<SEC-DOCUMENT>0001104659-25-088311.txt : 20250908
<SEC-HEADER>0001104659-25-088311.hdr.sgml : 20250908
<ACCEPTANCE-DATETIME>20250908165833
ACCESSION NUMBER:		0001104659-25-088311
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250908
DATE AS OF CHANGE:		20250908

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
		EIN:				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:		251300699

	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
		EIN:				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>tm2524574d2_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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><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>September 8, 2025</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 September
8, 2025</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: 5pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>$1,000,000,000</B></FONT><B>
4.95% Senior Notes due 2035<BR>
$750,000,000 5.70% Senior Notes due 2055</B></P>

<P STYLE="font: 5pt 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: 10pt 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="padding-left: 5.4pt; width: 26%; border: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Issuer:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; text-indent: 0in"><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-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.25in; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">September 8, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.25in; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">September 11, 2025 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><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-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.25in; padding-bottom: 12pt; text-indent: 0in"><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-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Security Description:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4.95% Senior Notes due 2035 (the &ldquo;<B>2035 Notes</B>&rdquo;)<BR>
5.70% Senior Notes due 2055 (the &ldquo;<B>2055 Notes</B>&rdquo; and, together with the 2035 Notes, the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: $1,000,000,000<BR>
<U>2055 Notes</U>: $750,000,000</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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Payable semi-annually in arrears on </FONT>March 15 and September 15 of each year, beginning on March 15, 2026.</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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: September 15, 2035<BR>
<U>2055 Notes</U>: September 15, 2055</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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Benchmark Treasury:</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 7.9pt 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035
    Notes</U></FONT>: 4.250% due August 15, 2035</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2055
    Notes</U></FONT>: 4.750% due May 15, 2055</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 0; text-indent: 0in">&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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: 4.042%<BR>
<U>2055 Notes</U>: 4.687%</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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: +95 bps<BR>
<U>2055 Notes</U>: +103 bps</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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: 4.992%<BR>
<U>2055 Notes</U>: 5.717%</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in; 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-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: 4.95% <BR>
<U>2055 Notes</U>: 5.70% </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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Price to the Public:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035 Notes</U></FONT>: 99.672% per 2035 Note (plus accrued interest, if any, from September 11, 2025)<BR>
<U>2055 Notes</U>: 99.757% per 2055 Note (plus accrued interest, if any, from September 11, 2025)</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-right: 7.9pt; padding-bottom: 12pt; text-indent: 0in"><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 16.6pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035
    Notes</U></FONT>: Prior to June 15, 2035 (the date that is three months prior to the maturity date of the 2035 Notes (the &ldquo;<B>2035
    Par Call Date</B>&rdquo;)), the Issuer may redeem the 2035 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 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</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 2035 Notes matured on the 2035 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 2035 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 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"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>100% of the principal amount of the 2035 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">On
    or after the 2035 Par Call Date, </FONT>the Issuer may redeem the 2035 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 2035 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 0pt 3pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2055
    Notes</U></FONT>: Prior to March 15, 2055 (the date that is six months prior to the maturity date of the 2055 Notes (the &ldquo;<B>2055
    Par Call Date</B>&rdquo;)), the Issuer may redeem the 2055 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 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    </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 2055 Notes matured on the 2055 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve
    30-day months) at the Treasury </P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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; padding-right: 7.9pt; padding-bottom: 12pt; text-indent: 0in; width: 26%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; 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 16.6pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U></U></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Rate applicable to the 2055 Notes plus 20 basis points less (b) interest accrued to the redemption date; and</P>
    <P STYLE="font: 12pt 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: Symbol; font-size: 12pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    </FONT>100% of the principal amount of the 2055 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 3.75pt">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 16.55pt 0pt 3.75pt">On or after the 2055 Par Call Date, the Issuer
may redeem the 2055 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 2055 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>
    <P STYLE="font: 8pt 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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Denominations:</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><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-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">CUSIP / ISIN:</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 7.9pt 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2035
    Notes</U></FONT>: 26441C CJ2 / US26441CCJ27</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>2055
    Notes</U></FONT>: 26441C CK9 / US26441CCK99</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="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Joint Book-Running 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">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</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">Truist Securities, 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">Barclays Capital Inc.</P>
    <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, Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</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-right: 8.1pt; padding-bottom: 12pt; text-indent: 0in"><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; text-indent: 0in">Loop Capital Markets LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">BNY Mellon Capital Markets, LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Huntington Securities, Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Regions Securities LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">WauBank Securities LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 8pt 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 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</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>underwriter or any dealer participating in the offering will arrange
to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll-free at (800) 831-9146; Goldman Sachs &amp;
Co. LLC toll-free at (866) 520-4056; Mizuho Securities USA LLC toll-free at (866) 271-7403; MUFG Securities Americas Inc. toll-free at
(877) 649-6848; PNC Capital Markets LLC toll-free at (855) 881-0697; Truist Securities, Inc. toll-free at (800) 685-4786; or Wells Fargo
Securities, LLC toll-free at (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>

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