<SEC-DOCUMENT>0001104659-19-029378.txt : 20190515
<SEC-HEADER>0001104659-19-029378.hdr.sgml : 20190515
<ACCEPTANCE-DATETIME>20190514190034
ACCESSION NUMBER:		0001104659-19-029378
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190515
DATE AS OF CHANGE:		20190514

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WASTE MANAGEMENT HOLDINGS INC
		CENTRAL INDEX KEY:			0000104938
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				362660763
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231027-01
		FILM NUMBER:		19824469

	BUSINESS ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		713-512-6367

	MAIL ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WASTE MANAGEMENT HOLDINGS INC /DE/
		DATE OF NAME CHANGE:	19980716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WASTE MANAGEMENT INC /DE/
		DATE OF NAME CHANGE:	19970725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VMX TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19930527

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WASTE MANAGEMENT INC
		CENTRAL INDEX KEY:			0000823768
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				731309529
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7135126200

	MAIL ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA WASTE SERVICES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>a19-8802_4fwp.htm
<DESCRIPTION>FWP
<TEXT>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed Pursuant to Rule&nbsp;433</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuer Free Writing Prospectus dated May&nbsp;14, 2019 relating to the</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Prospectus Supplement dated May&nbsp;14, 2019</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to Prospectus dated April&nbsp;25, 2019</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Statement No.&nbsp;333-231027</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pricing Term Sheet</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$750,000,000 2.950% Senior Notes due 2024</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$750,000,000 3.200% Senior Notes due 2026</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$1,000,000,000 3.450% Senior Notes due 2029</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$500,000,000 4.000% Senior Notes due 2039</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$1,000,000,000 4.150% Senior Notes due 2049</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuer:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waste   Management,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantor:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waste Management   Holdings,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratings:*</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moody&#146;s: Baa1 (stable)</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S&amp;P: A- (stable)</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fitch: BBB+ (stable)</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade Date:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;14, 2019</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Settlement Date:</font></p>    </td>
<td width="53%" valign="bottom" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T+6; May&nbsp;22, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Amount:</font></p>    </td>
<td width="53%" valign="bottom" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes:   $750,000,000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes:   $750,000,000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes:   $1,000,000,000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes:   $500,000,000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes:   $1,000,000,000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maturity Date:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes:   June&nbsp;15, 2024</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes:   June&nbsp;15, 2026</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes:   June&nbsp;15, 2029</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes:   July&nbsp;15, 2039</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes:   July&nbsp;15, 2049</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coupon:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes: 2.950%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes: 3.200%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes: 3.450%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes: 4.000%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes: 4.150%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benchmark Treasury:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes: 2.25%   due April&nbsp;30, 2024</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes: 2.375%   due April&nbsp;30, 2026</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes: 2.375%   due May&nbsp;15, 2029</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes: 3.000%   due February&nbsp;15, 2049</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes: 3.000%   due February&nbsp;15, 2049</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benchmark Treasury   Price and Yield:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes: 100-07   1/4 / 2.201%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes:   100-14+ / 2.304%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes: 99-18+   / 2.423%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes:   102-27+ / 2.857%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes:   102-27+ / 2.857%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spread to Benchmark   Treasury:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes: +75   basis points</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes: +90   basis points</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes: +105   basis points</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes: +115   basis points</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes: +130   basis points</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yield to Maturity:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes: 2.951%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes: 3.204%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes: 3.473%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes: 4.007%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes: 4.157%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Price to Public:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes:   99.994% of face amount</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes:   99.973% of face amount</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes:   99.804% of face amount</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes:   99.896% of face amount</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes:   99.872% of face amount</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Proceeds (after   underwriting discounts and estimated expenses):</font></p>
<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$3.963 billion</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Payment Dates:</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024 Notes, 2026 Notes   and 2029 Notes: Semi-annually on June&nbsp;15 and December&nbsp;15,   commencing on December&nbsp;15, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039 Notes and 2049   Notes: Semi-annually on January&nbsp;15 and July&nbsp;15, commencing on   January&nbsp;15, 2020</font></p>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional Redemption:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2024&nbsp;Notes are   redeemable at any time prior to May&nbsp;15, 2024 (one month prior to the   maturity date), in whole or from time to time in part, at the option of the   Company, at a make whole redemption price using the applicable Treasury rate   plus 12.5&nbsp;basis points (as defined and described in further detail in   the Preliminary Prospectus Supplement).&nbsp;   The 2024&nbsp;Notes are redeemable on or after May&nbsp;15, 2024 (one   month prior to the maturity date), in whole or from time to time in part, at   the option of the Company, at par.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2026&nbsp;Notes are   redeemable at any time prior to April&nbsp;15, 2026 (two months prior to the   maturity date), in whole or from time to time in part, at the option of the   Company, at a make whole redemption price using the applicable Treasury rate   plus 15&nbsp;basis points (as defined and described in further detail in the   Preliminary Prospectus Supplement).&nbsp;   The 2026&nbsp;Notes are redeemable on or after April&nbsp;15, 2026</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_025611_3273"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(two months prior to   the maturity date), in whole or from time to time in part, at the option of   the Company, at par.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2029&nbsp;Notes are   redeemable at any time prior to March&nbsp;15, 2029 (three months prior to   the maturity date), in whole or from time to time in part, at the option of   the Company, at a make whole redemption price using the applicable Treasury   rate plus 20&nbsp;basis points (as defined and described in further detail in   the Preliminary Prospectus Supplement).&nbsp;   The 2029&nbsp;Notes are redeemable on or after March&nbsp;15, 2029   (three&nbsp;months prior to the maturity date), in whole or from time to time   in part, at the option of the Company, at par.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2039&nbsp;Notes are   redeemable at any time prior to January&nbsp;15, 2039 (six&nbsp;months prior   to the maturity date), in whole or from time to time in part, at the option   of the Company, at a make whole redemption price using the applicable   Treasury rate plus 20&nbsp;basis points (as defined and described in further   detail in the Preliminary Prospectus Supplement).&nbsp; The 2039&nbsp;Notes are redeemable on or   after January&nbsp;15, 2039 (six&nbsp;months prior to the maturity date), in   whole or from time to time in part, at the option of the Company, at par.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2049&nbsp;Notes are   redeemable at any time prior to January&nbsp;15, 2049 (six&nbsp;months prior   to the maturity date), in whole or from time to time in part, at the option   of the Company, at a make whole redemption price using the applicable Treasury   rate plus 20&nbsp;basis points (as defined and described in further detail in   the Preliminary Prospectus Supplement).&nbsp;   The 2049&nbsp;Notes are redeemable on or after January&nbsp;15, 2049   (six&nbsp;months prior to the maturity date), in whole or from time to time   in part, at the option of the Company, at par.</font></p>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Mandatory   Redemption:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company does not   consummate the Merger (as defined under &#147;</font>Summary&#151;Recent Developments&#148;   in the Preliminary Prospectus Supplement) on or prior to July&nbsp;14, 2020,   or, if prior to such date, the Merger Agreement is terminated for any reason,   then, in either case, the Company will be required to redeem all of the   outstanding 2024 notes, 2026 notes, 2029 notes and 2039 notes at a redemption   price equal to 101% of the aggregate principal amount thereof, plus accrued   and unpaid interest to, but excluding, the redemption date.</p>
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<p style="margin:0in .15in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP/ISIN:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2024&nbsp;Notes: 94106L   BF5 / US94106LBF58</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2026&nbsp;Notes: 94106L   BH1 / US94106LBH15</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2029&nbsp;Notes: 94106L   BG3 / US94106LBG32</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2039&nbsp;Notes: 94106L   BJ7 / US94106LBJ70</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2049&nbsp;Notes: 94106L   BK4 / US94106LBK44</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_025627_7056"></a></p>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Book-Running   Managers:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit   Suisse Securities (USA) LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deutsche   Bank Securities Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goldman   Sachs&nbsp;&amp; Co. LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.P. Morgan Securities   LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mizuho Securities USA   LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barclays Capital Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNP Paribas Securities   Corp.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BofA   Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global   Markets Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SMBC Nikko Securities   America,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bancorp   Investments,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wells Fargo Securities,   LLC</font></p>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-Managers:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MUFG   Securities Americas Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PNC   Capital Markets LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scotia   Capital (USA) Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Academy   Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY   Mellon Capital Markets, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comerica   Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MFR   Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Siebert   Cisneros Shank&nbsp;&amp; Co., L.L.C.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to review or withdrawal at any time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MiFID II professionals/ECPs-only/No PRIIPs KID &#151; in the European Economic Area (EEA), the manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information in this term sheet supplements the information provided in the preliminary prospectus supplement dated May&nbsp;14, 2019. To the extent information in this term sheet conflicts with information in the preliminary prospectus supplement, this term sheet controls.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The issuer has filed a registration statement (including a prospectus) and prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the prospectus supplement 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 www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting: (1)</font>&nbsp;Credit Suisse Prospectus Department toll-free at 1-800-221-1037; (2)&nbsp;Deutsche Bank Securities Inc. toll-free at 1-800-503-4611; (3)&nbsp;Goldman Sachs&nbsp;&amp; Co. LLC collect at 1-212-902-1171 (Prospectus Department); (4)&nbsp;J.P. Morgan Securities LLC collect at 1-212-834-4533; or (5)&nbsp;Mizuho Securities USA LLC toll-free at 1-866-271-7403.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_025643_5335"></a></p>
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