<SEC-DOCUMENT>0001558370-19-007269.txt : 20190806
<SEC-HEADER>0001558370-19-007269.hdr.sgml : 20190806
<ACCEPTANCE-DATETIME>20190806165245
ACCESSION NUMBER:		0001558370-19-007269
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190806
DATE AS OF CHANGE:		20190806

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UDR, Inc.
		CENTRAL INDEX KEY:			0000074208
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				540857512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-217491
		FILM NUMBER:		191002841

	BUSINESS ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129
		BUSINESS PHONE:		720-283-6120

	MAIL ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED DOMINION REALTY TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REAL ESTATE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19850110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REIT ONE
		DATE OF NAME CHANGE:	19770921

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UDR, Inc.
		CENTRAL INDEX KEY:			0000074208
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				540857512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129
		BUSINESS PHONE:		720-283-6120

	MAIL ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED DOMINION REALTY TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REAL ESTATE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19850110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REIT ONE
		DATE OF NAME CHANGE:	19770921
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>fwp.htm
<DESCRIPTION>FWP
<TEXT>
<!--HTML document created with Toppan Merrill Bridge  9.3.0.107-->
<!--Created on: 8/6/2019 2:52:35 PM-->
<html>
	<head>
		<title>
			MTN - August 2019 - FWP
		</title>
	</head>
	<body><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%">

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</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p style="margin:0pt;line-height:120%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Filed Pursuant to Rule 433<a name="FWP___INC"></a></font>
		</p>
		<p style="margin:0pt;line-height:120%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Registration No. 333-217491</font>
		</p>
		<p style="margin:0pt;line-height:120%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Registration No. 333-217491-01</font>
		</p>
		<p style="margin:0pt;line-height:120%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">August 6, 2019</font>
		</p>
		<p style="margin:0pt;line-height:120%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:120%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-size:12pt;">PRICING TERM SHEET</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:41.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 2pt 0pt 3pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 2pt 0pt 3pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="width:100.00%;padding:0pt 3pt 0pt 3pt;height:30.00pt">
					<p style="margin:2pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">3.000% Medium-Term Notes due 2031</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Issuer:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">UDR, Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:31.00pt">
					<p style="margin:2pt 0pt 3pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;font-size:12pt;">Expected Ratings (Moody's/</font></p>
					<p style="margin:0pt 0pt 2pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;font-size:12pt;">S&amp;P)*:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:31.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">Baa1 (Stable) / BBB+ (Stable)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Security:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">3.000% Medium-Term Notes due 2031</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:32.40pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Guarantee:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:32.40pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">Fully and unconditionally guaranteed by United Dominion Realty, L.P.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Principal Amount:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">$400,000,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Maturity Date:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">August&nbsp;15, 2031</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Coupon:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">3.000%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:31.50pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Interest Payment Dates:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:31.50pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">February&nbsp;15 and August&nbsp;15, commencing February&nbsp;15, 2020</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:31.50pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Price to Public:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:31.50pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">99.710% of the principal amount, plus accrued interest from August&nbsp;15, 2019</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Denominations:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">$2,000 and integral multiples of $1,000</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Benchmark Treasury:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">2.375% due May 15, 2029</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Benchmark Treasury Price/Yield:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">105-25 / 1.729%</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Spread to Benchmark Treasury:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">T+130 bps</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Yield to Maturity:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">3.029%</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Optional Redemption Provisions:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 39pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Make-Whole Call:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">T+20 bps;</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 39pt;height:44.10pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Par Call:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:44.10pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">Redemption at par plus accrued and unpaid interest on or after May 15, 2031 as set forth in the preliminary pricing supplement</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Trade Date:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">August 6, 2019</font></p>
				</td>
			</tr>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:99.90pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Settlement Date:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:99.90pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">August 15, 2019 (T+7); since trades in the secondary market generally settle in two business days, purchasers who wish to trade notes on the date hereof or the next succeeding four business days will be required, by virtue of the fact that the notes initially will settle in T+7, to specify alternative settlement arrangements to prevent a failed settlement.</font></p>
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					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">CUSIP:</font></p>
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					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">90265EAR1</font></p>
				</td>
			</tr></table></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			<font style="display:inline;"></font>

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</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%">

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			<font style="display:inline;"></font>

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</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;overflow: hidden;">
						<font style="display:inline;"></font></p>
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">ISIN:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:17.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;color:#000000;font-size:12pt;">US90265EAR18</font></p>
				</td>
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				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Joint Book-Running Managers:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:2.5pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">BofA Securities, Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Wells Fargo Securities, LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:22.50pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:22.50pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">J.P. Morgan Securities LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:27.90pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:12pt;">Co-Managers:</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:27.90pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">BB&amp;T Capital Markets, a division of BB&amp;T Securities, LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 2pt 0pt 3pt;height:16.64pt">
					<p style="margin:2pt 0pt;color:#000000;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:16.64pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Citigroup Global Markets Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">PNC Capital Markets LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Regions Securities LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">TD Securities (USA) LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">U.S. Bancorp Investments, Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Credit Suisse Securities (USA) LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Morgan Stanley &amp; Co. LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">BNY Mellon Capital Markets, LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">MUFG Securities Americas Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.34%;padding:0pt 0pt 0pt 3pt;height:18.00pt">
					<p style="margin:2pt 0pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:58.66%;padding:0pt 2pt 0pt 3pt;height:18.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">Samuel A. Ramirez &amp; Company, Inc.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">*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>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.&nbsp;&nbsp;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 if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, Wells Fargo Securities, LLC toll-free at 1-800-645-3751 or J.P. Morgan Securities LLC collect at 1-212-834-4533.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;">&nbsp;</font>
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