amended (the &ldquo;<I>MiFID Product Governance Rules</I>&rdquo;), 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&nbsp;and/or the UK MiFIR Product Governance Rules,
as applicable. We make no representation or warranty as to any manufacturer&rsquo;s or distributor&rsquo;s compliance with the MiFID Product
Governance Rules&nbsp;and/or the UK MiFIR Product Governance Rules, as applicable. We make no representation or warranty as to any manufacturer&rsquo;s
or distributor&rsquo;s compliance with the MiFID Product Governance Rules&nbsp;or the UK MiFIR Product Governance Rules, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(2)</TD><TD><I>Plan of Distribution</I>: The text under &ldquo;Plan of Distribution&rdquo; is amended as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">(a)</TD><TD STYLE="text-align: left">The text appearing under the subheading &ldquo;Prohibition of Sales to EEA Retail Investors&rdquo; on page&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Prohibition of Sales to EEA Retail Investors</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 0pt 1in; text-align: left; text-indent: 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 EEA. For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD>the expression &ldquo;<I>retail investor</I>&rdquo; means a person who is one (or more) of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>a retail client as defined in point (11) of Article&nbsp;4(1)&nbsp;of MiFID II;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>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)&nbsp;of Article&nbsp;4(1)&nbsp;of MiFID II; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>not a qualified investor as defined in the Prospectus Regulation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>the expression &ldquo;<I>offer</I>&rdquo; 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="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>

<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: 0.5in">(b)</TD><TD>The text appearing under the subheading &ldquo;Prohibition of Sales to United Kingdom Retail Investors&rdquo; on page&nbsp;51 shall
be replaced in its entirety with the following:</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 0pt 1in"><B>Prohibition of Sales to United Kingdom Retail Investors</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 0pt 1in; text-indent: 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 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 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
expression &ldquo;<I>retail investor</I>&rdquo; means a person who is one (or more) of the following:</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 0pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
retail client, as defined in point (8)&nbsp;of Article&nbsp;2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United
Kingdom by virtue of the EUWA;</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 0pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
customer within the meaning of the provisions of the FSMA and any rules&nbsp;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)&nbsp;of Article&nbsp;2(1)&nbsp;of
UK MiFIR; or</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 0pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>not
a qualified investor as defined in Article&nbsp;2 of the UK Prospectus Regulation; and</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 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
expression &ldquo;<I>offer</I>&rdquo; 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.</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"></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">The issuer has filed a registration statement (including a
prospectus and prospectus supplement) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) 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&nbsp;&amp; Co. LLC at 1-866-471-2526, Truist
Securities,&nbsp;Inc. at 1-800-685-4786 or Wells Fargo Securities, LLC at 1-800-645-3751.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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