<SEC-DOCUMENT>0001140361-24-009528.txt : 20240226
<SEC-HEADER>0001140361-24-009528.hdr.sgml : 20240226
<ACCEPTANCE-DATETIME>20240226170314
ACCESSION NUMBER:		0001140361-24-009528
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240226
DATE AS OF CHANGE:		20240226

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000943452
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				251615902
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275386
		FILM NUMBER:		24680000

	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]
		ORGANIZATION NAME:           	04 Manufacturing
		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>
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-style: italic;">Issuer Free Writing Prospectus</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-style: italic;">(relating to Preliminary Prospectus Supplement dated</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-style: italic;">February 26, 2024 and Prospectus dated November 8, 2023)</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-style: italic;">Filed pursuant to Rule 433</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-style: italic;">Registration Number 333-275386</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Final Term Sheet</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$500,000,000 5.611% Senior Notes due 2034 (the &#8220;Notes&#8221;)</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1eb94014c1c64be1b3936dc79716ef83" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Issuer:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Westinghouse Air Brake Technologies Corporation</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Legal Format:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">SEC-Registered</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Size:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">$500,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Expected Ratings:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Moody&#8217;s:&#160; Baa3 (Stable Outlook)<br>
              S&amp;P:&#160; BBB (Stable Outlook)<br>
              Fitch:&#160; BBB- (Positive Outlook)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Maturity Date:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 11, 2034</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">5.611%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Yield to Maturity:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">5.611%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">T + 132 bps</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Benchmark Treasury:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">4.000% due February 15, 2034</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Benchmark Treasury Price and Yield:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">97-21 / 4.291%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Interest Payment Dates:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 11 and September 11, beginning on September 11, 2024</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Day Count Convention:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">30 / 360</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Business Day Convention:</div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">Par Call Date:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Following, Unadjusted</div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">December 11, 2033 (the date that is three months prior to the maturity date)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <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: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Optional Redemption:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Prior to the Par Call Date, the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of
              principal amount and rounded to three decimal places) equal to the greater of:</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top; text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">(1)</font><br>
          </td>
          <td rowspan="1" style="width: 52%; vertical-align: top;"><font style="font-family: 'Times New Roman',Times,serif;">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
              redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate <font style="font-style: italic;">plus</font> 20 basis points <font style="font-style: italic;">less</font> (b) interest accrued thereon to the date of redemption, and</font></td>
        </tr>

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          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top; text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">(2)</font></td>
          <td rowspan="1" style="width: 52%; vertical-align: top;">100% of the principal amount of the Notes to be redeemed,<br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;"><font style="font-style: italic;">plus</font>, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.<br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">On or after the Par Call Date, the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal
            amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.<br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">See the Preliminary Prospectus Supplement for the definition of &#8220;Treasury Rate&#8221; and for further terms and provisions applicable to optional redemption.<br>
          </td>
        </tr>

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

        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">960386AR1 / US960386AR16</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Price to Public:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">100.000%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Trade Date:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">February 26, 2024</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Settlement Date:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 11, 2024 (T+10)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Citigroup Global Markets Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">J.P. Morgan Securities LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">PNC Capital Markets LLC<br>
              TD Securities (USA) LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">BofA Securities, Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">BNP Paribas Securities Corp.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Credit Agricole Securities (USA) Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">HSBC Securities (USA) Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">MUFG Securities Americas Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">U.S. Bancorp Investments, Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">WauBank Securities LLC</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Senior Co-Managers:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">BMO Capital Markets Corp.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Dollar Bank, Federal Savings Bank</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Goldman Sachs &amp; Co. LLC</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Huntington Securities, Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Northwest Bank</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Scotia Capital (USA) Inc.</div>
            <div style="font-family: 'Times New Roman',Times,serif;">SG Americas Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 42.71%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 57.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Notice to Prospective Investors in Israel:</div>
          </td>
          <td style="width: 57.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities
              Authority. In Israel, this prospectus supplement is being distributed only to, and is directed only at, and any offer of the notes is directed only at, (i)&#160;a limited number of persons in accordance with the Israeli Securities Law and
              (ii)&#160;investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors,
              members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and &#8220;qualified individuals,&#8221; each as defined in the Addendum (as it may be amended from time to time), collectively
              referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit
              written confirmation that they fall within the scope of the Addendum, are aware of its meaning and agree to it.</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">_____________________</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> 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 style="font-family: 'Times New Roman',Times,serif;"> <br>
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    <div style="font-family: 'Times New Roman',Times,serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> We expect that delivery of the Notes will be made against payment therefor on or about the settlement date
      specified in this final term sheet, which will be the tenth business day following the date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+10&#8221;).&#160; Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the
      secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise.&#160; Accordingly, purchasers who wish to trade the Notes prior to the second business day before settlement will be
      required, by virtue of the fact that the Notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.</div>
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    <div style="font-family: 'Times New Roman',Times,serif;">The Issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) for the offering
      to which this communication relates.&#160; Before you invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement and other documents the Issuer has filed with the Commission for more complete
      information about the issuer and this offering.&#160; You should rely on the prospectus, prospectus supplement and any relevant free writing prospectus or pricing supplement for complete details.&#160; You may get these documents for free by visiting EDGAR on
      the Commission website at www.sec.gov.&#160; Alternatively, copies of the prospectus and the prospectus supplement may be obtained by contacting Citigroup Global Markets Inc. toll-free at 800-831-9146, J.P. Morgan Securities LLC collect at 212-834-4533,
      PNC Capital Markets LLC toll-free at 855-881-0697 or TD Securities (USA) LLC toll-free at 855-495-9846.</div>
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    <div style="font-family: 'Times New Roman',Times,serif;">Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded.&#160; Such disclaimers or other notices were automatically generated as a
      result of this communication being sent via Bloomberg or another email system.</div>
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