<SEC-DOCUMENT>0001104659-24-109312.txt : 20241017
<SEC-HEADER>0001104659-24-109312.hdr.sgml : 20241017
<ACCEPTANCE-DATETIME>20241016213620
ACCESSION NUMBER:		0001104659-24-109312
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241017
DATE AS OF CHANGE:		20241016

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECOPETROL S.A.
		CENTRAL INDEX KEY:			0001444406
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			F8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-278823
		FILM NUMBER:		241375741

	BUSINESS ADDRESS:	
		STREET 1:		CARRERA 7 NO 37-69
		CITY:			BOGOTA
		STATE:			F8
		ZIP:			00000
		BUSINESS PHONE:		5712345000

	MAIL ADDRESS:	
		STREET 1:		CARRERA 7 NO 37-69
		CITY:			BOGOTA
		STATE:			F8
		ZIP:			00000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECOPETROL S.A.
		CENTRAL INDEX KEY:			0001444406
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			F8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		CARRERA 7 NO 37-69
		CITY:			BOGOTA
		STATE:			F8
		ZIP:			00000
		BUSINESS PHONE:		5712345000

	MAIL ADDRESS:	
		STREET 1:		CARRERA 7 NO 37-69
		CITY:			BOGOTA
		STATE:			F8
		ZIP:			00000
</SEC-HEADER>
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<FILENAME>tm2426354d1_fwp.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Free Writing Prospectus </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registration
Statement No. 333-278823</B></FONT></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><U>TERMS AND CONDITIONS AS OF OCTOBER 16, 2024
OF<BR>
ECOPETROL S.A.</U></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><U>U.S.$1,750,000,000 7.750% NOTES DUE 2032</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 33%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ISSUER:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 67%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ecopetrol S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SECURITY:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">7.750% Notes due 2032 (the &ldquo;<U>Notes</U>&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">RANKING:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Senior, unsecured and unsubordinated obligations of the Issuer, ranking <I>pari passu</I>, without any preferences among themselves, with all of its other present and future unsecured and unsubordinated obligations that constitute its External Indebtedness (as defined in the prospectus).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">PRINCIPAL AMOUNT:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">U.S.$1,750,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">MATURITY:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">February 1, 2032</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ISSUE PRICE:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">99.744% (plus accrued interest, if any, from October 21, 2024).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">INTEREST PAYMENT DATES:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">February 1 and August 1, commencing on February 1, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">COUPON RATE:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.750%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">YIELD TO MATURITY:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.800%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">BENCHMARK TREASURY:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">UST 3.625% due September 30, 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">BENCHMARK TREASURY SPOT AND YIELD:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">98-06+ / 3.923%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SPREAD TO BENCHMARK TREASURY:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">T + 387.7 bps </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">PRICING DATE:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">October 16, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EXPECTED SETTLEMENT DATE:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">October 21, 2024 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">NET PROCEEDS BEFORE EXPENSES:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">U.S.$1,742,895,000, which is the amount after the underwriting discount, but before expenses.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CUSIP: 279158AW9 ISIN: US279158AW93 &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">CLEARING:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DTC / Euroclear / Clearstream</FONT></TD></TR>
  </TABLE>

<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"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 33%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">JOINT BOOK-RUNNING MANAGERS:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 67%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">BBVA Securities Inc.<BR> J.P. Morgan Securities LLC<BR> Santander US Capital Markets LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">MINIMUM DENOMINATION:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">U.S.$1,000 and integral multiples of U.S.$1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">GOVERNING LAW:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">FORMAT:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DAY COUNT:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">OPTIONAL REDEMPTION PROVISIONS:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Prior to December 1, 2031, at any time or from time to time, in whole or in part, at the Issuer&rsquo;s option at a make-whole premium based on Treasury Rate plus 50 basis points. &nbsp; On or after December 1, 2031, at any time or from time to time, in whole or in part, at the Issuer&rsquo;s option at par.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">WITHHOLDING TAX REDEMPTION PROVISIONS:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">At any time at the Issuer&rsquo;s option if the Issuer becomes obligated to pay additional amounts under the Notes, in whole but not in part, at par.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EXPECTED RATINGS<SUP>1</SUP>:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ba1 / BB+ / BB+ (Moody&rsquo;s / S&amp;P / Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">LISTING AND TRADING:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">New York Stock Exchange</FONT></TD></TR>
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<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: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><SUP>1</SUP>A rating of securities is not a recommendation to buy,
sell or hold securities and may be subject to revision or withdrawal at any time.</B></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">The information herein supplements the preliminary prospectus supplement
and supersedes the information in the preliminary prospectus supplement to the extent inconsistent with the information in the preliminary
prospectus supplement.</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">Unless otherwise indicated, terms used but not defined herein have
the meanings assigned to such terms in the preliminary prospectus supplement.</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
and preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the prospectus and preliminary 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 Underwriters can arrange to
send you the prospectus if you request it by calling BBVA Securities Inc. toll-free at 1-800-422-8692, J.P. Morgan Securities LLC collect
at 1-212-834-4533 or Santander US Capital Markets LLC toll-free at 1-855-403-3636.</B></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>Under Rule 15c6-1 of the Securities Exchange Act of 1934, as
amended, trades in the secondary market generally are required to settle in one business day, unless the parties to a trade
expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the settlement date will
be required, by virtue of the fact that the notes initially will settle on October 21, 2024, to specify alternative settlement
arrangements to prevent a failed settlement.</B></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; text-align: justify">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR
BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED
AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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