<SEC-DOCUMENT>0001104659-22-087375.txt : 20220808
<SEC-HEADER>0001104659-22-087375.hdr.sgml : 20220808
<ACCEPTANCE-DATETIME>20220808172149
ACCESSION NUMBER:		0001104659-22-087375
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220808
DATE AS OF CHANGE:		20220808

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:		221145517

	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>tm2222317d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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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><I>Filed pursuant to Rule&nbsp;433</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>August&nbsp;8, 2022</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Relating to</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Preliminary Prospectus Supplement dated August&nbsp;8,
2022</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Prospectus dated September&nbsp;23, 2019</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Registration Statement No.&nbsp;333-233896</I></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Duke Energy Corporation</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$900,000,000 4.300% Senior Notes due 2028<BR>
$1,150,000,000 4.500% Senior Notes due 2032<BR>
$1,150,000,000 5.000% Senior Notes due 2052</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Pricing Term Sheet</U></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-bottom: 6pt; width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 75%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Duke Energy Corporation (the &ldquo;<B>Issuer</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">August&nbsp;8, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Settlement:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">August&nbsp;11, 2022 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Expected Ratings (Moody&rsquo;s/S&amp;P)<SUP>*</SUP>:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Baa2 (Stable) / BBB (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Security Description:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4.300% Senior Notes due 2028 (the &ldquo;<B>2028 Notes</B>&rdquo;)<BR>
4.500% Senior Notes due 2032 (the &ldquo;<B>2032 Notes</B>&rdquo;)<BR>
5.000% Senior Notes due 2052 (the &ldquo;<B>2052 Notes</B>&rdquo; and together with the 2028 Notes and the 2032 Notes, the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: $900,000,000<BR>
2032 Notes: $1,150,000,000<BR>
2052 Notes: $1,150,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2028 Notes:
    Payable semi-annually in arrears on March&nbsp;15</FONT> and September&nbsp;15 of each year, beginning on March&nbsp;15, 2023</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2032 Notes:</FONT>
    Payable semi-annually in arrears on February&nbsp;15 and August&nbsp;15 of each year, beginning on February&nbsp;15, 2023</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2052 Notes:</FONT>
    Payable semi-annually in arrears on February&nbsp;15 and August&nbsp;15 of each year, beginning on February&nbsp;15, 2023</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: March&nbsp;15, 2028<BR>
2032 Notes: August&nbsp;15, 2032<BR>
2052 Notes: August&nbsp;15, 2052</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: 2.750% due July&nbsp;31, 2027<BR>
2032 Notes: 2.875% due May&nbsp;15, 2032<BR>
2052 Notes: 2.250% due February&nbsp;15, 2052</FONT></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="border: Black 1pt solid; padding-bottom: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: 2.910%<BR>
2032 Notes: 2.748%<BR>
2052 Notes: 3.007%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 </FONT><FONT STYLE="font-size: 12pt">Notes:
    +142 bps<BR> 2032 Notes: +177 bps<BR> 2052 Notes: +202 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: 4.330%<BR>
2032 Notes: 4.518%<BR>
2052 Notes: 5.027%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Coupon:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: 4.300% <BR>
2032 Notes: 4.500% <BR>
2052 Notes: 5.000% </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Price to the Public:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: 99.847% per 2028 Note (plus accrued interest, if any, from August&nbsp;11, 2022)<BR>
2032 Notes: 99.856% per 2032 Note (plus accrued interest, if any, from August&nbsp;11, 2022)<BR>
2052 Notes: 99.583% per 2052 Note (plus accrued interest, if any, from August&nbsp;11, 2022)</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Redemption Provisions:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 5pt; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the applicable Par Call Date (as set forth in the table below),
    the Issuer may redeem each series of Notes at its 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: (1)(a)&nbsp;the sum of the
    present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming such
    series of 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 a number of basis points equal to the applicable Make-Whole Spread (as set forth in the table below) less (b)&nbsp;interest
    accrued to the redemption date; and (2)&nbsp;100% of the principal amount of such series of Notes to be redeemed, plus, in either case,
    accrued and unpaid interest thereon to, but excluding, the redemption date.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the applicable Par Call Date, the Issuer may redeem each
    series of Notes at its option, 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 such series of Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date for such
    series of Notes.</P></TD></TR>
  </TABLE>


<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="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Series</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Par Call Date</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Make-Whole Spread</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; background-color: rgb(242,242,242); padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028 Notes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5pt; background-color: rgb(242,242,242); padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;15, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt; background-color: rgb(242,242,242); padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25 bps</FONT></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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid; padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2032 Notes</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;15, 2032</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; padding-bottom: 6pt; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; border-bottom: Black 1pt solid; background-color: rgb(242,242,242); padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2052 Notes</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-bottom: Black 1pt solid; background-color: rgb(242,242,242); padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;15, 2052</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: rgb(242,242,242); padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35 bps</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></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-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Denominations:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$2,000 or any integral multiple of $1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2028 Notes: 26441C BS3/ US26441CBS35<BR>
2032 Notes: 26441C BT1/ US26441CBT18<BR>
2052 Notes: 26441C BU8/ US26441CBU80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Co-Managers:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">BNY Mellon Capital Markets, LLC<BR>
KeyBanc Capital Markets Inc.<BR>
Loop Capital Markets LLC<BR>
Regions Securities LLC<BR>
Siebert Williams Shank&nbsp;&amp; Co., LLC<BR>
Academy Securities,&nbsp;Inc.<BR>
CastleOak Securities, L.P. <BR>
Drexel Hamilton, LLC<BR>
Multi-Bank Securities,&nbsp;Inc.<BR>
R. Seelaus&nbsp;&amp; Co., LLC<BR>
Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</FONT></TD></TR>
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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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>

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<P STYLE="font: 10pt 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 BMO Capital
Markets Corp. toll-free at 1-866-864-7760; BofA Securities,&nbsp;Inc. toll-free at (800) 294-1322 or by email at dg.prospectus_requests@bofa.com;
Citigroup Global Markets Inc. toll-free at (800) 831-9146; Credit Suisse Securities (USA) LLC toll-free at 800-221-1037; Goldman Sachs&nbsp;&amp;
Co. LLC toll-free at 866-471-2526; Morgan Stanley&nbsp;&amp; Co. LLC at 1-866-718-1649; PNC Capital Markets LLC toll-free at (855) 881-0697.</B></P>

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BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS AUTOMATICALLY GENERATED AS A RESULT
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