<SEC-DOCUMENT>0001140361-21-019041.txt : 20210527
<SEC-HEADER>0001140361-21-019041.hdr.sgml : 20210527
<ACCEPTANCE-DATETIME>20210527163040
ACCESSION NUMBER:		0001140361-21-019041
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210527
DATE AS OF CHANGE:		20210527

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000943452
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		IRS NUMBER:				251615902
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-256296
		FILM NUMBER:		21973144

	BUSINESS ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212
		BUSINESS PHONE:		4128251000

	MAIL ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WABTEC CORP
		DATE OF NAME CHANGE:	20000114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTINGHOUSE AIR BRAKE CO /DE/
		DATE OF NAME CHANGE:	19950404

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000943452
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		IRS NUMBER:				251615902
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212
		BUSINESS PHONE:		4128251000

	MAIL ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WABTEC CORP
		DATE OF NAME CHANGE:	20000114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTINGHOUSE AIR BRAKE CO /DE/
		DATE OF NAME CHANGE:	19950404
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10024721x6_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: center; font-size: 12pt;">
      <div style="text-align: right; font-size: 10pt; font-weight: bold;">Issuer Free Writing Prospectus</div>
      <div style="text-align: right; font-size: 10pt; font-weight: bold;">Filed pursuant to Rule 433</div>
      <div style="text-align: right; font-size: 10pt; font-weight: bold;">Registration Number 333-256296</div>
      <div style="text-align: right; font-size: 10pt; font-weight: bold;">May 27, 2021</div>
      <div style="text-align: right; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: right; font-size: 10pt; font-weight: bold;"> <font style="font-weight: normal;">Supplementing the Preliminary Prospectus<br>
          Supplement dated May 27, 2021<br>
          (To Prospectus dated May 19, 2021)</font> <br>
        <br>
      </div>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">WABTEC TRANSPORTATION NETHERLANDS B.V.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8364;500,000,000 1.25% Senior Notes due 2027 (the &#8220;Notes&#8221;)</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: center;">Fully and Unconditionally Guaranteed by</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION</div>
    <div>&#160; <br>
    </div>
    <div style="text-align: center; color: #000000; font-style: italic;">Pricing Term Sheet</div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000;">May 27, 2021</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z52cfeeb13e234dbead3f823f931e0d56" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Issuer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Wabtec Transportation Netherlands B.V.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Legal Entity Identifier:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">213800W8WKL7DR8NFE48</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Parent Guarantor:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Westinghouse Air Brake Technologies Corporation</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Legal Entity Identifier:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">06BTX5UWZD0GQ5N5Y745</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Anticipated Ratings*:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Moody&#8217;s: Ba1 (Stable Outlook)<br>
              S&amp;P: BBB- (Negative Outlook)<br>
              Fitch: BBB- (Negative Outlook)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Ranking:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Senior, Unsecured</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Offering Format:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Listing:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Application will be made to list the Notes on the Official List of the Irish Stock Exchange plc, trading as Euronext Dublin, and have the Notes admitted to trading on the Global Exchange
              Market thereof.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Principal Amount:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8364;500,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Trade Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">May 27, 2021</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Settlement Date:**</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">June 3, 2021</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Maturity Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">December 3, 2027</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Interest Payment Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Annually on December 3, commencing December 3, 2021 (short first coupon)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">1.25%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Price to Public:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">99.267%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Yield to Maturity:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">1.369%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Spread to Benchmark Bund:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">180.2 bps</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Benchmark Bund:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">DBR 0 11/15/27</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Benchmark Bund Price and Yield:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">102.84; -0.433%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Spread to Mid Swaps:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">150 bps</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Mid Swaps Yield:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">-0.131%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Day Count Convention:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">ACTUAL/ACTUAL (ICMA)</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Make-Whole Call:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Prior to <font style="color: rgb(0, 0, 0);">October 3</font>, 2027 <font style="color: rgb(0, 0, 0);">(two months prior to the Maturity Date) </font>at a discount rate of Comparable
              Government Bond Rate plus 30 basis points</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Par Call:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">On or after <font style="color: rgb(0, 0, 0);">October 3</font>, 2027</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Tax Call:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div><font style="color: #000000;">The Issuer may also redeem all, but not less than all, of the Notes in the event of certain tax changes affecting the Notes</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="color: #000000;">at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Change of Control Offer to Purchase:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Upon the occurrence of a change of control triggering event, the Issuer will be required to make an offer to purchase the Notes at a price equal to 101% of their
              principal amount plus accrued and unpaid interest to, but not including, the date of repurchase.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">ISIN:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">XS2345035963</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Denominations:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8364;100,000 and integral multiples of &#8364;1,000 in excess thereof</div>
          </td>
        </tr>

    </table>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze485c03110344521a374144f0aeee958" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: #000000;">BNP Paribas</div>
            <div style="color: #000000;">Goldman Sachs &amp; Co. LLC</div>
            <div style="color: #000000;">HSBC Continental Europe</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: #000000;">BofA Securities Europe SA</div>
            <div style="color: #000000;">Citigroup Global Markets Europe AG</div>
            <div style="color: #000000;">Cr&#233;dit Agricole Corporate and Investment Bank</div>
            <div style="color: #000000;">J.P. Morgan AG</div>
            <div style="color: #000000;">Soci&#233;t&#233; G&#233;n&#233;rale</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Senior Co-Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="color: #000000;">MUFG Securities (Europe) N.V.</div>
            <div style="color: #000000;">PNC Capital Markets LLC</div>
            <div style="color: #000000;">Scotiabank Europe plc</div>
            <div style="color: #000000;">TD Global Finance unlimited company</div>
            <div style="color: #000000;">Truist Securities, Inc.</div>
            <div style="color: #000000;">U.S. Bancorp Investments, Inc.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Co-Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div><font style="color: #414042;">Ci</font><font style="color: #000000;">tizens Capital Markets, Inc.</font></div>
            <div style="color: #000000;">Huntington Securities, Inc.</div>
            <div style="color: #000000;">Morgan Stanley Europe SE</div>
            <div style="color: #000000;">Wells Fargo Securities Europe S.A.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Stabilization:</div>
          </td>
          <td rowspan="1" style="width: 70%; vertical-align: top;">
            <div style="color: rgb(65, 64, 66); font-family: 'Times New Roman',Times,serif;">BNP Paribas</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">* 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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">**It is expected that delivery of the Notes will be made against payment therefor on June 3, 2021, which is the fifth Euroclear / Clearstream business day following the date hereof (such settlement
      cycle being referred to as &#8220;T+5&#8221;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
      who wish to trade the Notes on the date of pricing will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers
      of the Notes who wish to trade the Notes on the date of pricing should consult their own advisors.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: justify; font-weight: bold;">The Issuer and the Parent Guarantor have filed a registration statement (including a prospectus) and a preliminary prospectus supplement 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, the related preliminary prospectus supplement and other documents the Issuer and the Parent Guarantor have filed
      with the SEC for more complete information about the Issuer, the Parent Guarantor and the offering. You should rely on the prospectus, prospectus supplement and any relevant free writing prospectus or pricing supplement for complete details. You may
      get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, the Parent Guarantor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus
      supplement if you request it by contacting BNP Paribas, Fixed Income Syndicate by telephone at 1-800-854-5674; Goldman Sachs &amp; Co. LLC by telephone at 1-866-471-2526 or by email at prospectus-ny@ny.email.gs.com, and HSBC Continental Europe by
      telephone at 1-866-811-8049 or by email at transaction.management@hsbcib.com.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">MiFID II professionals/ECPs-only &#8211; Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key
      information document (RID) has been prepared or not available in the European Economic Area or the United Kingdom.</div>
    <div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">This pricing term sheet is not a prospectus for the purposes of the European Union&#8217;s Regulation (EU) 2017/1129.</div>
    </div>
    <div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">This pricing term sheet and any other document or materials relating to the issue of the Notes offered hereby is for distribution only to persons who (i) have professional experience in matters
        relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;Financial Promotion Order&#8221;));&#160;
        (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order (&#8220;high net worth companies, unincorporated associations etc.&#8221;); (iii) are outside the United Kingdom; or (iv) are any other persons in the United Kingdom to whom an
        invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to
        be communicated (all such persons together being referred to as &#8220;relevant persons&#8221;). In the United Kingdom, the Notes offered hereby are only available to, and any investment or investment activity to which this pricing term sheet relates will be
        engaged in only with, relevant persons. This document is directed only at relevant persons and any person in the United Kingdom that is not a relevant person should not act or rely on this pricing term sheet or any of its contents.</div>
      <div>&#160;
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