<SEC-DOCUMENT>0000950157-24-001460.txt : 20241031
<SEC-HEADER>0000950157-24-001460.hdr.sgml : 20241031
<ACCEPTANCE-DATETIME>20241031171108
ACCESSION NUMBER:		0000950157-24-001460
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241031
DATE AS OF CHANGE:		20241031

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARTIN MARIETTA MATERIALS INC
		CENTRAL INDEX KEY:			0000916076
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				561848578
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271686
		FILM NUMBER:		241416135

	BUSINESS ADDRESS:	
		STREET 1:		4123 PARKLAKE AVE
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27612
		BUSINESS PHONE:		919-781-4550

	MAIL ADDRESS:	
		STREET 1:		4123 PARKLAKE AVE
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27612

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARTIN MARIETTA MATERIALS INC
		CENTRAL INDEX KEY:			0000916076
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				561848578
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4123 PARKLAKE AVE
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27612
		BUSINESS PHONE:		919-781-4550

	MAIL ADDRESS:	
		STREET 1:		4123 PARKLAKE AVE
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27612
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<html>
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    <div style="text-align: right; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="text-align: right; color: #000000; font-weight: bold;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right; color: #000000; font-weight: bold;">Registration No. 333-271686</div>
    <div style="text-align: right; color: #000000; font-weight: bold;">Issuer Free Writing Prospectus dated October 31, 2024</div>
    <div style="text-align: right; color: #000000; font-weight: bold;">Relating to Preliminary Prospectus Supplement dated October 31,
      2024</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">MARTIN MARIETTA MATERIALS, INC.</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">$750,000,000 5.150% Senior Notes due 2034</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">$750,000,000 5.500% Senior Notes due 2054</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">PRICING TERM SHEET<br>
      October 31, 2024</div>
    <div><br>
    </div>
    <div style="color: #000000;">This term sheet (this &#8220;Pricing Term Sheet&#8221;) relates only to the securities described below and is qualified in its entirety by reference to the preliminary
      prospectus supplement, dated October 31, 2024, of Martin Marietta Materials, Inc. (the &#8220;Preliminary Prospectus Supplement&#8221;). The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information
      in the Preliminary Prospectus Supplement only to the extent it is inconsistent with the information contained in the Preliminary Prospectus Supplement. Capitalized terms used but not defined herein have the meanings given to them in the Preliminary
      Prospectus Supplement.</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;"><u>5.150% SENIOR NOTES DUE 2034</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z4b38e514f9d24409a71b592d34c362af" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Martin Marietta Materials, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Security:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">5.150% Senior Notes due 2034 (the &#8220;2034 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Principal Amount:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">$750,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">December 1, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Issue Price:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">99.266% of principal amount, plus accrued interest, if any, from and including, November 4, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">UST 3.875% due August 15, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Benchmark Treasury Price and Yield:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">96-26+ and 4.274%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Plus 97 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">5.244%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">5.150%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Semi-annually on June 1 and December 1, commencing on June 1, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Gross Proceeds to the Issuer:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">$744,495,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Prior to September 1, 2034 (three months prior to the maturity date of the 2034 Notes) (the &#8220;2034 Par Call Date&#8221;), the Company may redeem the 2034
              Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted
              to the redemption date (assuming the 2034 Notes matured on the 2034 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to, but
              excluding, the date of redemption, and (2) 100% of the principal amount of the 2034 Notes to be redeemed, plus in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">On or after the 2034 Par Call Date, the Company may redeem the 2034 Notes, in whole or in part, at any time and from time to time, at a redemption
              price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Day Count Convention:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">30/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">573284 BA3 / US573284BA34</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;"><u>5.500% SENIOR NOTES DUE 2054</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze199d76449fc4876bbec63e518c0ec59" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Martin Marietta Materials, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Security:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">5.500% Senior Notes due 2054 (the &#8220;2054 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Principal Amount:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">$750,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">December 1, 2054</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Issue Price:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">98.006% of principal amount, plus accrued interest, if any, from and including, November 4, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">UST 4.625% due May 15, 2054</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Benchmark Treasury Price and Yield:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">102-18 and 4.468%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Plus 117 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">5.638%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">5.500%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Semi-annually on June 1 and December 1, commencing on June 1, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Gross Proceeds to the Issuer:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">$735,045,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Prior to June 1, 2054 (six months prior to the maturity date of the 2054 Notes) (the &#8220;2054 Par Call Date&#8221;), the Company may redeem the 2054 Notes at
              its option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
              redemption date (assuming the 2054 Notes matured on the 2054 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to, but
              excluding, the date of redemption, and (2) 100% of the principal amount of the 2054 Notes to be redeemed, plus in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">On or after the 2054 Par Call Date, the Company may redeem the 2054 Notes, in whole or in part, at any time and from time to time, at a redemption
              price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Day Count Convention:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">30/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">573284 BB1 / US573284BB17</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;"><u>2034 NOTES AND 2054 NOTES</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze224ac55b0de495b90c4fc45cc393804" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Ratings:*</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Baa2 / BBB+ / BBB (Moody&#8217;s / S&amp;P / Fitch)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">October 31, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">November 4, 2024 (T+2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">We expect that delivery of the 2034 Notes and 2054 Notes (collectively, the &#8220;Notes&#8221;) will be made to investors on or about November 4, 2024, which
              will be the second business day following the date of the prospectus supplement (such settlement cycle being referred to as &#8220;T+2&#8221;). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market 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 any date prior to the business day before delivery will be required, by virtue of the
              fact that the Notes initially settle in T+2, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the business day preceding
              the delivery date of the Notes should consult their advisors.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Legal Format:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">$2,000 x $1,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Deutsche Bank Securities Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">J.P. Morgan Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>PNC Capital Markets LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: #000000;">Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>Regions Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Comerica Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>FHN Financial Securities Corp.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Loop Capital Markets LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>First Citizens Capital Securities, LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">* A securities rating is not a recommendation to buy, sell or hold securities and may be
      subject to revision or withdrawal at any time.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">This communication is intended for the sole use of the person to whom it is provided by us.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font style="color: #000000;">The Issuer has filed a registration statement (including a prospectus)
        with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, and other documents the Issuer has filed with the
        SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at </font><font style="font-style: italic;">www.sec.gov</font><font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font style="color: #000000;">Alternatively, the Issuer, any underwriter or any dealer participating in
        this offering will arrange to send you a copy of the prospectus upon request. Interested parties may obtain a prospectus and the related prospectus supplement from Deutsche Bank Securities Inc., 1 Columbus Circle, New York, New York 10019, Attn:
        Prospectus Group by telephone at (800) 503-4611 or by email at </font>prospectus.CPDG@db.com<font style="color: #000000;">; and
        J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk&#8212;3rd Floor or by telephone at (212) 834-4533.</font></div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer
      or other notice was automatically generated as a result of this communication being sent via Bloomberg or another email system.</div>
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