<SEC-DOCUMENT>0001104659-22-069279.txt : 20220608
<SEC-HEADER>0001104659-22-069279.hdr.sgml : 20220608
<ACCEPTANCE-DATETIME>20220608151108
ACCESSION NUMBER:		0001104659-22-069279
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220608
DATE AS OF CHANGE:		20220608

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-233896
		FILM NUMBER:		221003335

	BUSINESS ADDRESS:	
		STREET 1:		526 SOUTH CHURCH STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803
		BUSINESS PHONE:		704-382-3853

	MAIL ADDRESS:	
		STREET 1:		526 SOUTH CHURCH STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		526 SOUTH CHURCH STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803
		BUSINESS PHONE:		704-382-3853

	MAIL ADDRESS:	
		STREET 1:		526 SOUTH CHURCH STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2217397d3_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Filed pursuant to Rule 433<BR>
June 8, 2022<BR>
Relating to<BR>
Preliminary Prospectus Supplement dated June 8, 2022<BR>
to<BR>
Prospectus dated September 23, 2019<BR>
Registration Statement No. 333-233896</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Duke Energy Corporation<BR>
&euro;600,000,000 3.10% Senior Notes due 2028</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&euro;500,000,000 3.85% Senior Notes due 2034</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-left: 5.4pt; width: 31%; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Issuer:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5.4pt; width: 69%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Duke Energy Corporation (the &ldquo;<B>Issuer</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Trade Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">June 8, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Settlement:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">June 15, 2022 (T+5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Security Description:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">3.10% Senior Notes due 2028 (the &ldquo;<B>2028 Notes</B>&rdquo;)<BR>
3.85% Senior Notes due 2034 (the &ldquo;<B>2034 Notes</B>&rdquo; and together with the 2028 Notes, the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Anticipated Ratings (Moody&rsquo;s/S&amp;P)*:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Baa2 (Stable)/ BBB (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Ranking:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Senior, Unsecured</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Offering Format:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Principal Amount:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: &euro;600,000,000<BR>
2034 Notes: &euro;500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Payable annually in arrears on June 15 of each year, beginning on June 15, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Day Count Convention:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Actual/Actual (ICMA)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Maturity Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: June 15, 2028<BR>
2034 Notes: June 15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Mid-Swaps Yield:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 1.827%<BR>
2034 Notes: 2.142%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Spread to Mid-Swap:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: + 130 basis points<BR>
2034 Notes: + 175 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Benchmark Government Security:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: DBR 0.500% due February 15, 2028<BR>
2034 Notes: DBR 0.000% due February 15, 2032</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-left: 5.4pt; width: 31%; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Benchmark Government Security Yield:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5.4pt; width: 69%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 1.135%<BR>
2034 Notes: 1.349%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Spread to Benchmark Government Security:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: + 199.2 bps<BR>
2034 Notes: + 254.3 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 3.127%<BR>
2034 Notes: 3.892%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Coupon:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 3.10%<BR>
2034 Notes: 3.85%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Price to the Public:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 99.854% per 2028 Note (plus accrued interest, if any, from June 15, 2022)<BR>
2034 Notes: 99.603% per 2034 Note (plus accrued interest, if any, from June 15, 2022)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Optional Redemption:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">The Issuer may redeem the Notes prior to March 15, 2028
    in the case of the 2028 Notes and March 15, 2034 in the case of the 2034 Notes, in whole, at any time, or in part, from time to time,
    at the Issuer&rsquo;s option, for cash, at a redemption price equal to the greater of: (1) 100% of the principal amount of the applicable
    series of Notes to be redeemed; or (2) an amount determined by the Quotation Agent equal to the sum of the present values of the remaining
    scheduled payments of principal, premium, if any, and interest thereon (not including any portion of such payments of interest accrued
    to the date of redemption) to March 15, 2028 with respect to the 2028 Notes, and March 15, 2034 with respect to the 2034 Notes, discounted
    to the date of redemption on an annual basis (Actual/Actual (ICMA) at the Comparable Government Bond Rate), plus 30 basis points with
    respect to the 2028 Notes and 40 basis points with respect to the 2034 Notes, plus accrued and unpaid interest thereon to, but not including,
    the date of redemption.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">On or after March 15, 2028 in the case of the 2028 Notes
    and March 15, 2034 in the case of the 2034 Notes, the Issuer may redeem the applicable series of Notes, in whole, at any time, or in part,
    from time to time, at our option, for cash, at a redemption price equal to 100% of the principal amount of such series of notes, plus
    accrued and unpaid interest to, but not including, the redemption date.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Optional Tax Redemption:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Issuer may redeem each series of Notes for cash in whole, but not in part, at the redemption price of 100% of their outstanding principal amount, plus accrued and unpaid interest to, but not including, the redemption date, if certain tax events occur that would obligate us to pay additional amounts.&nbsp;&nbsp;See &ldquo;Description of the Notes&mdash;Payment of Additional Amounts&rdquo; in the Preliminary Prospectus Supplement for further terms and provisions applicable to redemption of the Notes under these circumstances.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; width: 31%; border: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Denominations:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 69%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">&euro;100,000 or any integral multiple of &euro;1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">CUSIP:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 26441C BQ7<BR>
2034 Notes: 26441C BR5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">ISIN:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: XS2488626610<BR>
2034 Notes: XS2488626883</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Common Code:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">2028 Notes: 248862661<BR>
2034 Notes: 248862688</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Legal Entity Identifier:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">I1BZKREC126H0VB1BL91</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Stabilization:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">FCA/ICMA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Listing:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">The Issuer intends to apply to list the Notes on the New York Stock Exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Barclays Bank PLC<BR>
BNP Paribas <BR>
Banco Santander, S.A.<BR>
Wells Fargo Securities International Limited</FONT> <BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Citigroup Global Markets Limited</FONT> <BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Scotiabank (Ireland) Designated Activity Company<BR>
The Toronto-Dominion Bank<BR>
Truist Securities, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">*Note: A securities rating is not a recommendation to buy, sell or hold
securities and may be subject to revision, suspension or withdrawal at any time. Each credit rating should be evaluated independently
of any other credit rating.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Terms used herein but not defined herein shall have the respective
meanings as set forth in in the Issuer&rsquo;s Preliminary Prospectus Supplement dated June 8, 2022.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">___________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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 <U>www.sec.gov</U>. 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 Barclays
Bank PLC toll-free at (888) 603-5847; BNP Paribas toll-free at 1 (800) 854-5674; Banco Santander, S.A. at +34-91-257-2029; or Wells Fargo
Securities International Limited at +44 20 3942 8530.</B></P>

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