<SEC-DOCUMENT>0001104659-21-147733.txt : 20211209
<SEC-HEADER>0001104659-21-147733.hdr.sgml : 20211209
<ACCEPTANCE-DATETIME>20211208180758
ACCESSION NUMBER:		0001104659-21-147733
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211209
DATE AS OF CHANGE:		20211208

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEXTERA ENERGY CAPITAL HOLDINGS INC
		CENTRAL INDEX KEY:			0000794447
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				592576416
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-254632-02
		FILM NUMBER:		211479775

	BUSINESS ADDRESS:	
		STREET 1:		700 UNIVERSE BLVD
		CITY:			JUNO BEACH
		STATE:			FL
		ZIP:			33408
		BUSINESS PHONE:		5616946311

	MAIL ADDRESS:	
		STREET 1:		700 UNIVERSE BLVD
		CITY:			JUNO BEACH
		STATE:			FL
		ZIP:			33408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FPL GROUP CAPITAL INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEXTERA ENERGY INC
		CENTRAL INDEX KEY:			0000753308
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				592449419
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		700 UNIVERSE BLVD
		CITY:			JUNO BEACH
		STATE:			FL
		ZIP:			33408
		BUSINESS PHONE:		561-694-4697

	MAIL ADDRESS:	
		STREET 1:		P O BOX 14000
		CITY:			JUNO BEACH
		STATE:			FL
		ZIP:			33408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FPL GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<FILENAME>tm2134963d1_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Nos. 333-254632</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">and 333-254632-02</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="logo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NextEra Energy Capital Holdings, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Pricing Term Sheet</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">December 8, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>Issuer:</TD>
    <TD COLSPAN="2">NextEra Energy Capital Holdings, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Designations:</TD>
    <TD COLSPAN="2">1.875% Debentures, Series due January 15, 2027 (&ldquo;2027 Debentures&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">2.440% Debentures, Series due January 15, 2032 (&ldquo;2032 Debentures&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">3.000% Debentures, Series due January 15, 2052 (&ldquo;2052 Debentures&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Registration Format:</TD>
    <TD COLSPAN="2">SEC Registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2.25in">Principal Amount:</TD>
    <TD STYLE="width: 1.25in">2027 Debentures:</TD>
    <TD>$1,000,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:</TD>
    <TD>$1,000,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:</TD>
    <TD>$500,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date of Maturity:</TD>
    <TD>2027 Debentures:</TD>
    <TD>January 15, 2027</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:</TD>
    <TD>January 15, 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:</TD>
    <TD>January 15, 2052</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest Payment Dates:</TD>
    <TD COLSPAN="2">Semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Coupon Rate:</TD>
    <TD>2027 Debentures:</TD>
    <TD>1.875%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:</TD>
    <TD>2.440%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:</TD>
    <TD>3.000%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Price to Public:</TD>
    <TD>2027 Debentures:</TD>
    <TD>99.931% of the principal amount thereof</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:</TD>
    <TD>99.972% of the principal amount thereof</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:</TD>
    <TD>99.781% of the principal amount thereof</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury:</TD>
    <TD>2027 Debentures:&nbsp;&nbsp;</TD>
    <TD>1.250% due November 30, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:&nbsp;&nbsp;</TD>
    <TD>1.375% due November 15, 2031</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:&nbsp;&nbsp;</TD>
    <TD>2.000% due August 15, 2051</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury Yield:</TD>
    <TD>2027 Debentures:</TD>
    <TD>1.269%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:</TD>
    <TD>1.523% </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:</TD>
    <TD>1.891%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Spread to Benchmark Treasury Yield:</TD>
    <TD>2027 Debentures:&nbsp;&nbsp;</TD>
    <TD>62 basis points </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:&nbsp;&nbsp;</TD>
    <TD>92 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:&nbsp;&nbsp;</TD>
    <TD>112 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reoffer Yield:</TD>
    <TD>2027 Debentures:&nbsp;&nbsp;</TD>
    <TD>1.889%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:&nbsp;&nbsp;</TD>
    <TD>2.443%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:&nbsp;&nbsp;</TD>
    <TD>3.011%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>Optional Redemption:</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">2027 Debentures:&nbsp;&nbsp;&nbsp;&nbsp;Prior to December 15, 2026 (the &ldquo;2027 Debentures Par Call Date&rdquo;) redeemable at any time at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2027 Debentures matured on the 2027 Debentures Par Call Date) on a semi-annual basis 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 2027 Debentures to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.&nbsp;&nbsp;On or after the 2027 Debentures Par Call Date, redeemable at any time at a redemption price equal to 100% of the principal amount of the 2027 Debentures being redeemed plus accrued and unpaid interest thereon to the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">2032 Debentures:&nbsp;&nbsp;&nbsp;&nbsp;Prior to October 15, 2031 (the &ldquo;2032 Debentures Par Call Date&rdquo;)
    redeemable at any time at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled
    payments of principal and interest thereon discounted to the redemption date (assuming the 2032 Debentures matured on the 2032
    Debentures Par Call Date) on a semi-annual basis 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 2032 Debentures to be redeemed, plus, in either case, accrued and
    unpaid interest thereon to the redemption date.&nbsp;&nbsp;On or after the 2032 Debentures Par Call Date, redeemable at any time at
    a redemption price equal to 100% of the principal amount of the 2032 Debentures being redeemed plus accrued and unpaid interest
    thereon to the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">2052 Debentures:&nbsp;&nbsp;&nbsp;&nbsp;Prior to July 15, 2051 (the &ldquo;2052 Debentures Par Call Date&rdquo;) redeemable
    at any time at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments
    of principal and interest thereon discounted to the redemption date (assuming the 2052 Debentures matured on the 2052 Debentures Par
    Call Date) on a semi-annual basis at the Treasury Rate plus 20 basis points less (b) interest accrued to the redemption date, and
    (2) 100% of the principal amount of the 2052 Debentures to be redeemed, plus, in either case, accrued and unpaid interest thereon to
    the redemption date.&nbsp;&nbsp;On or after the 2052 Debentures Par Call Date, redeemable at any time at a redemption price equal to
    100% of the principal amount of the 2052 Debentures being redeemed plus accrued and unpaid interest thereon to the redemption
    date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Trade Date:</TD>
    <TD COLSPAN="2">December 8, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Settlement Date:*</TD>
    <TD COLSPAN="2">December 13, 2021 (T+3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2.25in">CUSIP / ISIN Number:</TD>
    <TD STYLE="width: 1.25in">2027 Debentures:&nbsp;&nbsp;</TD>
    <TD>65339K BY5/US65339KBY55</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2032 Debentures:&nbsp;&nbsp;</TD>
    <TD>65339K BZ2/US65339KBZ21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2052 Debentures:&nbsp;&nbsp;</TD>
    <TD>65339K CA6/US65339KCA60</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Expected Credit Ratings:**&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 2in">Moody&rsquo;s Investors Service Inc.</TD>
    <TD>&ldquo;Baa1&rdquo; (stable)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>S&amp;P Global Ratings</TD>
    <TD>&ldquo;BBB+&rdquo; (stable)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Fitch Ratings, Inc.</TD>
    <TD>&ldquo;A-&rdquo; (stable)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Joint Book-Running Managers:</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">BofA Securities, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Credit Suisse Securities (USA) LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Goldman Sachs &amp; Co. LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">J.P. Morgan Securities LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">MUFG Securities Americas Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Scotia Capital (USA) Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">BMO Capital Markets Corp.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">BNY Mellon Capital Markets, LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">CIBC World Markets Corp.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Fifth Third Securities, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">KeyBanc Capital Markets Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Mizuho Securities USA LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">PNC Capital Markets LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Regions Securities LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Santander Investment Securities Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">SMBC Nikko Securities America, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">TD Securities (USA) LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">U.S. Bancorp Investments, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">ANZ Securities, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Commerz Markets LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Cowen and Company, LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">DNB Markets, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Hancock Whitney Investment Services,
Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Huntington Securities, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">ICBC Standard Bank Plc</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Intesa Sanpaolo S.p.A.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Loop Capital Markets LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Mischler Financial Group, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">nabSecurities, LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Natixis Securities Americas LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Samuel A. Ramirez &amp; Company, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">SG Americas Securities, LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Siebert Williams Shank &amp; Co., LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Synovus Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189pt; text-indent: -171pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Junior Co-Managers</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Cabrera Capital Markets LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">C.L. King &amp; Associates, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Drexel Hamilton, LLC</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Guzman &amp; Company</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">MFR Securities, Inc.</P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">R. Seelaus
 &amp; Co., LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The term &ldquo;Treasury Rate&rdquo; has the meaning ascribed to that
terms in the Issuer&rsquo;s Preliminary Prospectus Supplement, dated December 8, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">It is expected that delivery of each of the 2027 Debentures,
2032 Debentures and 2052 Debentures (collectively, the &ldquo;Debentures&rdquo;) will be made against payment therefor on or about December
13, 2021, which will be the third business day following the date of pricing of each series of Debentures. Under Rule 15c6-1 of the Securities
Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any
such trade expressly agree otherwise. Accordingly, by virtue of the fact that the Debentures initially will settle in T+3, purchasers
who wish to trade the Debentures on the date of pricing of the Debentures should specify an extended settlement cycle at the time they
enter into any such trade to prevent failed settlement and should consult their own advisors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">A security rating is not a recommendation to buy, sell or hold
securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by
the assigning rating organization.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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 Web site 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, Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037,
Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533, MUFG Securities Americas
Inc. toll-free at 1-877- 649-6848 or Scotia Capital (USA) Inc. toll-free at 1-800-372-3930.</P>

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
