<SEC-DOCUMENT>0000930413-19-002779.txt : 20191104
<SEC-HEADER>0000930413-19-002779.hdr.sgml : 20191104
<ACCEPTANCE-DATETIME>20191104172348
ACCESSION NUMBER:		0000930413-19-002779
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191104
DATE AS OF CHANGE:		20191104

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLGATE PALMOLIVE CO
		CENTRAL INDEX KEY:			0000021665
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				131815595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-221172
		FILM NUMBER:		191190788

	BUSINESS ADDRESS:	
		STREET 1:		300 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123102000

	MAIL ADDRESS:	
		STREET 1:		300 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLGATE PALMOLIVE CO
		CENTRAL INDEX KEY:			0000021665
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				131815595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		300 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123102000

	MAIL ADDRESS:	
		STREET 1:		300 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>c94514_fwp.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B><I>Dated November 4, 2019<BR>
Free Writing Prospectus Filed Pursuant to Rule 433<BR>
Supplementing Prospectus dated October 27, 2017,<BR>
Prospectus Supplement dated October 27, 2017 and<BR>
Preliminary Pricing Supplement No. 3 dated November 4, 2019<BR>
Registration Statement No. 333-221172</I></B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&euro;1,000,000,000<BR>
Colgate-Palmolive Company<BR>
Medium-Term Notes, Series H<BR>
&euro;500,000,000 0.000% Fixed Rate Notes due 2021<BR>
&euro;500,000,000 0.875% Fixed Rate Notes due 2039</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Final Term Sheet</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-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Colgate-Palmolive Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Anticipated Ratings:<BR>
(Moody&rsquo;s/S&amp;P)*</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Aa3/AA- (all stable)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Trade Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">November 4, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Settlement Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">November 12, 2019 (T+5)**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">BNP Paribas<BR>
        Goldman Sachs &amp; Co. LLC</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Morgan Stanley &amp; Co. International plc</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Wells Fargo Securities International Limited</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Co-Managers:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">ANZ Securities, Inc.</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Banco Bilbao Vizcaya Argentaria, S.A.</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Banco Santander, S.A.</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Barclays Bank PLC</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">BNY Mellon Capital Markets, LLC</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Citigroup Global Markets Limited</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">HSBC Bank plc</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">ICBC Standard Bank Plc</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">J.P. Morgan Securities plc</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Merrill Lynch International</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">Mizuho International plc</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">The Williams Capital Group, L.P.</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>London Paying Agent:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">The Bank of New York Mellon, London Branch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Stabilization:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Stabilization/FCA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Title:</B></FONT></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt"><B><U>0.000% Fixed Rate Notes due 2021</U></B></FONT></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10.5pt"><B><U>0.875% Fixed Rate Notes due 2039</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Security Description:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">SEC-Registered 2-year 0.000% Fixed Rate Notes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">SEC-Registered 20-year 0.875% Fixed Rate Notes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">&euro;500,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">&euro;500,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Currency of Payment:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Euro</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Euro</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">November 12, 2021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">November 12, 2039</FONT></TD></TR>
</TABLE>

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

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<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-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 42%"><FONT STYLE="font-size: 10.5pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 29%"><FONT STYLE="font-size: 10.5pt">Payable annually in arrears on November 12 of each year, commencing November 12, 2020</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 29%"><FONT STYLE="font-size: 10.5pt">Payable annually in arrears on November 12 of each year, commencing November 12, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Day Count Convention:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">ACTUAL/ACTUAL (ICMA)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">ACTUAL/ACTUAL (ICMA)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Interest Rate:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">0.000% per annum</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">0.875% per annum</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Pricing Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">2-year EUR mid-swap</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">20-year EUR mid-swap</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Pricing Benchmark Yield:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">-0.360%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">0.470%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Re-offer Spread vs. Pricing Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">MS + 15 bps</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">MS + 55 bps</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Re-offer Yield (annual):</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">-0.210%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">1.020%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Government Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">BKO 0.000% due September 10, 2021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">DBR 4.250% due July 4, 2039</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Government Benchmark Price and Yield:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">101.205; -0.647%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">184.82; -0.045%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Re-offer Spread vs. Government Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">B + 43.7 bps</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">B + 106.5 bps</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">100.421% plus accrued interest, if any, from November 12, 2019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">97.389% plus accrued interest, if any, from November 12, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Gross Proceeds:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">&euro;502,105,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">&euro;486,945,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10.5pt/11.45pt Times New Roman, Times, Serif; margin: 0 0 6pt">At any time prior to October 12, 2021 (the date
        that is one month prior to the maturity date of the 2021 Notes) at a discount rate of Comparable Government Bond Rate plus 10 basis
        points, plus accrued and unpaid interest to the redemption date</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt">At any time on or after October 12, 2021 (the date that
        is one month prior to the maturity date of the 2021 Notes) at a redemption price equal to 100% of the principal amount of the 2021
        Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10.5pt/11.45pt Times New Roman, Times, Serif; margin: 0 0 6pt">At any time prior to May 12, 2039 (the date that
        is six months prior to the maturity date of the 2039 Notes) at a discount rate of Comparable Government Bond Rate plus 20 basis
        points, plus accrued and unpaid interest to the redemption date</P>
        <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt">At any time on or after May 12, 2039 (the date that is six
        months prior to the maturity date of the 2039 Notes) at a redemption price equal to 100% of the principal amount of the 2039 Notes
        being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Payment of Additional Amounts:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Yes, subject to the customary exceptions described in the preliminary pricing supplement dated November 4, 2019 (the &ldquo;Preliminary Pricing Supplement&rdquo;).</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">Yes, subject to the customary exceptions described in the Preliminary Pricing Supplement.</FONT></TD></TR>
</TABLE>

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

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<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-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 42%"><FONT STYLE="font-size: 10.5pt"><B>Redemption for Tax Reasons:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 29%"><FONT STYLE="font-size: 10.5pt">Yes, as described in the Preliminary Pricing Supplement.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 29%"><FONT STYLE="font-size: 10.5pt">Yes, as described in the Preliminary Pricing Supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">The Issuer intends to apply to list the 2021 Notes on the New York Stock Exchange.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">The Issuer intends to apply to list the 2039 Notes on the New York Stock Exchange.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">&euro;100,000 and integral multiples of &euro;1,000 in excess thereof</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">&euro;100,000 and integral multiples of &euro;1,000 in excess thereof</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>CUSIP/ISIN/Common Code:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">194162 AJ2 / XS2078405722 / 207840572</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt">194162 AK9 / XS2078409716 /207840971</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10.5pt"><B>Other Changes to the Preliminary Pricing Supplement:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">The treatment for U.S. federal income tax purposes of premium paid on the purchase of debt instruments bearing a zero rate of interest such as the notes is not entirely clear.&nbsp;&nbsp;Such amounts may be eligible to be treated as amortizable bond premium, as described in the Prospectus Supplement, dated October 27, 2017, under &ldquo;Certain United States Federal Income Considerations&mdash;U.S. Holders&mdash;<I>Premium</I>.&rdquo; Holders of the 2021 Notes should consult their tax advisors about the possible treatment of the premium paid on the purchase of the 2021 Notes as amortizable bond premium.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>*Note: A securities rating is not a recommendation to
buy, sell or hold securities and may be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">**Under Rule 15c6-1 of the U.S. 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 prior to the second business day prior
to the settlement date will be required, because the Notes initially will settle in T+5, to specify an alternate settlement cycle
at the time of any such trade to prevent a failed settlement. If you wish to trade the Notes prior to the second business day prior
to the settlement date, you should consult your own advisors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt"><B>The issuer has filed a registration
statement (including a prospectus) with the U.S. 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 </B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt"><B>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 website 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 calling BNP Paribas toll-free at 1-800-854-5674, <A NAME="T0"></A>Goldman
Sachs &amp; Co. LLC toll-<A NAME="T1"></A>free at&nbsp;866-471-2526, Morgan Stanley &amp; Co. International plc toll-free at 1-866-718-1649
or Wells Fargo Securities International Limited toll-free at </B></FONT><B><FONT STYLE="font-size: 10pt">1-800-645-3751</FONT><FONT STYLE="font-size: 11pt">.</FONT></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>MiFID II professionals/ECPs-only / No PRIIPs KID &mdash;
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 the Notes are not available to retail investors in the
European Economic Area.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">In the United Kingdom, this final term sheet is for distribution
only to persons who (i) have professional experience in matters relating to investments and qualifying as investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Financial
Promotion Order&rdquo;), (ii) are persons falling within Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated
associations etc.&rdquo;) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage
in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the
issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together
being referred to as &ldquo;relevant persons&rdquo;). In the United Kingdom, this final term sheet is directed only at relevant
persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to
which this document relates is available in the United Kingdom only to relevant persons and in the United Kingdom, will be engaged
in only with relevant persons.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">This final term sheet is only addressed to, and is directed
at, persons and legal entities in member states of the European Economic Area who are &ldquo;qualified investors&rdquo; within
the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the &ldquo;Prospectus Regulation&rdquo;). The securities described in
this final term sheet are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the European Economic Area. For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID
II&rdquo;) or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required
by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the securities described
in this final term sheet or otherwise making them available to retail investors in the European Economic Area has been prepared
and therefore offering or selling such securities or otherwise making them available to any retail investor in the European Economic
Area may be unlawful under the PRIIPs Regulation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE
NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED
AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

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