<SEC-DOCUMENT>0001628280-20-013980.txt : 20200929
<SEC-HEADER>0001628280-20-013980.hdr.sgml : 20200929
<ACCEPTANCE-DATETIME>20200929171110
ACCESSION NUMBER:		0001628280-20-013980
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200929
DATE AS OF CHANGE:		20200929

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DANAHER CORP /DE/
		CENTRAL INDEX KEY:			0000313616
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				591995548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-224149
		FILM NUMBER:		201209664

	BUSINESS ADDRESS:	
		STREET 1:		2200 PENNSYLVANIA AVE. N.W.
		STREET 2:		SUITE 800W
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20037-1701
		BUSINESS PHONE:		2028280850

	MAIL ADDRESS:	
		STREET 1:		2200 PENNSYLVANIA AVE. N.W.
		STREET 2:		SUITE 800W
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20037-1701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DMG INC
		DATE OF NAME CHANGE:	19850221

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DANAHER CORP /DE/
		CENTRAL INDEX KEY:			0000313616
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				591995548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2200 PENNSYLVANIA AVE. N.W.
		STREET 2:		SUITE 800W
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20037-1701
		BUSINESS PHONE:		2028280850

	MAIL ADDRESS:	
		STREET 1:		2200 PENNSYLVANIA AVE. N.W.
		STREET 2:		SUITE 800W
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20037-1701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DMG INC
		DATE OF NAME CHANGE:	19850221
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dhr-fwp92920.htm
<DESCRIPTION>FWP
<TEXT>
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<title>Document</title></head><body><div id="idc1b03a73eeb4319b7592344dabc3e52_1"></div><div style="min-height:72pt;width:100%;"><div><font><br></font></div></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Filed pursuant to Rule 433</font></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Registration Statement No.&#160;333-224149 </font></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">September 29, 2020</font></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Relating to</font></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Preliminary Prospectus Supplement dated September 29, 2020 to</font></div><div style="text-align:right;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Prospectus dated July 9, 2019</font></div><div style="text-align:center;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">DANAHER CORPORATION</font></div><div style="text-align:center;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">$1,000,000,000 2.600% Senior Notes due 2050</font></div><div style="text-align:center;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;text-decoration: underline;">Pricing Term Sheet</font></div><div style="margin-bottom:24pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:30.630%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:67.170%;"></td><td style="width:0.1%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Issuer&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Danaher Corporation</font></div><div><font><br></font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Aggregate Principal Amount Offered&#58;</font></div><div style="margin-bottom:0.08pt;"><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">$1,000,000,000 of 2.600% Senior Notes Due 2050 (the &#8220;Notes&#8221;) </font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Type of Offering&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">SEC registered (No. 333-224149)</font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Trade Date&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">September 29, 2020</font></div><div><font><br></font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Settlement Date (T+5)&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">October 6, 2020</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">We expect delivery of the Notes will be made against payment therefor on or about October 6, 2020, which is the 5</font><sup style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.47pt;font-weight:400;line-height:120%;vertical-align:top;">th</sup><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;"> business day following the date hereof (such settlement cycle being referred to as &#8220;T+5&#8221;).  Under Rule 15c6-1 under the Exchange Act, 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, purchasers who wish to trade the Notes on any date prior to two business days before delivery will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement.</font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Maturity Date&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">October 1, 2050</font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Coupon (Interest Rate)&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">2.600% per annum </font></div><div><font><br></font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Price to Public (Issue Price)&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">98.970% of principal amount </font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Yield to Maturity&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">2.650% </font></div><div><font><br></font></div></td></tr></table></div><div style="position:relative;width:100%;height:72pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%;"><div><font><br></font></div></div><div style="margin-bottom:24pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:30.630%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:67.170%;"></td><td style="width:0.1%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Spread to Benchmark Treasury&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">123 bps </font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Benchmark Treasury&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">1.250% due May 15, 2050 </font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Benchmark Treasury</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Price&#47;Yield&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">95-29 &#47; 1.420% </font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Interest Payment Dates&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Semi-annually in arrears on October 1 and April 1 and beginning on April 1, 2021 </font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11.5pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Optional Redemption&#58;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">At any time and from time to time prior to April 1, 2050 (the &#8220;par call date&#8221;), the Issuer will have the right, at its option, to redeem the Notes, in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined below) on such notes to be redeemed (not including any portion of the payments of interest that will be accrued and unpaid to and including the date of redemption) discounted to the date of redemption on a semi-annual basis at the Treasury Rate plus 20 basis points, plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but excluding, the date of redemption. </font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">On or after the par call date, the Issuer will have the right, at its option, to redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, on the principal amount being redeemed to the date of redemption.</font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Comparable Treasury Issue&#8221; means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes (assuming that the Notes matured on the par call date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. </font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Comparable Treasury Price&#8221; means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Issuer obtains fewer than four such Reference Treasury Dealer </font></div><div><font><br></font></div></td></tr></table></div><div style="position:relative;width:100%;height:72pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%;"><div><font><br></font></div></div><div style="margin-bottom:24pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:30.630%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:67.170%;"></td><td style="width:0.1%;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.</font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Quotation Agent&#8221; means the Reference Treasury Dealer appointed by the Issuer.</font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Reference Treasury Dealer&#8221; means (i) BofA Securities, Inc., Barclays Capital Inc., Goldman Sachs &#38; Co. LLC, Morgan Stanley &#38; Co. LLC, and Wells Fargo Securities, LLC (or their respective affiliates that are Primary Treasury Dealers) and their respective successors&#59; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States of America (a &#8220;Primary Treasury Dealer&#8221;), the Issuer will substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Issuer.</font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Reference Treasury Dealer Quotations&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference Treasury Dealer at 3&#58;30 p.m., New York City time, on the third business day preceding such redemption date. </font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Remaining Scheduled Payments&#8221; means the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date (assuming that the Notes matured on the par call date) but for such redemption&#59; provided, however, that, if such redemption date is not an interest payment date with respect to the Notes, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such redemption date.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8220;Treasury Rate&#8221; means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (or interpolated yield to maturity on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of such redemption date.</font></div><div><font><br></font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Change of Control Triggering Event&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">If a change of control triggering event occurs, unless the Issuer has exercised its right to redeem the Notes in full, it will be required to make an offer to repurchase the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, if any, on the Notes to the date of repurchase.</font></div><div style="margin-bottom:12pt;"><font><br></font></div></td></tr></table></div><div style="position:relative;width:100%;height:72pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%;"><div><font><br></font></div></div><div style="margin-bottom:24pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:30.630%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:67.170%;"></td><td style="width:0.1%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Listing&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">None.</font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">CUSIP &#47; ISIN&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">235851AV4 &#47; US235851AV47</font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Denominations&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof</font></div><div><font><br></font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Ratings*&#58;</font></div><div><font><br></font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Baa1 &#47; BBB+ (Moody&#8217;s &#47; S&#38;P)</font></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Joint Book-Running Managers&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">BofA Securities, Inc.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Barclays Capital Inc.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Goldman Sachs &#38; Co. LLC</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Morgan Stanley &#38; Co. LLC</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Wells Fargo Securities, LLC</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">HSBC Securities (USA) Inc.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">MUFG Securities Americas Inc.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">RBC Capital Markets, LLC</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Santander Investment Securities Inc.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Standard Chartered Bank</font></div></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">___________</font></div><div style="text-indent:-18pt;padding-left:18pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">*</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;padding-left:12.25pt;">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</font></div></td><td colspan="3" style="display:none;"></td></tr></table></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">The Issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement, 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 </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;text-decoration: underline;">www.sec.gov</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">.  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, Barclays Capital Inc., toll-free at 1-888-603-5847, Goldman Sachs &#38; Co. LLC, toll-free at 1-866-471-2526, Morgan Stanley &#38; Co. LLC, toll-free at 1-877-821-7388, and Wells Fargo Securities, LLC, toll-free at 1-800-645-3751.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of this communication being sent via Bloomberg or another system.</font></div><div style="position:relative;width:100%;height:72pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
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