<SEC-DOCUMENT>0001104659-23-088992.txt : 20230809
<SEC-HEADER>0001104659-23-088992.hdr.sgml : 20230809
<ACCEPTANCE-DATETIME>20230808212302
ACCESSION NUMBER:		0001104659-23-088992
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230809
DATE AS OF CHANGE:		20230808

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONOCOPHILLIPS
		CENTRAL INDEX KEY:			0001163165
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				010562944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-273658
		FILM NUMBER:		231153146

	BUSINESS ADDRESS:	
		STREET 1:		925 N. ELDRIDGE PARKWAY
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
		BUSINESS PHONE:		281-293-1000

	MAIL ADDRESS:	
		STREET 1:		SHIPPING & RECEIVING CENTER
		STREET 2:		16930 PARK ROW DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77084

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORVETTEPORSCHE CORP
		DATE OF NAME CHANGE:	20011204

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONOCOPHILLIPS
		CENTRAL INDEX KEY:			0001163165
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				010562944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		925 N. ELDRIDGE PARKWAY
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
		BUSINESS PHONE:		281-293-1000

	MAIL ADDRESS:	
		STREET 1:		SHIPPING & RECEIVING CENTER
		STREET 2:		16930 PARK ROW DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77084

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORVETTEPORSCHE CORP
		DATE OF NAME CHANGE:	20011204
</SEC-HEADER>
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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"><B>Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement Nos. 333-273658, 333-273658-01<BR>
August&nbsp;8, 2023</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>PRICING TERM SHEET</B></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="padding-top: 5pt; width: 25%; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; width: 75%; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ConocoPhillips Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ConocoPhillips</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ratings*:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A2 (Moody&rsquo;s); A- (S&amp;P); A (Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issue of Securities:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.050% Notes due 2033</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.550% Notes due 2054</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.700% Notes due 2063</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$1,000,000,000 of the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$1,000,000,000 of the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$700,000,000 of the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.050% on the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.550% on the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.700% on the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Semi-annually on March 15 and September 15, commencing on
    March 15, 2024 for the 2033 Notes (long first coupon)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Semi-annually on March 15 and September 15, commencing on March 15,
    2024 for the 2054 Notes  (long first coupon)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Semi-annually on March 15 and September 15, commencing on March 15,
    2024 for the 2063 Notes (long first coupon)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 15, 2033 for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2054 for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 15, 2063 for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Treasury Benchmark:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.375% due May 15, 2033 for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.625% due February 15, 2053 for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.625% due February 15, 2053 for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S. Treasury Yield:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.024% for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.217% for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.217% for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spread to Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+105bps for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+135bps for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+150bps for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re-offer Yield:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.074% for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.567% for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.717% for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial Price to Public:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.807% for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.745% for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.727% for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the Par Call Date, the notes of each series will be redeemable
    at the issuer&rsquo;s option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage
    of principal amount and rounded to three decimal places) equal to the greater of:</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 0pt 0.75in; text-indent: -0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;(a)&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 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 20 basis points in the case of the 2033 Notes, 25 basis points in the case of the 2054 Notes and
    25 basis points in the case of the 2063 Notes, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P></TD></TR>
</TABLE>

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

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

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<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-top: 5pt; font-size: 10pt; padding-bottom: 5pt; width: 25%">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;100%
of the principal amount of the notes to be redeemed,</P>
                                                                  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in each case, accrued and unpaid interest thereon to the redemption
date.</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">On or after the Par Call Date, the issuer may redeem the notes of each
series at an amount equal to 100% of the principal amount of the notes, plus accrued but unpaid interest thereon to the redemption date.</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">&ldquo;Par Call Date&rdquo; means June 15, 2033 in the case
of the 2033 Notes, September 15, 2053 in the case of the 2054 Notes and March 15, 2063 in the case of the 2063 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special Mandatory Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that (i)&nbsp;the closing of the Surmont <B>a</B>cquisition has not occurred on or prior to the later of (a)&nbsp;November&nbsp;15, 2023 or (b)&nbsp;such later date to which the outside date under the purchase agreement may be extended in accordance with its terms, any such extension to be set forth in an officer&rsquo;s certificate delivered to the trustee prior to the close of business on November&nbsp;15, 2023 or such other extended outside date as shall be then applicable (such later date the &ldquo;Special Mandatory Redemption Outside Date&rdquo;), (ii)&nbsp;the purchase agreement is terminated according to its terms prior to the Special Mandatory Redemption Outside Date without the closing of the Surmont acquisition or (iii)&nbsp;ConocoPhillips notifies the trustee in writing that the Surmont acquisition will not be consummated, the issuer will be required to redeem the notes of each series in whole at a special mandatory redemption price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest on the principal amount of the notes from and including the date of initial issuance of such series of notes, or the most recent date to which interest has been paid on such series of notes, whichever is later, to, but not including, the redemption date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund the purchase price for the Surmont acquisition, including related fees and expenses, and, with any remaining amounts, for general corporate purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date**:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;17, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20826F BF2 / US20826FBF27 for the 2033 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20826F BG0 / US20826FBG00 for the 2054 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20826F BH8 / US20826FBH82 for the 2063 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Denomination:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and increments of $1,000 in excess thereof</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; width: 25%; font-size: 10pt; padding-bottom: 5pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-top: 5pt; width: 75%; padding-bottom: 5pt">
    <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">BofA Securities, Inc.</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">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt; padding-bottom: 5pt"><B>Senior Co-Managers:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DNB Markets, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-size: 10pt"><B>Co-Manager:</B></TD>
    <TD STYLE="padding-top: 5pt; font-size: 10pt">Academy Securities, Inc.</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* <I>Note: A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</I></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>**
</I></FONT><I>It is expected that delivery of the notes will be made against payment therefor on or about </I>August&nbsp;17<I>, which
will be the seventh business day after the date hereof. Under Rule&nbsp;15c6-1 of the SEC under the Securities Exchange Act of 1934, trades
in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise.
Accordingly, purchasers who wish to trade notes on the date of pricing or any of the seven business days after such date will be required,
by virtue of the fact that the notes will settle in seven business days, to specify an alternative settlement cycle at the time of any
such trade to prevent a failed settlement. Such purchasers should consult their own advisors in this regard.</I></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 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 TD
Securities (USA) LLC toll-free at 1-855-495-9846, BofA Securities,&nbsp;Inc. at 1-800-294-1322, Mizuho Securities USA LLC at
866-271-7403 or MUFG Securities Americas Inc. toll-free at 1-877-649-6848.</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>

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

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