<SEC-DOCUMENT>0001104659-25-105578.txt : 20251103
<SEC-HEADER>0001104659-25-105578.hdr.sgml : 20251103
<ACCEPTANCE-DATETIME>20251103163142
ACCESSION NUMBER:		0001104659-25-105578
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251103
DATE AS OF CHANGE:		20251103

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLGATE PALMOLIVE CO
		CENTRAL INDEX KEY:			0000021665
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				131815595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275201
		FILM NUMBER:		251444609

	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]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				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>tm2530079d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Dated November 3, 2025</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Supplementing Prospectus dated October 27,
2023 and<BR>
Prospectus Supplement dated November 3, 2025<BR>
Registration Statement No. 333-275201<BR>
<BR>
</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&euro;600,000,000<BR>
Colgate-Palmolive Company<BR>
3.250% Senior Notes due 2035</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Final Term Sheet</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 41%; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 59%; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Colgate-Palmolive Company</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Anticipated Ratings:<BR>
(Moody&rsquo;s/S&amp;P)*</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Aa3/A+ (stable)/(stable)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">November 3, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Settlement Date:**</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">November 10, 2025 (T+5)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Bank PLC<BR>
    Banco Bilbao Vizcaya Argentaria, S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANZ Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP PARIBAS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNY Mellon Capital Markets, LLC&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Bank plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ICBC Standard Bank Plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch International</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. International plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotiabank (Ireland) Designated Activity Company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CastleOak Securities, L.P.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>London Paying Agent:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">The Bank of New York Mellon, London Branch</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Stabilization:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Stabilization/FCA</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Security Description:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">SEC-registered 10-year 3.250% Senior Notes (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&euro;600,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Currency of Payment:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Euro</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">November 10, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Payable annually in arrears on November 10 of each year, commencing November 10, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Day Count Convention:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">ACTUAL/ACTUAL (ICMA)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Interest Rate:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">3.250% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Pricing Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">10-year EUR mid-swap</FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Pricing Benchmark Yield:</B></FONT></TD>
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">2.669%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Spread vs. Pricing Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">MS +70 bps </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Yield (annual):</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">3.369%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Government Benchmark:</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">DBR 2.600% due August 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Government Benchmark Price and Yield:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">99-425; 2.666%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Spread vs. Government Benchmark:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">B +70.3 bps </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">99.004% plus accrued interest, if any, from November 10, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Gross Proceeds:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&euro;594,024,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.4pt; padding-bottom: 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At any time prior to August 10, 2035 (the date that is three months
    prior to the maturity date of the Notes) at a discount rate of Comparable Government Bond Rate plus 15 basis points, plus accrued and
    unpaid interest to the redemption date.</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">At any time on or after August 10, 2035 (the date that is three
months prior to the maturity date of the Notes) at a redemption price equal to 100% of the principal amount of the 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"><FONT STYLE="font-size: 10pt"><B>Payment of Additional Amounts:</B></FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Yes, subject to the customary exceptions described in the preliminary prospectus supplement dated November 3, 2025 (the &ldquo;Preliminary Prospectus Supplement&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Redemption for Tax Reasons:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Yes, as described in the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">The Issuer intends to apply to list the Notes on the New York Stock Exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&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"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN/Common Code:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">194162 AU7 / XS3223273668 / 322327366</FONT></TD></TR>
  </TABLE>

<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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>**It is expected that delivery of the Notes will be made against
payment therefor on or about November 10, 2025, which is the fifth business day following the date hereof (such settlement cycle being
referred to as &ldquo;T+5&rdquo;). Under the E.U. Central Securities Depositaries Regulation, trades in the secondary market generally
are required to settle in two business days in the place of settlement unless the parties to a trade expressly agree otherwise. Also,
under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle
in one New York business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
the Notes on any date prior to the first or second business day, as applicable, prior to the settlement date will be required, by virtue
of the fact that the Notes initially will settle in T+5 settlement, to specify any alternative settlement arrangements to prevent a failed
settlement.</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"><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 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 Barclays Bank PLC at 1-888-603-5847 or Banco Bilbao Vizcaya Argentaria, S.A. at +1-800-422-8692.</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"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 / UK MiFIR professionals/ECPs-only / No PRIIPs or UK PRIIPs
KID &mdash; Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only
(all distribution channels). No PRIIPs / UK PRIIPs key information document (KID) has been prepared as the Notes are not available to
retail investors in the European Economic Area or the United Kingdom.</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">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 (as amended, the &ldquo;FSMA&rdquo;)) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in
point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United Kingdom by virtue of the European
Union (Withdrawal) Act 2018 (as amended, the &ldquo;EUWA&rdquo;) or (ii) a customer within the meaning of the provisions of the FSMA and
any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as
a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the
United Kingdom by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended) as
it forms part of domestic law of the United Kingdom by virtue of the EUWA (the &ldquo;UK 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 United Kingdom has been
prepared and therefore offering or selling such securities or otherwise making them available to any retail investor in the United Kingdom
may be unlawful under the UK PRIIPs Regulation.</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 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: 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: left"><FONT STYLE="text-decoration: none">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.</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
