<SEC-DOCUMENT>0001193125-25-138377.txt : 20250610
<SEC-HEADER>0001193125-25-138377.hdr.sgml : 20250610
<ACCEPTANCE-DATETIME>20250610143008
ACCESSION NUMBER:		0001193125-25-138377
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250610
DATE AS OF CHANGE:		20250610

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Air Products & Chemicals, Inc.
		CENTRAL INDEX KEY:			0000002969
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				231274455
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275663
		FILM NUMBER:		251036762

	BUSINESS ADDRESS:	
		STREET 1:		1940 AIR PRODUCTS BLVD.
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18106-5500
		BUSINESS PHONE:		6104814911

	MAIL ADDRESS:	
		STREET 1:		1940 AIR PRODUCTS BLVD.
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18106-5500

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR PRODUCTS & CHEMICALS, INC.
		DATE OF NAME CHANGE:	20220408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR PRODUCTS & CHEMICALS INC /DE/
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Air Products & Chemicals, Inc.
		CENTRAL INDEX KEY:			0000002969
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				231274455
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1940 AIR PRODUCTS BLVD.
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18106-5500
		BUSINESS PHONE:		6104814911

	MAIL ADDRESS:	
		STREET 1:		1940 AIR PRODUCTS BLVD.
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18106-5500

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR PRODUCTS & CHEMICALS, INC.
		DATE OF NAME CHANGE:	20220408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR PRODUCTS & CHEMICALS INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-275663</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dated June&nbsp;10, 2025 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIR PRODUCTS AND CHEMICALS, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERM SHEET </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>June&nbsp;10, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&#128;500,000,000 3.250% Notes Due 2032 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Air Products and Chemicals, Inc. (the &#147;Company&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June&nbsp;10, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Date (T+4)*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June&nbsp;16, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aggregate Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128;500,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coupon Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.250% per year</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Annually on each June&nbsp;16, commencing on June&nbsp;16, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June&nbsp;16, 2032</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.661% of the principal amount</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yield to Maturity:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.305%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Bund:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DBR 0.000&nbsp;% due February&nbsp;15, 2032</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Bund Price / Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">86.045% / 2.276%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Re-offer</FONT> Spread to Benchmark Bund:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+102.9 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2.375%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Re-offer</FONT> Spread to <FONT STYLE="white-space:nowrap">Mid-Swap</FONT> Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+93 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to April&nbsp;16, 2032<B> </B>at B+15 bps</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">On or after April&nbsp;16, 2032 at 100%</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Redemption for Tax Reasons:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company may offer to redeem all, but not less than all, of the Notes in the event of certain changes in the tax laws of the United States (or in the interpretation thereof). This redemption would be at a redemption price equal
to 100% of the principal amount plus any interest accrued but not paid to, but excluding, the redemption date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Additional Amounts:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company will, subject to certain exceptions and limitations, pay additional amounts on the Notes as are necessary in order that the net payment of the principal of and interest on the Notes to a holder who is not a United States
person, after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then
due and payable.</TD></TR></TABLE>
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<TD VALIGN="top">Redemption on Change of Control Triggering Event:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If a change of control occurs with a subsequent ratings decline, the Company will offer to repurchase the Notes at a purchase price of 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest to, but
excluding, the date of repurchase.</TD></TR>
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<TD VALIGN="top">CUSIP/ISIN/Common Code:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">009158 BQ8<B> </B>/ XS3095367978 / 309536797</TD></TR>
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<TD VALIGN="top">Offering Format:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
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<TD VALIGN="top">Listing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to apply to list the Notes on the New York Stock Exchange.</TD></TR>
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<TD VALIGN="top">Expected Ratings**:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A2 / A (Moody&#146;s/S&amp;P)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Denominations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128;100,000 x &#128;1,000</TD></TR>
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<TD VALIGN="top">Day Count Convention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Actual/Actual (ICMA)</TD></TR>
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<TD VALIGN="top">Joint Book-Running Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cr&eacute;dit Agricole
Corporate&nbsp;&amp; Investment Bank</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG, London Branch</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities plc</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Standard Chartered Bank</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is expected that delivery of the Notes will be made to investors on or about June&nbsp;16, 2025, which will
be the fourth business day following the date hereof (such settlement cycle being referred to as &#147;T+4&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, as amended, 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 the Notes on any date prior to the business day before delivery of the Notes will
be required, by virtue of the fact that the Notes initially will settle in T+4, to specify an alternative 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 delivery of the Notes should consult their advisors. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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>The Company has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the United States Securities and Exchange Commission (the &#147;SEC&#148;) for the offering to which this
communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company
and this offering. You may get these documents for free by visiting the SEC website at <U>www.sec.gov</U>. Alternatively, the Company, 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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-888-603-5847;</FONT></FONT></FONT> Cr&eacute;dit Agricole Corporate&nbsp;&amp; Investment Bank at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-807-6030;</FONT></FONT></FONT> Deutsche Bank AG, London Branch at <FONT STYLE="white-space:nowrap">+44-207</FONT>
<FONT STYLE="white-space:nowrap">545-4361;</FONT> J.P. Morgan Securities plc at <FONT STYLE="white-space:nowrap">+44-20</FONT> 7134-2468 <FONT STYLE="white-space:nowrap">(Non-US</FONT> investors), J.P. Morgan Securities LLC collect at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533</FONT></FONT></FONT> (US investors); or Standard Chartered Bank at <FONT STYLE="white-space:nowrap">+44-207</FONT> <FONT
STYLE="white-space:nowrap">885-8888.</FONT></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This pricing term sheet supplements the preliminary prospectus supplement,
pertaining to the Notes issuance referenced above, issued by Air Products and Chemicals, Inc. on June&nbsp;10, 2025 relating to its prospectus dated November&nbsp;20, 2023. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Notes will be represented by beneficial interests in fully registered permanent global notes (the &#147;international global notes&#148;) without
interest coupons attached, which will be registered in the name of, and shall be deposited on or about June&nbsp;16, 2025 with a common depositary for, and in respect of interests held through, Euroclear Bank SA/NV, as operator of the Euroclear
System (&#147;Euroclear&#148;), and Clearstream Banking S.A. (&#147;Clearstream&#148;). Any Notes represented by global notes held by a nominee of Euroclear or Clearstream will be subject to the then applicable procedures of Euroclear and
Clearstream, as applicable. Euroclear and Clearstream&#146;s current practice is to make payments in respect of global notes to participants of record that hold an interest in the relevant global notes at the close of business on the date that is
the clearing system business day (for these purposes, Monday to Friday inclusive except December 25th and January 1st) immediately preceding each applicable interest payment date. </B></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This pricing term sheet is not a prospectus for the purposes of Regulation (EU) 2017/1129, including the
same as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MiFID II and UK MiFIR &#150; professionals/ECPs-only / No PRIIPs or UK PRIIPs KID &#150; Manufacturer target market (MiFID II and UK MiFIR product
governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in EEA or UK. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The communication of this pricing term sheet and any other document or materials relating to the issue of the Notes is not being made, and such documents
or materials have not been approved, by an authorized person for the purposes of Section&nbsp;21 of the United Kingdom&#146;s Financial Services and Markets Act 2000, as amended. Accordingly, such documents and/or materials are not being distributed
to, and must not be passed on to, the general public in the United Kingdom. This document and such other documents and/or materials are for distribution only to persons who (i)&nbsp;have professional experience in matters relating to investments and
who fall within the definition of investment professionals (under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#147;Financial Promotion Order&#148;), (ii) fall within Article
49(2)(a) to (d)&nbsp;of the Financial Promotion Order, (iii)&nbsp;are outside the United Kingdom (subject to any other applicable limitations), or (iv)&nbsp;are other persons to whom it may otherwise lawfully be made under the Financial Promotion
Order (all such persons together being referred to as &#147;relevant persons&#148;). Any investment or investment activity to which this pricing term sheet and any other document or materials relates will be engaged in only with relevant persons.
This document is directed only at relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this pricing term sheet or any of its contents. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Relevant stabilization regulations including FCA/ICMA will apply. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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. </B></P>
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