<SEC-DOCUMENT>0001193125-25-052061.txt : 20250311
<SEC-HEADER>0001193125-25-052061.hdr.sgml : 20250311
<ACCEPTANCE-DATETIME>20250311172004
ACCESSION NUMBER:		0001193125-25-052061
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250311
DATE AS OF CHANGE:		20250311

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METLIFE INC
		CENTRAL INDEX KEY:			0001099219
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				134075851
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-268442
		FILM NUMBER:		25728800

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		212-578-5500

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METLIFE INC
		CENTRAL INDEX KEY:			0001099219
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				134075851
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		212-578-5500

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d915943dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<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">Filed pursuant to&nbsp;Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;11, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Relating to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Preliminary Prospectus Supplement dated March&nbsp;11, 2025 to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Prospectus dated November&nbsp;17, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Statement&nbsp;No. <FONT STYLE="white-space:nowrap">333-268442</FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g915943g0312013318459.jpg" ALT="LOGO" STYLE="width:2.29375in;height:0.540278in;">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MetLife, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$1,000,000,000 6.350% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Reset Rate Subordinated
Debentures due 2055 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Final Term Sheet </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>March 11, 2025 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The
information in this final term sheet relates to the offering of the securities specified herein and should be read together with the preliminary prospectus supplement dated March 11, 2025 (the &#147;Preliminary Prospectus Supplement&#148;),
including the documents incorporated by reference therein, and the accompanying prospectus dated November&nbsp;17, 2022, filed pursuant to Rule 424(b) under the Securities Act of 1933 (Registration Statement File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-268442).</FONT> This final term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Capitalized terms used but not defined herein shall have the respective meanings
as set forth in the Preliminary Prospectus Supplement. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MetLife, Inc. (&#147;Issuer&#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"><B>Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">6.350% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Fixed</FONT></FONT> Reset Rate Subordinated Debentures due 2055 (&#147;Debentures&#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"><B>Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subordinated Unsecured (junior to all existing and future Senior Indebtedness; senior to all existing and future equity securities and the Junior Subordinated Obligations)</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"><B>Anticipated Ratings (Outlook)*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Baa1 (Stable) / BBB (Stable) / BBB (Stable) (Moody&#146;s / S&amp;P / Fitch)</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"><B>Aggregate Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,000,000,000</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"><B>Price to the Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100% of principal amount, plus accrued interest, if any, from March&nbsp;13, 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"><B>Underwriting Discount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.000%</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"><B>Net Proceeds**:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$990,000,000</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"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;15, 2055</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"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March 11, 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"><B>Settlement Date***:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;13, 2025 (T+2)</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"><B>Interest Reset Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;15, 2035 (&#147;Initial Interest Reset Date&#148;) and each date falling on the five-year anniversary of the preceding Interest Reset Date</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Interest Reset Period:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The period from, and including, the Initial Interest Reset Date to, but excluding, the next following Interest Reset Date and thereafter each period from, and including, each Interest Reset Date to, but excluding, the next following
Interest Reset 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"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subject to the Option to Defer Interest Payments, semi-annually in arrears on March&nbsp;15 and September&nbsp;15 of each year, beginning on September&nbsp;15, 2025, and the Maturity 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"><B>Interest Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subject to the Option to Defer Interest Payments, (i) 6.350%, accruing from, and including, March&nbsp;13, 2025, to, but excluding, the Initial Interest Reset Date or any earlier redemption date; (ii)&nbsp;from, and including, the
Initial Interest Reset Date, during each Interest Reset Period, at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus 2.078%</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"><B>Option to Defer Interest Payments:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">So long as no Event of Default with respect to the Debentures has occurred and is continuing, the Issuer has the right to defer the payment of interest on the Debentures for one or more consecutive Interest Periods that do not
exceed five years for any single Optional Deferral Period. The Issuer may not defer interest beyond the Maturity Date, any earlier accelerated Maturity Date arising from an Event of Default or any other earlier redemption of the Debentures. During
an Optional Deferral Period, interest will continue to accrue on the Debentures at the then-applicable rate described above and deferred interest on the Debentures will bear additional interest at the then-applicable interest rate, compounded on
each Interest Payment Date, subject to applicable law. If the Issuer has paid all deferred interest (including compounded interest thereon) on the Debentures, the Issuer can again defer interest payments on the Debentures as described
above.</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"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">30/360</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"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Redeemable in whole, at any time, or in part, from time to time, (i)&nbsp;on any Interest Payment Date on or after the Initial Interest Reset Date, at a redemption price equal to 100% of the principal amount of Debentures being
redeemed, and (ii)&nbsp;prior to the Initial Interest Reset Date, at a redemption price equal to the greater of</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(1)&#8194;&#8201;&#8202;(a)&#8201;the sum of the present values of the remaining scheduled payments
of principal and interest thereon discounted to the redemption date (assuming the Debentures matured on the Initial Interest Reset Date) on a semi-annual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT
STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate plus 35 basis points less (b)&nbsp;interest accrued to, but excluding, the redemption date, and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(2)&#8194;&#8201;&#8202;100% of the principal amount of the Debentures to be redeemed;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">plus, in each case, accrued and unpaid interest thereon to, but excluding, the
redemption date; <U>provided</U> that if the Debentures are not redeemed in whole, at least $25&nbsp;million aggregate principal amount of the Debentures, excluding any Debentures held by MetLife, Inc. or any of its affiliates, must remain
outstanding after giving effect to such redemption and all accrued and unpaid interest, including deferred interest (including compounded interest thereon), must be paid in full on all outstanding Debentures for all Interest Periods ending on or
before the redemption date.</P></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"><B>Redemption after the Occurrence of a Tax Event, Rating Agency Event or Regulatory Capital Event:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Redeemable in whole, but not in part, at any time, within 90 days after the occurrence of a &#147;Tax Event,&#148; a &#147;Rating Agency Event&#148; or a &#147;Regulatory Capital Event&#148; at a redemption price equal to
(i)&nbsp;in the case of a Tax Event or a Regulatory Capital Event, 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date or (ii)&nbsp;in the case of a Rating Agency Event, 102% of their principal
amount plus accrued and unpaid interest 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"><B>Consent to Terminate the Replacement Capital Covenants:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">By purchasing the Debentures, holders of the Debentures, as holders of the &#147;covered debt&#148; under each of the Issuer&#146;s Replacement Capital Covenants, are irrevocably consenting to the termination of each Replacement
Capital Covenant and agree to waive any reliance on any covenant, promise or agreement (whether express or implied) set forth therein prior to such terminations, and will not take or attempt to take any action to enforce such covenant, promise or
agreement set forth therein prior to those terminations.</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"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$2,000 and integral multiples of $1,000 in excess thereof</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"><B>CUSIP:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">59156R CQ9</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"><B>ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">US59156RCQ92</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BNP Paribas Securities Corp. <BR>BofA Securities, Inc. <BR>Deutsche Bank Securities Inc. <BR>J.P. Morgan Securities LLC <BR>Morgan Stanley&nbsp;&amp; Co. LLC <BR>TD Securities (USA) LLC</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"><B>Senior <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barclays Capital Inc. <BR>Citigroup Global Markets Inc. <BR>Goldman Sachs&nbsp;&amp; Co. LLC <BR>HSBC Securities (USA) Inc. <BR>Mizuho Securities USA LLC <BR>SMBC Nikko Securities America, Inc. <BR>Wells Fargo Securities,
LLC</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"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BMO Capital Markets Corp. <BR>Santander US Capital Markets LLC <BR>Scotia Capital (USA) Inc. <BR>SG Americas Securities, LLC <BR>Truist Securities, Inc. <BR>U.S. Bancorp Investments, Inc.</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"><B>Junior <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">R. Seelaus&nbsp;&amp; Co., LLC <BR>Academy Securities, Inc. <BR>Blaylock Van, LLC</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Net Proceeds are net of Underwriting Discount and prior to expenses. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>***</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>It is expected that delivery of the Debentures will be made on or about March 13, 2025, which will be the
second business day (T+2) following the date hereof. Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day (T+1),
unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Debentures more than one business day prior to the scheduled settlement date will be required, by virtue of the fact that the Debentures
will initially settle in T+2, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Debentures who wish to trade the Debentures more than one business day prior to the
scheduled settlement date should consult their own advisors. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has filed a registration statement (including a
prospectus) with the SEC 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 this offering will arrange to send you the prospectus
if you request it by calling BNP Paribas Securities Corp. toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-854-5674,</FONT></FONT></FONT> BofA Securities, Inc. toll-free at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322,</FONT></FONT></FONT> Deutsche Bank Securities Inc. toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-503-4611,</FONT></FONT></FONT> 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> Morgan
Stanley&nbsp;&amp; Co. LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-718-1649</FONT></FONT></FONT> or TD Securities (USA) LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-855-495-9846.</FONT></FONT></FONT> </B></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g915943g0312013318459.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g915943g0312013318459.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  S -D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#>M_B1KD5V
MTDK131,V?*9  H] 1S7<Z!XYTS6BL+G[+='_ )9R'AC[&O%:4$@Y!P:^HK9?
M0J+16?D?&8?-<32EJ^9=F?2-%>9^"_'+K)'IFJR;D/RQ3L>5]C[>]=QJ^KII
M\6U,-.P^4>GO7S>,IO!W]KM^9]3A<73Q%/GA\_(M7FH6]BFZ9\'LHZFN<N_%
M$[DK;((U[$\FL6>XEN93)*Y9CU)J*OF:^8U:CM#1?B6YM['>:-=2WFFI+,<O
MD@G'6M"LCPY_R"%_WC6O7MX:3E1BWV-H[!17E'Q7^(.M>$-9L;32WA"36YD?
MS(PQSN(_I6I\+/'\WC&QNK?43&-2MFW$(-H>,]#CV/!_"MQGH=%,FFCMX))Y
MG"11J7=CT ')-?.^J_'#Q"VJW1TTV\=EYA$"O$"=F>,GUH ^BZ*I:1=/?:+8
M7<F-\]O'*V!QEE!/\ZNT %%%,FE2W@DFD.(XU+L?0 9- #Z*Y32OB/X7UK4X
M=.L-1\VZG)$:>6PR0"?3T%=70 45\^>(?C!XITWQ-J5A;R6PAM[J2),P@G:&
M(%?02$E%)[C- "T4R5S'"[JI8JI(4=_:OGKPW\5?%5]X]M(KB0R6UU<K"]F$
M&$4G''<$?TYH ^B**S]<UBV\/Z)=ZK>$^3;1ER!U8] ![DX%?.U_\6/&>O:F
MPTR22!"28[>UCW$#WXR: /IFBO,/A-XG\5^(3>IKD8:UM@$$TD>R3S/[N._'
M7\*]/H **** /FVBBBOMC\Z&O((8VD;HHS74^&-?DUBV>&ZD+74..2>63M^7
M2N(U.7 2(?[QHT&_.G:S;SYPF[8_NIX->+G6$6,P\H+=:KU_X.QZV73]C)2[
MGJU%%%?F!]*=KX<_Y!"_[QK7K(\.?\@A?]XUKU]7A/X$/1'3'8^=?CW+N\9V
M4?\ <L5_5WKC?"NM7G@OQ18:H8W5"%9T/_+2%NOZ=/<5U'QS??\ $)5_N642
M_JQ_K6SXN\''4/A)X=UVUCS=6%C&)@!RT1&<_@3GZ$UT%'0_&/QK#;^%;;3=
M.G#2:M&)"ZGI!U_\>Z?@:\ N+6:T=%GC*,Z+(H/=6&0?Q%=#X.T.[\9^*M/T
MR221X8P/,8G/EPKR0/3T'N:V?C);1VGQ!FBB0)&+:$(H'  0 #]* /H'PK=Q
M)X#T>ZFD5(DTZ%G=C@ !!DG\J\T\0_'B*WO'@T.P6>-#CSYB0&^@':H?%FLS
M67P#T""%RK7L<4#D'^$*21_XZ*X?X?:_X6\/&YN==TV2]NF(6'Y051<<\'N3
M0!Z'X9^.L%[?1VNN626J2':+B(DJI]P>U=/\2_'*^$]+MD6T%TNHQRH&#X"C
M:.??[U>'^/\ 6O#6O7EO>:!I\EE+@K<(5 5NF" ._6O6/"-K8>+_ (1VLVL6
MD=W-I\,\43R<E=H.#^6W\J /#O"FN_\ "->)[+6/(\[[,S-Y><;LJ1_6OI+X
M>^/?^$Y@OY/L7V7[*R+C=G=N!_PKY\^'6GVFJ>/])LKZ!9[:61P\;]&PC'^8
MKZDT?P[I/A])ETJQBM5F(,@C'WL9Q_,T SY1\8?\CUK7_7_+_P"AFOK^/_5)
M_NBOD#QA_P CUK7_ %_R_P#H9KZ_C_U2?[HH 4G )]*\.\._$31+WQW:I!X5
MMK>^N[D0FZ4C<"QP37N+?<;Z5\D^"?\ DI6C?]A%/_0Z 1Z)\9?'1<ZAX0%F
M1M>)S/OZ\!\8KA?A_P"-XO!%W>W+:<MW)<(J*2V"@!)/Y\?E7K'QIT#2D\)7
M>M+91#4FFB4W&/F(SC^5<7\$_#ND>(+K65U6QBNA"D1C$@^[DMG^0H ]>7QI
MI=CX'M?$U^JVL5U$LHB7EF8C[H]37F%[\?KXW)^PZ1 L /'FL2Q'X5E_&VY6
MVU[3M M$$-A86BF.)?N@L3_0"IO"GC/P)H7AZ"SNM#DN;MDS<RN@;<QZXSVH
M ]&\"?%73_%]S_9]Q#]CU C*(6RLGKM/K[5Z%7Q[?:I96?C ZKX>26WM8YUF
MMT?JF,$CZ9S^%?4__"26_P#<- 'A%%% ZU]L?G)BWS[[R3V.*KU-=_\ 'Y-C
M^^:AKD>YZD=$CU[39S<Z5:3'J\*D_E5JLWP_D>'K#/\ SQ%:5?E&*BHUYQ71
MO\SZ6F[P3.U\.?\ ((7_ 'C6O61X<_Y!"_[QK7KZ3"?P(>B.N.Q\Q?&E]_Q*
MNU_N0PK_ .. _P!:]_\ "MK')X#T:VF0/&^G0HZ,."#&,BLG7_A=X=\2ZS-J
MNH"Z-S,%#;)0!P !QCT%=;9VL5C8V]G "(H(UB3)R=JC _E7048WAWP5H7A6
M:>;2;3RI)U"NQ;)P.<"O"_CFFWX@J?[UE&?U8?TKZ4KDO$WPYT#Q9J::AJ:W
M!G2(1#RI-HV@D^GN: . U#0Y_$7[/NDM:H9+BQ7SPJ\EE5G5@/P.?PKAOA[K
MOA?2Y+FT\4:4EQ%*P:.X*%C&>A! [5]*:%HEIX>T:#2K'?\ 9H 0GF-N/))/
M/U-<AXA^#_AG7;I[I(Y;&=SES;D!6/KM/],4 <9K'B_X7V5OG3]!COIST41L
MBCZDUZGHUOI-SX._XD$,<5C>P,\:IP,LN#GWSQ^%<CIGP-\,V4XENI;J\ .0
MCL%7\<<_K7I%I:6]A:1VMI"D,$0VI&@P%% CY(\(:K'X6\<6&H7T;A+2<B90
M/F7@J>/;-?1GAWXE^'_$^N-I6GRR&41^8C2)M#XZ@9YR.M4?$_PC\/\ B74'
MU#,UG=2'=*T.-KGU(/>IO"OPJ\/^%;U+^+SKJ]CSLEF;[GT H&?.WC(X\<:V
M?2^E_P#0S7L2_'W2%4#^R;S@8ZK_ (UT6H?!_P *ZGJ-S?7"WGG7$K2R;9@!
MN8Y..*K?\*1\(?W+W_O^/\* )_"'Q3L/&.LOI=M87$$@A:7?(1C QZ?6O"/!
M/_)2M&_["*?^AU]$>&_AMX?\*ZH=0TU;D3F-HOWD@88.,]O:J>G?"3PQI>KV
M^IVRW?VBWF$R;I@1N!R,\4 5_C7_ ,DWN?\ KXB_]"KC?V>_^/S7_P#KG!_-
MZ]?\1>'K'Q1I#Z9J(D-N[JY\MMIR#D<U0\*^!=&\'273Z4)P;D*)/-DW?=SC
M' ]30(\J^/7A^=-6LM?BC9K>2(6\K ?=922,_4']*J^#?$WP\_L*WM?$&D11
M7T";&E\MF$N.C<=Z]\O;*UU&SDM+R!)[>48>-QD$5YM?_ KPW=7!EMKF\M5)
MSY:L& ^F>:!F#!XH^&=YXDLM,MO#\)M[A_+:ZD0JJL?N\$YQFO8_[+L?^?:/
M\JY#P]\)/#&@7"7/D27MPARKW)! /J%''YYKNZ!'!WGA71!>38L%'SG@.P'\
MZ@_X1;1?^?$?]_'_ ,:**].->K9>\_O/%GAJ/,_<7W(I3>#/#[3,QT\9)R?W
MK_\ Q5,_X0OP]_T#A_W]?_XJBBI]M4_F?WFZHT[?"ON.JL]'T^"Q@BCME5$0
M*HW$X'YU/_9EE_SP7\S117SM2E3<VW%?<=ZBK&U:0QV]JD<2A5QG%3T45WQ2
M44D:!1115 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?_
!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
