<SEC-DOCUMENT>0001104659-22-101630.txt : 20220920
<SEC-HEADER>0001104659-22-101630.hdr.sgml : 20220920
<ACCEPTANCE-DATETIME>20220920172034
ACCESSION NUMBER:		0001104659-22-101630
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220920
DATE AS OF CHANGE:		20220920

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQT Corp
		CENTRAL INDEX KEY:			0000033213
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				250464690
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-267475
		FILM NUMBER:		221254504

	BUSINESS ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4125535700

	MAIL ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQT Corp /PA/
		DATE OF NAME CHANGE:	20090206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE RESOURCES INC /PA/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE GAS CO
		DATE OF NAME CHANGE:	19841120

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQT Corp
		CENTRAL INDEX KEY:			0000033213
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				250464690
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4125535700

	MAIL ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQT Corp /PA/
		DATE OF NAME CHANGE:	20090206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE RESOURCES INC /PA/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE GAS CO
		DATE OF NAME CHANGE:	19841120
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2225906d6_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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 filed pursuant
to Rule 433<BR>
Supplementing the Preliminary Prospectus Supplement dated September 20, 2022<BR>
Registration Statement 333-267475<BR>
September 20, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EQT CORPORATION</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>$500,000,000 5.678% Senior Notes due 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 5.700% Senior Notes due 2028</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Final Term Sheet</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>September 20, 2022</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-indent: 0.5in"><I>The information in this final term sheet should
be read together with the preliminary prospectus supplement dated September 20, 2022 relating to this offering (the &ldquo;Preliminary
Prospectus Supplement&rdquo;) and the base prospectus dated September 16, 2022 (the &ldquo;Base Prospectus&rdquo;), including the documents
incorporated by reference therein. The information in this final term sheet supplements the Preliminary Prospectus Supplement and updates
and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary
Prospectus Supplement. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Preliminary Prospectus
Supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 43%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 57%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">EQT Corporation</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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Offering Format:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">SEC Registered</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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$500,000,000 for the 5.678% Senior Notes due 2025 (the &ldquo;2025
    Notes&rdquo;)</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">$500,000,000 for the 5.700% Senior Notes due 2028 (the &ldquo;2028
    Notes&rdquo;)</P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 1, 2025 for the 2025 Notes</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">April 1, 2028 for the 2028 Notes</P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UST 3.500% due September 15, 2025 for the 2025 Notes</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">UST 3.125% due August 31, 2027 for the 2028 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Benchmark Treasury Price/Yield:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">98-25 <SUP>3/4</SUP> / 3.928% for the 2025 Notes</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">97-09 <SUP>1/4</SUP> / 3.730% for the 2028 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+175 basis points for the 2025 Notes</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">+205 basis points for the 2028 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.678% for the 2025 Notes</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">5.780% for the 2028 Notes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.678% for the 2025 Notes</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">5.700% for the 2028 Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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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; font-size: 10pt; width: 43%"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 57%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100.000% for the 2025 Notes</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">99.629% for the 2028 Notes</P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Semi-annually on April 1 and on October 1, commencing on April 1, 2023</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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Record Dates:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">March 15 and September 15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Special Mandatory Redemption Provision:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">If (x) the consummation of the Tug Hill and XcL Midstream Acquisition does not occur on or before June 30, 2023 or (y) EQT notifies the Trustee that EQT will not pursue the consummation of the Tug Hill and XcL Midstream Acquisition, EQT will be required to redeem each series of notes then outstanding at a 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. See &ldquo;Description of Notes&mdash;Special Mandatory Redemption&rdquo; in the Preliminary Prospectus Supplement.</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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Make-Whole Redemption Provision:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the 2025 Notes, at any time prior to October 4, 2023 at a discount
    rate of U.S. Treasury plus 30 basis points</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">For the 2028 Notes, at any time prior to March 1, 2028 at a discount
    rate of U.S. Treasury plus 35 basis points</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Par Redemption Provision:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the 2025 Notes, at any time on or after October 4, 2023 (one year
    after the issue date of the 2025 Notes)</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">For the 2028 Notes, at any time on or after March 1, 2028 (one month
    prior to the maturity date of the 2028 Notes)</P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">September 20, 2022</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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 4, 2022 (T+10)</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">Under Rule 15c6-1 of the Exchange Act, trades in the secondary market
    generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
    who wish to trade Notes prior to two business days before the date the Notes are delivered will be required to specify an alternate settlement
    cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade Notes on any date prior
    to two business days before the date of delivery should consult their own advisors.</P></TD></TR>
</TABLE>

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

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

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<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; font-size: 10pt; width: 43%"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 57%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EQT expects to use the net proceeds from this offering, together with
    cash on hand, borrowings under its revolving credit facility and/or borrowings under the Term Loan Facility, to fund the Cash Consideration
    for the Tug Hill and XcL Midstream Acquisition.</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">If the Special Mandatory Redemption provision is triggered, EQT will
    be required to redeem each series of then outstanding notes at a 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.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Ratings*:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Ba1 (positive) / BBB- (stable) / BBB- (stable) (Moody&rsquo;s/S&amp;P/Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>2025 Notes</U></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">CUSIP: 26884L AP4 / ISIN: US26884LAP40</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"><U>2028 Notes</U></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">CUSIP: 26884L AQ2 / ISIN: US26884LAQ23</P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.&nbsp;</P></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 STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens Capital Markets, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">M&amp;T Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WauBank Securities LLC</P></TD></TR>
  </TABLE>
<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">*Note: A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to revision or withdrawal at any time.</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">No PRIIP key information document (KID) has been prepared as not available
to retail in EEA.</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"><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 this offering. You
may get these documents for free by visiting EDGAR on the SEC website 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 RBC Capital Markets, LLC toll-free
at 866-375-6829, Mizuho Securities USA LLC toll-free at 866-271-7403, or PNC Capital Markets LLC toll-free at 855-881-0697 or <U>pnccmprospectus@pnc.com</U>.
</B></P>

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