<SEC-DOCUMENT>0000950103-25-012453.txt : 20250929
<SEC-HEADER>0000950103-25-012453.hdr.sgml : 20250929
<ACCEPTANCE-DATETIME>20250929170545
ACCESSION NUMBER:		0000950103-25-012453
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250929
DATE AS OF CHANGE:		20250929

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMERA INC
		CENTRAL INDEX KEY:			0001127248
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				868143132
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-290502
		FILM NUMBER:		251357140

	BUSINESS ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
		BUSINESS PHONE:		902-428-6494

	MAIL ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMERA INC
		CENTRAL INDEX KEY:			0001127248
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				868143132
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
		BUSINESS PHONE:		902-428-6494

	MAIL ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp235157_fwp.htm
<DESCRIPTION>FORM FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</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"><B>Registration No. 333-290501<BR>
Registration No. 333-290502<BR>
September 29, 2025</B></P>

<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: center"><B>EUSHI FINANCE, INC. </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">6.250% Fixed-to-Fixed Reset Rate Junior Subordinated
Notes due 2056</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">The information in this pricing term sheet relates to the offering
by EUSHI Finance, Inc. of its 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the &ldquo;<B>Offering</B>&rdquo;)
and should be read together with the preliminary prospectus supplement dated September 29, 2025 relating to the Offering (the &ldquo;<B>Preliminary
Prospectus Supplement</B>&rdquo;), filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, including the documents
incorporated by reference therein, and the related base prospectus dated September 26, 2025, included in the Registration Statement Nos.
333-290501 and 333-290502. The information in this pricing term sheet supersedes the information in the Preliminary Prospectus Supplement
and the accompanying prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement or the
accompanying prospectus. Terms not defined in this pricing term sheet have the meanings given to such terms in the Preliminary Prospectus
Supplement.</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="padding-top: 4pt; width: 25%; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 75%; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">EUSHI Finance, Inc. (the &ldquo;<B>Issuer</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Guarantors:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Emera Incorporated (&ldquo;<B>Emera</B>&rdquo;) and Emera US Holdings Inc. (together, with Emera, the &ldquo;<B>Guarantors</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Legal Format:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">SEC registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Expected Ratings (Moody&rsquo;s/S&amp;P/Fitch)*:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><BR>
Ba1 (Negative) / BB+ (Stable) / BB+ (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Security:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 (the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">U.S. $750,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Offering Price:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">100% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Interest Rate:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes will bear interest (i) from and including October 3, 2025
    to but excluding April 1, 2031 (the &ldquo;First Reset Date&rdquo;), at the rate of 6.250% per annum and (ii) from and including the First
    Reset Date, during each Reset Period (as defined in the Preliminary Prospectus), at a rate per annum equal to the Five-year U.S. Treasury
    Rate (as defined in the Preliminary Prospectus) as of the most recent Reset Interest Determination Date (as defined in the Preliminary
    Prospectus), plus a spread of 2.509% to be reset on each Reset Date (as defined in the Preliminary Prospectus); provided, that the interest
    rate during any Reset Period will not reset below 6.250% (which equals the initial interest rate on the Notes).</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">For the definitions of the terms &ldquo;Reset Period,&rdquo; &ldquo;Five-year
    U.S. Treasury Rate,&rdquo; &ldquo;Reset Interest Determination Date&rdquo; and &ldquo;Reset Date,&rdquo; and for other important information
    concerning the calculation of interest on the Notes, see &ldquo;Description of the Notes&mdash;Interest Rate and Maturity&rdquo; in the
    Preliminary Prospectus.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">April 1 and October 1 of each year, beginning April 1, 2026 (subject to the Issuer&rsquo;s right to defer interest payments as described under &ldquo;Optional Interest Deferral&rdquo; below)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Optional Interest Deferral:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So long as no Event of Default (as defined in the Preliminary Prospectus)
    with respect to the Notes has occurred and is continuing, the Issuer may, at its option,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="padding-top: 4pt; width: 25%; padding-right: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; width: 75%; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">defer interest payments on the Notes, from time to time, for one or
    more deferral periods of up to 20 consecutive semi-annual Interest Payment Periods (as defined in the Preliminary Prospectus) each, except
    that no such Optional Deferral Period may extend beyond the final maturity date of the Notes or end on a day other than the day immediately
    preceding an interest payment date. No interest will be due or payable on the Notes during any such Optional Deferral Period unless the
    Issuer elects, at its option, to redeem Notes during such Optional Deferral Period, in which case accrued and unpaid interest to, but
    excluding, the redemption date will be due and payable on such redemption date only on the Notes being redeemed, or unless the principal
    of and interest on the Notes shall have been declared due and payable as the result of an Event of Default with respect to the Notes,
    in which case all accrued and unpaid interest on the Notes shall become due and payable. The Issuer may elect, at its option, to extend
    the length of any Optional Deferral Period that is shorter than 20 consecutive semi-annual Interest Payment Periods (so long as the entire
    Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment Periods or extend beyond the final maturity date
    of the Notes) and to shorten the length of any Optional Deferral Period. The Issuer cannot begin a new Optional Deferral Period until
    the Issuer or the Guarantors have paid all accrued and unpaid interest on the Notes from any previous Optional Deferral Period. During
    any Optional Deferral Period, interest on the Notes will continue to accrue at the then applicable interest rate on the Notes (as reset
    from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes). In addition,
    during any Optional Deferral Period, interest on the deferred interest will accrue at the then-applicable interest rate on the Notes (as
    reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes), compounded
    semi-annually, to the extent permitted by applicable law.</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"><FONT STYLE="background-color: white">For additional information and
    the definitions of the terms Event of Default, Optional Deferral Period and Interest Payment Period, see &ldquo;Description of the Notes&mdash;Events
    of Default&rdquo; and &ldquo;Description of the Notes&mdash;Option to Defer Interest Payments&rdquo; in the </FONT>Preliminary Prospectus<FONT STYLE="background-color: white">.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">April 1, 2056</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Optional Redemption Terms:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At its option, the Issuer may redeem some or all of the Notes, as applicable,
    before their maturity, as follows:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">in whole or in part (i) on any day in the period commencing
    on the date falling 90 days prior to the First Reset Date and ending on and including the First Reset Date and (ii) after the First Reset
    Date, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the Notes being redeemed, plus,
    subject to the terms described in the first paragraph under &ldquo;Description of the Notes&mdash; Redemption&mdash;Redemption Procedures;
    Cancellation of Redemption&rdquo; in the Preliminary Prospectus, accrued and unpaid interest on the Notes to be redeemed to, but excluding,
    the redemption date;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">in whole but not in part, at any time following the occurrence
    and during the continuance of a Tax Event (as defined in the Preliminary Prospectus) at a redemption price in cash equal to 100% of the
    principal amount of the Notes, plus, subject to the terms described in the first paragraph under &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption
    Procedures; Cancellation of Redemption&rdquo; in the Preliminary Prospectus, accrued and unpaid interest on the Notes to, but excluding,
    the redemption date; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">in whole but not in part, at any time following the occurrence
    and during the continuance of a Rating Agency Event (as defined in the Preliminary</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="padding-top: 4pt; width: 25%; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; width: 75%; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Prospectus) at a redemption price in cash equal to 102% of
    the principal amount of the Notes, plus, subject to the terms described in the first paragraph under &ldquo;Description of the Notes&mdash;Redemption&mdash;Redemption
    Procedures; Cancellation of Redemption&rdquo; in the Preliminary Prospectus, accrued and unpaid interest on the Notes to, but excluding,
    the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For additional information and the definitions of the terms &ldquo;Tax
    Event&rdquo; and &ldquo;Rating Agency Event,&rdquo; see &ldquo;Description of the Notes&mdash;Redemption&rdquo; in the Preliminary Prospectus.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29882D AC7 / US29882DAC74</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$2,000 and integral multiples of $1,000 in excess thereof</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Pricing Date:</FONT></TD>
    <TD STYLE="padding-top: 4pt; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">September 29, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Expected Settlement Date:</FONT></TD>
    <TD STYLE="padding-top: 4pt; font-size: 12pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">October 3, 2025 (T+4)</FONT></TD></TR>
  </TABLE>
<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="padding-top: 4pt; width: 25%; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 75%; padding-right: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>
<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: 100%; font-size: 12pt"><FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;Note:&nbsp;&nbsp;A securities rating is not a recommendation to buy, sell or hold a security and may be subject to revision or withdrawal at any time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________</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">The Issuer expects that delivery of the Notes will be made against
payment therefor on or about October 3, 2025, which will be the fourth business day following the date of pricing of the Notes (this settlement
cycle being herein referred to as &ldquo;T+4&rdquo;). 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 any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade Notes more than one business day prior to the scheduled settlement date will be required, by
virtue of the fact that the Notes initially will settle in T+4, to specify an alternate settlement cycle at the time of any such trade
to prevent a failed settlement. Purchasers of the Notes who wish to make such trades should consult their own advisor.</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 and the Guarantors have filed a joint registration statement
on Forms F-3 / F-10 (including a prospectus) and a preliminary prospectus supplement with the SEC for the Offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other
documents the Issuer and the Guarantors have filed with the SEC for more complete information about the Issuer, the Guarantors and this
offering.&nbsp;&nbsp;</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>You may get these documents for free by visiting EDGAR on the SEC
website 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 contacting each of: J.P. Morgan Securities LLC collect at (212) 834-4533, Morgan Stanley &amp; Co.
LLC toll-free at (866) 718-1649, MUFG Securities Americas Inc. toll-free at (877) 649-6848, RBC Capital Markets, LLC toll-free at (866)
375-6829, Scotia Capital (USA) Inc. toll-free at (800) 372-3930 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.</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">Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded.&nbsp;&nbsp;Such disclaimer or notice was automatically generated as a result of this
communication being sent by Bloomberg or another email system.</P>

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


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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