<SEC-DOCUMENT>0001104659-24-002632.txt : 20240109
<SEC-HEADER>0001104659-24-002632.hdr.sgml : 20240109
<ACCEPTANCE-DATETIME>20240109171507
ACCESSION NUMBER:		0001104659-24-002632
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240109
DATE AS OF CHANGE:		20240109

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-267583
		FILM NUMBER:		24524119

	BUSINESS ADDRESS:	
		STREET 1:		525 SOUTH TRYON STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803
		BUSINESS PHONE:		800-488-3853

	MAIL ADDRESS:	
		STREET 1:		525 SOUTH TRYON 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]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		525 SOUTH TRYON STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202-1803
		BUSINESS PHONE:		800-488-3853

	MAIL ADDRESS:	
		STREET 1:		525 SOUTH TRYON 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>tm242317d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Filed pursuant to Rule 433</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>January 9, 2024</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Relating to</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Preliminary Prospectus Supplement dated January
9, 2024</I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Prospectus dated September 23, 2022</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Registration Statement No. 333-267583</I></B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$50,000,000 4.850% Senior Notes due 2027<BR>
$100,000,000 4.850% Senior Notes due 2029</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 12pt 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: 28%; padding-right: 8.1pt; padding-bottom: 5pt">Issuer:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 72%">Duke Energy Corporation (the &ldquo;<B>Issuer</B>&rdquo;)</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-right: 8.1pt; padding-bottom: 5pt">Trade Date:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 9, 2024</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-right: 8.1pt; padding-bottom: 5pt">Settlement Date:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 12, 2024; T+3*</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-right: 8.1pt; padding-bottom: 5pt">Ratings (Moody&rsquo;s/S&amp;P)**:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Baa2 (Stable) / BBB (Stable)</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-right: 8.1pt; padding-bottom: 5pt">Security Description:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.850% Senior Notes due 2027 (the &ldquo;<B>2027 Notes</B>&rdquo;)<BR>
4.850% Senior Notes due 2029 (the &ldquo;<B>2029 Notes</B>&rdquo; and, together with the 2027 Notes, the &ldquo;<B>Notes</B>&rdquo;)</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-right: 8.1pt; padding-bottom: 5pt">Principal Amount:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-indent: 0in"><B><U>2027 Notes</U></B>: $50,000,000.
    The 2027 will be part of the same series of notes as the $550,000,000 aggregate principal amount of the Issuer&rsquo;s 4.850% Senior Notes
    due 2027 issued on January 5, 2024</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-indent: 0in"><BR>
    <B><U>2029 Notes</U></B>: $100,000,000. The 2029 Notes will be part of the same series of notes as the $550,000,000 aggregate principal
    amount of the Issuer&rsquo;s 4.850% Senior Notes due 2029 issued on January 5, 2024</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-indent: 0in">&nbsp;</P></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-right: 8.1pt; padding-bottom: 5pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Payable semi-annually in arrears on January 5 and July 5 of each year, beginning on July 5, 2024 (interest on the Notes will accrue from and including January 5, 2024)</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-right: 8.1pt; padding-bottom: 5pt">Maturity Date:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B><U>2027 Notes</U></B>: January 5, 2027<BR>
<B><U>2029 Notes</U></B>: January 5, 2029</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-right: 8.1pt; padding-bottom: 5pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B><U>2027 Notes</U></B>: 4.375% due December 15, 2026<BR>
<B><U>2029 Notes</U></B>: 3.750% due December 31, 2028</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-right: 8.1pt; padding-bottom: 5pt">Benchmark Treasury Yield:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B><U>2027 Notes</U></B>: 4.134%<BR>
<B><U>2029 Notes</U></B>: 3.973%</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, 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-bottom: 5pt; border: Black 1pt solid; width: 28%; padding-left: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 72%; padding-left: 5.4pt"><B><U>2027 Notes</U></B>: +75 bps<BR>
<B><U>2029 Notes</U></B>: +95 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><B><U>2027 Notes</U></B>: 4.884%<BR>
<B><U>2029 Notes</U></B>: 4.923%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Coupon:</TD>
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><B><U>2027 Notes</U></B>: 4.850%<BR>
<B><U>2029 Notes</U></B>: 4.850%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Price to the Public:</TD>
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><B><U>2027 Notes</U></B>: 99.906% per 2027 Note (plus accrued interest of $47,152.78 for the period from and including January 5, 2024 to, but excluding, the date of delivery)<BR>
<B><U>2029 Notes</U></B>: 99.680% per 2029 Note (plus accrued interest of $94,305.56 for the period from and including January 5, 2024 to, but excluding, the date of delivery)</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: 5pt; padding-left: 5.4pt; width: 28%">Redemption Provisions:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 5pt; border-bottom: Black 1pt solid; padding-left: 5.4pt; width: 72%">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 3pt"><B><U>2027 Notes</U></B>: The Issuer may redeem the 2027
    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:</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 189pt; text-indent: -189pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
    date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate applicable to the 2027 Notes
    plus 15 basis points less (b) interest accrued to the redemption date; and</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>100% of the principal amount of the 2027 Notes to be redeemed,</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.55pt 0pt 3.75pt">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 16.55pt 0pt 0">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 3pt"><B><U>2029 Notes</U></B>: Prior to December 5, 2028 (the
    date that is one month prior to the maturity date of the 2029 Notes (the &ldquo;<B>2029 Par Call Date</B>&rdquo;)), the Issuer may redeem
    the 2029 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:</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 189pt; text-indent: -189pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
date (assuming the 2029 Notes</P></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, 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="border: Black 1pt solid; width: 28%; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 72%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 0.5in"><FONT STYLE="font-size: 12pt">matured on the 2029
    Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate applicable
    to the 2029 Notes plus 15 basis points less (b) interest accrued to the redemption date; and</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>100% of the principal amount of the 2029 Notes to be redeemed,</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.55pt 0pt 3.75pt">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 16.55pt 0pt 171pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt">On or after the 2029 Par Call Date, the Issuer may redeem the
    2029 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 the 2029 Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></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: 5pt">Denominations:</TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt">$2,000 or any integral multiple of $1,000 in excess thereof</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: 5pt">CUSIP / ISIN:</TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5pt"><B><U>2027 Notes</U></B>: 26441C CB9 / US26441CCB90<BR>
<B><U>2029 Notes</U></B>: 26441C CC7 / US26441CCC73</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: 5pt">Underwriter:</TD>
    <TD STYLE="padding-bottom: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">Wells Fargo Securities, LLC</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement:
Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, 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 the Trade Date will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternative settlement
cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on the Trade Date
should consult their own advisors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></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 Wells
Fargo Securities, LLC toll-free at 1 (800) 645-3751.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANY DISCLAIMER OR OTHER NOTICE THAT MAY APPEAR
BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
