<SEC-DOCUMENT>0000947871-19-000186.txt : 20190307
<SEC-HEADER>0000947871-19-000186.hdr.sgml : 20190307
<ACCEPTANCE-DATETIME>20190307172445
ACCESSION NUMBER:		0000947871-19-000186
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190307
DATE AS OF CHANGE:		20190307

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUEST DIAGNOSTICS INC
		CENTRAL INDEX KEY:			0001022079
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				161387862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-211336
		FILM NUMBER:		19666817

	BUSINESS ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		9735202700

	MAIL ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNING CLINICAL LABORATORIES INC
		DATE OF NAME CHANGE:	19960903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUEST DIAGNOSTICS INC
		CENTRAL INDEX KEY:			0001022079
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				161387862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		9735202700

	MAIL ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNING CLINICAL LABORATORIES INC
		DATE OF NAME CHANGE:	19960903
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ss128560_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
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    <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">
      <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Free Writing Prospectus</div>
      <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Filed pursuant to Rule 433</font></div>
      <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">March 7, 2019</font></div>
      <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Registration Statement No. 333-211336</font></div>
      <br>
      <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;"> <br>
        </font></div>
    </div>
    <br>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 16pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Quest Diagnostics Incorporated</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">$500,000,000</font>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.200</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">% Senior Notes due 2029</font></font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issuer:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Quest Diagnostics Incorporated</font></div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Trade Date:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 7, 2019</font></div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Original Issue Date (Settlement):</font></div>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 12, 2019 (T + 3)</font></div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Interest Accrual Date:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 12, 2019</font></div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Ratings:</font></div>
          </td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Moody&#8217;s: Baa2;&#160; S&amp;P: BBB+; Fitch: BBB</font></div>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Principal Amount:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$500,000,000</font></div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Maturity Date:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 30, 2029</font></div>
          </td>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Issue Price (Price to Public):</font></div>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">99.707%</font></div>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Yield:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4.236%</font></div>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Interest Rate:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4.200% per annum</font></div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Interest Payment Period:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Semi-annual</font></div>
          </td>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Interest Payment Dates:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Each June 30 and December 30, commencing June 30, 2019</font></div>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Treasury Benchmark:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.625% due February 15, 2029</font></div>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Spread to Benchmark:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">T+160 bps</font></div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Benchmark Yield:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.636%</font><font style="line-height: 1.25;"> <br>
              </font></div>
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          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Optional Redemption:</font></div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Prior to March 30, 2029 (three months prior to their maturity date) (the &#8220;par call date&#8221;), the notes will be
                redeemable, as a whole or in part, at the option of Quest Diagnostics, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each holder of the notes, at a redemption price equal to the greater of:</font><font style="line-height: 1.25;"> <br>
              </font></div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 4%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
          <td rowspan="1" style="width: 61%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">100% of principal amount of the notes to be redeemed, and</font></td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; 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: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 4%; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
          <td rowspan="1" style="width: 61%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">the sum of the present values of the remaining scheduled payments through the par call
                date discounted, on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the applicable treasury rate plus 25 basis points,</font></div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>

    </table>
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    </div>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">1</font></div>
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    <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">
            <div>&#160;</div>
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          <td rowspan="1" style="vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">plus accrued interest to, but excluding, the date of redemption, which has not been paid.</font></td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">On or after the par call date, the notes will be redeemable, as a whole at any time or in part from time to
              time, at the option of Quest Diagnostics, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest to, but excluding, the date of redemption, which has not been paid.</font></td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">CUSIP:</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="line-height: 1.25;">74834L BA7<font style="line-height: 1.25;"><br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">ISIN:</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="line-height: 1.25;">US74834LBA70<font style="line-height: 1.25;"><br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Joint Book-Running Managers:</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Goldman Sachs &amp; Co. LLC</font></div>
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Mizuho Securities USA LLC<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Morgan Stanley &amp; Co. LLC</font></div>
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">J.P. Morgan Securities LLC</font></div>
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Wells Fargo Securities, LLC</font><font style="line-height: 1.25;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;"> <font style="font-weight: bold;">Co-Managers:</font><br>
          </td>
          <td style="vertical-align: top;">
            <div> Credit Agricole Securities (USA) Inc.<br>
            </div>
            <div> MUFG Securities Americas Inc.<br>
            </div>
            <div>Fifth Third Securities, Inc.<br>
            </div>
            <div>PNC Capital Markets LLC<br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Conflicts of Interest:</div>
          </td>
          <td rowspan="1" style="vertical-align: top;">
            <div style="text-align: left; line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">One or more of the underwriters or their affiliates may receive 5% or more of the net proceeds of this offering by
              reason of the repayment of amounts due under Quest Diagnostics&#8217; secured receivables credit facility.&#160; Accordingly, such underwriters will be deemed to have a &#8220;conflict of interest&#8221; within the meaning of Rule 5121 of the Financial Industry
              Regulatory Authority, and this offering will be conducted in accordance with Rule 5121. No underwriter with a conflict of interest will confirm sales to any account over which it exercises discretion without the specific written approval of
              the account holder.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Global Settlement:</font></td>
          <td rowspan="1" style="vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Through The Depository Trust Company, Euroclear or Clearstream, Luxembourg</font></td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The issuer expects that delivery of the notes will be made on or about the Original Issue Date
        (Settlement), which is three business days following the pricing of the notes (this settlement cycle being referred to as &#8220;T+3&#8221;).&#160; 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.&#160; Accordingly, purchasers who wish to trade notes on the date of pricing will be required, by virtue of the fact that the notes will settle in T+3, to specify an
        alternative settlement cycle at the time of any such trade to prevent a failed settlement; such purchasers should also consult their own advisors in this regard.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">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.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The issuer has filed a registration statement (including a prospectus and a prospectus supplement) with
        the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and the prospectus supplement 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 Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send
        you the prospectus and the prospectus supplement if you request it by calling Goldman Sachs &amp; Co. LLC toll free at 1-866-471-2526; Mizuho Securities USA LLC toll free at 1-866-271-7403; and Morgan Stanley &amp; Co. LLC toll-free at
        1-866-718-1649.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25"> <br>
    </div>
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    </div>
    <div style="line-height: 1.25; text-align: center;"> <font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">2</font> </div>
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