<SEC-DOCUMENT>0001104659-24-090853.txt : 20240819
<SEC-HEADER>0001104659-24-090853.hdr.sgml : 20240819
<ACCEPTANCE-DATETIME>20240819162043
ACCESSION NUMBER:		0001104659-24-090853
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240819
DATE AS OF CHANGE:		20240819

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:		241220819

	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>tm2421766d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<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"><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;19, 2024</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;19,
2024 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, 2022</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Duke Energy Corporation<BR>
$1,000,000,000 6.45% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures due 2054</B></P>

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

<P STYLE="font: 10pt 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: 34%; border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 66%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Description:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.45% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures due 2054 (the &ldquo;<B>Debentures</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Format:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registered </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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;19, 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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date*:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;22, 2024 (T+3)</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa3 (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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually in arrears on March&nbsp;1 and September&nbsp;1 of each year, commencing March&nbsp;1, 2025, subject to deferral</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Deferral of Interest:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 10 consecutive years per deferral; deferred interest payments will accrue additional interest at an annual rate equal to the interest rate then applicable to the Debentures, as permitted by law.</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000,000</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;1, 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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;from and including the date of original issuance to but excluding September&nbsp;1, 2034 (the &ldquo;<B>First Reset Date</B>&rdquo;) at an annual rate of 6.45% and (ii)&nbsp;from and including the First Reset Date during each Interest Reset Period (as defined in the Preliminary Prospectus Supplement, dated August&nbsp;19, 2024 (the &ldquo;<B>Preliminary Prospectus Supplement</B>&rdquo;)) at an annual rate equal to the Five-Year Treasury Rate (as defined in the Preliminary Prospectus Supplement) as of the most recent Reset Interest Determination Date (as defined in the Preliminary Prospectus Supplement), plus a spread of 2.588%, to be reset on each Interest Reset Date (as defined in the Preliminary Prospectus Supplement). For additional information and the definitions of the terms Interest Reset Period, Five-Year Treasury Rate, Reset Interest Determination Date and Reset Date, see &ldquo;Description of the Debentures &ndash; Interest&rdquo; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;&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: 5pt; padding-left: 5pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Reset Date:</FONT></TD>
    <TD STYLE="text-align: justify; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; padding-right: 5pt; padding-left: 5pt; width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The First Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date.</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and integral multiples 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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to the Public:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.000% per Debenture (plus accrued interest, if any, from August&nbsp;22, 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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-allotment Option:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In whole or in part (i)&nbsp;on any day in the period commencing on the date falling 90 days prior to the First Reset Date and ending on and including the First Reset Date and (ii)&nbsp;after the First Reset Date, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the Debentures being redeemed, plus, subject to the terms described in the first paragraph under &ldquo;Description of the Debentures &ndash; Redemption Procedures&rdquo; in the Preliminary Prospectus Supplement, any accrued and unpaid interest (including any Additional Interest thereon).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call for Tax Event:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the occurrence of a Tax Event, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Debentures being redeemed plus, subject to the terms described in the first paragraph under &ldquo;Description of the Debentures &ndash; Redemption Procedures&rdquo; in the Preliminary Prospectus Supplement, accrued and unpaid interest (including any Additional Interest) on the principal amount of such Debentures being redeemed to, but excluding, the date of such redemption.</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: 10pt; padding-right: 5pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call for Rating Agency Event:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the occurrence of a Rating Agency Event, in whole but not in part, at a redemption price equal to 102% of the principal amount of the Debentures being redeemed plus, subject to the terms described in the first paragraph under &ldquo;Description of the Debentures &ndash; Redemption Procedures&rdquo; in the Preliminary Prospectus Supplement, accrued and unpaid interest (including any Additional Interest) on the principal amount of such Debentures being redeemed to, but excluding, the date of such redemption.</FONT></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>

<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: 5pt; padding-left: 5pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26441C CG8 / US26441CCG87</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Santander US Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</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: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Huntington Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KeyBanc Capital Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank&nbsp;&amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WauBank Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">American Veterans Group, PBC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AmeriVet Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Drexel Hamilton, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Great Pacific Securities</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Penserra Securities LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: justify; font: 10pt 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">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 August&nbsp;19, 2024.</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">* Settlement: Under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are
required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade the Debentures on the Trade Date or the next succeeding business day will be required, by virtue of the fact that the Debentures
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 Debentures who wish to trade the Debentures on the Trade Date or the next succeeding business day should consult their
own advisors.</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"><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, Goldman Sachs&nbsp;&amp;
Co. LLC toll-free at 1-866-520-4056, J.P. Morgan Securities LLC collect at (212) 834-4533, Morgan Stanley&nbsp;&amp; Co. LLC toll-free
at (866) 718-1649, RBC Capital Markets, LLC toll-free at (866) 375-6829, Santander US Capital Markets LLC toll-free at (855) 403-3636
or Truist Securities,&nbsp;Inc. toll-free at (800) 685-4786.</B></P>

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

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