<SEC-DOCUMENT>0001104659-25-033829.txt : 20250411
<SEC-HEADER>0001104659-25-033829.hdr.sgml : 20250411
<ACCEPTANCE-DATETIME>20250410175002
ACCESSION NUMBER:		0001104659-25-033829
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250411
DATE AS OF CHANGE:		20250410

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOZONE INC
		CENTRAL INDEX KEY:			0000866787
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0830

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266209
		FILM NUMBER:		25829391

	BUSINESS ADDRESS:	
		STREET 1:		123 SOUTH FRONT ST
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9014956500

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2198
		STREET 2:		DEPT 8074
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38101-2198

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOZONE INC
		CENTRAL INDEX KEY:			0000866787
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0830

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		123 SOUTH FRONT ST
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9014956500

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2198
		STREET 2:		DEPT 8074
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38101-2198
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2511743d3_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0; font-size: 11pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus, dated April&nbsp;10,
2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433 under the Securities
Act of 1933, as amended</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 11pt; font-family: Times New Roman, Times, Serif">Supplementing
the Preliminary Prospectus Supplement, dated </FONT>April&nbsp;10, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No.&nbsp;333-266209</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt; font-family: Times New Roman, Times, Serif"><B STYLE="font-size: 11pt">$500,000,000
5.125%</B></FONT><B STYLE="font-size: 11pt"> Senior Notes due 2030 (the &ldquo;<U STYLE="font-size: 11pt">Notes</U>&rdquo;)</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: April&nbsp;10, 2025</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issuer:</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AutoZone,&nbsp;Inc. (the &ldquo;<U STYLE="font-size: 11pt">Company</U>&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trade Date: </FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">April&nbsp;10, 2025</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Settlement Date:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">April&nbsp;14, 2025 (T+2)*</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$500,000,000 5.125% Senior Notes due 2030</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Amount:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$500,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maturity:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June&nbsp;15, 2030</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June&nbsp;15 and December&nbsp;15 of each year, commencing on December&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record Dates:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June&nbsp;1 and December&nbsp;1</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UST 4.000% due March&nbsp;31, 2030</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.986 %</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+115 basis points</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.136 %</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.125%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price to Public:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.936%</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 11pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 11pt"></P>

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    <DIV STYLE="font-size: 11pt; break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 11pt; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0; font-size: 11pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Optional Redemption Provision:</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will be redeemable at the Company&rsquo;s
    option at any time in whole or from time to time in part.</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">Prior to May&nbsp;15, 2030 (one month prior to
    their maturity date) (the &ldquo;<U STYLE="font-size: 11pt">Par Call Date</U>&rdquo;), the Company may redeem the 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: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest
    thereon discounted to the redemption date (assuming the Notes to be redeemed matured on the Par Call Date) on a semi-annual basis (assuming
    a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 20
    basis points less (b)&nbsp;interest accrued to, but not including, the date of redemption, and (2)&nbsp;100% of the principal amount of
    the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.</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">On or after the Par Call Date, the Company may
    redeem the Notes, 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 Notes being redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the redemption date.</P></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Change of Control:</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The occurrence of a Change of Control Triggering Event (as defined in the Preliminary Prospectus Supplement) will require the Company to offer to repurchase the Notes for cash at a price equal to 101% of the principal amount together with accrued and unpaid interest, if any, to the date of repurchase. </FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053332BM3 / US053332BM35</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratings**:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Baa1 / BBB / BBB</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="font-size: 11pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">U.S. Bancorp Investments,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Truist Securities,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Co-Managers:</FONT></TD>
    <TD STYLE="font-size: 11pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Mizuho Securities USA LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">PNC Capital Markets LLC</P></TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 11pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 11pt"></P>

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<P STYLE="margin: 0; font-size: 11pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Co-Managers:</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">BBVA Securities Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Capital One Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Citizens JMP Securities, LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Fifth Third Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Huntington Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">KeyBanc Capital Markets Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Regions Securities LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Santander US Capital Markets LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">SMBC Nikko Securities America,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">TD Securities (USA) LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Siebert Williams Shank&nbsp;&amp; Co., LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">*We expect that delivery of
the notes will be made to investors on or about April&nbsp;14, 2025, which will be the second business day following the date of pricing
of the notes (such settlement being referred to as &ldquo;T+2&rdquo;). Under Rule&nbsp;15c6-1 under the Exchange Act, trades in the secondary
market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade notes prior to the business day preceding the delivery of the notes hereunder will be required, by virtue of the fact
that the notes will initially settle in T+2, to specify an alternate settlement arrangement at the time of any such trade to prevent a
failed settlement. Purchasers of the notes who wish to trade the notes prior to the business day preceding their date of delivery hereunder
should consult their advisors.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">**Note: A securities rating is not a recommendation
to buy, sell or hold a security and may be subject to revision or withdrawal at any time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt; font-family: Times New Roman, Times, Serif"><B STYLE="font-size: 11pt">The
Company has filed a registration statement (including a preliminary prospectus supplement and prospectus) with the Securities and Exchange
Commission for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement
and prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for
more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Securities
and Exchange Commission website at </B></FONT><B STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt; color: Blue"><U STYLE="font-size: 11pt">www.sec.gov</U></FONT>. 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 J.P. Morgan
Securities LLC collect at 1-212-834-4533, BofA Securities,&nbsp;Inc. toll free at 1-800-294-1322, U.S. Bancorp Investments,&nbsp;Inc.
toll free at 1-877-558-2607 or Wells Fargo Securities, LLC toll free at 1-800-645-3751.</B></P>

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