<SEC-DOCUMENT>0001104659-24-068714.txt : 20240605
<SEC-HEADER>0001104659-24-068714.hdr.sgml : 20240605
<ACCEPTANCE-DATETIME>20240605165027
ACCESSION NUMBER:		0001104659-24-068714
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240605
DATE AS OF CHANGE:		20240605

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:		241022659

	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>tm2415858d2_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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 11pt"><B><I>Filed
pursuant to Rule&nbsp;433</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B><I>June&nbsp;5,
2024</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B><I>Relating to</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B><I>Preliminary
Prospectus Supplement dated June&nbsp;5, 2024</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B><I>to</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B><I>Prospectus
dated September&nbsp;23, 2022</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B><I>Registration
Statement No.&nbsp;333-267583</I></B></FONT></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&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$750,000,000</B></FONT><B>
5.45% Senior Notes due 2034<BR>
$750,000,000 5.80% Senior Notes due 2054</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: 10pt; width: 26%; 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: 10pt; width: 74%; 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: 10pt; 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: 10pt; 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">June&nbsp;5, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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 Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; 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">June&nbsp;7, 2024 (T+2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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)*:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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: 10pt; 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">5.45% Senior Notes due 2034 (the &ldquo;<B>2034 Notes</B>&rdquo;)<BR>
5.80% Senior Notes due 2054 (the &ldquo;<B>2054 Notes</B>&rdquo; and, together with the 2034 Notes, the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: $750,000,000<BR>
<U>2054 Notes</U>: $750,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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">Payable semi-annually in arrears on </FONT><FONT STYLE="font-size: 12pt">June&nbsp;15 and December&nbsp;15 of each year, beginning on December&nbsp;15, 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: June&nbsp;15, 2034<BR>
<U>2054 Notes</U>: June&nbsp;15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: 4.375% due May&nbsp;15, 2034<BR>
<U>2054 Notes</U>: 4.250% due February&nbsp;15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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 Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: 4.287%<BR>
<U>2054 Notes</U>: 4.440%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: +118 bps<BR>
<U>2054 Notes</U>: +140 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: 5.467%<BR>
<U>2054 Notes</U>: 5.840%</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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="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: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Coupon:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: 5.45% <BR>
<U>2054 Notes</U>: 5.80% </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: 99.868% per 2034 Note (plus accrued interest, if any, from June&nbsp;7, 2024)<BR>
<U>2054 Notes</U>: 99.435% per 2054 Note (plus accrued interest, if any, from June&nbsp;7, 2024)</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-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Redemption Provisions:</FONT></TD>
    <TD STYLE="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 0pt 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>2034
    Notes</U></FONT>: Prior to March&nbsp;15, 2034 (the date that is three months prior to the maturity date of the 2034 Notes (the &ldquo;<B>2034
    Par Call Date</B>&rdquo;)), the Issuer may redeem the 2034 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189pt; text-indent: -189pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(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 2034 Notes matured on the 2034 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 2034 Notes plus  20 basis points less (b)&nbsp;interest accrued to the redemption date;
and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;100%
of the principal amount of the 2034 Notes to be redeemed,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75pt">plus, in either case, accrued and unpaid interest thereon
    to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75pt">On or after the 2034 Par Call Date, the Issuer may redeem
    the 2034 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 2034 Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.</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 0pt 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>2054
    Notes</U></FONT>: Prior to December&nbsp;15, 2053 (the date that is six months prior to the maturity date of the 2054 Notes (the &ldquo;<B>2054
    Par Call Date</B>&rdquo;)), the Issuer may redeem the 2054 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189pt; text-indent: -189pt">&nbsp;</P>
    <P STYLE="text-indent: -0.5in; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#9679;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(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 2054 Notes matured on the 2054 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury&nbsp;</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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="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: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 26%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 74%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Rate applicable to
the 2054 Notes plus 25 basis points less (b)&nbsp;interest accrued to the redemption date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;100%
of the principal amount of the 2054 Notes to be redeemed,</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75pt">plus, in either case, accrued and unpaid interest thereon
to, but excluding, the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 171pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the 2054 Par Call Date, the Issuer may redeem the 2054
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 2054 Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.</P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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">Denominations:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; 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">$2,000 or any integral multiple of $1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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"><U>2034 Notes</U></FONT><FONT STYLE="font-size: 12pt">: 26441C CE3 / US26441CCE30<BR>
<U>2054 Notes</U>: 26441C CF0 / US26441CCF05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; 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: 10pt; 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">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">Mizuho Securities USA 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">PNC Capital Markets LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America,&nbsp;Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Santander US Capital Markets LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</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-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="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">CIBC World Markets Corp.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Regions Securities LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Drexel Hamilton, LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Mischler Financial Group,&nbsp;Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">R. Seelaus&nbsp;&amp; Co., LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><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"></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>

<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: justify"><FONT STYLE="font-size: 11pt"><B>The Issuer has
filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) 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 BofA Securities,&nbsp;Inc. toll-free at (800) 294-1322;
Citigroup Global Markets Inc. toll-free at (800) 831-9146; Mizuho Securities USA LLC toll-free at (866) 271-7403; MUFG Securities</B></FONT></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>

<!-- Field: Page; Sequence: 3 -->
    <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: 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: justify"><FONT STYLE="font-size: 11pt"><B>Americas Inc.
toll-free at (877) 649-6848; PNC Capital Markets LLC toll-free at (855) 881-0697; PNC Capital Markets LLC toll-free at (855) 881-0697;
SMBC Nikko Securities America,&nbsp;Inc. toll-free at (888) 868-6856 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.</B></FONT></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: justify"><FONT STYLE="font-size: 11pt"><B>ANY DISCLAIMER
OR OTHER NOTICE THAT MAY&nbsp;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></FONT></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>

<!-- Field: Page; Sequence: 4; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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