<SEC-DOCUMENT>0001104659-24-091338.txt : 20240820
<SEC-HEADER>0001104659-24-091338.hdr.sgml : 20240820
<ACCEPTANCE-DATETIME>20240820172837
ACCESSION NUMBER:		0001104659-24-091338
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240820
DATE AS OF CHANGE:		20240820

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KROGER CO
		CENTRAL INDEX KEY:			0000056873
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				310345740
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-265130
		FILM NUMBER:		241226384

	BUSINESS ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
		BUSINESS PHONE:		5137624000

	MAIL ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KROGER CO
		CENTRAL INDEX KEY:			0000056873
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				310345740
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
		BUSINESS PHONE:		5137624000

	MAIL ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2421523d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Issuer Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No.&nbsp;333-265130</B></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; text-align: center"><B>The Kroger Co.</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2421523d5_fwpimg001.jpg" ALT=""></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; text-align: center">$1,000,000,000 4.700% Senior Notes Due 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,000,000,000 4.600% Senior Notes Due 2027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,400,000,000 4.650% Senior Notes Due 2029</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,300,000,000 4.900% Senior Notes Due 2031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$2,200,000,000 5.000% Senior Notes Due 2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$2,100,000,000 5.500% Senior Notes Due 2054</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,500,000,000 5.650% Senior Notes Due 2064</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; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated August&nbsp;20, 2024</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"><I>The information in this pricing term sheet relates to the offering
(the &ldquo;Offering&rdquo;) of the Notes described above (the &ldquo;Notes&rdquo;) of The Kroger Co. (the &ldquo;Issuer&rdquo;), and
should be read together with the preliminary prospectus supplement dated August&nbsp;19, 2024 relating to the Offering and the accompanying
prospectus dated May&nbsp;20, 2022 included in the Issuer&rsquo;s Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-265130) (as
supplemented by such preliminary prospectus supplement, the &ldquo;Preliminary Prospectus&rdquo;).</I></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; text-align: justify"><I>The information in this pricing term sheet
supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus.
Terms used but not defined herein have the meanings given in the Preliminary Prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="width: 50%; padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Kroger Co.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings (Moody&rsquo;s / S&amp;P)*:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa1 (Negative) / BBB (Negative)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Type:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Unsecured Notes </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;20, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;27, 2024 (T+5)**</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 x $1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.700% Senior Notes Due 2026</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;15, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.700%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.375% due July&nbsp;31, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100-22/ 4.003%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 70 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.703%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.996% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;15 and August&nbsp;15, commencing on February&nbsp;15, 2025 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 15 basis points (prior to August&nbsp;15, 2026)</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 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="padding-top: 0.25pt; padding-right: 0.25pt; padding-bottom: 0.25pt; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Mandatory Redemption:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At 101%, if the (i)&nbsp;the Merger has not been completed on or prior to the later of (a)&nbsp;December&nbsp;31, 2024 or (b)&nbsp;any later date to which ACI and the Issuer may agree to extend the &ldquo;Outside Date&rdquo; in the Merger Agreement (the &ldquo;SMR Outside Date&rdquo;), (ii)&nbsp;prior to the SMR Outside Date, the Merger Agreement is terminated or (iii)&nbsp;the Issuer otherwise notifies the trustee that it will not pursue the&nbsp;&nbsp;consummation of the Merger prior to the SMR Outside Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501044 DR9 / US501044DR92</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.600% Senior Notes Due 2027</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;15, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.600%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 3.750% due August&nbsp;15, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99-26 &frac34; / 3.808%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 80 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.608%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.980% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;15 and August&nbsp;15, commencing on February&nbsp;15, 2025 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 36.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 15 basis points (prior to July&nbsp;15, 2027)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 36.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after July&nbsp;15, 2027 (one month prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-bottom: 0.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Mandatory Redemption:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At 101%, if the (i)&nbsp;the Merger has not been completed on or prior to the SMR Outside Date, (ii)&nbsp;prior to the SMR Outside Date, the Merger Agreement is terminated or (iii)&nbsp;the Issuer otherwise notifies the trustee that it will not pursue the consummation of the Merger prior to the SMR Outside Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501044 DS7 / US501044DS75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.650% Senior Notes Due 2029</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,400,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;15, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.650%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.000% due July&nbsp;31, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101-10+ / 3.703%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 97 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.673%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.895% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15 and September&nbsp;15 of each year, commencing on March&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 15 basis points (prior to August&nbsp;15, 2029)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after August&nbsp;15, 2029 (one month prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Mandatory Redemption:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At 101%, if the (i)&nbsp;the Merger has not been completed on or prior to the SMR Outside Date, (ii)&nbsp;prior to the SMR Outside Date, the Merger Agreement is terminated or (iii)&nbsp;the Issuer otherwise notifies the trustee that it will not pursue the consummation of the Merger prior to the SMR Outside Date.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 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="padding: 0.25pt; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501044 DT5 / US501044DT58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.900% Senior Notes Due 2031</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,300,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;15, 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.900%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.125% due July&nbsp;31, 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102-11+ / 3.736%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 117 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.906%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.961% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15 and September&nbsp;15 of each year, commencing on March&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 20 basis points (prior July&nbsp;15, 2031)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after July&nbsp;15, 2031 (two months prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Mandatory Redemption:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At 101%, if the (i)&nbsp;the Merger has not been completed on or prior to the SMR Outside Date, (ii)&nbsp;prior to the SMR Outside Date, the Merger Agreement is terminated or (iii)&nbsp;the Issuer otherwise notifies the trustee that it will not pursue the consummation of the Merger prior to the SMR Outside Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501044 DU2 / US501044DU22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.000% Senior Notes Due 2034</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,200,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 3.875% due August&nbsp;15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100-16+ / 3.812%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 122 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.032%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.747% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15 and September&nbsp;15 of each year, commencing on March&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 20 basis points (prior to June&nbsp;15, 2034)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after June&nbsp;15, 2034 (three months prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501044 DV0 / US501044DV05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.500% Senior Notes Due 2054</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,100,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 65.9pt; text-align: justify; text-indent: -65.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.500%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.625% due May&nbsp;15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109-23+ / 4.058%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 147 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.528%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.588% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15 and September&nbsp;15 of each year, commencing on March&nbsp;15, 2025</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 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="padding: 0.25pt; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 25 basis points (prior to March&nbsp;15, 2054)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after March&nbsp;15, 2054 (six months prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501044 DW8 / US501044DW87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.650% Senior Notes Due 2064</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;15, 2064</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.650%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.625% due May&nbsp;15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109-23+ / 4.058%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T + 162 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.678%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.555% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15 and September&nbsp;15 of each year, commencing on March&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Rate plus 25 basis points (prior to March&nbsp;15, 2064)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after March&nbsp;15, 2064 (six months prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">501044 DX6 / US501044DX60</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Citigroup Global
    Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Wells Fargo Securities,
    LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Mizuho Securities
    USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Truist Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">U.S. Bancorp
    Investments,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Huntington Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">J.P. Morgan Securities
    LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">MUFG Securities
    Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">PNC Capital Markets
    LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">RBC Capital Markets,
    LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Fifth Third Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Academy Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Scotia Capital
    (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">BNY Mellon Capital
    Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt"></P></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"><B>* A securities rating is not a recommendation to buy, sell or hold
securities and may be subject to revision or withdrawal at any time.</B></P>

<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; text-align: justify"><B>**We expect that delivery of the notes will
be made against payment therefor on or about the settlement date specified above, which will be the fifth business day following the date
of this term sheet. Under Rule&nbsp;15c6-1 of the Securities and Exchange Commission 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 date that is more than one business day preceding the settlement date
will be required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternate settlement cycle at the time
of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade the notes prior to the settlement date should
consult their own advisor.</B></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; text-align: justify"><B>The Issuer has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus
in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup
Global Markets Inc. toll-free at (800) 831-9146 and Wells Fargo Securities, LLC toll-free at (800) 645-3751.</B></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; text-align: justify"><B>Any disclaimer or other notice that may appear
below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result
of this communication being sent by Bloomberg or another email system.</B></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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