<SEC-DOCUMENT>0001140361-20-027679.txt : 20201208
<SEC-HEADER>0001140361-20-027679.hdr.sgml : 20201208
<ACCEPTANCE-DATETIME>20201208170148
ACCESSION NUMBER:		0001140361-20-027679
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201208
DATE AS OF CHANGE:		20201208

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232928
		FILM NUMBER:		201376010

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10017684x4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.3.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div style="text-align: right;">Issuer Free Writing Prospectus<font style="font-family: 'Times New Roman',Times,serif;"><br>
    </font>Filed Pursuant to Rule 433<font style="font-family: 'Times New Roman',Times,serif;"><br>
    </font>Registration No. 333-232928</div>
  <div style="text-align: right;">Relating to the Preliminary Prospectus Supplement dated December 7, 2020</div>
  <div style="text-align: right;"> <br>
  </div>
  <div style="text-align: center; text-indent: -239.05pt; margin-left: 239.05pt; font-weight: bold;">Occidental Petroleum Corporation</div>
  <div style="text-align: center; text-indent: -239.05pt; margin-left: 239.05pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; text-indent: -239.05pt; margin-left: 239.05pt; font-weight: bold;">Pricing Term Sheet</div>
  <div style="text-align: center; text-indent: -239.05pt; margin-left: 239.05pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; font-weight: bold;">December 8, 2020</div>
  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center;">$750,000,000 5.50% Senior Notes due 2025</div>
  <div style="text-align: center;">$1,250,000,000 6.125% Senior Notes due 2031</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z21804357b87d4b5db6cf1457e72a49ee" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Issuer:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>Occidental Petroleum Corporation (the &#8220;Company&#8221;)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Trade Date:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>December 8, 2020</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Settlement Date*:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>December 22, 2020 (T+10)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Title:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>5.50% Senior Notes due 2025 (the &#8220;2025 Notes&#8221;)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>6.125% Senior Notes due 2031(the &#8220;2031 Notes&#8221;)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Expected Ratings</div>
        </td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>(Moody&#8217;s/S&amp;P/Fitch)**:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>Ba2/BB-/BB</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Principal Amount:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: $750,000,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: $1,250,000,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Maturity Date:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: December 1, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: January 1, 2031</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Interest Payment Dates:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: Semi-annually on June 1 and December 1, commencing June 1, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: Semi-annually on July 1 and January 1, commencing July 1, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Record Dates:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div style="margin-right: 43.9pt;">2025 Notes: May 15 and November 15</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: June 15 and December 15</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Coupon:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div style="margin-right: 43.9pt;">2025 Notes: 5.50% per annum</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031Notes: 6.125% per annum</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Benchmark Treasury:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: UST 0.375% due November 30, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: UST 0.875% due November 15, 2030</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Spread to Benchmark Treasury:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: T + 511.9 bps</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: T + 521.9 bps</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Initial Price to Public:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: 100.0%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: 100.0%</div>
        </td>
      </tr>

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

      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Optional Redemption Provisions:</div>
        </td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;" nowrap="nowrap">
          <div style="margin-right: 43.9pt;">2025 Notes:</div>
        </td>
        <td style="width: 60%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Make-Whole Call: UST + 50 bps</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Par Call: On or after September 1, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;" nowrap="nowrap">
          <div style="margin-right: 43.9pt;">2031 Notes:</div>
        </td>
        <td style="width: 60%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Make-Whole Call: UST + 50 bps</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">
          <div style="margin-right: 43.9pt;">Par Call: On or after July 1, 2030</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>CUSIP / ISIN:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>2025 Notes: 674599 EE1 / US674599EE17</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>2031 Notes: 674599 EF8 / US674599EF81</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Joint Active Book-Running Managers:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>RBC Capital Markets, LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>J.P. Morgan Securities LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>Barclays Capital Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>HSBC Securities (USA) Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>SG Americas Securities, LLC</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
        <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Joint Book-Running Managers:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>BofA Securities, Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>MUFG Securities Americas Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>SMBC Nikko Securities America, Inc.</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
        <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Senior Co-Managers:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>BBVA Securities Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>BNP Paribas Securities Corp.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>CIBC World Markets Corp.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>Credit Agricole Securities (USA) Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>Credit Suisse Securities (USA) LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>PNC Capital Markets LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>Scotia Capital (USA) Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>Standard Chartered Bank</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>TD Securities (USA) LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td style="width: 10%; vertical-align: top;">&#160;</td>
        <td style="width: 60%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">
          <div>Co-Managers:</div>
        </td>
        <td colspan="2" style="vertical-align: top;">
          <div>U.S. Bancorp Investments, Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>BNY Mellon Capital Markets, LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div>Siebert Williams Shank &amp; Co., LLC</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>*We expect that delivery of the notes will be made against payment therefor on or about December 22, 2020, which will be the tenth business day following the date of pricing of the notes (this settlement cycle being referred to as &#8220;T+10&#8221;). Pursuant
    to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of
    this term sheet or the following seven business days will be required, by virtue of the fact that the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
    of notes should consult their own advisors.</div>
  <div><br>
  </div>
  <div>**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. See &#8220;Risk Factors&#8212;Risks Related to the Notes&#8212;Our credit ratings may not reflect all risks of an investment
    in the notes and there is no protection in the indenture for holders of the notes in the event of a ratings downgrade. A downgrade in our credit rating could negatively impact our cost of and ability to access capital.&#8221; in the Company&#8217;s preliminary
    prospectus supplement dated December 7, 2020.</div>
  <div><br>
  </div>
  <div style="font-style: italic; font-weight: bold;">Changes to the Preliminary Prospectus Supplement</div>
  <div>With respect to the table under the heading &#8220;Prospectus Supplement Summary&#8212;Recent Debt Management Transactions and Associated Maturity Profile&#8221; on page S-3 of the preliminary prospectus supplement, (a) the amount corresponding to the line item
    entitled &#8220;Liquidity&#8221; is hereby modified to &#8220;$6,900&#8221;; (b) under the caption &#8220;Maturity,&#8221; the amounts in the &#8220;Actual&#8221; column corresponding to the line items entitled &#8220;2024 &#8211; 2031,&#8221; &#8220;2032 &#8211; 2096&#8221;&#160; and &#8220;Total Debt&#8221; are hereby modified to &#8220;17,624,&#8221; &#8220;12,206&#8221;
    and &#8220;$35,890,&#8221; respectively; (c) the first sentence of footnote (1) is amended and restated in its entirety to read as follows: &#8220;The amounts as of September 30, 2020 give pro forma effect to the completed Prior Debt Management Transactions.&#8221;; (d) the
    first sentence of footnote (3) is amended and restated in its entirety to read as follows: &#8220;Includes $214 million principal amount of our variable-rate term loan due 2021.&#8221;; and (e) other appropriate conforming changes are hereby made to give effect to
    clauses (a)-(d) and as otherwise may be required to reflect the terms described in this pricing term sheet.</div>
  <div style="text-align: center; margin-left: 6pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-left: 6pt; font-weight: bold;">****</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <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="font-weight: bold;">The Company has filed a registration statement (including a prospectus) and a related preliminary prospectus supplement with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) for the offering to which this communication
    relates. Before you invest, you should read the preliminary prospectus supplement, the accompanying prospectus 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 EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the related
    preliminary prospectus supplement if you request it by calling RBC Capital Markets LLC collect at 1-646-992-7318, J.P. Morgan Securities LLC toll-free at 1-866-803-9204, Barclays Capital Inc. toll free at 1-888-603-5847, HSBC Securities (USA) Inc.
    toll-free at 1-866-811-8049 or SG Americas Securities, LLC toll free<font style="font-family: 'Times New Roman',Times,serif;">&#160;</font>1-855-881-2108.</div>
  <div><br>
  </div>
  <div><font style="font-weight: bold;">This pricing term sheet supplements, and should be read in conjunction with, the Company&#8217;s preliminary prospectus supplement dated December </font>7<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">, 2020 and the accompanying prospectus dated July 31, 2019 and the documents incorporated by reference therein.</font></div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result
    of this communication having been sent via Bloomberg or another system.</div>
  <div><br>
  </div>
  <div></div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font>
    <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
