<SEC-DOCUMENT>0001104659-21-123761.txt : 20211007
<SEC-HEADER>0001104659-21-123761.hdr.sgml : 20211007
<ACCEPTANCE-DATETIME>20211006191728
ACCESSION NUMBER:		0001104659-21-123761
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211007
DATE AS OF CHANGE:		20211006

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1225

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234767
		FILM NUMBER:		211310719

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1225

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2126857d5_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-234767<BR>
October 6, 2021</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>PepsiCo, Inc.</B><BR>
1.950% Senior Notes due 2031<BR>
2.625% Senior Notes due 2041<BR>
2.750% Senior Notes due 2051</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: -0.125in; border: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 3pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">PepsiCo, Inc.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">October 6, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Settlement Date (T+10):</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">October 21, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top; width: 17%"><FONT STYLE="font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 29%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.950% Senior Notes due 2031</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 27%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.625% Senior Notes due 2041</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 27%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.750% Senior Notes due 2051 </FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$1,250,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$750,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">October 21, 2031</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">October 21, 2041</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">October 21, 2051</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually on each April 21 and October 21, commencing April 21, 2022</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually on each April 21 and October 21, commencing April 21, 2022</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually on each April 21 and October 21, commencing April 21, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.250% due August 15, 2031</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.750% due August 15, 2041</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.375% due May 15, 2051</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.521%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.015%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.062%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">47 basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">62 basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">72 basis points</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.991%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.635%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.782%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.950%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.625%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">2.750%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">99.630%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">99.845%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">99.352%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Prior to July 21, 2031, make-whole call at Treasury rate plus 10 basis points; par call at any time on or after July 21, 2031</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Prior to April 21, 2041, make-whole call at Treasury rate plus 10 basis points; par call at any time on or after April 21, 2041</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Prior to April 21, 2051, make-whole call at Treasury rate plus 15 basis points; par call at any time on or after April 21, 2051</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$1,239,750,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$744,150,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$984,770,000</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">PepsiCo intends to use the net proceeds from this offering for general corporate purposes, including the repurchase of outstanding indebtedness and the repayment of commercial paper.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  </TABLE>

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<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: -0.125in; border: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top; width: 17%"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding: 3pt; width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">713448FE3 / US713448FE31</FONT></TD>
    <TD STYLE="padding: 3pt; width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">713448FF0 / US713448FF06</FONT></TD>
    <TD STYLE="padding: 3pt; width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">713448FG8 / US713448FG88</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Joint
Book-Running Managers:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.<BR>
Citigroup Global Markets Inc.<BR>
Deutsche Bank Securities Inc.<BR>
J.P. Morgan Securities LLC</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Goldman Sachs &amp; Co. LLC<BR>
HSBC Securities (USA) Inc.<BR>
Mizuho Securities USA LLC<BR>
Morgan Stanley &amp; Co. LLC</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 2pt 3pt 0.25in; vertical-align: top"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ANZ Securities, Inc.<BR>
CastleOak Securities, L.P.<BR>
ING Financial Markets LLC<BR>
Loop Capital Markets LLC<BR>
PNC Capital Markets LLC<BR>
RBC Capital Markets, LLC<BR>
Siebert Williams Shank &amp; Co., LLC<BR>
SG Americas Securities, LLC<BR>
UBS Securities LLC<BR>
U.S. Bancorp Investments, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>An explanation of the significance of ratings may be obtained from
the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of their own investigations,
studies and assumptions, as they deem appropriate. The security ratings above are not a recommendation to buy, sell or hold the securities
offered hereby. The ratings may be subject to review, revision, suspension, reduction or withdrawal at any time by S&amp;P and Moody&rsquo;s.
Each of the security ratings above should be evaluated independently of any other security rating.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free
at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611
or J.P. Morgan Securities LLC at 1-212-834-4533 (collect).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Any disclaimers or other notices that may appear below are not
applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result
of this communication being sent via Bloomberg or another email system.</B></P>



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

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