<SEC-DOCUMENT>0001104659-25-009744.txt : 20250205
<SEC-HEADER>0001104659-25-009744.hdr.sgml : 20250205
<ACCEPTANCE-DATETIME>20250205170727
ACCESSION NUMBER:		0001104659-25-009744
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250205
DATE AS OF CHANGE:		20250205

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277003
		FILM NUMBER:		25594282

	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]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1228

	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>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2430885d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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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. 333-277003<BR>
February 5, 2025</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>
4.400% Senior Notes due 2027<BR>
4.450% Senior Notes due 2028<BR>
4.600% Senior Notes due 2030<BR>
5.000% Senior Notes due 2035</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="border: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; padding: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">PepsiCo, Inc.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">February 5, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">February 7, 2025</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; width: 24%"><FONT STYLE="font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">4.400% Senior Notes due 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">4.450% Senior Notes due 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">4.600% Senior Notes due 2030 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">5.000% Senior Notes due 2035 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">$750,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">$1,250,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">February 7, 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">February 7, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">February 7, 2030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">February 7, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually in arrears on each February 7 and August 7, commencing August 7, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually in arrears on each February 7 and August 7, commencing August 7, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually in arrears on each February 7 and August 7, commencing August 7, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually in arrears on each February 7 and August 7, commencing August 7, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.125% due January 31, 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.250% due January 15, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.250% due January 31, 2030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.250% due November 15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.181%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.195%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.238%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.416%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+22</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+27</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+40</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+60</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.401%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.465%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.638%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5.016%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.400%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.450%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4.600%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">99.998%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">99.958%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">99.832%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">99.875%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Prior to February 7, 2027, make-whole call at Treasury Rate plus 5 basis points</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Prior to January 7, 2028, make-whole call at Treasury Rate plus 5 basis points; par call at any time on or after January 7, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Prior to January 7, 2030, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after January 7, 2030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Prior to November 7, 2034, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after November 7, 2034</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; width: 24%"><FONT STYLE="font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">$499,240,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">$747,997,500</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">$994,820,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; width: 19%"><FONT STYLE="font-size: 10pt">$1,242,812,500</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">PepsiCo intends to use the net proceeds from this offering for general corporate purposes, including the repayment of commercial paper.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">713448 GD4 / US713448GD49</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">713448 GA0 / US713448GA00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">713448 GB8 / US713448GB82</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">713448 GC6 / US713448GC65</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Joint
Book-Running Managers:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">BNP Paribas Securities Corp.<BR>
Deutsche Bank Securities Inc.<BR>
Goldman Sachs &amp; Co. LLC<BR>
Morgan Stanley &amp; Co. LLC</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">HSBC Securities (USA) Inc.<BR>
Mizuho Securities USA LLC<BR>
Barclays Capital Inc.<BR>
SG Americas Securities, LLC</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3pt 3pt 0.25in; text-indent: -0.125in; vertical-align: top"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Blaylock Van, LLC <BR>
Drexel Hamilton, LLC<BR>
Mischler Financial Group, Inc.<BR>
R. Seelaus &amp; Co., LLC<BR>
Samuel A. Ramirez &amp; Company, Inc.<BR>
Standard Chartered Bank<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">The issuer expects that delivery of the notes will be made, against
payment for the notes, on or about February 7, 2025, which will be the second business day following the pricing of the notes. Under Rule
15c6-1 of the Securities Exchange Act of 1934, as amended, purchases or sales of securities in the secondary market generally are required
to settle within one business day (T+1), unless the parties to any such transactions expressly agree otherwise. Accordingly, purchasers
of notes who wish to trade the notes on the date hereof will be required, because the notes initially will settle within two business
days (T+2), to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes
who wish to trade on the date hereof should consult their own legal and financial advisors.</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">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.</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">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 BNP Paribas Securities Corp.
toll-free at 1-800-854-5674, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611, Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526
or Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below are not applicable
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