<SEC-DOCUMENT>0001104659-25-113230.txt : 20251117
<SEC-HEADER>0001104659-25-113230.hdr.sgml : 20251117
<ACCEPTANCE-DATETIME>20251117165410
ACCESSION NUMBER:		0001104659-25-113230
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251117
DATE AS OF CHANGE:		20251117

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hyatt Hotels Corp
		CENTRAL INDEX KEY:			0001468174
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				201480589
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-274272
		FILM NUMBER:		251491670

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(312) 750-1234

	MAIL ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hyatt Hotels Corp
		CENTRAL INDEX KEY:			0001468174
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				201480589
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(312) 750-1234

	MAIL ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2531334d4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #231f20">Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No.&nbsp;333-274272</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HYATT HOTELS CORPORATION</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.400% SENIOR NOTES DUE 2035</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATED NOVEMBER 17, 2025</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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This term sheet to the preliminary prospectus
supplement dated November&nbsp;17, 2025 should be read together with the preliminary prospectus supplement before making a decision in
connection with an investment in the Notes (as defined herein). The information in this term sheet supersedes the information contained
in the preliminary prospectus supplement to the extent that it is inconsistent therewith. Terms used but not defined herein have the meaning
ascribed to them 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issuer: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hyatt Hotels Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Format:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trade Date: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">November&nbsp;17, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Settlement Date: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">November&nbsp;26, 2025 (T+7)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Security Ratings: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Baa3 (stable) by Moody&rsquo;s / BBB- (stable) by S&amp;P Global / BBB- (stable) by Fitch<SUP>*</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities Offered: </FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; text-indent: -0.2pt">5.400% Senior Notes
    due 2035 (the &ldquo;Notes&rdquo;)</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; text-indent: -0.2pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Amount: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$400,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maturity Date: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December&nbsp;15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Rate:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.400% per year</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">4.000% due November&nbsp;15, 2035</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">98-29 / 4.135%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">T + 127 basis points</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reoffer Yield:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">5.405%</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 12pt">*</FONT></TD><TD STYLE="text-align: left">The securities ratings above are not a recommendation to buy,
sell or hold the securities offered hereby and may be subject to revision or withdrawal at any time by Moody&rsquo;s, S&amp;P Global
and Fitch. Each of the security ratings above should be evaluated independently of any other security rating.</TD>
</TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June&nbsp;15 and December&nbsp;15, commencing June&nbsp;15, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price to Public: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.958% of the principal amount, plus accrued interest, if any</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Underwriting Discounts and Commissions:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.650%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSIP/ISIN: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">448579 AW2 / US448579AW20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Optional Redemption:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to September&nbsp;15, 2035 (the date that is 3 months prior to
    their maturity date) (the &ldquo;Par Call Date&rdquo;), we may redeem the Notes at our option, in whole or in part, at any time and from
    time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater
    of: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to
    the redemption date (assuming the Notes matured on the Par Call Date) on a semiannual basis (assuming a 360-day year consisting of twelve
    30-day months) at the Treasury Rate plus 20 basis points less (b)&nbsp;interest accrued to the date of redemption, and (2)&nbsp;100% of
    the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or after the Par Call Date, we may redeem the
    Notes, in whole or in part, at any time and from time to time, at our option, at a redemption price equal to 100% of the principal amount
    of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Change of Control Offer:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">If a Change of Control Triggering Event occurs, as defined in the preliminary
    prospectus supplement, the Issuer will be required to offer to purchase the notes at a price equal to 101% of their principal amount,
    together with any accrued and unpaid interest to, but excluding, the date of purchase.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joint Book-Running Managers: </FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">Goldman Sachs&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">Wells Fargo Securities, LLC</P></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Co-Managers: </FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">Fifth Third Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">SMBC Nikko Securities America,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Co-Managers: </FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">Comerica Securities,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.1pt; text-indent: -53.1pt">Loop Capital Markets LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank&nbsp;&amp; Co., LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">*</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">*</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Where
similar language or information to that set forth above appears in other sections of the preliminary prospectus supplement dated November&nbsp;17</B></FONT><B>,
2025<FONT STYLE="background-color: white">, that language or information is deemed modified accordingly as set forth above.</FONT></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We expect that delivery of the Notes will be
made to investors on or about the Settlement Date indicated above, which will be the seventh business day following the Trade Date indicated
above (such settlement being referred to as &ldquo;T+7&rdquo;). Under Rule&nbsp;15c6-1 of the Exchange Act, 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 the Notes on any day prior to the first business day before the delivery of the Notes hereunder will be required, by
virtue of the fact that the Notes initially will settle in T+7, to specify an alternative settlement cycle at the time of any such trade
to prevent failed settlement. Such purchasers should consult their own advisors in this regard.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest,
you should read the 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. You may get these documents for free by visiting EDGAR on the SEC&rsquo;s 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: Deutsche Bank Securities Inc. at 1-800-503-4611, PNC Capital Markets LLC at 1-855-881-0697 or Scotia Capital
(USA) Inc. at 1-800-372-3930.</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"></P>

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