<SEC-DOCUMENT>0001104659-25-043640.txt : 20250502
<SEC-HEADER>0001104659-25-043640.hdr.sgml : 20250502
<ACCEPTANCE-DATETIME>20250501201548
ACCESSION NUMBER:		0001104659-25-043640
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250502
DATE AS OF CHANGE:		20250501
GROUP MEMBERS:		COMERCIALIZADORA LA PUREZA DE BEBIDAS, S. DE R.L. DE C.V.
GROUP MEMBERS:		CONTROLADORA INTERAMERICANA DE BEBIDAS, S. DE R.L. DE C.V.
GROUP MEMBERS:		GRUPO EMBOTELLADOR CIMSA, S. DE R.L. DE C.V.
GROUP MEMBERS:		PROPIMEX, S. DE R.L. DE C.V.
GROUP MEMBERS:		REFRESCOS VICTORIA DEL CENTRO, S. DE R.L. DE C.V.
GROUP MEMBERS:		YOLI DE ACAPULCO, S. DE R.L. DE C.V.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA FEMSA SAB DE CV
		CENTRAL INDEX KEY:			0000910631
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-267425
		FILM NUMBER:		25905140

	BUSINESS ADDRESS:	
		STREET 1:		MARIO PANI #100, PISO 7
		STREET 2:		COL SANTA FE
		CITY:			CUAJIMALPA
		STATE:			O5
		ZIP:			DF 05348
		BUSINESS PHONE:		525515195120

	MAIL ADDRESS:	
		STREET 1:		MARIO PANI #100, PISO 7
		STREET 2:		COL SANTA FE
		CITY:			CUAJIMALPA
		STATE:			O5
		ZIP:			DF 05348

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COCA COLA FEMSA SA DE CV
		DATE OF NAME CHANGE:	19930814

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA FEMSA SAB DE CV
		CENTRAL INDEX KEY:			0000910631
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		MARIO PANI #100, PISO 7
		STREET 2:		COL SANTA FE
		CITY:			CUAJIMALPA
		STATE:			O5
		ZIP:			DF 05348
		BUSINESS PHONE:		525515195120

	MAIL ADDRESS:	
		STREET 1:		MARIO PANI #100, PISO 7
		STREET 2:		COL SANTA FE
		CITY:			CUAJIMALPA
		STATE:			O5
		ZIP:			DF 05348

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COCA COLA FEMSA SA DE CV
		DATE OF NAME CHANGE:	19930814
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2511760d6_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><BR>
PRICING TERM SHEET<BR>
&nbsp;<BR>
Dated as of May 1, 2025</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.05pt; text-align: right"><B>Issuer Free Writing Prospectus<BR>
    Filed Pursuant to Rule 433</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.05pt; text-align: right"><B>Registration Statement No. 333-267425</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.05pt; text-align: right"><B>Supplementing the Preliminary </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.05pt; text-align: right"><B>Prospectus Supplement</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.05pt; text-align: right"><B>dated April 30, 2025 and the</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.05pt; text-align: right"><B>Prospectus dated September 14, 2022</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Coca-Cola
FEMSA, S.A.B. de C.V.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>5.100% Senior Notes due 2035</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This pricing term sheet
relates only to the Notes (as defined below) and should be read together with the preliminary prospectus supplement dated April 30, 2025
(including the documents incorporated by reference therein) relating to the offering of the Notes (the &ldquo;<U>Preliminary Prospectus
Supplement</U>&rdquo;) before making a decision in connection with an investment in the Notes. The information in this pricing term sheet
supersedes the information in the Preliminary Prospectus Supplement relating to the Notes to the extent that it is inconsistent therewith.
Terms used but not defined herein have the meanings ascribed to them in the relevant Preliminary Prospectus Supplement. All references
to dollar amounts are references to U.S. dollars.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">Coca-Cola FEMSA, S.A.B. de C.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Guarantors:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Propimex, S. de R.L. de C.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comercializadora La Pureza de Bebidas, S. de R.L. de C.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grupo Embotellador Cimsa, S. de R.L. de C.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Refrescos Victoria del Centro, S. de R.L. de C.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yoli de Acapulco, S. de R.L. de C.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Controladora Interamericana de Bebidas, S. de R.L. de C.V.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Security Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.100% Senior Notes due 2035 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Currency:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">U.S. Dollars</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">U.S.$500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Coupon: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">May 6, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">May 6 and November 6 of each year, commencing on November 6, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Day Count:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Price to Investors:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">99.528% of principal amount, plus accrued interest, if any, from May 6, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">UST 4.625% due February 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">+93 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Benchmark Treasury Price and Yield:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">103-04, 4.231%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD>5.161%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Ranking:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Senior unsecured</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 65%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to February 6, 2035, make-whole call, in whole or in part, at
    T+15&nbsp;bps</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">On and after February 6, 2035, par call, in whole or in part</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Tax Redemption:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In whole but not in part, at par upon certain changes in withholding taxes</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 6, 2025 (T+3)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations / Multiples:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.$150,000 / U.S.$1,000</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings<SUP>*</SUP>:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A- from S&amp;P and A from Fitch</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering Format:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC registered</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clearing:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC / Euroclear / Clearstream </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191241 AK4 / US191241AK44</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">State of New York</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Listing: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Stock Exchange (application pending)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Lead Managers and Bookrunners:</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P></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; text-align: justify">* Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Issuer has filed a registration statement
(including the Preliminary Prospectus Supplement and the accompanying prospectus dated September 14, 2022) with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;), for the offering of the Notes. Before you invest in the Notes, you should read the Preliminary Prospectus
Supplement, the accompanying prospectus in that registration statement and the other documents the Issuer has filed with the SEC for more
complete information about the Issuer and the offering of the Notes. You may get these documents for free by visiting EDGAR on the SEC
web site at www.sec.gov. Alternatively, you can request the Preliminary Prospectus Supplement and the accompanying prospectus by contacting
BNP Paribas Securities Corp. at +1 (800) 854-5674, BofA Securities, Inc. at +1 (800) 294-1322 or Morgan Stanley &amp; Co. LLC at +1 (866)
718-1649 (each toll-free in the United States) or, if calling from outside the United States, by collect calling BNP Paribas Securities
Corp. at +1 (800) 854-5674, BofA Securities, Inc. at +1 (646) 855-8988 or Morgan Stanley &amp; Co. LLC at +1 (801) 902-6997.</B></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; text-align: justify">Under Rule 15c6-1 of the U.S. 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 such
trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the date that is one business day before
the date of delivery of the Notes may be required, by virtue of the fact that the Notes initially will settle in three business days (T+3)
to specify alternative settlement arrangements to prevent a failed settlement.</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; text-align: justify">The offer and sale of the securities to which
this pricing term sheet relates have been registered by the Issuer with the SEC by means of a registration statement on Form F-3ASR (Registration
No.&nbsp;333-267425). This pricing term sheet shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.</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; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify"><B>Prohibition of Sales to EEA Retail Investors.</B>
In the European Economic Area, no key information document required by Regulation (EU) No 1286/2014 (as amended, the &quot;PRIIPs Regulation&quot;)
for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or selling the Notes or otherwise making&nbsp; them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</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; text-align: justify"><B>Prohibition of Sales to UK Retail Investors.
</B>In the United Kingdom, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law in the
United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;EUWA&rdquo;) (the &ldquo;UK PRIIPs Regulation&rdquo;)
for offering or selling the Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore
offering or selling the Notes or otherwise making&nbsp;them available to any retail investor in the United Kingdom may be unlawful under
the UK PRIIPs Regulation.</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; text-align: justify">In the United Kingdom, this pricing term sheet
is for distribution only to, and is only directed at, persons who (i) are investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Financial Promotion Order&rdquo;), (ii)
are high net worth entities or other persons falling within Article 49(2)(a) to (d) of the Financial Promotion Order, or (iii) are persons
to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) in connection with the
issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated (all such persons being referred to as
&ldquo;relevant persons&rdquo;). This pricing term sheet is directed only at relevant persons and must not be acted on or relied on by
persons who are not relevant persons. Any investment or investment activity to which this pricing term sheet relates is available only
to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely
on this pricing term sheet or any of its contents.</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; text-align: justify">This notice does not constitute an offer to sell
or a solicitation of an offer to buy or an advertisement in respect of the Notes in any province or territory of Canada other than the
provinces of Alberta, British Columbia, Nova Scotia, Ontario, Qu&eacute;bec and Saskatchewan, and in those permitted provinces only to
investors that are &ldquo;accredited investors&rdquo; as defined in National Instrument 45-106 Prospectus Exemptions and &ldquo;permitted
clients&rdquo; as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.</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; text-align: justify">Any disclaimer or other notice that may appear
below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result
of this communication being sent by Bloomberg or another e-mail system.</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: center">* * * * *</P>



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

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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
