<SEC-DOCUMENT>0001213900-24-077537.txt : 20240911
<SEC-HEADER>0001213900-24-077537.hdr.sgml : 20240911
<ACCEPTANCE-DATETIME>20240911092825
ACCESSION NUMBER:		0001213900-24-077537
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240911
DATE AS OF CHANGE:		20240911

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONEOK INC /NEW/
		CENTRAL INDEX KEY:			0001039684
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				731520922
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-272782
		FILM NUMBER:		241291556

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		9185887000

	MAIL ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WAI INC
		DATE OF NAME CHANGE:	19970519

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONEOK INC /NEW/
		CENTRAL INDEX KEY:			0001039684
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				731520922
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		9185887000

	MAIL ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WAI INC
		DATE OF NAME CHANGE:	19970519
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ea0214201-fwp_oneok.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Filed Pursuant to Rule 433<BR>
Registration&nbsp;No.&nbsp;333-272782<BR>
September 10, 2024</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ONEOK, INC.<BR>
PRICING TERM SHEET<BR>
$<FONT STYLE="font-size: 10pt">7,000,000,000</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,250,000,000 4.250% Notes due 2027<BR>
$600,000,000 4.400% Notes due 2029</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,250,000,000 4.750% Notes due 2031<BR>
$1,600,000,000 5.050% Notes due 2034<BR>
$1,500,000,000 5.700% Notes due 2054<BR>
$800,000,000 5.850% Notes due 2064</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="background-color: white"><I>Unless otherwise
indicated, terms used but not defined herein have the meanings assigned to such terms in the preliminary prospectus supplement dated September
</I></FONT><I><FONT STYLE="font-size: 10pt">10,</FONT> <FONT STYLE="background-color: white">2024 (the &ldquo;Preliminary Prospectus Supplement&rdquo;).</FONT></I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 15%; vertical-align: top">Issuer:</TD>
    <TD STYLE="padding-right: 3pt; width: 85%">ONEOK, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Guarantors:</TD>
    <TD STYLE="padding-right: 3pt">ONEOK Partners, L.P. <BR>
ONEOK Partners Intermediate Limited Partnership <BR>
Magellan Midstream Partners, L.P.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Security Type:</TD>
    <TD STYLE="padding-right: 3pt">Senior Unsecured Notes</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Expected Ratings:*</TD>
    <TD STYLE="padding-right: 3pt">Baa2 / BBB / BBB</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Pricing Date:</TD>
    <TD STYLE="padding-right: 3pt">September 10, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Settlement Date**:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">September </FONT>24, 2024 (T+10)</TD></TR>
  </TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: left; width: 14.5%"><FONT STYLE="font-size: 10pt"><B>4.250% Notes due 2027</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: left; width: 14.5%"><FONT STYLE="font-size: 10pt"><B>4.400% Notes due 2029</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: left; width: 14.5%"><FONT STYLE="font-size: 10pt"><B>4.750% Notes due 2031</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: left; width: 14.5%"><FONT STYLE="font-size: 10pt"><B>5.050% Notes due 2034</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: left; width: 13.5%"><FONT STYLE="font-size: 10pt"><B>5.700% Notes due 2054</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: left; width: 13.5%"><FONT STYLE="font-size: 10pt"><B>5.850% Notes due 2064</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Maturity&nbsp;Date:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">September&nbsp;24,&nbsp;2027</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">October&nbsp;15,&nbsp;2029</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">October 15, 2031</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">November 1, 2034</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">November&nbsp;1,&nbsp;2054</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">November&nbsp;1,&nbsp;2064</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Principal Amount:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">$1,250,000,000</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">$600,000,000</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">$1,250,000,000</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">$1,600,000,000</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">$1,500,000,000</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">$800,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">3.75% due <BR>
August 15, 2027</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">3.625% due <BR>
August 31, 2029</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">3.750% due <BR>
August 31, 2031</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">3.875% due <BR>
August 15, 2034</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.625% due <BR>
May 15, 2054</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.625% due <BR>
May 15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Benchmark Treasury Price / Yield:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">100-25 &frac14; / 3.463%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">100-29 &frac14; / 3.423%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">101-12+ / 3.523%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">101-30 / 3.640%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">111-12 / 3.969%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">111-12 / 3.969%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Re-offer Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">+ 80 bps</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">+ 100 bps</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">+ 130 bps</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">+ 145 bps</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">+ 175 bps</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">+ 190 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Yield to Maturity:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.263%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.423%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.823%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">5.090%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">5.719%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">5.869%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Coupon:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.250%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.400%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">4.750%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">5.050%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">5.700%</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">5.850%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Public Offering Price:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">99.964% of the principal amount</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">99.894% of the principal amount</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">99.564% of the principal amount</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">99.679% of the principal amount</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">99.719% of the principal amount</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">99.698% of the principal amount</FONT></TD></TR>
  </TABLE>



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 15%; vertical-align: top">Redemption Provisions:</TD>
    <TD STYLE="width: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Special Mandatory Redemption:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"></TD>
    <TD>If (i) the consummation of the EnLink Transaction does not occur on or before the EnLink Outside Date, (ii) prior to the EnLink Outside Date, the EnLink Purchase Agreement is terminated or (iii) the issuer otherwise notifies the trustee in writing that the issuer will not pursue the consummation of the EnLink Transaction, the issuer will be required to redeem the 2027 notes, the 2029 notes and 2031 notes at a special mandatory redemption price equal to 101% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date.</TD></TR>
  </TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 15%; vertical-align: top">Make-Whole Call:</TD>
    <TD STYLE="padding-right: 3pt; width: 14.5%"><FONT STYLE="font-size: 10pt">T + 15 bps (prior to August 24, 2027)</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 14.5%"><FONT STYLE="font-size: 10pt">T + 15 bps (prior to September 15, 2029)</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 14.5%"><FONT STYLE="font-size: 10pt">T + 20 bps (prior to August 15, 2031)</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 14.5%"><FONT STYLE="font-size: 10pt">T + 25 bps (prior to August 1, 2034)</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 13.5%"><FONT STYLE="font-size: 10pt">T + 30 bps (prior to May 1, 2054)</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 13.5%"><FONT STYLE="font-size: 10pt">T + 30 bps (prior to May 1, 2064)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Par Call:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">On or after <BR>
August 24, 2027<BR>
 (one month prior to maturity)</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">On or after <BR>
September 15,&nbsp;2029 <BR>
(one month prior to maturity)</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">On or after <BR>
August 15, 2031<BR>
 (two months prior to maturity)</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">On or after <BR>
August 1, 2034<BR>
 (three months prior to maturity)</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">On or after <BR>
May 1, 2054 <BR>
(six months prior to maturity)</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">On or after <BR>
May 1, 2064<BR>
 (six months prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">March 24 and September 24, commencing March 24, 2025</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">April 15 and October 15, commencing April 15, 2025</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">April 15 and October 15, commencing April 15, 2025</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">May 1 and November 1, commencing May 1, 2025</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">May 1 and November 1, commencing May 1, 2025</FONT></TD>
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-size: 10pt">May 1 and November 1, commencing May 1, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">CUSIP / ISIN:</TD>
    <TD STYLE="padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">682680 CB7 /</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">US682680CB72</P></TD>
    <TD STYLE="padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">682680 CC5 /</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US682680CC55</P></TD>
    <TD STYLE="padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">682680 CD3 /</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US682680CD39</P></TD>
    <TD STYLE="padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">682680 CE1 /</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US682680CE12</P></TD>
    <TD STYLE="padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">682680 CF8 /</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US682680CF86</P></TD>
    <TD STYLE="padding-right: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">682680 CG6 /</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US682680CG69</P></TD></TR>
  </TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 15%; vertical-align: top">Joint Book-Running Managers:</TD>
    <TD STYLE="width: 85%">J.P. Morgan Securities LLC <BR>
Goldman Sachs &amp; Co. LLC <BR>
Barclays Capital Inc. <BR>
BofA Securities, Inc. <BR>
Wells Fargo Securities, LLC <BR>
Citigroup Global Markets Inc. <BR>
Mizuho Securities USA LLC <BR>
MUFG Securities Americas Inc. <BR>
Scotia Capital (USA) Inc. <BR>
TD Securities (USA) LLC <BR>
Siebert Williams Shank &amp; Co., LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Co-Managers:</TD>
    <TD>CIBC World Markets Corp. <BR>
Deutsche Bank Securities Inc. <BR>
PNC Capital Markets LLC<BR>
 RBC Capital Markets, LLC <BR>
Regions Securities LLC <BR>
SMBC Nikko Securities America, Inc. <BR>
Truist Securities, Inc. <BR>
U.S. Bancorp Investments, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">&nbsp;</TD>
    <TD>Academy Securities, Inc.<BR>
 BOK Financial Securities, Inc. <BR>
Loop Capital Markets LLC <BR>
R. Seelaus &amp; Co., LLC</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="background-color: white"><B>*</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="background-color: white"><B>Note: A securities
rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating
is subject to revision or withdrawal at any time by the assigning rating organization.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="background-color: white"><B>**</B></FONT></TD><TD STYLE="text-align: left"><B>We expect delivery of the notes will be made against payment
therefor on or about the settlement date specified in this pricing term sheet, which will be the tenth business day following the date
of pricing (such settlement being referred to as &ldquo;T+10&rdquo;). Pursuant to Rule 15c6-1 under the U.S. Securities Exchange Act
of 1934, as amended, trades in the secondary market are generally required to settle in one business day, unless the parties to any such
trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before their delivery
will be required, by virtue of the fact that the notes will initially settle in T+10, 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 on any date prior to
one business day before their delivery should consult their advisors.</B></TD>
</TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a base prospectus)
and a Preliminary Prospectus Supplement with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement for this offering, 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 searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement
and prospectus if you request it by calling J.P. Morgan Securities LLC <FONT STYLE="background-color: white">collect at&nbsp;1-212-834-4533;
</FONT>Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526; Barclays Capital Inc., at 1-888-603-5847; BofA Securities, Inc. toll-free:
at 1-800-294-1322; and Wells Fargo Securities, LLC toll-free at 1-800-645-3751.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No PRIIPs KID. Not for retail investors in the EEA or the UK. No
PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 electronic system.</P>

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

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

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