<SEC-DOCUMENT>0001104659-25-079890.txt : 20250818
<SEC-HEADER>0001104659-25-079890.hdr.sgml : 20250818
<ACCEPTANCE-DATETIME>20250818172427
ACCESSION NUMBER:		0001104659-25-079890
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250818
DATE AS OF CHANGE:		20250818

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCDONALDS CORP
		CENTRAL INDEX KEY:			0000063908
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				362361282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281501
		FILM NUMBER:		251228913

	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]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				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>tm2523721d1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<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 August 18, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-281501</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; width: 30%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">Issuer:</TD>
    <TD STYLE="padding-top: 2pt; width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">McDonald&#8217;s Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">Ratings*:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Moody&#8217;s: Baa1 (Stable); S&amp;P: BBB+ (Stable)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Trade Date:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">August 18, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Settlement Date**:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">August 27, 2025 (T+7)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Security Description:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">SEC-Registered senior unsecured fixed rate medium-term notes</TD></TR>
  </TABLE>


<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 550,000,000 4.400% Medium-Term Notes
Due 2031</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="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 30%; text-align: left; padding-bottom: 2pt">Total Principal Amount:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 70%; padding-bottom: 2pt">USD 550,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Maturity Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">February 12, 2031</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">Coupon:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">4.400%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">Issue Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">99.992% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Yield to Maturity:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">4.402%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">T + 55 basis
    points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">3.875% due July 31, 2030</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Benchmark Treasury Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">3.852%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Coupon Payments:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Pays semi-annually on February 12 and August 12, commencing February 12, 2026 (short first coupon)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Day Count:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">30 / 360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Optional Redemption Provision:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Prior to January 12,
    2031, 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 January 12, 2031) on a semi-annual basis (assuming a 360-day year consisting of
    twelve 30-day months) at the Treasury Rate plus 10 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.<BR> On or after January 12, 2031, 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="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">CUSIP / ISIN:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">58013MGB4 / US58013MGB46</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>

<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 5.000% Medium-Term Notes
Due 2036</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-top: 2pt; width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Total Principal Amount:</TD>
    <TD STYLE="padding-top: 2pt; width: 70%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">USD 750,000,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Maturity Date:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">February 13, 2036</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">Coupon:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">5.000%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">Issue Price:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">99.527% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Yield to Maturity:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">5.059%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt">T + 72 basis points</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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; padding-top: 2pt; width: 30%; text-align: left; padding-bottom: 2pt">Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 70%; padding-bottom: 2pt">4.250% due August 15, 2035</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Benchmark Treasury Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">4.339%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Coupon Payments:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Pays semi-annually on February 13 and August 13, commencing February 13, 2026 (short first coupon)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Day Count:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">30 / 360</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Optional Redemption Provision:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">Prior to November 13, 2035, 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 November 13, 2035) 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.<BR> On or after November 13, 2035, 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="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">CUSIP / ISIN:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">58013MGC2 / US58013MGC29</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________________</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="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left">Joint Bookrunners:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">BofA Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ING Financial Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Morgan Stanley &amp; Co. LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&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">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Passive Bookrunners:</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="font: 10pt Times New Roman, Times, Serif">&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">&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="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">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">&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">&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">&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">&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">&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">&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="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&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="font: 10pt Times New Roman, Times, Serif">&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">&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="font: 10pt Times New Roman, Times, Serif">&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">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Academy Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&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">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loop Capital Markets LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Samuel A. Ramirez &amp; Company, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Siebert Williams Shank &amp; Co., LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Penserra Securities LLC</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

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

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<TD STYLE="width: 0"></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>

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<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: 13.5pt">**</TD><TD>It is expected that delivery of the notes will be made against payment therefor on or about August 27, 2025, which will be the seventh
business day following the date of pricing of the notes, or &#8220;T+7.&#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 one business day, unless the parties to any
such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the business day before the date of
delivery will be required, by virtue of the fact the notes initially will settle in T+7, to specify an alternate settlement cycle at the
time of any such trade to prevent a failed settlement.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Modification of Prospectus Supplement, dated August 12, 2024</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P>

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<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 BofA Securities, Inc. toll-free
at 1-800-294-1322, ING Financial Markets LLC toll-free at 1-877-446-4930, Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649 or
SG Americas Securities, LLC toll free at 1-855-881-2108.</P>

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