<SEC-DOCUMENT>0001104659-25-038821.txt : 20250425
<SEC-HEADER>0001104659-25-038821.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250424192834
ACCESSION NUMBER:		0001104659-25-038821
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250424

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICRON TECHNOLOGY INC
		CENTRAL INDEX KEY:			0000723125
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				751618004
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0828

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275276
		FILM NUMBER:		25869384

	BUSINESS ADDRESS:	
		STREET 1:		8000 S FEDERAL WAY
		STREET 2:		PO BOX 6
		CITY:			BOISE
		STATE:			ID
		ZIP:			83716-9632
		BUSINESS PHONE:		2083684000

	MAIL ADDRESS:	
		STREET 1:		8000 S FEDERAL WAY
		STREET 2:		PO BOX 6
		CITY:			BOISE
		STATE:			ID
		ZIP:			83716-9632

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICRON TECHNOLOGY INC
		CENTRAL INDEX KEY:			0000723125
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				751618004
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0828

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		8000 S FEDERAL WAY
		STREET 2:		PO BOX 6
		CITY:			BOISE
		STATE:			ID
		ZIP:			83716-9632
		BUSINESS PHONE:		2083684000

	MAIL ADDRESS:	
		STREET 1:		8000 S FEDERAL WAY
		STREET 2:		PO BOX 6
		CITY:			BOISE
		STATE:			ID
		ZIP:			83716-9632
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2511594d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Registration No.&nbsp;333-275276</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Issuer Free Writing Prospectus dated April&nbsp;24,
2025</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Relating to Preliminary Prospectus Supplement
dated April&nbsp;24, 2025</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DATED APRIL 24, 2025</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; text-align: center"><B>$500,000,000 5.65% SENIOR NOTES DUE 2032</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,250,000,000 6.05% SENIOR NOTES DUE 2035</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; text-indent: 0.5in">The information in this pricing term sheet supplements
Micron Technology,&nbsp;Inc.&rsquo;s (&ldquo;Micron&rdquo;) preliminary prospectus supplement, dated April&nbsp;24, 2025 (the &ldquo;Preliminary
Prospectus Supplement&rdquo;), and supplements and supersedes the information in the Preliminary Prospectus Supplement to the extent supplementary
to or inconsistent with the information in the Preliminary Prospectus Supplement.&nbsp; Terms used herein but not defined herein shall
have the respective meanings as set forth in the Preliminary Prospectus Supplement.</P>

<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 STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Micron Technology,&nbsp;Inc. (Nasdaq: MU)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Offered:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000
    aggregate principal amount of </FONT>5.65% Senior Notes due 2032 (the &ldquo;2032 Notes&rdquo;)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,250,000,000
    aggregate principal amount of </FONT>6.05% Senior Notes due 2035 (the &ldquo;2035 Notes&rdquo; and, together with the 2032 Notes, the
    &ldquo;notes&rdquo;)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pricing Date:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;24, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Closing Date:*</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;29, 2025 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Micron estimates that the net proceeds from the sale of the notes,
    after deducting underwriter discounts and other estimated offering expenses, will be approximately $1,737 million.</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">Micron intends to use the net proceeds from the sale of the notes to
    pay the redemption price of the 2027 notes Redemption, to pay the cost of unwinding the fixed-to-floating interest rate swaps Micron entered
    into in connection with the 2027 notes, and any remainder of the net proceeds for general corporate purposes, which may include the repayment
    of Micron&rsquo;s other indebtedness.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ratings:**</B></FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa3 (Stable) (Moody&rsquo;s Investors Service,&nbsp;Inc.)<BR>
BBB (Stable) (Fitch Ratings Inc.)<BR>
BBB- (Stable) (S&amp;P Global Ratings)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&nbsp;1, 2032 in respect of the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;1,
    20</FONT>35 in respect of the 2035 Notes</P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<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="padding: 0.25pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Rate:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.65% per year on the principal amount of the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.05% per year on the principal amount of the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;1 and November&nbsp;1, beginning November&nbsp;1, 2025, accruing
    from April&nbsp;29, 2025, in respect of the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;1 and November&nbsp;1, beginning November&nbsp;1, 2025, accruing
    from April&nbsp;29, 2025, in respect of the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record Dates:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;15 and October&nbsp;15, in respect of the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;15 and October&nbsp;15, in respect of the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the 2032 Notes: </FONT>99.728% of the principal amount</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the 2035 Notes: </FONT>99.900% of the principal amount</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discount:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0.35% per 2032 Note</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0.40% per 2035 Note</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST
    4.125</FONT>% due March&nbsp;31, 2032 for the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST
    </FONT>4.625% due February&nbsp;15, 2035 for the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark Treasury Price / Yield:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100-01&frac34; / 4.115% for the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">102-15 / 4.313% for the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+158 basis points for the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+175</FONT>
    basis points for the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.695% for the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.063% for the 2035 Notes&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP Number:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">595112CG6 for the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">595112CH4 for the 2035 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN Number:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US595112CG61 for the 2032 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US595112CH45 for the 2035 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption at Micron&rsquo;s Option:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to the applicable Par Call Date, Micron may redeem the notes of each series at its option, in whole or in part, at any time and from time
    to time, at a redemption price for each series of notes (expressed as a percentage of principal amount and rounded to three decimal places)
    equal to the greater of (A)(i)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon
    discounted to the redemption date (assuming the notes of such series matured on the applicable Par Call Date), on a semi-annual basis
    (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points in the case of the 2032 Notes and
    30</FONT> basis points in the case of the 2035 Notes, less (ii)&nbsp;interest accrued to the date of redemption, and (B)&nbsp;100% of
    the principal amount of the notes of that series to be redeemed, plus, in each case, accrued and unpaid interest, if any, on the amount
    being redeemed to, but excluding, the date of redemption. On or after the applicable Par Call Date for a series of notes, Micron may,
    at its option, redeem the notes of such series 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 redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Par Call Date&rdquo; for the 2032 Notes means September&nbsp;1</FONT>, 2032 (two months prior to the maturity date of the 2032 Notes) and for the 2035 Notes means August&nbsp;1, 2035 (three months prior to the maturity date of the 2035 Notes).</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc .</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD>
    </TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ICBC Standard Bank Plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities,&nbsp;Inc.</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">Academy Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank&nbsp;&amp; Co., LLC</P></TD>
    </TR>
  </TABLE>
<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-indent: 0.5in"><B>* It is expected that delivery of the notes
will be made against payment therefor on or about April&nbsp;29, 2025, which will be the third business day following the date of pricing
of the notes. Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the 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 notes on any date prior to the date that is one business day before delivery will be required, by virtue of the fact that the
notes initially will settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement.</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; text-indent: 0.5in"><B>** Note:&nbsp; A securities rating is not a
recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
issuer has filed a registration statement (including a prospectus) and a prospectus supplement with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) for the offering to which this communication relates.&nbsp; Before you invest, you should read the prospectus
in that registration statement, the prospectus supplement and other documents the issuer has filed with the SEC for more complete information
about the issuer and this offering.&nbsp; You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.&nbsp;
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus
supplement if you request it by calling Morgan Stanley&nbsp;&amp; Co. LLC toll free at 1-866-718-1649, BofA Securities,&nbsp;Inc . toll
free at 1-800-294-1322, HSBC Securities (USA) Inc. toll free at 1-866-811-8049</B></FONT><B> or Wells Fargo Securities, LLC toll free
at 1-800-645-3751.</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"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
