<SEC-DOCUMENT>0001140361-24-028859.txt : 20240604
<SEC-HEADER>0001140361-24-028859.hdr.sgml : 20240604
<ACCEPTANCE-DATETIME>20240604172624
ACCESSION NUMBER:		0001140361-24-028859
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240604
DATE AS OF CHANGE:		20240604

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BECTON DICKINSON & CO
		CENTRAL INDEX KEY:			0000010795
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				220760120
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-279084
		FILM NUMBER:		241019583

	BUSINESS ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKES
		STATE:			NJ
		ZIP:			07417-1880
		BUSINESS PHONE:		2018476800

	MAIL ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKE
		STATE:			NJ
		ZIP:			07417

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BECTON DICKINSON & CO
		CENTRAL INDEX KEY:			0000010795
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				220760120
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKES
		STATE:			NJ
		ZIP:			07417-1880
		BUSINESS PHONE:		2018476800

	MAIL ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKE
		STATE:			NJ
		ZIP:			07417
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
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<FILENAME>ny20030306x7_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <font style="font-weight: normal;">Filed pursuant to Rule 433<br>
          Issuer Free Writing Prospectus dated June 4, 2024 Supplementing the Preliminary Prospectus Supplement dated June 4, 2024<br>
          Registration Statement No. 333-279084-01<br>
          333-279084<br>
        </font></div>
      <div style="text-align: center; font-weight: bold;"><font style="font-weight: normal;">&#160;</font><br>
      </div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">Pricing Term Sheet</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Becton Dickinson Euro Finance S.&#224; r.l.<br>
        <font style="color: #000000;">&#8364;</font>800,000,000 4.029% Notes due 2036</div>
      <div style="text-align: center; font-weight: bold;">(the &#8220;Notes&#8221;)<br>
        <br>
        Fully and Unconditionally Guaranteed by<br>
        Becton, Dickinson and Company</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" class="cfttable" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issuer:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Becton Dickinson Euro Finance S.&#224; r.l. (the &#8220;Company&#8221;) <br>
              </div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantor:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Becton, Dickinson and Company (the &#8220;Guarantor&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Aggregate Principal Amount Offered:</div>
            </td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8364;</div>
            </td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" valign="bottom">
              <div style="color: rgb(0, 0, 0); text-align: left;">800,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maturity Date:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">June 7, 2036</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trade Date:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">June 4, 20</font>24</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Settlement Date:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">June 7, 2024 (T+3)*</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Type of Offering:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">SEC Registered</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Coupon (Interest Rate):</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2" class="cftcurrcell" rowspan="1" valign="bottom">
              <div style="color: rgb(0, 0, 0);">4.029%</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Price to Public (Issue Price):</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">100.000% of principal amount</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Underwriting Discount:</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2" class="cftcurrcell" rowspan="1" valign="bottom">
              <div style="color: rgb(0, 0, 0);">0.500%</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yield to Maturity:</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2" class="cftcurrcell" rowspan="1" valign="bottom">
              <div style="color: rgb(0, 0, 0);">4.029%</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Spread to Benchmark German Government Security:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">+141.9 basis points</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Benchmark German Government Security:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">0.000% <font style="color: #000000;">DBR due May 15</font>, 2036</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Benchmark German Government Security Price/Yield:</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2" class="cftcurrcell" rowspan="1" valign="bottom">
              <div style="color: rgb(0, 0, 0);">73.515% / 2.610%</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mid-Swap Yield:</div>
            </td>
            <td style="vertical-align: bottom;" colspan="2" class="cftcurrcell" rowspan="1" valign="bottom">
              <div><font style="color: rgb(0, 0, 0);">2.779%</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Spread to Mid-Swap Yield:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">+<font style="color: #000000;">125 basis points</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest Payment Dates:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Annually, on June 7, commencing June 7, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Day Count Convention:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">ACTUAL/ACTUAL (ICMA)</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" class="cfttable" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top; width: 64%;" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Optional Redemption:</div>
            </td>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">The Notes will be redeemable at the Company&#8217;s option, in whole or in part, at any time and from time to time prior to <font style="color: #000000;">March 7</font>, 2036 (three<font style="color: #000000;">&#160;</font>months prior to the maturity date), at a redemption price equal to the greater of (1) <font style="color: #000000;">100</font>% of the principal amount of the Notes to be redeemed and (2) the sum of the
                present values of the remaining scheduled payments on the Notes being redeemed, discounting such payments to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable comparable government bond rate, plus 25<font style="color: #000000;">&#160;</font>basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the redemption date.</div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman', Times, serif;">At any time on or after <font style="color: #000000;">March 7</font>, 2036 (three months prior to the maturity date), the Notes will be redeemable at the Company&#8217;s option, in whole
                or in part, at any time and from time to time, at a redemption price equal to <font style="color: #000000;">100</font>% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the
                redemption date.</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top; width: 64%;" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Redemption for Tax Reasons:</div>
            </td>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">If, as a result of any change in, or amendment to, the tax laws of a Taxing Jurisdiction (as defined in the preliminary prospectus supplement), or the official
                interpretation thereof, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts with respect to the Notes, the Company may at any time at its
                option redeem, in whole, but not in part, the Notes at 100% of the principal amount plus accrued and unpaid interest to the date of redemption.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top; width: 64%;" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Special Mandatory Redemption:</div>
            </td>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">If (i) the Acquisition is not consummated on or before the Special Mandatory Redemption End Date or (ii) the Guarantor notifies the trustee under the indenture that it will not pursue
                the consummation of the Acquisition, the Issuer will be required to redeem the Notes at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but
                excluding, the special mandatory redemption date.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top; width: 64%;" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of Control:</div>
            </td>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">If a change of control triggering event occurs, unless the Company has exercised its right to redeem the Notes as described under &#8220;Optional Redemption,&#8221; the Company
                will be required to make an offer to each holder of the outstanding Notes to repurchase all or any portion of such holder&#8217;s Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest to, but excluding, the
                date of purchase.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top; width: 64%;" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form/Clearing Systems:</div>
            </td>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">The Notes will be issued only in registered, book-entry form. There will be a global Note for each series of Notes deposited with a common safekeeper for Euroclear and Clearstream.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top; width: 64%;" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Listing:</div>
            </td>
            <td style="vertical-align: top; width: 64%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">Application will be made to have the Notes listed on Euronext Dublin for trading on the Global Exchange Market.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" class="cfttable" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concurrent Offering:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">Concurrently with this offering, the Guarantor is offering &#8364;</font>1,000,000,000 <font style="color: #000000;">aggregate principal amount of </font>3.828<font style="color: #000000;">% Notes due 2032 (the &#8220;Concurrent Offering&#8221;). The Guarantor may, in the near term, also consider pursuing additional capital markets transactions, including potential offerings of U.S. dollar-denominated senior
                  notes.</font></div>
              <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;"> <br>
                </font></div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">The Concurrent Offering is being made by means of a separate prospectus supplement and not by means of the prospectus supplement to which this pricing term sheet
                relates. This communication is not an offer to sell or a solicitation of an offer to buy any securities being offered in the Concurrent Offering. The closing of this offering and the Concurrent Offering is not conditioned on each other.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Safekeeping Structure:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">Yes, and the notes are intended to be held in a manner that would allow eligibility as collateral for Eurosystem intra-day credit and monetary policy operations</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">MiFID II Product Governance:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">Manufacturer</font> target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels)</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">UK MiFIR Product Governance:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">Manufacturer target market (UK MiFIR product governance) is eligible counterparties and <font style="color: #000000;">professional</font> clients only (all distribution channels)</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRIIPs:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;">No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Common Code/ISIN:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">283892484 </font>/ XS2838924848</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Denominations:</div>
            </td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8364;</div>
            </td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" valign="bottom">
              <div style="color: rgb(0, 0, 0); text-align: left;">100,000 x &#8364;1,000</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 63%;" colspan="1" class="cftnumcell" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Stabilization:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Stabilization/FCA</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Joint Book-Running Managers:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Citigroup Global Markets Limited</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Barclays Bank PLC</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">BNP Paribas</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">J.P. Morgan Securities plc</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Wells Fargo Securities International Limited</div>
              <div style="font-family: 'Times New Roman', Times, serif;">MUFG Securities (Europe) N.V.</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Scotiabank (Ireland) Designated Activity Company</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">U.S. Bancorp Investments, Inc.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" valign="bottom">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Co-Managers:</div>
            </td>
            <td style="vertical-align: top;" colspan="2" valign="bottom">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Academy Securities, Inc.</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">ING Bank N.V, Belgian Branch</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Intesa Sanpaolo IMI Securities Corp.</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Loop Capital Markets LLC</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">R. Seelaus &amp; Co., LLC</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Siebert Williams Shank &amp; Co., LLC</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Standard Chartered Bank</div>
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">The Toronto-Dominion Bank</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; width: 36%;" rowspan="1" valign="bottom">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1" valign="bottom">&#160;</td>
          </tr>

      </table>
      <table class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.35pt;"><br>
            </td>
            <td style="width: 35pt; vertical-align: top; color: #000000;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div>Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally 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 prior to the business day preceding the settlement date will be required, by virtue of the fact that the Notes initially settle on the third business day following the Trade Date, to specify an alternate settlement
                arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to their date of delivery hereunder should consult their advisors.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; font-weight: bold;">The Guarantor and the Issuer have filed a registration statement with the SEC (including a prospectus and a preliminary prospectus supplement), 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 Guarantor and the Issuer have filed with the SEC for more complete information about the Guarantor,
        the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at <u>http://www.sec.gov.</u> Alternatively, the Issuer, the Guarantor, any underwriter or any dealer participating in the
        offering will arrange to send you the prospectus if you request it by contacting Citigroup Global Markets Limited toll-free at 1-800-831-9146, Barclays Bank PLC toll-free at 1-888-603-5847, BNP Paribas toll-free at 1-800-854-5674, J.P. Morgan
        Securities plc at +44-20-7134-2468 or Wells Fargo Securities International Limited at +44-20-3942-8530<font style="color: #000000;">.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">This pricing term sheet supplements the preliminary prospectus supplement dated June 4, 2024 relating to the prospectus dated May 2, 2024.&#160; Capitalized terms used in this term sheet but not defined
        herein have the meanings given to them in the preliminary prospectus supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">MiFID II&#160;and/or the UK MiFIR Product Governance Rules&#160;professionals/ECPs-only / No PRIIPs KID &#8211; Manufacturer target market (MIFID II product governance and/or the UK MiFIR Product Governance Rules)
        is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail investors in EEA or the United Kingdom.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">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.</div>
      <div>&#160;</div>
    </div>
    <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font>
      <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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