<SEC-DOCUMENT>0001104659-20-121947.txt : 20201106
<SEC-HEADER>0001104659-20-121947.hdr.sgml : 20201106
<ACCEPTANCE-DATETIME>20201105181650
ACCESSION NUMBER:		0001104659-20-121947
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201106
DATE AS OF CHANGE:		20201105

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:		201291866

	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>tm2034865-3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus dated November&nbsp;5,
2020 relating to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Preliminary Prospectus Supplement dated
November&nbsp;5, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">to Prospectus dated April&nbsp;25, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-231027</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>Pricing Term Sheet</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>$500,000,000 0.750% Senior Notes due
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 1.150% Senior Notes due
2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,000,000,000 1.500% Senior Notes due
2031</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 2.500% Senior Notes due
2050</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify">Issuer:</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Waste Management,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Guarantor:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Waste Management Holdings,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Ratings:*</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moody&rsquo;s: Baa1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">S&amp;P: A-</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fitch: BBB+</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Trade Date:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">November&nbsp;5,
        2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Settlement Date:**</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T+7; November&nbsp;17, 2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Principal Amount:</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: $500,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: $500,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: $1,000,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: $500,000,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Maturity Date:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: November&nbsp;15, 2025</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: March&nbsp;15, 2028</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: March&nbsp;15, 2031</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: November&nbsp;15, 2050</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Coupon:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: 0.750%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: 1.150%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: 1.500%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: 2.500%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Benchmark Treasury:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: 0.250% due October&nbsp;31,
        2025</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: 0.500% due October&nbsp;31,
        2027</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: 0.625% due August&nbsp;15,
        2030</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: 1.250% due May&nbsp;15,
2050</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify; width: 50%">Benchmark Treasury Price and Yield:</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: 99-18+ / 0.335%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: 99-19 / 0.559%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: 98-19 / 0.775%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: 92-31 / 1.548%&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify; width: 50%">Spread to Benchmark Treasury:</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: +45 basis points</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: +60 basis points</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: +75 basis points</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: +100 basis points</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Yield to Maturity:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: 0.785%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: 1.159%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: 1.525%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: 2.548%</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Price to Public:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: 99.829% of face amount</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: 99.937% of face amount</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: 99.763% of face amount</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: 98.998% of face amount</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net Proceeds (before expenses):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">$2.479 billion</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest Payment Dates:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025 Notes: Semi-annually on May&nbsp;15
        and November&nbsp;15, commencing on May&nbsp;15, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028 Notes: Semi-annually on March&nbsp;15
        and September&nbsp;15, commencing on March&nbsp;15, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031 Notes: Semi-annually on March&nbsp;15
        and September&nbsp;15, commencing on March&nbsp;15, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050 Notes: Semi-annually on May&nbsp;15
        and November&nbsp;15, commencing on May&nbsp;15, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; font-size: 10pt; text-align: justify">Optional Redemption:</TD>
    <TD STYLE="width: 58%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2025 Notes are redeemable at any time
        prior to October&nbsp;15, 2025 (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 7.5 basis points (as defined and described
        in further detail in the Preliminary Prospectus Supplement). The 2025 Notes are redeemable on or after October&nbsp;15, 2025 (one
        month prior to the maturity date), in whole or from time to time in part, at the option of the Company, at par.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2028 Notes are redeemable at any time
        prior to January&nbsp;15, 2028 (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 10 basis points (as defined and described
        in further detail in the Preliminary Prospectus Supplement). The 2028 Notes are redeemable on or after January&nbsp;15, 2028 (two
        months prior to the maturity date), in whole or from time to time in part, at the option of the Company, at par.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2031 Notes are redeemable at any time
prior to December&nbsp;15, 2030 (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 12.5 basis points (as defined and described
in further detail in the Preliminary Prospectus Supplement). The 2031 Notes are redeemable on or after December&nbsp;15, 2030 (three
months prior to the maturity date), in whole or from time to time in part, at the option of the Company, at par.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2050 Notes are redeemable at any time
prior to May&nbsp;15, 2050 (six 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 basis points (as defined and described in
further detail in the Preliminary Prospectus Supplement). The 2050 Notes are redeemable on or after May&nbsp;15, 2050 (six months
prior to the maturity date), in whole or from time to time in part, at the option of the Company, at par.</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify; width: 50%">CUSIP/ISIN:</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2025&nbsp;Notes: 94106L BL2 / US94106LBL27</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2028&nbsp;Notes: 94106L BN8 / US94106LBN82</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2031&nbsp;Notes: 94106L BP3 / US94106LBP31</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2050&nbsp;Notes: 94106L BM0 / US94106LBM00</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Joint Book-Running Managers:</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Barclays Capital Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mizuho Securities USA LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BofA Securities,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J.P. Morgan Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scotia Capital (USA) Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BNP Paribas Securities Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup Global Markets Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deutsche Bank Securities Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MUFG Securities Americas Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SMBC Nikko Securities America,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Bancorp Investments,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify">Co-Managers:</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities,&nbsp;Inc.</P>
        <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">MFR Securities,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mischler Financial Group,&nbsp;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; text-align: justify">Stern Brothers&nbsp;&amp; Co.</P></TD></TR>
</TABLE>

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

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

<P STYLE="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 review or withdrawal at any time.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** The issuer expects delivery of the notes will be made against
payment therefor on or about November&nbsp;17, 2020, which is the seventh business day following the date of pricing of the notes
(such settlement being referred to as &ldquo;T+7&rdquo;). Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, as amended,
trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of pricing of the notes or the next succeeding
four business days will be required, by virtue of the fact that the notes initially will settle in T+7, to specify an alternate
settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers.</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">MiFID II professionals/ECPs-only/No PRIIPs KID &ndash; 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.</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">The information in this term sheet supplements the information
provided in the preliminary prospectus supplement dated November&nbsp;5, 2020. To the extent information in this term sheet conflicts
with information in the preliminary prospectus supplement, this term sheet controls.</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">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)&nbsp;Barclays Capital Inc. toll-free at (888) 603-5847; (2)&nbsp;Mizuho
Securities USA LLC toll-free at (866) 271-7403; (3)&nbsp;BofA Securities,&nbsp;Inc. toll-free at (800) 294-1322; (4)&nbsp;J.P.
Morgan Securities LLC collect at (212) 834-4533; or (5)&nbsp;Scotia Capital (USA) Inc. toll-free at (800) 372-3930.</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">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.</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>

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