<SEC-DOCUMENT>0001552781-22-000418.txt : 20220519
<SEC-HEADER>0001552781-22-000418.hdr.sgml : 20220519
<ACCEPTANCE-DATETIME>20220519163427
ACCESSION NUMBER:		0001552781-22-000418
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220519
DATE AS OF CHANGE:		20220519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Essential Utilities, Inc.
		CENTRAL INDEX KEY:			0000078128
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				231702594
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-255235
		FILM NUMBER:		22943578

	BUSINESS ADDRESS:	
		STREET 1:		762 W. LANCASTER AVE
		CITY:			BRYN MAWR
		STATE:			PA
		ZIP:			19010-3489
		BUSINESS PHONE:		610-527-8000

	MAIL ADDRESS:	
		STREET 1:		762 W. LANCASTER AVE
		CITY:			BRYN MAWR
		STATE:			PA
		ZIP:			19010-3489

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AQUA AMERICA INC
		DATE OF NAME CHANGE:	20040120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILADELPHIA SUBURBAN CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>e22316_wtrg-424b5.htm
<TEXT>
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<P STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Filed Pursuant to Rule 424(b)(5)<BR>
Registration No. 333-255235</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
Supplement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(To
Prospectus dated April 15, 2021) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>$500,000,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;<IMG SRC="i21219001.jpg" ALT=""></B></FONT></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>ESSENTIAL
UTILITIES, INC. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>5.300</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>%
Senior Notes due 2052 </B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We are offering
$500,000,000 aggregate principal amount of our 5.300% Senior Notes due 2052 (the &ldquo;notes&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
bear interest at the rate of 5.300% per year and will mature on May 1, 2052. Interest on the notes will accrue from May
20, 2022 and will be payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November
1, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">At our option,
we may redeem some or all of the notes at any time at the redemption price for the notes described in this prospectus supplement. See
&ldquo;Description of the Notes&rdquo; in this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The notes will
be our general unsecured senior obligations and will rank equally in right of payment with all of our other existing and future unsecured
senior indebtedness and guarantees, will be effectively subordinated to any of our secured indebtedness (to the extent of the collateral
securing such indebtedness) and will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in the notes involves risks. See &ldquo;<A HREF="#i22039_wtrga005_v1">Risk Factors</A>&rdquo; on page&nbsp;S-5 of this prospectus supplement, on page&nbsp;4 of the accompanying
prospectus and in the documents we incorporate by reference in this prospectus supplement and the accompanying prospectus.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 0.5in; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 1pt; text-align: center"><B>Public&nbsp;Offering</B><BR> <B>Price<SUP>(1)</SUP></B>&nbsp;</P>

</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 1pt; text-align: center"><B>Underwriting</B><BR> <B>Discount<SUP>(2)</SUP></B>&nbsp;</P>

</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 1pt; text-align: center"><B>Proceeds,&nbsp;before<BR>
expenses, to<BR> Essential&nbsp;Utilities</B></P>

</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-indent: -12pt; padding-left: 12pt">Per Note</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">99.128</TD><TD STYLE="width: 1%; text-align: left">%&nbsp;&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.875</TD><TD STYLE="width: 1%; text-align: left">%&nbsp;&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">98.253</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">495,640,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">491,265,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  </TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus
                                            accrued interest from May 20, 2022, if settlement occurs after that date.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; width: 100%; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&ldquo;Underwriting (Conflicts of Interest).&rdquo;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Neither the U.S.
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The underwriters
expect to deliver the notes in book-entry form through the facilities of The Depository Trust Company for the accounts of its participants,
including Clearstream Banking S.A. and Euroclear Bank SA/NV, as operator of the Euroclear System, against payment in New York, New York
on or about May 20, 2022.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Joint
Bookrunners</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I></I></B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">PNC Capital Markets LLC</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">BofA Securities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">Wells Fargo Securities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">RBC Capital Markets</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Co-Managers</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center">Barclays</TD>
    <TD STYLE="width: 25%; text-align: center">Citizens Capital Markets</TD>
    <TD STYLE="width: 25%; text-align: center">Huntington Capital Markets</TD>
    <TD STYLE="width: 25%; text-align: center">Morgan Stanley</TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: center">Baird</TD>
    <TD STYLE="width: 20%; text-align: center">Bancroft Capital</TD>
    <TD STYLE="width: 18%; text-align: center">Evercore ISI</TD>
    <TD STYLE="width: 22%; text-align: center">Janney Montgomery Scott</TD>
    <TD STYLE="width: 20%; text-align: center">TD Securities</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>May
18</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>, 2022</B></FONT></P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
Supplement </B></FONT></P>



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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga001_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About This Prospectus Supplement</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga002_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iii</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga003_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
and Industry Data</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-vi</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga004_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Supplement Summary</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga005_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-5</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga006_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-9</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga007_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-10</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga008_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of the Notes</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga009_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain United States Federal Income Tax Consequences</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-18</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga010_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain ERISA Considerations</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-22</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga011_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting (Conflicts of Interest<B>)</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-24</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga012_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga013_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#i22039_wtrga014_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find Additional Information; Incorporation of Certain Documents by Reference</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a001">About this Prospectus</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a002">Forward-Looking Statements</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a003">Essential Utilities, Inc.</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a004">Risk Factors</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a005">Use of Proceeds</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a006">Description of Capital Stock</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a007">Description of Common Stock Purchase Contracts</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a008">Description of Warrants</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a009">Description of Units</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a010">Description of Depository Shares</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a011">Description of Debt Securities</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a012">Plan of Distribution</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a013">Legal Matters</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a014">Experts</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#i21219a015">Where You Can Find More Information</A>&#9;</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></td></tr>
</table>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga001_v1"></A>About
This Prospectus Supplement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Unless otherwise
specified or the context requires otherwise, references in this prospectus supplement to (1) &ldquo;Essential Utilities,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar references refer to Essential Utilities, Inc. and its subsidiaries
and (2) &ldquo;this offering&rdquo; refers to this offering of the notes pursuant to this prospectus supplement and the accompanying
prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">All references
to currency amounts included in this prospectus supplement are in U.S. dollars unless specifically noted otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This document
is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering of the notes and also
adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference in the accompanying
prospectus. The second part is the accompanying prospectus, which gives more general information about us, some of which does not apply
to this offering of the notes. To the extent the information in this prospectus supplement is inconsistent with the information in the
accompanying prospectus, you should rely on the information in this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We have not,
and the underwriters have not, authorized anyone to provide you with any information other than that contained or incorporated by reference
in this prospectus supplement, the accompanying prospectus or in any free writing prospectus we may provide to you in connection with
this offering. Neither we nor the underwriters take any responsibility for, or provide any assurances as to the reliability of, any additional
or different information that others may give you. Neither we nor the underwriters are offering to sell the notes or seeking offers to
buy the notes in jurisdictions where offers or sales are not permitted. You should assume that the information contained in this prospectus
supplement, the accompanying prospectus and any related free writing prospectus is accurate only as of their respective dates or as of
the respective dates specified in such information, as applicable, and the information contained in documents incorporated by reference
is accurate only as of the respective dates of those documents or as of the respective dates specified in such information, as applicable,
in each case regardless of the time of delivery of this prospectus supplement or the accompanying prospectus or any such free writing
prospectus or any sale of the notes. Our business, financial condition, results of operations and prospects may have changed since those
dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The distribution
of this prospectus supplement, the accompanying prospectus and any related free writing prospectus and the offering of the notes in certain
jurisdictions may be restricted by law. Persons into whose possession this prospectus supplement, the accompanying prospectus and any
such free writing prospectus come should inform themselves about and observe any such restrictions. This prospectus supplement, the accompanying
prospectus and any such free writing prospectus do not constitute, and may not be used in connection with, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation
is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. See &ldquo;Underwriting (Conflicts
of Interest).&rdquo;</FONT></P>



<P STYLE="margin: 10pt 0 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRADEMARKS,
TRADE NAMES AND SERVICE MARKS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We own or have
rights to trademarks, trade names and service marks that we use in conjunction with the operation of our business and that appear in
this prospectus supplement. This prospectus supplement may also contain trademarks, trade names and service marks of other companies
which, to our knowledge, are the property of their respective owners. We do not intend our use or display of other parties&rsquo; trademarks,
trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement
or sponsorship of us by these other parties. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus
supplement may appear without the &reg; or &trade; symbols, but the absence of such symbols does not indicate the registration status
of such trademarks, trade names or service marks and is not intended to indicate, in any way, that we will not assert, to the fullest
extent under applicable law, our rights or the rights of the applicable licensor to such trademarks, trade names and service marks.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga002_v1"></A>Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Certain statements
in this prospectus supplement, the accompanying prospectus and the documents they incorporate by reference contain, and any free writing
prospectus we may provide to you in connection with this offering are &ldquo;forward-looking statements&rdquo; within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and Section&nbsp;21E of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) that are made based upon, among other things, our current assumptions,
expectations, plans and beliefs concerning future events and their potential effect on us. These forward-looking statements involve risks,
uncertainties and other factors, many of which are outside our control that may cause our actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
In some cases you can identify forward-looking statements where statements are preceded by, followed by or include the words &ldquo;believes,&rdquo;
&ldquo;expects,&rdquo; &ldquo;estimates,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo; &ldquo;future,&rdquo; &ldquo;potential,&rdquo;
&ldquo;probably,&rdquo; &ldquo;predictions,&rdquo; &ldquo;intends,&rdquo; &ldquo;will,&rdquo; &ldquo;continue,&rdquo; &ldquo;in the event&rdquo;
or the negative of such terms or similar expressions. Such forward-looking statements include, but are not limited to, statements regarding:</FONT></P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of the novel coronavirus (&ldquo;COVID-19&rdquo;) pandemic or the measures implemented
                                            by the Company as a result of the COVID-19 pandemic; </FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">opportunities
                                            for future acquisitions, both within and outside the water, wastewater, and natural gas industries,
                                            the success of pending acquisitions and the impact of future acquisitions;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">acquisition-related
                                            costs and synergies;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            sale of water and wastewater divisions;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of conservation awareness of customers and more efficient fixtures and appliances
                                            on water and natural gas usage per customer;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of our business on the environment, and our ability to meet our climate change goals;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            authority to carry on our business without unduly burdensome restrictions;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            capability to pursue timely rate increase requests;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            capacity of our water supplies, water facilities, wastewater facilities, and natural gas
                                            supplies and storage facilities;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of decisions of governmental and regulatory bodies, including decisions to raise or
                                            lower rates and decisions regarding potential acquisitions;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">developments,
                                            trends and consolidation in the water, wastewater, and natural gas utility and infrastructure
                                            industries;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of changes in and compliance with governmental laws, regulations and policies, including
                                            those dealing with the environment, health and water quality, taxation, and public utility
                                            regulation;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            development of new services and technologies by us or our competitors;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            ongoing integration of the acquisition (the &ldquo;Peoples Gas Acquisition&rdquo;) of a natural
                                            gas distribution company consisting of Peoples Natural Gas Company LLC, Peoples Gas Company
                                            LLC, Peoples Gas West Virginia, Inc., Peoples Gas Kentucky, Inc., and Delta Natural Gas Company
                                            Inc. (collectively, these businesses are referred to as &ldquo;Peoples&rdquo;);</FONT></TD></TR></TABLE>

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                                            availability of qualified personnel;</FONT></TD></TR></TABLE>

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                                            condition of our assets;</FONT></TD></TR></TABLE>

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                                            of capital expenditures and expenses in rates;</FONT></TD></TR></TABLE>


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                                            capital expenditures and related funding requirements;</FONT></TD></TR></TABLE>

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                                            availability and cost of capital financing;</FONT></TD></TR></TABLE>

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                                            payment projections;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of geographic diversity on our exposure to unusual weather;</FONT></TD></TR></TABLE>

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                                            continuation of investments in strategic ventures;</FONT></TD></TR></TABLE>

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                                            ability to obtain fair market value for condemned assets;</FONT></TD></TR></TABLE>

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                                            impact of fines and penalties;</FONT></TD></TR></TABLE>

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                                            impact of legal proceedings;</FONT></TD></TR></TABLE>

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                                            economic conditions, including inflation;</FONT></TD></TR></TABLE>

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                                            impact of federal and/or state tax policies and the regulatory treatment of the effects of
                                            those policies; and</FONT></TD></TR></TABLE>

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                                            amount of income tax deductions for qualifying utility asset improvements and the Internal
                                            Revenue Service&rsquo;s ultimate acceptance of the deduction methodology.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Because forward-looking
statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements, including but not limited to:</FONT></P>

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                                            from the global outbreak of COVID-19, including on consumption, usage and collections;</FONT></TD></TR></TABLE>

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                                            success in the closing of, and the profitability of future acquisitions;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in general economic, business, credit and financial market conditions;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to manage the expansion of our business, including our ability to manage our expanded
                                            operations resulting from the Peoples Gas Acquisition;</FONT></TD></TR></TABLE>

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                                            in environmental conditions, including the effects of climate change;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to integrate and otherwise realize all of the anticipated benefits of businesses,
                                            technologies or services which we may acquire;</FONT></TD></TR></TABLE>

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                                            decisions of governmental and regulatory bodies, including decisions on regulatory filings,
                                            including rate increase requests and decisions regarding potential acquisitions;</FONT></TD></TR></TABLE>

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                                            ability to file rate cases on a timely basis to minimize regulatory lag;</FONT></TD></TR></TABLE>

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                                            impact of inflation on our business and on our customers;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">abnormal
                                            weather conditions, including those that result in water use restrictions;</FONT></TD></TR></TABLE>

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                                            seasonality of our business;</FONT></TD></TR></TABLE>

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                                            ability to treat and supply water or collect and treat wastewater;</FONT></TD></TR></TABLE>

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                                            ability to source sufficient natural gas to meet customer demand in a timely manner;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            continuous and reliable operation of our information technology systems, including the impact
                                            of cyber security attacks or other cyber-related events;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in governmental laws, regulations and policies, including those dealing with taxation, the
                                            environment, health and water quality, and public utility regulation;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            extent to which we are able to develop and market new and improved services;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            effect of the loss of major customers;</FONT></TD></TR></TABLE>


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                                            ability to retain the services of key personnel and to hire qualified personnel as we expand;</FONT></TD></TR></TABLE>

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                                            disputes;</FONT></TD></TR></TABLE>

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                                            difficulties in obtaining insurance and increased cost of insurance;</FONT></TD></TR></TABLE>

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                                            overruns relating to improvements to, or the expansion of, our operations;</FONT></TD></TR></TABLE>

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                                            including inflation,</FONT><FONT STYLE="font-size: 10pt"> in the costs of goods and services;</FONT></TD></TR></TABLE>

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                                            or prolonged disruptions in the supply of important goods or services;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            effect of natural gas price volatility;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">civil
                                            disturbance or terroristic threats or acts;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            to the rules or our assumptions underlying our determination of what qualifies for an income
                                            tax deduction for qualifying utility asset improvements;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in, or unanticipated, capital requirements;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in our credit rating or the market price of our common stock;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in valuation of strategic ventures;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in accounting pronouncements;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">litigation
                                            and claims; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">restrictions
                                            on our subsidiaries&rsquo; ability to make dividends and other distributions.</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Given these risks and
uncertainties, you should not place undue reliance on any forward-looking statements. You should read this prospectus supplement, the
accompanying prospectus and the documents that we incorporate by reference into this prospectus supplement completely and with the understanding
that our actual results, performance and achievements may be materially different from what we expect. These forward-looking statements
represent assumptions, expectations, plans, and beliefs only as of the date of this prospectus supplement, the date of the document containing
the applicable statement or the date specified in such statement, as applicable. Except for our ongoing obligations to disclose certain
information under the federal securities laws, we are not obligated, and assume no obligation, to update these forward-looking statements,
even though our situation may change in the future. For further information or other factors which could affect our financial results
and such forward-looking statements, see &ldquo;Risk Factors.&rdquo; We qualify all of our forward-looking statements by these cautionary
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Investing in
the notes involves risks. You should review and consider carefully the risks, uncertainties and other factors that affect our business,
financial condition and results of operations and the value of the notes, including those described in the &ldquo;Business,&rdquo; &ldquo;Risk
Factors,&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; sections
and other sections in our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2021, filed with the SEC on March 1,
2022 and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed with the SEC on May 10, 2022 therein
and those described in the &ldquo;Risk Factors&rdquo; sections and other sections of this prospectus supplement and the accompanying
prospectus and the documents incorporated by reference therein. You may obtain copies of these reports and documents as described under
&ldquo;Where You Can Find Additional Information; Incorporation of Certain Documents by Reference&rdquo; in this prospectus supplement.
These risks, uncertainties and other factors could cause you to suffer a loss of all or part of your investment in the notes. Before
making an investment decision, you should carefully consider these risks, uncertainties and other factors, as well as other information
contained or incorporated by reference in this prospectus supplement and the accompanying prospectus and any related free writing prospectus
we may provide to you in connection with this offering. However, additional risks and uncertainties not presently known to us or that
we currently deem immaterial may also impair our business, operations, financial condition and financial results and the value of the
notes.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga003_v1"></A>Market
and Industry Data </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This prospectus
supplement, the accompanying prospectus and the documents incorporated by reference in this prospectus supplement and the accompanying
prospectus include, and any free writing prospectus we may provide to you in connection with this offering may include, market, demographic
and industry data and forecasts related to our business that are based on or derived from sources such as independent industry publications,
publicly available information, government data and other information from third parties or that have been compiled or prepared by our
management or employees. We do not guarantee the accuracy or completeness of any of this information, and we have not independently verified
any of the information provided by third-party sources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In addition,
market, demographic and industry data and forecasts involve estimates, assumptions and other uncertainties and are subject to change
based on various factors, including those discussed under the heading &ldquo;Risk Factors&rdquo; in this prospectus supplement and under
similar headings in the documents that are incorporated by reference in this prospectus supplement and the accompanying prospectus. Accordingly,
you should not place undue reliance on any of this information.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga004_v1"></A>prospectus
supplement Summary </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
following summary highlights, and should be read together with, the information contained elsewhere in this prospectus supplement, the
accompanying prospectus and the documents incorporated by reference herein and therein. This summary may not contain all of the information
that may be important to you, and you should carefully read this entire prospectus supplement, the accompanying prospectus, any free
writing prospectus we may provide to you in connection with this offering and the documents incorporated by reference herein and therein
before making an investment decision. You may obtain a copy of the documents incorporated by reference by following the instructions
in the section titled &ldquo;Where You Can Find Additional Information; Incorporation of Certain Documents by Reference&rdquo; in this
prospectus supplement. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Unless
we state otherwise or the context otherwise requires, references appearing in this prospectus supplement to &ldquo;Essential Utilities,&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; should be read to refer to Essential Utilities, Inc.
and its subsidiaries. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Essential
Utilities, Inc. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Essential Utilities,
Inc., is a Pennsylvania corporation and the holding company for regulated utilities providing water, wastewater or natural gas services
to an estimated five million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, West Virginia,
and Kentucky under the Aqua and Peoples brands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">One of our largest
operating subsidiaries is Aqua Pennsylvania, Inc., which accounted for approximately 55% of our operating revenues and approximately
68% of income for our regulated water segment in 2021. Our other regulated water or wastewater utility subsidiaries provide similar services
in seven additional states. Additionally, pursuant to the Company&rsquo;s growth strategy, commencing on March 16, 2020, with the completion
of the Peoples Gas Acquisition, the Company began to provide natural gas distribution services to customers in western Pennsylvania,
Kentucky, and West Virginia. As of December 31, 2021, approximately 93% of the total number of natural gas utility customers we serve
were in western Pennsylvania.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Our growth in revenues
over the past five years is primarily a result of the Peoples Gas Acquisition, increases in water and wastewater rates and customer growth.
The increase in our utility customer base, as shown below, has been due to customers added through acquisitions, partnerships with developers,
and organic growth (excluding dispositions):</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: center">Utility&nbsp;Customer<BR> Growth&nbsp;Rate</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -12pt; padding-left: 12pt">2021</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.9</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.1</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.3</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>




</DIV>

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<DIV STYLE="margin-top: 0; border: black 1px solid; padding: 6pt; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In 2021, 2020,
and 2019, our customer count increased by 21,246, 772,099, and 21,108 customers, respectively, primarily due to the water and wastewater
utility systems that we acquired, organic growth, and in 2020, due to the Peoples Gas Acquisition that resulted in the addition
of approximately 750,000 natural gas utility customers. Overall, for the five year period of 2017 through 2021, our utility customer
base, adjusted to exclude customers associated with utility system dispositions, increased at an annual compound rate of 13.4%. During
the five year period ended December 31, 2021, our utility customer base including customers associated with utility systems acquisitions
and dispositions increased from 972,265 at January 1, 2017 to 1,820,049 at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Our principal
executive office is located at 762 W. Lancaster Avenue, Bryn Mawr, Pennsylvania 19010-3489, and our telephone number is 610-527-8000.
Our website may be accessed at <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>www.essential.co</I></FONT>. The reference
to our website is intended to be an inactive textual reference only, and the contents of our website are not incorporated by reference
herein and should not be considered part of this prospectus supplement.</FONT></P>
</div>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
OFFERING </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
following summary describes certain terms of the notes and may not contain all of the information that may be important to you. Certain
of the terms and conditions described below are subject to important limitations and exceptions. The &ldquo;Description of the Notes&rdquo;
section of this prospectus supplement contains a more detailed description of the terms and conditions of the notes. You should read
this entire prospectus supplement, the accompanying prospectus, any free writing prospectus we may provide to you in connection with
this offering and the documents incorporated by reference herein and therein before making an investment decision. As used in this section,
unless the context otherwise requires, references to &ldquo;Essential Utilities,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our&rdquo; and similar references refer only to Essential Utilities, Inc. and not to its consolidated subsidiaries.
</I></FONT></P>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer
    </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essential
    Utilities, Inc., a Pennsylvania corporation. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
    Offered </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000
    aggregate principal amount of 5.300% Senior Notes due 2052. </FONT></TD></TR>
  </TABLE>


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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity
    </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 2052. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    Rate </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.300</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    per year, accruing from May 20, 2022. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    Payment Dates </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> and November 1 of each year, beginning
    November 1, 2022. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking
    </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    notes will be our general unsecured senior obligations and will rank equally in right of payment with all of our other existing and
    future unsecured senior indebtedness and guarantees. The notes will rank senior to all of our existing and future indebtedness, if
    any, that is subordinated to the notes. The notes will be effectively subordinated to any secured indebtedness we have or may incur
    (to the extent of the collateral securing such secured indebtedness) and will be structurally subordinated to all indebtedness and
    other liabilities of our subsidiaries.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    conduct our operations primarily through our subsidiaries and substantially all of our consolidated assets are held by our subsidiaries.
    </FONT></TD></TR>
  </TABLE>


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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of March 31, 2022, on an as adjusted basis after giving effect to the issuance of the notes offered hereby and the application of
    the net proceeds therefrom as described in &ldquo;Use of Proceeds&rdquo;: </FONT></TD></TR>
  </TABLE>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 57%"><FONT STYLE="font-size: 10pt">Essential
                                            Utilities would have had approximately $3,035.3 million of indebtedness outstanding,
                                            of which none would have been secured indebtedness; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 57%"><FONT STYLE="font-size: 10pt">our
                                            subsidiaries would have had a total of approximately $8,424.6 million of outstanding
                                            liabilities, including indebtedness, owed to non-affiliated third parties.</FONT></TD></TR></TABLE>

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


<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">As of March 31, 2022, on an actual
basis, our subsidiaries had a total of approximately $8,474.4 million of outstanding liabilities, including indebtedness, owed to non-affiliated
third parties.</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    &ldquo;Description of the Notes&mdash;Ranking&rdquo; and &ldquo;&mdash;Recent Developments.&rdquo; </FONT></TD></TR>
  </TABLE>


<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
    Redemption </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    our option, we may redeem some or all of the notes at any time at the redemption price for the notes described in this prospectus
    supplement. See &ldquo;Description of the Notes&mdash;Optional Redemption.&rdquo; </FONT></TD></TR>
  </TABLE>

  </div>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
    Covenants </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    notes and the related indenture do not contain any financial or other similar restrictive covenants. However, we will be subject
    to the covenant described under the caption &ldquo;Description of the Notes&mdash;Consolidation, Merger and Conveyance of Assets
    as an Entirety.&rdquo; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
    of Proceeds </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    estimate that the net proceeds from this offering, after deducting underwriting discounts and estimated offering expenses, will be
    approximately $489.8 million. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    intend to use the net proceeds from this offering (1) to repay $49.7 million of borrowings under our Aqua PA Revolving Credit
    Facility (as defined under &ldquo;Use of Proceeds&rdquo;) and $410.0 million of borrowings under our Essential Revolving Credit
    Facility (as defined under &ldquo;Use of Proceeds&rdquo;) and (2) for general
    corporate purposes. In the future, we may use the available capacity under our Revolving Credit Facilities (as defined under &ldquo;Use
    of Proceeds&rdquo;) for general corporate purposes, including for working capital, capital expenditures or water and wastewater utility
    acquisitions. See &ldquo;Use of Proceeds.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee,
    Registrar and Paying Agent </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Bank Trust Company, National Association</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
    Law </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    indenture is, and the notes will be, governed by and construed in accordance with, the laws of the State of New York. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk
    Factors </B>&#9;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
    in the notes involves risks. See &ldquo;Risk Factors&rdquo; in this prospectus supplement, the accompanying prospectus and in the
    documents we incorporate by reference in this prospectus supplement and the accompanying prospectus for a discussion of some of the
    risks and other factors you should carefully consider before deciding to invest in the notes. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflict
    of Interests</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    intend to use the net proceeds from this offering to repay borrowings under our Revolving Credit Facilities. Respective affiliates
    of PNC Capital Markets LLC, BofA Securities, Inc., Wells Fargo Securities, LLC and certain of the other underwriters
    are lenders under one or more of our Revolving Credit Facilities and may receive at least 5% of the net proceeds of this offering.
    Consequently, each such underwriter is deemed to have a conflict of interest within the meaning of Rule 5121 of the Financial Industry
    Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;). This offering will therefore be conducted in compliance with the applicable provisions
    of FINRA Rule 5121, and no such underwriter will confirm any sales to any account over which it exercises discretionary authority
    without the specific written approval of the transaction from the account holders. Pursuant to FINRA Rule 5121(a)(1)(C), the appointment
    of a &ldquo;qualified independent underwriter&rdquo; is not required in connection with this offering as the notes will be investment
    grade-rated by one or more nationally recognized statistical rating agencies. See &ldquo;Use of Proceeds&rdquo; and &ldquo;Underwriting
    (Conflicts of Interest).&rdquo;</FONT></TD></TR>
  </TABLE>
</div>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga005_v1"></A>Risk
Factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investing
in the notes involves risks. You should review and carefully consider the risks, uncertainties and other factors described below and
all of the information included elsewhere in this prospectus supplement, the accompanying prospectus, any free writing prospectus we
may provide to you in connection with this offering and the documents incorporated by reference herein and therein before deciding to
invest in the notes. We also urge you to consider carefully the risks, uncertainties and other factors set forth under the headings &ldquo;Forward-Looking
Statements&rdquo; and &ldquo;Market and Industry Data.&rdquo; However, additional risks and uncertainties not presently known to us or
that we currently deem immaterial may also impair our business, operations, financial condition and financial results and the value of
the notes. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Business </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">For a discussion
of specific risks related to our business, operations, financial condition and financial results, please see the &ldquo;Business,&rdquo;
&ldquo;Risk Factors,&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
sections and other sections in our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2021, filed with the SEC on
March 1, 2022 and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2022, filed with the SEC on May 10, 2022,
as updated by our annual, quarterly and other reports and documents we file with the SEC that are incorporated by reference in this prospectus
supplement and the accompanying prospectus. See &ldquo;Where You Can Find Additional Information; Incorporation of Certain Documents
by Reference,&rdquo; in this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to this Offering and the Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
ability to meet our debt obligations largely depends on the performance of our subsidiaries and the ability to utilize the cash flows
from those subsidiaries. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Essential Utilities
is a holding company substantially all of whose assets are owned by its subsidiaries and substantially all of whose operations are conducted
through its subsidiaries. Our ability to meet our debt and other obligations depends almost entirely on cash flows from our subsidiaries
and, in the short term, our ability to raise capital from external sources. In the long term, cash flows from our subsidiaries depend
on their ability to generate operating cash flows in excess of their own expenditures, common and preferred stock dividends (if any),
and debt or other obligations. Our subsidiaries are separate and distinct legal entities that are not obligated to pay dividends or make
loans or distributions to Essential Utilities (whether to enable Essential Utilities to pay principal and interest on its debt (including
the notes offered hereby), to pay dividends on its common stock, to settle, repurchase or redeem its debt, or to satisfy its other obligations).
In addition, notwithstanding our controlling interest in such subsidiaries, many of them are limited in their ability to pay dividends
or make loans or distributions to Essential Utilities, including, without limitation, as a result of legislation, regulation, court order,
contractual restrictions and other restrictions or in times of financial distress. As a result, we may not be able to cause such subsidiaries
and other entities to distribute funds or provide loans sufficient to enable us to meet our debt and other obligations, including obligations
under the notes, and to pay dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
notes are structurally subordinated to the liabilities of our subsidiaries. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
be exclusively obligations of Essential Utilities and not of any of its subsidiaries. Therefore, the notes will be structurally subordinated
to all existing and future indebtedness and other liabilities of our subsidiaries. Any right of Essential Utilities to receive assets
of any of its subsidiaries upon the liquidation or reorganization thereof, and the consequent right of the holders of the notes to receive
the proceeds of those assets, will be effectively subordinated to the claims of that subsidiary&rsquo;s creditors, except to the extent
that Essential Utilities is itself recognized as a creditor of such subsidiary. If Essential Utilities is recognized as a creditor of
such subsidiary, the claims of Essential Utilities would still be effectively subordinated to any secured indebtedness to the extent
of the collateral of that subsidiary securing such indebtedness. As of March&nbsp;31, 2022,</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">on an as adjusted basis
after giving effect to the issuance of the notes offered hereby and the application of the net proceeds therefrom as described in &ldquo;Use
of Proceeds&rdquo;, (i)&nbsp;Essential Utilities would have had approximately $3,035.3 million of indebtedness outstanding, of
which none would have been secured indebtedness and (ii)&nbsp;our subsidiaries would have had a total of approximately $8,424.6
million of outstanding liabilities, including indebtedness, owed to non-affiliated third parties. As of March 31, 2022, on an actual
basis, our subsidiaries had a total of approximately $8,474.4 million of outstanding liabilities, including indebtedness, owed to non-affiliated
third parties. The indenture that will govern the notes will not restrict our subsidiaries&rsquo; ability to incur additional indebtedness
or other liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
indenture that will govern the notes does not prohibit us or our subsidiaries from incurring additional indebtedness in the future, and
the limited covenants that will be included in the indenture that will govern the notes will not provide protection against other important
corporate events and may not protect your investment. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">As of March&nbsp;31,
2022, on an actual basis, we had $6,042.1 million of long-term debt outstanding on a consolidated basis and, on an as adjusted basis
after giving effect to the issuance of the notes offered hereby and the application of the net proceeds therefrom as described in &ldquo;Use
of Proceeds&rdquo;, would have had approximately $6,132.1 million of long-term debt outstanding. Despite our current debt levels,
we may be able to incur substantially more debt in the future. The indenture that will govern the notes does not prohibit us from incurring
additional indebtedness in the future, including additional secured indebtedness that would be effectively senior to the notes to the
extent of the value of the collateral securing such indebtedness. The indenture that will govern the notes will also permit unlimited
additional borrowings by our subsidiaries that would be structurally senior to the notes. Our incurrence of additional debt may have
important consequences for you as a holder of the notes, including making it more difficult for us to satisfy our obligations with respect
to the notes, a loss in the market value of your notes and a risk that the credit ratings of the notes are downgraded or withdrawn, which
could negatively impact the price of the notes. See &ldquo;&mdash;Our credit ratings may not reflect all risks of an investment in the
notes.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In addition,
the indenture will not contain any restrictive covenants limiting our ability to make investments, pay dividends or make payments on
junior or other indebtedness, requiring us to maintain any financial ratios or specific levels of net worth, revenues, income, cash flow
or liquidity (and, accordingly, does not protect holders of the notes in the event that we experience significant adverse changes in
our financial condition or results of operations) or restricting our ability to repurchase or prepay our securities or to enter into
highly leveraged transactions. We could engage in many types of transactions, such as certain acquisitions, refinancings or recapitalizations,
that could substantially affect our capital structure and the value of the notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
notes will be subject to the prior claims of any secured creditors, and if a default occurs, we may not have sufficient funds to fulfill
our obligations under the notes. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The notes are
unsecured obligations, ranking equally with our senior unsecured indebtedness and effectively junior to any secured indebtedness we may
incur. The indenture that will govern the notes will not restrict our or our subsidiaries&rsquo; ability to incur additional secured
debt and, if we do incur additional secured debt, our assets securing any such indebtedness will be subject to prior claims by our secured
creditors. In the event of the bankruptcy, insolvency, liquidation, reorganization, dissolution or other winding up of Essential Utilities,
our assets that secure debt will be available to pay obligations on the notes only after all debt secured by those assets has been repaid
in full. Holders of the notes will participate in any remaining assets ratably with all of Essential Utilities&rsquo; other unsecured
and unsubordinated creditors, including trade creditors. If there are not sufficient assets remaining to pay all these creditors, then
all or a portion of the notes then outstanding would remain unpaid. As of March&nbsp;31, 2022, on an as adjusted basis after giving effect
to the issuance of the notes offered hereby and the application of the net proceeds therefrom as described in &ldquo;Use of Proceeds&rdquo;,
Essential Utilities would have had no secured indebtedness. However, see &ldquo;&mdash;The notes are structurally subordinated to the
liabilities of our subsidiaries.&rdquo;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
credit ratings may not reflect all risks of an investment in the notes. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes are
expected to be rated by at least two nationally recognized statistical rating organizations. The ratings of the notes may not reflect
the potential impact of all risks related to structure and other factors on any trading market for, or trading value of, the notes. In
addition, real or anticipated changes in our credit ratings will generally affect any trading market for, or trading value of, the notes.
A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
A credit rating may not remain for any given period of time or a credit rating may be lowered or withdrawn by the relevant rating agency
if, in its judgment, circumstances so warrant. In the event that a credit rating assigned to the notes or to us is subsequently lowered
for any reason, no person or entity is obliged to provide any additional support or credit enhancement with respect to the notes, and
the market value of the notes is likely to be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>An
active trading market may not develop for the notes. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
be a new issue of securities for which currently there is no established trading market. We do not intend to apply for the listing of
the notes on any securities exchange or for quotation of the notes on any dealer quotation system. A trading market may not develop for
the notes. Even if a market for the notes does develop, there may not be liquidity in that market or the notes might trade for less than
their original value or face amount. The liquidity of any market for the notes will depend on the number of holders of the notes, the
interest of securities dealers in making a market in the notes and other factors. If a liquid market for the notes does not develop,
you may be unable to resell the notes for a long period of time, if at all. This means you may not be able to readily convert your notes
into cash, and the notes may not be accepted as collateral for a loan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Even if a market
for the notes develops, trading prices could be higher or lower than the initial offering price. The price of the notes will depend on
many factors, including prevailing interest rates, our operating results and the market for similar securities. Declines in the market
prices for debt securities generally may also materially and adversely affect the liquidity of the notes, independent of our financial
performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
an active trading market does develop, many factors could adversely affect the market price of the notes. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The market price
of the notes will depend on many factors, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ratings
                                            on our debt securities assigned by the credit rating agencies;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            market demand for securities similar to the notes and the interest of securities dealers
                                            in making a market for the notes;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            number of holders of the notes;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            prevailing interest rates being paid by other companies similar to us;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                            in U.S. interest rates;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            financial condition, financial performance and future prospects;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            market price of our common stock;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            prospects for companies in our industry generally; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            overall condition of the financial markets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Historically,
the market for investment grade debt has been subject to disruptions that have caused volatility in prices of securities similar to the
notes. It is possible that the market for the notes will be subject to disruptions. Any disruptions may have a negative effect on holders
of the notes.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
notes may not be a suitable investment for all investors. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">You must determine
the suitability of your investment in light of your own circumstances. In particular, you should (1)&nbsp;have sufficient knowledge and
experience to make a meaningful evaluation of the notes, the merits and risks of investing in the notes and the information contained
or incorporated by reference in this prospectus supplement and the accompanying prospectus; (2)&nbsp;have access to, and knowledge of,
appropriate analytical tools to evaluate, in the context of your particular financial situation, an investment in the notes and the impact
the notes will have on your overall investment portfolio; (3)&nbsp;have sufficient financial resources and liquidity to bear all of the
risks of an investment in the notes; (4)&nbsp;understand thoroughly the terms of the notes and be familiar with the behavior of any relevant
indices and financial markets; and (5)&nbsp;be able to evaluate (either alone or with the help of a financial adviser) possible scenarios
for economic, interest rate and other factors that may affect your investment and your ability to bear the applicable risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may redeem the notes at our option, which may adversely affect your return on the notes. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes are
redeemable at our option, and we may, therefore, choose to redeem all or part of the notes at any time prior to the maturity date, including
at times when prevailing interest rates are relatively low. In the event that we redeem the notes prior to maturity, you may not be able
to reinvest the proceeds you receive from the redemption in a comparable security at an effective interest rate as high as the interest
rate on your notes being redeemed.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga006_v1"></A>Use
of Proceeds</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: .25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">We
estimate that the net proceeds to us from this offering will be approximately $489.8 million (after deducting underwriting discounts
and our estimated offering expenses). We intend to use the net proceeds from this offering (1) to repay $49.7 million of borrowings
under the Amended and Restated Credit Agreement among our subsidiary, Aqua Pennsylvania, Inc., and PNC Bank, National Association, Citizens
Bank of Pennsylvania, TD Bank, N.A., and Huntington National Bank, dated as of November 17, 2016, which has a maturity date of November
4, 2022 (as amended and supplemented, the &ldquo;Aqua PA Revolving Credit Facility&rdquo;) and $410.0 million of borrowings under
the Revolving Credit Agreement, dated December 5, 2018, between Essential Utilities and PNC Bank, National Association, CoBank, ACB,
Bank of America, N.A., Barclays Bank PLC, Citizens Bank, N.A., Morgan Stanley Bank, N.A., MUFG Bank, Ltd., Royal Bank of Canada, The
Huntington National Bank, and Wells Fargo Bank, N.A., which has a maturity date of December 5, 2023 (as amended, the &ldquo;Essential
Revolving Credit Facility&rdquo; and, together with the Aqua PA Revolving Credit Facility, the &ldquo;Revolving Credit Facilities&rdquo;)
and (2) for general corporate purposes. For the year ending December 31, 2021,
the average cost of borrowing under the Aqua PA Revolving Credit Facility was 0.78%. For the year ending December 31, 2021, the average
cost of borrowing under the Essential Revolving Credit Facility was 1.31%. In the future, we may use the available capacity under our
Revolving Credit Facilities for general corporate purposes, including for working capital, capital expenditures or water and wastewater
utility acquisitions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: .25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Net
proceeds from this offering that are not immediately used for these purposes may be held in cash or invested temporarily in cash equivalents,
short-term investment-grade securities or similar instruments.</FONT></P>

<P STYLE="margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Affiliates
of certain of the underwriters are lenders under our Revolving Credit Facilities and will receive a portion of the net proceeds of this
offering. See &ldquo;Underwriting (Conflicts of Interest).&rdquo;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga007_v1"></A>Capitalization</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
table sets forth our consolidated cash and cash equivalents, loans payable and capitalization as of March&nbsp;31, 2022:</FONT></P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">on
                                            an actual basis; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">on
                                            an as adjusted basis to give effect to the issuance of the notes offered hereby and the application
                                            of the net proceeds therefrom as described in &ldquo;Use of Proceeds&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
data are qualified in their entirety by our financial statements and related notes and other information incorporated by reference in
this prospectus supplement and the accompanying prospectus. This table should be read in conjunction with &ldquo;Prospectus Supplement
Summary,&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;Use of Proceeds,&rdquo; and our consolidated financial statements and related notes
incorporated by reference in this prospectus supplement and the accompanying prospectus, and the other information contained in the documents
incorporated by reference in this prospectus supplement and the accompanying prospectus.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of March 31, 2022</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: left">(in thousands of dollars, except for per share amounts)</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual</B></FONT></P> </TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted</B></FONT></P> </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash and cash equivalents<SUP>(1)(2)</SUP></B>&#9;</FONT></TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">58,298</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">88,380</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loans payable<SUP>(3)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">79,743</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Long-term Debt:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt of subsidiaries<SUP>(4)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,056,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,056,836</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured notes payable<SUP>(2)(5)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,575,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,575,273</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Essential Revolving Credit Facility<SUP>(6)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">410,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Notes offered hereby&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Total long-term debt&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,042,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,132,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Less: current portion&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,746</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Less: debt issuance costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Long-term debt, excluding current portion, net of debt issuance costs&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,871,960</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,951,785</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt">Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Preferred stock, $1.00 par value (1,770,819&nbsp;shares authorized, none issued)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock, $0.50 par value (600,000,000 shares authorized; 256,281,789 issued, Actual and As Adjusted)<SUP>(7)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital in excess of par value<SUP>(5)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,713,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,713,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Retained earnings&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,497,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,497,757</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Treasury stock, at cost&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(84,357</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(84,357</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Total stockholders&rsquo; equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,255,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,255,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total capitalization&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,127,060</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#9;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,206,885</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Actual
                                            and As Adjusted excludes the impact of our quarterly cash dividend of $0.2682 per share announced
                                            on March 21, 2022, which is payable June 1, 2022 to all shareholders of record on May 13,
                                            2022. Based on 262,067,681 shares of common stock outstanding as of May 13, 2022,
                                            the quarterly dividend would amount to approximately $70.3 million.</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">As
                                            Adjusted does not reflect a reduction of $10.3 million related to the settlement of
                                            the amortizing notes at 3.00% due 2022 component of our tangible equity units (&ldquo;TEUs&rdquo;)
                                            on May 2, 2022.</FONT></TD></TR></TABLE>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Loans
                                            payable are classified as a component of our current liabilities. As of May 16, 2022, we
                                            had borrowings of $65.3 million under the Aqua PA Revolving Credit Facility and had $34.7
                                            million of unused borrowing capacity. The As Adjusted amount reflects the repayment of $49.7
                                            million of borrowings under the Aqua PA Revolving Credit Facility using a portion of
                                            the net proceeds from this offering. For further information regarding the terms of the Aqua
                                            PA Revolving Credit Facility, see our Annual Report on Form 10-K for the year ended December
                                            31, 2021. While we intend to use net proceeds from this offering to repay borrowings under
                                            our Aqua PA Revolving Credit Facility, we may at any time reborrow under such facility, subject
                                            to available capacity and compliance with certain conditions. </FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Includes
                                            current portion of long-term debt, Actual and As Adjusted.</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Such
                                            amounts include $10.3 million amortizing notes at 3.00% due 2022, $500.0 million of notes
                                            at 2.704% due 2030, $400.0 million of notes at 2.40% due 2031, $1,125.0 million of notes
                                            ranging from 3.01% to 3.59% and due 2029 through 2050, $500.0 million of 4.276% senior notes
                                            due 2049 and $40.0 million of notes ranging from 5.64% to 5.95% and due 2022 through 2034.
                                            Includes current portion of long-term debt, Actual. As Adjusted amounts do not reflect
                                            a reduction of $10.3 million as a result of the settlement of the amortizing notes at
                                            3.00% due 2022 component of our TEUs, on May 2, 2022.</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">As
                                            of May 16, 2022, we had borrowings of $400 million and had $19.9 million in issued letters
                                            of credit outstanding under the Essential Revolving Credit Facility and had $580.1 million
                                            of unused borrowing capacity. The As Adjusted amount reflects the payment of $410.0
                                            million of borrowings under the Essential Revolving Credit Facility using a portion of the
                                            net proceeds from this offering. For further information regarding the terms of the Essential
                                            Revolving Credit Facility, see our Annual Report on Form 10-K for the year ended December
                                            31, 2021. While we intend to use net proceeds from this offering to repay borrowings under
                                            our Essential Revolving Credit Facility, we may at any time reborrow under such facility,
                                            subject to available capacity and compliance with certain conditions.</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Share
                                            numbers and amounts do not reflect 9,029,461 shares of our common stock that were issued
                                            in connection with settlement of the purchase contracts component of our TEUs on May 2, 2022,
                                            shares of our common stock reserved for issuance upon exercise of stock options outstanding,
                                            shares of our common stock reserved for issuance upon vesting of our time based restricted
                                            stock units (including reinvested dividends), shares of our common stock reserved for issuance
                                            upon the vesting of our performance based restricted stock units or performance share units
                                            or additional shares we may issue under our dividend reinvestment program, employee stock
                                            purchase plan or 401(k) savings plans. As of May 16, 2022, we had 262,067,681 shares
                                            of common stock issued and outstanding.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<FONT STYLE="text-transform: uppercase"><B><A NAME="i22039_wtrga008_v1"></A>Description
of the Notes </B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
be a series of our senior debt securities issued under an indenture, dated as of April&nbsp;23, 2019 (as amended and supplemented to
date, the &ldquo;base indenture&rdquo;) between Essential Utilities, as issuer, and U.S. Bank Trust Company, National Association, as
successor trustee (the &ldquo;trustee&rdquo;), and a related supplemental indenture, between Essential Utilities, as issuer, and the
trustee, to be dated the date of first issuance of the notes (collectively referred to herein as the &ldquo;indenture&rdquo;). In this
section and under the caption &ldquo;Description of Debt Securities&rdquo; in the accompanying prospectus, references to &ldquo;Essential
Utilities&rdquo;, the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; mean Essential Utilities, Inc.
excluding its subsidiaries and affiliates, unless otherwise expressly stated or the context otherwise requires.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The summary
of selected provisions of the notes and the indenture appearing below supplements, and to the extent inconsistent, supersedes and replaces,
the description of the general terms and provisions of the senior debt securities and the indenture contained in the accompanying prospectus.
This summary is not complete and is qualified by reference to provisions of the notes and the indenture. Forms of the notes and the indenture
have been or will be filed with the SEC as an exhibit to a current report on Form 8-K in connection with this offering, and you may obtain
copies as described under &ldquo;Where You Can Find Additional Information; Incorporation of Certain Documents by Reference&rdquo; in
this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
Rate and Maturity </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
bear interest at the rate of 5.300% per year, computed on the basis of a 360-day year of twelve 30-day months. Interest on the
notes will accrue from May 20, 2022 and will be payable semi-annually in arrears on May 1 and November 1 of each
year, beginning on November 1, 2022, to the holders of record at the close of business on the immediately preceding April 15
and October 15, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
mature on May 1, 2052.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">If any interest
payment date, redemption date or the maturity date of the notes is not a business day at any place of payment, then payment of the principal,
premium, if any, and interest may be made on the next business day at that place of payment. In that case, no interest will accrue on
the amount payable on the notes for the period from and after the applicable interest payment date, redemption date or maturity date,
as the case may be, to the date of such payment on the next business day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
be our general unsecured senior obligations and will rank equally in right of payment with all of our other existing and future unsecured
senior indebtedness and guarantees and will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
The notes will rank senior to all of our existing and future indebtedness, if any, that is subordinated to the notes. The notes will
be effectively subordinated to any of our secured indebtedness (to the extent of the collateral securing that indebtedness).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The notes are
our obligations exclusively, and are not the obligations of any of our subsidiaries. We conduct our operations primarily through our
subsidiaries and substantially all of our consolidated assets are held by our subsidiaries and, therefore, we depend on the cash flow
of our subsidiaries to meet our obligations, including our obligations under the notes. Many of our subsidiaries are limited in their
ability to pay dividends or make loans or distributions to us, including, without limitation, as a result of legislation, regulation,
court order, contractual restrictions and other restrictions or in times of financial distress. As a result, we may not be able to cause
such subsidiaries and other entities to distribute funds or provide loans sufficient to enable us to meet our debt and other obligations,
including obligations under the notes. See &ldquo;Risk Factors&mdash;Risks Related to this Offering and the Notes&mdash;Our ability to
meet our debt obligations largely depends on the performance of our subsidiaries and the ability to utilize the cash flows from those
subsidiaries.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">At March&nbsp;31, 2022,
on an as adjusted basis after giving effect to the issuance of the notes offered hereby and the application of the net proceeds therefrom
as described in &ldquo;Use of Proceeds&rdquo;, (i)&nbsp;Essential Utilities would have had approximately $3,035.3 million of indebtedness
outstanding, of which none would have been secured indebtedness and (ii)&nbsp;our subsidiaries would have had a total of approximately
$8,424.6 million of outstanding liabilities, including indebtedness, owed to non-affiliated third parties. As of March 31, 2022,
on an actual basis, our subsidiaries had a total of approximately $8,474.4 million of outstanding liabilities, including indebtedness,
owed to non-affiliated third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
Redemption </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Prior to the
Par Call Date, the notes will be redeemable, in whole or in part, at any time or from time to time, at our option pursuant to the procedures
set forth under &ldquo;&mdash;Optional Redemption Procedures,&rdquo; at a redemption price, plus accrued and unpaid interest thereon,
if any, to, but excluding, the redemption date, equal to the greater of:</FONT></P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">100%
                                            of the aggregate principal amount of such notes being redeemed on that redemption date; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            sum of the present values of the remaining scheduled payments of principal and interest on
                                            such notes being redeemed that would be due if the notes to be redeemed matured on the Par
                                            Call Date (not including any portion of such payments of interest accrued to the redemption
                                            date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting
                                            of twelve 30-day months) at the applicable Treasury Rate plus the Spread for the notes to
                                            be redeemed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">On and after
the Par Call Date, the notes will be redeemable, 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 aggregate principal amount of the notes being redeemed plus accrued and unpaid interest thereon, if any, to,
but excluding, the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">If we redeem
the notes at our option, then (a)&nbsp;notwithstanding the foregoing (and without duplication), installments of interest on the notes
that are due and payable on any interest payment date falling on or prior to a redemption date for the notes will be payable on that
interest payment date to the registered holders thereof as of the close of business on the relevant record date according to the terms
of the notes and the indenture and (b)&nbsp;the redemption price will, if applicable, be calculated on the basis of a 360-day year consisting
of twelve 30-day months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Par
Call Date</I></FONT>&rdquo; means November 1, 2051 (six months prior to the maturity date of the notes).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Spread</I></FONT>&rdquo;
means 35 basis points.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Treasury
Rate</I></FONT>&rdquo; means, with respect to any redemption date, the yield determined by us in accordance with the following two
paragraphs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Treasury
Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted
daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the
yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the
Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor
designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo;
(or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, we shall select, as applicable: (1)
the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the &ldquo;Remaining
Life&rdquo;); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &ndash;
one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury
constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate to the Par Call Date on a straight-line</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such
Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If on the third
business day preceding the redemption date H.15 TCM is no longer published, we shall calculate the Treasury Rate based on the rate per
annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such
redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable.
If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities
with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity
date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date.
If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities
meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the United
States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury
securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual
yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed
as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places.</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Our actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Optional
Redemption Procedures </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
procedures will apply if we redeem the notes, in whole or in part, at our option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Notice of redemption
will be transmitted by us (or, at our request, by the trustee on our behalf) at least 10 days but not more than 60 days before the redemption
date to each registered holder of the notes. Such notice of redemption shall specify the aggregate principal amount of notes to be redeemed
(or, if the notes are to be redeemed in whole, that the notes are to be redeemed in whole), the CUSIP and ISIN numbers of the notes to
be redeemed, the date fixed for redemption, the redemption price (or if not then ascertainable, the manner of calculation thereof), any
conditions applicable to such redemption, the place or places of payment and that payment will be made upon presentation and surrender
of such notes. Once notice of redemption is sent to holders, the notes called for redemption will, subject to satisfaction of any condition
set forth in such notice, become due and payable on the redemption date at the redemption price, plus accrued and unpaid interest thereon,
if any, to, but excluding, the redemption date. On or before 12:00 p.m. (New York City time) on the redemption date, we will deposit
with the trustee or with one or more paying agents (or, if the Company is acting as its own paying agent pursuant to the base indenture,
will segregate and hold in trust) an amount of U.S. dollars sufficient to redeem on the redemption date all of such notes so called for
redemption and that become so due and payable at the appropriate redemption price for such notes, together with accrued and unpaid interest
thereon, if any, to, but excluding, the redemption date. Unless we default in payment of the redemption price for such notes or in the
payment of accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, commencing on the redemption date interest
on notes called for redemption and that become so due and payable will cease to accrue and holders of such notes will have no rights
with respect to such notes except the right to receive the redemption price for such notes and any unpaid interest thereon to, but excluding,
the redemption date.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If fewer than
all of the notes are to be redeemed, selection of the notes to be redeemed will be made pro rata or by lot by the trustee, or by such
other method as the trustee shall deem fair and appropriate; provided that if all of the notes are represented by one or more global
securities, interests in the notes to be redeemed will be selected for redemption by The Depository Trust Company (&ldquo;DTC&rdquo;)
in accordance with its standard procedures therefor. Upon surrender of any note redeemed in part, the holder will receive a new note
equal in principal amount to the unredeemed portion of the surrendered note. No notes of a principal amount of $2,000 or less shall be
redeemed in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In addition,
we may at any time purchase notes by tender, in the open market or by private agreement, subject to applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Any redemption
may, in our discretion, be subject to the satisfaction of one or more conditions precedent. If a redemption is subject to the satisfaction
of one or more conditions precedent, we may delay the redemption date until such time as any or all such conditions shall be satisfied,
and any related redemption notice may be rescinded, in which case such redemption shall not occur, in the event that any or all such
conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
Notes </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We may from time
to time, without the consent of the holders of the notes, create and issue additional notes ranking equally with the notes offered hereby
in all respects so that such additional notes shall form a single series with such notes and shall have the same terms as such notes,
except for the public offering price, the issue date and, if applicable, the payment of interest accruing prior to the issue date of
such additional notes and the first payment of interest following the issue date of such additional notes; <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided
</I></FONT>that if the additional notes are not fungible with the outstanding notes for U.S. federal income tax purposes, the additional
notes will have one or more separate CUSIP numbers. No additional notes may be issued if an event of default has occurred and is continuing
with respect to the notes. In addition to the notes, we may issue other series of debt securities under the indenture. There is no limit
on the total aggregate principal amount of debt securities that we can issue under the indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discharge
and Defeasance of Indenture </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The defeasance
provisions described in the accompanying prospectus under &ldquo;Description of Debt Securities&mdash;Defeasance&rdquo; will be applicable
to the notes; provided that the coin or currency unit to be deposited with the trustee under such provisions shall be U.S. dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidation,
Merger and Conveyance of Assets as an Entirety </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The indenture
will provide that the Company will not consolidate or merge with or into any other entity, or sell, transfer, lease or otherwise convey
its properties and assets as an entirety or substantially as an entirety to any entity, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)
                                            it is the continuing entity (in the case of a merger), or (ii)&nbsp;the successor entity
                                            formed by such consolidation or into which it is merged or which acquires by sale, transfer,
                                            lease or other conveyance of its properties and assets, as an entirety or substantially as
                                            an entirety, is a corporation organized and existing under the laws of the United States
                                            of America or any State thereof or the District of Columbia, and expressly assumes, by supplemental
                                            indenture, the due and punctual payment of the principal, premium and interest on the notes
                                            and the performance of all of the covenants under the indenture; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">immediately
                                            after giving effect to the transaction, no event of default, and no event which after notice
                                            or lapse of time or both would become an event of default under the indenture, has or will
                                            have occurred and be continuing.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Although there
is a limited body of case law interpreting the phrase &ldquo;substantially as an entirety,&rdquo; there is no precise established definition
of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular
transaction would involve a disposition of our properties and assets &ldquo;substantially as an entirety.&rdquo; As a result, it may
be unclear as to whether the foregoing restrictions on mergers, consolidations, sales, conveyances, transfers, leases and other dispositions
would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Events
of Default </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Each of the following
will be an &ldquo;event of default&rdquo; under the indenture with respect to the notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            failure to pay for 30 days required interest on any notes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            failure to pay principal or premium, if any, on any notes when due;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            failure to perform for 90 days after notice any other covenant in the indenture (other than
                                            a covenant included in the indenture solely for the benefit of a series of debt securities
                                            other than the notes); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">certain
                                            events of bankruptcy or insolvency of Essential Utilities, whether voluntary or not.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Modifications
and Amendments </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We and the trustee
may amend or supplement the indenture or the notes without consent of the holders to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">cure
                                            any ambiguity, omission, defect or inconsistency in the indenture;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provide
                                            for the assumption by a successor corporation as set forth in &ldquo;&mdash;Consolidation, Merger
                                            and Conveyance of Assets as an Entirety&rdquo;;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">comply
                                            with any requirements of the SEC in connection with the qualification of the indenture under
                                            the Trust Indenture Act of 1939;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">evidence
                                            and provide for the acceptance of appointment with respect to the notes by a successor trustee
                                            in accordance with the indenture, and add or change any of the provisions of the indenture
                                            as shall be necessary to provide for or facilitate the administration of the trusts under
                                            the indenture by more than one trustee;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">secure
                                            the notes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">add
                                            guarantees with respect to the notes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">add
                                            covenants or events of default for the benefit of the holders or surrender any right or power
                                            conferred upon us;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">make
                                            any change that does not adversely affect the rights of any holder in any material respect;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">conform
                                            the provisions of the indenture or the notes to any provision of the &ldquo;Description of
                                            the Notes&rdquo; section in the preliminary prospectus supplement for this notes offering,
                                            as supplemented by the related pricing term sheet.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We and the trustee
may, with the consent of the holders of at least a majority in aggregate outstanding principal amount of the notes, modify the indenture
or the rights of the holders of the notes; provided that, in certain circumstances described under the heading &ldquo;Modification of
the Indentures&rdquo; in the accompanying prospectus, we may not modify the indenture or the rights of holders without the consent of
each holder affected thereby.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
Law </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The indenture
is, and the notes will be, governed by and construed in accordance with the laws of the State of New York.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Waiver
of Jury Trial </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The indenture
will provide that we and the trustee will waive our respective rights to trial by jury in any action or proceeding arising out of or
related to the notes, the indenture or the transactions contemplated thereby, to the maximum extent permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes will
not be subject to a sinking fund or entitled to any guarantees and you will not be permitted to require us to redeem or repurchase the
notes at your option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We will pay
principal of and premium, if any, on the notes at stated maturity, upon redemption or otherwise upon presentation of the notes at the
office of the trustee, as our paying agent. In our discretion, we may appoint one or more additional paying agents and security registrars
and designate one or more additional places for payment and for registration of transfer, but we must at all times maintain a place of
payment of the notes and a place for registration of transfer of the notes in the Borough of Manhattan, The City of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes initially
will be issued in book-entry form and represented by one or more global notes deposited with, or on behalf of, DTC, as Depositary, and
registered in the name of Cede&nbsp;&amp; Co., its nominee. This means that you will not be entitled to receive a certificate for the
notes that you purchase except in limited circumstances described in the accompanying prospectus under the caption &ldquo;Description
of Debt Securities&mdash;Book-Entry Procedures and Settlement.&rdquo; The notes will be issued only in fully registered form without
coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. We expect that payments due on notes
in book-entry form will be paid by wire transfer of funds to the Depositary or its nominee. Accountholders in the Euroclear or Clearstream
Banking clearance systems may hold beneficial interests in the notes through the accounts that each of these systems maintains as participants
in DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">For additional
information regarding notes in global form and the book-entry system, see &ldquo;Description of Debt Securities&mdash;Book-Entry Procedures
and Settlement&rdquo; in the accompanying prospectus.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga009_v1"></A>Certain
United States Federal Income Tax Consequences</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain United States federal income tax consequences of the purchase, ownership and disposition of the notes. This summary
deals only with notes held as capital assets (within the meaning of Section&nbsp;1221 of the Code (as defined below)) by persons who
purchase the notes for cash upon original issuance at their &ldquo;issue price&rdquo; (the first price at which a substantial amount
of the notes is sold for money to investors, excluding sales to bond houses, brokers or similar persons or organizations acting in the
capacity of underwriter, placement agent or wholesaler).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">As used herein,
a &ldquo;U.S. holder&rdquo; means a beneficial owner of the notes that is, for United States federal income tax purposes, any of the
following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">an
                                            individual who is a citizen or resident of the United States;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            corporation that is created or organized under the laws of the United States, any state thereof
                                            or the District of Columbia;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">an
                                            estate the income of which is subject to United States federal income taxation regardless
                                            of its source; or</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            trust if it (i)&nbsp;is subject to the primary supervision of a court within the United States
                                            and one or more United States persons have the authority to control all substantial decisions
                                            of the trust or (ii)&nbsp;has a valid election in effect under applicable United States Treasury
                                            regulations to be treated as a United States person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">As used herein,
a &ldquo;non-U.S. holder&rdquo; means a beneficial owner of the notes (other than an entity or arrangement treated as a partnership for
United States federal income tax purposes) that is not a U.S. holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">If any entity
or arrangement classified as a partnership for United States federal income tax purposes holds notes, the tax treatment of a partner
will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner in
a partnership considering an investment in the notes, you should consult your own tax advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This summary
does not represent a detailed description of the United States federal income tax consequences applicable to you if you are a person
subject to special tax treatment under the United States federal income tax laws, including, without limitation:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            dealer or broker in securities or currencies;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            financial institution;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            regulated investment company;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            real estate investment trust;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            tax-exempt entity;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">an
                                            insurance company;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            person holding the notes as part of a hedging, integrated, conversion or constructive sale
                                            transaction or a straddle;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            trader in securities that has elected the mark-to-market method of accounting for your securities;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            person liable for alternative minimum tax;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            partnership or other pass-through entity (or an investor in such an entity);</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            U.S. holder that holds notes through a non-U.S. broker or other non-U.S. intermediary;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            U.S. holder whose &ldquo;functional currency&rdquo; is not the U.S. dollar;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            &ldquo;controlled foreign corporation&rdquo;;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            &ldquo;passive foreign investment company&rdquo;;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            person required to accelerate the recognition of any item of gross income with respect to
                                            the notes as a result of such income being recognized on an applicable financial statement;
                                            or</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                            United States expatriate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This summary
is based on the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), United States Treasury regulations, administrative
rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive basis, so as to result
in United States federal income tax consequences different from those summarized below. We have not sought and will not seek any rulings
from the Internal Revenue Service (&ldquo;IRS&rdquo;) regarding the matters discussed below. There can be no assurance that the IRS will
not take positions concerning the tax consequences of the purchase, ownership or disposition of the notes that are different from those
discussed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This summary
does not represent a detailed description of the United States federal income tax consequences to you in light of your particular circumstances,
and does not address any United States federal taxes other than income taxes (such as estate and gift taxes), the Medicare tax on certain
investment income or any state, local or non-U.S. tax laws. It is not intended to be, and should not be construed to be, legal or tax
advice to any particular purchaser of notes. We expect, and this summary assumes, that the notes will be issued with less than a <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>de
minimis</I></FONT> amount of original issue discount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
you are considering the purchase of notes, you should consult your own tax advisors concerning the particular United States federal income
tax consequences to you of the purchase, ownership and disposition of the notes, as well as the consequences to you arising under other
United States federal tax laws and the laws of any other taxing jurisdiction. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Tax Consequences to U.S. Holders </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain United States federal income tax consequences that will apply to U.S. holders of the notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stated
Interest.</I></FONT> <FONT STYLE="font-size: 10pt">Stated interest on the notes generally will be taxable to you as ordinary income at
the time it is received or accrued, depending on your method of accounting for United States federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sale,
Exchange, Retirement, Redemption or Other Taxable Disposition of Notes.</I></FONT> <FONT STYLE="font-size: 10pt">Upon the sale, exchange,
retirement, redemption or other taxable disposition of a note, you generally will recognize gain or loss equal to the difference, if
any, between the amount realized upon the sale, exchange, retirement, redemption or other taxable disposition (less any amount attributable
to accrued and unpaid stated interest, which will be treated in the manner described above) and the adjusted tax basis of the note. Your
adjusted tax basis in a note will, in general, be your cost for that note. Any gain or loss will generally be capital gain or loss and
will generally be long-term capital gain or loss if you have held the note for more than one year. Long-term capital gains of non-corporate
U.S. holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Tax Consequences to Non-U.S. Holders </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain United States federal income tax consequences that will apply to non-U.S. holders of the notes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>United
States Federal Withholding Tax.</I></FONT> <FONT STYLE="font-size: 10pt">Subject to the discussions of backup withholding and FATCA below,
United States federal withholding tax will not apply to any payment of interest on the notes under the &ldquo;portfolio interest rule,&rdquo;
provided that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">interest
                                            paid on the notes is not effectively connected with your conduct of a trade or business in
                                            the United States;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">you
                                            do not actually or constructively own 10% or more of&nbsp;the total combined voting power
                                            of all classes of our voting stock within the meaning of the Code and applicable United States
                                            Treasury regulations;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">you
                                            are not a controlled foreign corporation that is actually or constructively related to us
                                            through stock ownership;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">you
                                            are not a bank whose receipt of interest on the notes is described in Section&nbsp;881(c)(3)(A)
                                            of the Code; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">either
                                            (1)&nbsp;you provide your name and address on an applicable IRS Form&nbsp;W-8, and certify,
                                            under penalties of perjury, that you are not a United States person as defined under the
                                            Code or (2)&nbsp;you hold your notes through certain foreign intermediaries and satisfy the
                                            certification requirements of applicable United States Treasury regulations. Special certification
                                            rules apply to non-U.S. holders that are pass-through entities rather than corporations or
                                            individuals.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">If you cannot
satisfy the requirements described above, payments of interest made to you will be subject to a 30% United States federal withholding
tax, unless you provide the applicable withholding agent with a properly executed:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IRS
                                            Form&nbsp;W-8BEN or Form&nbsp;W-8BEN-E (or other applicable form) certifying an exemption
                                            from or reduction in withholding under the benefit of an applicable income tax treaty; or</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IRS
                                            Form&nbsp;W-8ECI (or other applicable form) certifying that interest paid on the notes is
                                            not subject to withholding tax because it is effectively connected with your conduct of a
                                            trade or business in the United States (as discussed below under &ldquo;&mdash;United States
                                            Federal Income Tax&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The 30% United
States federal withholding tax generally will not apply to any payment of principal or gain that you realize on the sale, exchange, retirement,
redemption or other taxable disposition of a note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>United
States Federal Income Tax.</I></FONT> <FONT STYLE="font-size: 10pt">If you are engaged in a trade or business in the United States and
interest on the notes is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax
treaty, is attributable to a United States permanent establishment), then you will be subject to United States federal income tax on
that interest on a net income basis in generally the same manner as if you were a United States person as defined under the Code (although
you will be exempt from the 30% withholding tax described above, provided the certification requirements discussed above in &ldquo;&mdash;United
States Federal Withholding Tax&rdquo; are satisfied). In addition, if you are a foreign corporation, you may be subject to a branch profits
tax equal to 30% (or a lower applicable income tax treaty rate) of your effectively connected earnings and profits, subject to adjustments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Subject to the
discussion of backup withholding below, any gain realized on the sale or other taxable disposition of a note generally will not be subject
to United States federal income tax unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            gain is effectively connected with your conduct of a trade or business in the United States
                                            (and, if required by an applicable income tax treaty, is attributable to a United States
                                            permanent establishment), in which case such gain will be subject to United States federal
                                            income tax (and possibly branch profits tax) in generally the same manner as effectively
                                            connected interest is taxed; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">you
                                            are an individual who is present in the United States for 183&nbsp;days or more in the taxable
                                            year of that disposition, and certain other conditions are met, in which case, unless an
                                            applicable income tax treaty provides otherwise, you will be subject to a flat 30% United
                                            States federal income tax on the gain derived from the sale or other taxable disposition,
                                            which may be offset by certain United States-source capital losses.</FONT></TD></TR></TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
Reporting and Backup Withholding </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Holders.</I></FONT> <FONT STYLE="font-size: 10pt">In general, information reporting requirements will apply to payments of stated interest
on the notes and the proceeds of the sale or other taxable disposition (including a retirement or redemption) of a note paid to you (unless
you are an exempt recipient such as a corporation). Backup withholding may apply to any payments described in the preceding sentence
if you fail to provide a correct taxpayer identification number or a certification that you are not subject to backup withholding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Backup withholding
is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your
United States federal income tax liability provided the required information is timely furnished to the IRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-U.S.
Holders.</I></FONT> <FONT STYLE="font-size: 10pt">Generally, the amount of interest paid to you and the amount of tax, if any, withheld
with respect to those payments will be reported to the IRS. Copies of the information returns reporting such interest payments and any
withholding may also be made available to the tax authorities in the country in which you reside under the provisions of an applicable
income tax treaty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In general,
you will not be subject to backup withholding with respect to payments of interest on the notes that we make to you, provided that the
applicable withholding agent does not have actual knowledge or reason to know that you are a United States person as defined under the
Code, and such withholding agent has received from you the required certification that you are a non-U.S. holder described above in the
fifth bullet point under &ldquo;&mdash;Certain Tax Consequences to Non-U.S. Holders&mdash;United States Federal Withholding Tax.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Information
reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other taxable disposition (including
a retirement or redemption) of notes within the United States or conducted through certain United States-related financial intermediaries,
unless you certify to the payor under penalties of perjury that you are a non-U.S. holder (and the payor does not have actual knowledge
or reason to know that you are a United States person as defined under the Code), or you otherwise establish an exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Backup withholding
is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your
United States federal income tax liability provided the required information is timely furnished to the IRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Foreign
Account Tax Compliance Act </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Under Sections&nbsp;1471
through 1474 of the Code (such Sections commonly referred to as &ldquo;FATCA&rdquo;), a 30% United States federal withholding tax may
apply to any interest paid on the notes to (i)&nbsp;a &ldquo;foreign financial institution&rdquo; (as specifically defined in the Code
and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation,
typically on IRS Form&nbsp;W-8BEN-E, evidencing either (x)&nbsp;an exemption from FATCA, or (y)&nbsp;its compliance (or deemed compliance)
with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner
which avoids withholding, or (ii)&nbsp;a &ldquo;non-financial foreign entity&rdquo; (as specifically defined in the Code and whether
such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically
on IRS Form&nbsp;W-8BEN-E, evidencing either (x)&nbsp;an exemption from FATCA, or (y)&nbsp;adequate information regarding certain substantial
United States beneficial owners of such entity (if any). If an interest payment is both subject to withholding under FATCA and subject
to the withholding tax discussed above under &ldquo;&mdash;Certain Tax Consequences to Non-U.S. Holders&mdash;United States Federal Withholding
Tax,&rdquo; an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding
tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of
the notes, proposed United States Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA
withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these rules and whether they may
be relevant to your purchase, ownership and disposition of the notes.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga010_v1"></A>Certain
ERISA Considerations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain considerations associated with the purchase and holding of the notes by (i)&nbsp;&ldquo;employee benefit plans&rdquo;
within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;) subject to
Title&nbsp;I of ERISA, (ii)&nbsp;plans, individual retirement accounts and other arrangements that are subject to Section&nbsp;4975 of
the Code or provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions
of ERISA or the Code (collectively, &ldquo;Similar Laws&rdquo;), and (iii)&nbsp;entities which are deemed to hold the assets of any of
the foregoing described in clauses (i) and (ii), pursuant to ERISA or otherwise (each of the foregoing described in clauses (i), (ii),
and (iii)&nbsp;being referred to herein as a &ldquo;Plan&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
fiduciary matters </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">ERISA and the
Code impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section&nbsp;4975 of the Code (a &ldquo;Covered
Plan&rdquo;) and prohibit certain transactions involving the assets of a Covered Plan and its fiduciaries or other interested parties.
Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of such a Covered Plan
or the management or disposition of the assets of such a Covered Plan, or who renders investment advice for a fee or other compensation
to such a Covered Plan, is generally considered to be a fiduciary of the Covered Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In considering
an investment in the notes of a portion of the assets of any Plan, a fiduciary should determine whether the investment is in accordance
with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any Similar Law relating to
a fiduciary&rsquo;s duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited
transaction provisions of ERISA, the Code and any other applicable Similar Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prohibited
transaction issues </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Section&nbsp;406
of ERISA and Section&nbsp;4975 of the Code prohibit Covered Plans from engaging in specified transactions involving plan assets with
persons or entities who are &ldquo;parties in interest,&rdquo; within the meaning of ERISA, or &ldquo;disqualified persons,&rdquo; within
the meaning of Section&nbsp;4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged
in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In
addition, the fiduciary of the Covered Plan that engaged in such a non-exempt prohibited transaction may be subject to penalties and
liabilities under ERISA and the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The acquisition
and/or holding of notes, including any interest in a note, by a Covered Plan with respect to which we or an underwriter of any of our
or their respective affiliates is considered a party in interest or a disqualified person may constitute or result in a direct or indirect
prohibited transaction under Section&nbsp;406 of ERISA and/or Section&nbsp;4975 of the Code, unless the investment is acquired and is
held in accordance with an applicable statutory, class or individual prohibited transaction exemption. In this regard, the U.S. Department
of Labor has issued prohibited transaction class exemptions (each, a &ldquo;PTCE&rdquo;) that may apply to the acquisition and holding
of the notes (or an interest therein). These class exemptions include, without limitation, PTCE&nbsp;84-14 respecting transactions determined
by independent qualified professional asset managers, PTCE&nbsp;90-1 respecting insurance company pooled separate accounts, PTCE&nbsp;91-38
respecting bank collective investment funds, PTCE&nbsp;95-60 respecting life insurance company general accounts and PTCE&nbsp;96-23 respecting
transactions determined by in-house asset managers. In addition, the statutory exemption under Section&nbsp;408(b)(17) of ERISA and Section&nbsp;4975(d)(20)
of the Code provides relief from certain prohibited transaction provisions of Section&nbsp;406 of ERISA and Section&nbsp;4975 of the
Code for certain transactions between a Covered Plan and a person who is a party in interest or disqualified person solely as a result
of providing services to such Covered Plan or a relationship to such a service provider, provided that neither the person transacting
with the Covered Plan nor any of its affiliates has or exercises any discretionary authority or control or renders any investment advice
with respect to the assets of the Covered Plan involved in the transaction and provided, further, that the Covered Plan</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">pays no more
than, and receives no less than, adequate consideration in connection with the transaction. Each of the above-noted exemptions contains
conditions and limitations on its application. Fiduciaries of Covered Plans considering acquiring and/or holding the notes (or an interest
therein) in reliance on these or any other exemption should carefully review the exemption in consultation with counsel to assure it
is applicable. There can be no assurance that all of the conditions of any of the foregoing exemptions or any other exemption will be
satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Government plans,
non-U.S. plans and certain church plans, while not necessarily subject to the fiduciary responsibility provisions of Title&nbsp;I of
ERISA or the prohibited transaction provisions of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code, may nevertheless be subject
to Similar Laws. Fiduciaries of such Plans should consult with their counsel before acquiring notes or any interest in a note. Any person
considering an investment in the notes with the assets of any such Plan should consult with its counsel to consider the applicable fiduciary
standards and to determine the need for, and if necessary the availability of, exemptive relief under applicable Similar Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Because of the
foregoing, the notes (including any interest in a note) may not be purchased or held by any person investing assets of any Plan, unless
such purchase and holding will not constitute or result in a non-exempt prohibited transaction under ERISA or Section&nbsp;4975 of the
Code or a similar violation of any applicable Similar Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representation
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Accordingly,
by its acceptance of a note (including any interest in a note), each purchaser and subsequent transferee will be deemed to have represented
and warranted that either (i)&nbsp;no portion of the assets used by such purchaser or transferee to acquire or hold the note or interest
therein constitutes assets of any Plan or (ii)&nbsp;the acquisition and holding of the note or interest by such purchaser or transferee
will not constitute or result in a non-exempt prohibited transaction under Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code
or a similar violation under any applicable Similar Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The foregoing
discussion is general in nature and is not intended to be all-inclusive. Due to the complexity of these rules and the penalties that
may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries or other persons
considering purchasing or holding the notes (or any interest in a note) on behalf of, or with the assets of, any Plan, consult with their
counsel regarding the potential applicability of ERISA, Section&nbsp;4975 of the Code or any Similar Law and whether an exemption would
be required. Neither this discussion nor anything provided in this prospectus supplement is, or is intended to be, investment advice
directed at any potential Plan purchasers, or at Plan purchasers generally, and such purchasers of any notes should consult and rely
on their own counsel and advisers as to whether an investment in notes is suitable for the Plan. The sale of any notes to any Plan is
in no respect a representation by us, an underwriter or any of our or their affiliates or representatives that such an investment meets
all relevant legal requirements with respect to investments by Plans generally or any particular Plan, or that such investment is prudent
or appropriate for Plans generally or any particular Plan.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga011_v1"></A>Underwriting
(CONFLICTS OF INTEREST)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Under the terms
and subject to the conditions in an underwriting agreement dated the date of this prospectus supplement, the underwriters named below,
for whom PNC Capital Markets LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as representatives, have severally
agreed to purchase, and we have agreed to sell to them, severally, the principal amount of notes indicated below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Underwriters</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Principal
    Amount of Notes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">PNC Capital Markets LLC</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">80,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">BofA Securities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Wells Fargo Securities, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">RBC Capital Markets, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Barclays Capital Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Citizens Capital Markets, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Huntington Securities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Morgan Stanley &amp; Co. LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Robert W. Baird &amp; Co. Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bancroft Capital, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Evercore Group L.L.C.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Janney Montgomery Scott LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TD Securities (USA) LLC</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 27pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The underwriters and
the representatives are collectively referred to as the &ldquo;underwriters&rdquo; and the &ldquo;representatives,&rdquo; respectively.
The underwriters are offering the notes subject to their acceptance of the notes from us and subject to prior sale. The underwriting
agreement provides that the obligations of the several underwriters to pay for and accept delivery of the notes offered by this prospectus
supplement are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are
obligated to take and pay for all of the notes offered by this prospectus supplement if any such notes are taken. The underwriters initially
propose to offer the notes to the public at the offering price listed on the cover page of this prospectus supplement. In addition, the
underwriters initially propose to offer the notes to certain dealers at a price that represents a concession not in excess of 0.50%
of the principal amount, with respect to the notes. Any underwriter may allow, and any such dealer may reallow, a concession not in excess
of 0.25% of the principal amount, with respect to the notes to certain other dealers. After the initial offering of the notes,
the underwriters may from time to time vary the offering price and other selling terms. The underwriters may offer and sell notes through
certain of their affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The following
table shows the underwriting discounts that we will pay to the underwriters in connection with the offering:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per&nbsp;<BR STYLE="font: 10pt Times New Roman, Times, Serif"> Note</B></FONT></P>

</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total&nbsp;for<BR STYLE="font: 10pt Times New Roman, Times, Serif">
                                                                                                  the Notes</B></FONT></P>

</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12pt; padding-left: 12pt">Underwriting discounts to be paid by us&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.875<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">4,375,000<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The estimated
offering expenses payable by us, exclusive of the underwriting discounts, are approximately $1.4 million. We have agreed to reimburse
the underwriters for expenses relating to any required review of this offering by FINRA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes are a new
issue of securities, and there is currently no established trading market for the notes. We do not intend to apply for the notes to be
listed on any securities exchange or to arrange for the notes to be quoted on any quotation system. The underwriters have advised us
that they intend to make a market in the notes, but they are not obligated to do so. The underwriters may discontinue any market making
in the notes at any time at their sole discretion. Accordingly, a liquid trading market may not develop for the notes and you may not
be able to sell your notes at a particular time or the prices you receive when you sell may not be favorable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We have agreed
to indemnify the underwriters against certain liabilities in connection with this offering, including liabilities under the Securities
Act, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
connection with the offering, the underwriters are permitted to engage in transactions that stabilize the market price of the notes.
Such transactions consist of bids or purchases to peg, fix or maintain the price of the notes. If the underwriters create a short
position in the notes in connection with the offering, i.e., if they sell more notes than are on the cover page of this prospectus
supplement, the underwriters may reduce that short position by purchasing the notes in the open market. Purchases of a security to
stabilize the price or to reduce a short position could cause the price of the security to be higher than it might be in the absence
of such purchases. Neither we nor any of the underwriters makes any representation or prediction as to the direction or magnitude of
any effect that the transactions described above may have on the price of the notes. In addition, neither we nor any of the
underwriters makes any representation that the underwriters will engage in these transactions or that these transactions, once
commenced, will not be discontinued without notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The underwriters
also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount
received by it because the representatives have repurchased notes sold by or for the account of such underwriter in stabilizing or short
covering transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The underwriters
and their respective affiliates are full-service financial institutions engaged in various activities, which may include securities trading,
commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing
and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in
the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary
fees and expenses. In addition, certain of the underwriters and/or their affiliates are also lenders and/or agents under our credit facilities
and receive customary fees and expenses in connection therewith. Certain of the underwriters and/or their affiliates are also lenders
and/or agents under one or more of the Revolving Credit Facilities and receive customary fees and expenses in connection therewith and
will receive proceeds from this offering to the extent used to repay borrowings thereunder, as described in &ldquo;Use of Proceeds&rdquo;
and &ldquo;&ndash;&ndash;Conflicts of Interest.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In addition,
in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad
array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including
bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities
and instruments. Such investment and securities activities may involve our securities and instruments. Certain of the underwriters and/or
their affiliates have lending relationships with us and may hedge their credit exposure to us consistent with their customary risk management
policies. Typically, the underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either
the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates. Any such
credit default swaps or short positions could adversely affect future trading prices of the notes offered hereby. The underwriters and
their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such
securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities
and instruments.</FONT></P>


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<P STYLE="margin-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflicts
of Interest</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Respective affiliates
of PNC Capital Markets LLC, BofA Securities, Inc., Wells Fargo Securities, LLC and certain of the other underwriters are
lenders under one or more of our Revolving Credit Facilities and may receive at least 5% of the net proceeds of this offering. Consequently,
each such underwriter is deemed to have a conflict of interest within the meaning of FINRA Rule 5121. This offering will therefore be
conducted in compliance with the applicable provisions of FINRA Rule 5121, and no such underwriter will confirm any sales to any account
over which it exercises discretionary authority without the specific written approval of the transaction from the account holders. Pursuant
to FINRA Rule 5121(a)(1)(C), the appointment of a &ldquo;qualified independent underwriter&rdquo; is not required in connection with
this offering as the notes will be investment grade rated by one or more nationally recognized statistical rating agencies. See &ldquo;Use
of Proceeds.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Selling
Restrictions </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Canada
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes may
be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 Prospectus Exemptions or subsection&nbsp;73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined
in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must
be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities
laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Securities legislation
in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by
the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars
of these rights or consult with a legal advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Pursuant to
section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National
Instrument 33-105 Underwriting Conflicts (&ldquo;NI 33-105&rdquo;), the underwriters are not required to comply with the disclosure requirements
of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Prohibition
of Sales to European Economic Area Retail Investors </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes are
not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area (the &ldquo;EEA&rdquo;). For these purposes, a retail investor means a person who is one (or more)
of: (i)&nbsp;a retail client as defined in point (11)&nbsp;of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;);
(ii)&nbsp;a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded, the &ldquo;Insurance Distribution Directive&rdquo;),
where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article 4(1) of MiFID II; or (iii)&nbsp;not
a qualified investor as defined in Regulation (EU) 2017/1129 (as amended or superseded, the &ldquo;Prospectus Regulation&rdquo;). Consequently,
no key information document required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) 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 them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus
supplement and the accompanying prospectus have been prepared on the basis that any offer of the notes in any Member State of the EEA
will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the
notes. This prospectus supplement and the accompanying prospectus are not a prospectus for the purposes of the Prospectus Regulation.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>United
Kingdom </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes are
not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the United Kingdom (the &ldquo;UK&rdquo;). For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018 (the &ldquo;EUWA&rdquo;); (ii)&nbsp;a customer within the meaning of the provisions of the Financial
Services and Markets Act 2000 (as amended, the &ldquo;FSMA&rdquo;) and any rules or regulations made under the FSMA to implement Directive
(EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU)
600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii)&nbsp;not a qualified investor as defined in Regulation (EU)
2017/1129 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK Prospectus Regulation&rdquo;). Consequently no key information
document required by Regulation (EU) 1286/2014 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK PRIIPs Regulation&rdquo;)
for offering or selling the notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering
or selling the notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
This prospectus supplement and the accompanying prospectus have been prepared on the basis that any offer of the notes in the UK will
be made pursuant to an exemption under the UK Prospectus Regulation and the FSMA from the requirement to publish a prospectus for offers
of the notes. This prospectus supplement and the accompanying prospectus are not a prospectus for the purposes of the UK Prospectus Regulation
or the FSMA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">In addition,
this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at: (i)&nbsp;in
the United Kingdom, persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &ldquo;Order&rdquo;), and/or persons falling within Article&nbsp;49(2)(a)
to (d)&nbsp;of the Order; (ii)&nbsp;persons who are outside the United Kingdom; and (iii)&nbsp;any other persons to whom it may otherwise
lawfully be distributed (all such persons together being referred to as &ldquo;relevant persons&rdquo;). This document must not be acted
on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available
only to, and will be engaged in only with, relevant persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Australia
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">No placement
document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments
Commission (&ldquo;ASIC&rdquo;) in relation to the offering. This prospectus supplement, the accompanying prospectus and any other offering
or marketing material relating to the notes or this offering do not constitute a prospectus, product disclosure statement or other disclosure
document as defined in the Corporations Act 2001 (Cth) (the &ldquo;Corporations Act&rdquo;), and do not purport to include the information
required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Any offer in
Australia of the notes may only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo;
(within the meaning of section 708(8) of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section&nbsp;708(11)
of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section&nbsp;708 of the Corporations Act so that
it is lawful to offer the notes without disclosure to investors under Chapter&nbsp;6D of the Corporations Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes applied
for by Exempt Investors in Australia must not be offered for sale in Australia for a period of 12 months after the date of allotment
under the offering, except in circumstances where disclosure to investors under Chapter&nbsp;6D of the Corporations Act would not be
required pursuant to an exemption under section&nbsp;708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure
document which complies with Chapter&nbsp;6D of the Corporations Act. Any person acquiring notes must observe such Australian on-sale
restrictions.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This prospectus
supplement and the accompanying prospectus contain general information only and do not take account of the investment objectives, financial
situation or particular needs of any particular person. They do not contain any securities recommendations or financial product advice.
Before making an investment decision, investors need to consider whether the information in this prospectus supplement and the accompanying
prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Hong
Kong </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes may
not be offered or sold in Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to
the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.&nbsp;32, Laws of Hong Kong),
or (ii)&nbsp;to &ldquo;professional investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap.&nbsp;571, Laws
of Hong Kong) and any rules made thereunder, or (iii)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo;
within the meaning of the Companies Ordinance (Cap.&nbsp;32, Laws of Hong Kong) and no advertisement, invitation or document relating
to the notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere),
which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to
do so under the securities laws of Hong Kong) other than with respect to notes which are or are intended to be disposed of only to persons
outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap.&nbsp;571,
Laws of Hong Kong) and any rules made thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Japan
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes have
not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No.&nbsp;25 of 1948, as amended) (the
&ldquo;FIEA&rdquo;). The notes may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident
of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for
reoffering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption
from the registration requirements of the FIEA and otherwise in compliance with any relevant laws, regulations and ministerial guidelines
of Japan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Korea
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Neither this
prospectus supplement, the accompanying prospectus nor any other offering or marketing material relating to the notes or the offering
should be construed in any way as our (or any of our affiliates or agents) soliciting investment or offering to sell the notes in the
Republic of Korea (&ldquo;Korea&rdquo;). We are not making any representation with respect to the eligibility of any recipients of this
prospectus supplement, the accompanying prospectus nor any other offering or marketing material relating to the notes or the offering
to acquire the notes under the laws of Korea, including, without limitation, the Financial Investment Services and Capital Markets Act
(the &ldquo;FSCMA&rdquo;), the Foreign Exchange Transaction Act (the &ldquo;FETA&rdquo;), and any regulations thereunder. The notes have
not been registered with the Financial Services Commission of Korea (the &ldquo;FSC&rdquo;) in any way pursuant to the FSCMA, and the
notes may not be offered, sold or delivered, or offered or sold to any person for reoffering or resale, directly or indirectly, in Korea
or to any resident of Korea except pursuant to applicable laws and regulations of Korea. Furthermore, the notes may not be resold to
any Korean resident unless such Korean resident as the purchaser of the resold notes complies with all applicable regulatory requirements
(including, without limitation, reporting or approval requirements under the FETA and regulations thereunder) relating to the purchase
of the resold notes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Singapore
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Neither this
prospectus supplement, the accompanying prospectus nor any other offering or marketing material relating to the notes or the offering
has been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, neither this prospectus supplement, the accompanying
prospectus nor any other offering or marketing material relating to the notes or the offering may be circulated or distributed, nor may
the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to
persons in Singapore, other than (a)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures Act, Chapter
289 of Singapore (the &ldquo;SFA&rdquo;), (b) to a relevant person, or any person pursuant to Section&nbsp;275(1A), and in accordance
with the conditions specified in Section&nbsp;275 of the SFA or (c)&nbsp;pursuant to, and in accordance with the conditions of, any other
applicable provision of the SFA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Where the notes are
subscribed or purchased under Section&nbsp;275 by a relevant person which is: (i)&nbsp;a corporation (which is not an accredited investor)
the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of
whom is an accredited investor; or (ii)&nbsp;a trust (where the trustee is not an accredited investor) whose sole purpose is to hold
investments and each beneficiary of the trust is an individual who is an accredited investor, shares, debentures and units of shares
and debentures of that corporation or the beneficiaries&rsquo; rights and interest in that trust shall not be transferable for six months
after that corporation or that trust has acquired the notes under Section&nbsp;275 except: (1)&nbsp;if such transfer is made only to
an institutional investor under Section&nbsp;274 of the SFA or to relevant persons as defined in Section 275(2), or, in the case of (i),
to any person pursuant to Section&nbsp;275(1A) or, in the case of (ii), if such transfer arises from an offer that is made on terms that
such rights or interest are acquired at a consideration of not less than $200,000 (or its equivalent in foreign currency) for each transaction,
whether such amount is to be paid for in cash or by exchange of securities or securities-based derivatives contracts or other assets;
(2)&nbsp;where no consideration is given for the transfer; (3)&nbsp;by operation of law, (4)&nbsp;as specified in Section&nbsp;276(7)
of the SFA or (5)&nbsp;as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based
Derivatives Contracts) Regulations 2018 of Singapore.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Solely for the
purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant
persons (as defined in Section&nbsp;309A of the SFA) that the notes are &ldquo;prescribed capital markets products&rdquo; (as defined
in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice
SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Switzerland
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">This prospectus
supplement and the accompanying prospectus is not intended to constitute an offer or solicitation to purchase or invest in the notes.
The notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act
(the &ldquo;FinSA&rdquo;) and no application has or will be made to admit the notes to trading on any trading venue (exchange or multilateral
trading facility) in Switzerland. Neither this prospectus supplement, the accompanying prospectus nor any other offering or marketing
material relating to the notes constitutes a prospectus pursuant to the FinSA, and neither this prospectus supplement, the accompanying
prospectus nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise made publicly
available in Switzerland. In particular, this prospectus supplement and the accompanying prospectus will not be filed with, and the offer
of the notes will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of the notes has not been and
will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the &ldquo;CISA&rdquo;). The investor protection
afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of the notes.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Taiwan
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The notes have
not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission, Republic of China (&ldquo;Taiwan&rdquo;)
and/or any other regulatory authority of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered
within Taiwan through a public offering or in circumstances which could constitute an offer within the meaning of the Securities and
Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing or approval of the Financial Supervisory
Commission of Taiwan and/or other regulatory authority of Taiwan. No person or entity in Taiwan has been authorized to offer, sell or
give advice regarding or otherwise intermediate the offering or sale of the notes in Taiwan. The notes may be made available to Taiwan
resident investors outside Taiwan for purchase by such investors outside Taiwan for purchase outside Taiwan by investors residing in
Taiwan, but may not be issued, offered, sold or resold in Taiwan, unless otherwise permitted by Taiwan laws and regulations. No subscription
or other offer to purchase the notes shall be binding on us until received and accepted by us or any underwriter outside of Taiwan (the
&lsquo;&lsquo;Place of Acceptance&rsquo;&rsquo;), and the purchase/sale contract arising therefrom shall be deemed a contract entered
into in the Place of Acceptance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>United
Arab Emirates </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
notes have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Abu
Dhabi Global Market and the Dubai International Financial Centre) other than in compliance with the laws, regulations and rules of the
United Arab Emirates, the Abu Dhabi Global Market and the Dubai International Financial Centre governing the issue, offering and sale
of securities. Further, this prospectus supplement, the accompanying prospectus and any other offering or marketing material relating
to the notes or the offering do not constitute a public offer of securities in the United Arab Emirates (including the Abu Dhabi Global
Market and the Dubai International Financial Centre) and are not intended to be a public offer. This prospectus supplement, the accompanying
prospectus and any other offering or marketing material relating to the notes or the offering have not been approved by or filed with
the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, the Financial Services Regulatory Authority or
the Dubai Financial Services Authority. &nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga012_v1"></A>Legal
Matters </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The validity
of the issuance of the notes offered by the prospectus supplement will be passed upon for us by Simpson Thacher &amp; Bartlett LLP, New
York, New York. Ballard Spahr LLP, Philadelphia, Pennsylvania will issue an opinion regarding certain matters of Pennsylvania law. Certain
legal matters will be passed upon for the underwriters by Cravath, Swaine&nbsp;&amp; Moore LLP, New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga013_v1"></A>Experts
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The financial
statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which is included in
Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated in this prospectus supplement by reference to the
Annual Report on Form 10-K for the year ended December&nbsp;31, 2021 have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="i22039_wtrga014_v1"></A>Where
You Can Find Additional Information; Incorporation of Certain Documents by Reference </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We file annual,
quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website at <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>www.sec.gov
</I></FONT>that contains periodic and current reports, proxy and information statements, and other information regarding registrants
that are filed electronically with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">These documents
are also available, free of charge, through the Investors section of our website, which is located at <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>www.essential.co</I></FONT>.
Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus
and you should not consider information on our website to be part of this prospectus supplement or the accompanying prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We have filed
with the SEC a &ldquo;shelf&rdquo; registration statement on Form S-3 under the Securities Act of 1933 relating to the securities that
may be offered by this prospectus supplement. This prospectus supplement is a part of that registration statement, but does not contain
all of the information in the registration statement. We have omitted certain parts of the registration statement in accordance with
rules and regulations of the SEC. Statements made in this prospectus supplement as to the contents of any contract, agreement or other
documents are not necessarily complete, and, in each instance, we refer you to a copy of such document filed as an exhibit to the registration
statement, of which this prospectus supplement is a part, or otherwise filed with the SEC. For more detail about us and any securities
that may be offered by this prospectus supplement, you may examine the registration statement on Form&nbsp;S-3 and the exhibits filed
with it at the locations listed in the previous paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">The SEC allows
us to &ldquo;incorporate by reference&rdquo; into this prospectus supplement and the accompanying prospectus the information we file
with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated
by reference is considered to be part of this prospectus supplement. When we file information with the SEC in the future, that information
will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings
we will make with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 until we sell all of the
securities covered by this prospectus supplement or this offering is terminated; provided, however, that we are not incorporating, in
each case, any portions of documents or information furnished or deemed to have been furnished and not filed in accordance with SEC rules:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Our
                                            Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/78128/000156276222000068/wtrg-20211231x10k.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the year ended December&nbsp;31, 2021 filed with the SEC on
                                            March 1, 2022;</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Our
                                            Quarterly Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/78128/000156276222000240/wtrg-20220331x10q.htm" STYLE="-sec-extract: exhibit">Form 10-Q</A> for the quarterly period ended March 31, 2022 filed with the
                                            SEC on May 10, 2022;</FONT></TD></TR></TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                            portions of our Definitive Proxy Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/78128/000155278122000263/e22117_wtrg-def14a.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A> filed with the SEC on March&nbsp;21,
                                            2022, that are incorporated by reference into our Annual Report on Form 10-K for the fiscal
                                            year ended December&nbsp;31, 2021; and</FONT></TD></TR></TABLE>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Our
                                            Current Report on Form 8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/78128/000155278122000180/e22093_wtrg-8k.htm" STYLE="-sec-extract: exhibit">February 18, 2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/78128/000155278122000235/e22118_wtrg-8k.htm" STYLE="-sec-extract: exhibit">March 4, 2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/78128/000155278122000260/e22178_wtrg-8k.htm" STYLE="-sec-extract: exhibit">March 21, 2022</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/78128/000155278122000398/e22308_wtrg-8k.htm" STYLE="-sec-extract: exhibit">May 12, 2022</A>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">These documents
contain important business and financial information about us that is not included in or delivered with this prospectus supplement. You
may request a copy of any or all documents that we incorporate by reference at no cost, by writing or telephoning us at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Essential
Utilities, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">762 W.
Lancaster Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Bryn Mawr,
PA 19010-3489</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Telephone:
610-527-8000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Attention:
Corporate Secretary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">We have not,
and the underwriters have not, authorized anyone to provide you with any information other than that contained or incorporated by reference
in this prospectus supplement, the accompanying prospectus or in any free writing prospectus we may provide to you in connection with
this offering. Neither we nor the underwriters take any responsibility for, or provide any assurances as to the reliability of, any additional
or different information that others may give you. You should assume that the information contained in this prospectus supplement, the
accompanying prospectus and any free writing prospectus we may provide to you in connection with this offering is accurate only as of
their respective dates or as of the respective dates specified in such information, as applicable, and the information contained in documents
incorporated by reference is accurate only as of the respective dates of those documents or as of the respective dates specified in such
information, as applicable, in each case regardless of the time of delivery of this prospectus supplement or the accompanying prospectus
or any such free writing prospectus or any sale of the notes. Our business, financial condition, results of operations and prospects
may have changed since those dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: .25in"><FONT STYLE="font-size: 10pt">Any statement
contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this prospectus supplement to the extent that a statement contained herein, in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein or in the accompanying prospectus, modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified and superseded, to constitute a part of this
prospectus supplement.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="i21219001.jpg" ALT="(LOGO)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>ESSENTIAL
UTILITIES, INC.</B></FONT><B><FONT STYLE="font-size: 10pt"> </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common
Stock </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred
Stock </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock
Purchase Contracts </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Warrants </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Units </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Depositary
Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Debt Securities
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Essential
Utilities, Inc. may, from time to time, in one or more offerings, offer and sell common stock, preferred stock, common stock purchase
contracts, warrants, units, depositary shares and debt securities. The debt securities and preferred stock may be convertible
into or exchangeable or exercisable for other securities. We will provide specific terms of any offering and the offered securities
in supplements to this prospectus. The prospectus supplements may also add, update or change information contained in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
offer and sell these securities to or through underwriters, dealers or agents, directly to purchasers or through a combination
of these methods. If an offering of securities involves any underwriters, dealers or agents, then the names of the underwriters,
dealers or agents and the terms of the arrangements with such entities will be stated in an accompanying prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our common stock
is listed on the New York Stock Exchange under the symbol &ldquo;WTRG.&rdquo; The last reported sale of the common stock on the New York
Stock Exchange on April 14, 2021 was $46.87 per share. We have not yet determined whether any of the other securities that
may be offered by this prospectus will be listed on any exchange, inter-dealer quotation system or over-the-counter market. If we decide
to seek listing of any such securities upon issuance, an accompanying prospectus supplement will disclose the exchange, quotation system
or market on which the securities will be listed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
may not be used to sell our securities unless it is accompanied by a prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Investing
in our securities involves risk. Before you invest, you should carefully read and evaluate the risk factors and other information
included in this prospectus and any applicable prospectus supplement, including the documents incorporated by reference. See &ldquo;<U>Risk
Factors</U>&rdquo; beginning on page 4 of this prospectus. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Neither the
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>The
date of this prospectus is April 15, 2021. </B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; padding-bottom: 5pt"><A HREF="#i21219a001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a002"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a003"><FONT STYLE="font-size: 10pt">ESSENTIAL UTILITIES, INC.</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a004"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a005"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a007"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON STOCK PURCHASE CONTRACTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a010"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEPOSITORY SHARES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT>1</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a011"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right">11</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a012"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a013"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt"><A HREF="#i21219a014"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#i21219a015"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
document is called a prospectus and is part of a registration statement that we filed with the Securities and Exchange Commission
(SEC) using a &ldquo;shelf&rdquo; registration process. Under this shelf process, we may, from time to time, in one or more offering,
offer and sell common stock, preferred stock, common stock purchase contracts, warrants, units, depositary shares and debt securities.
This prospectus provides you with a general description of the securities we may offer. Each time we sell any securities under
this prospectus, we will provide a prospectus supplement that will contain specific information about the terms of that offering
and the offered securities. That prospectus supplement may include a discussion of any risk factors or other special considerations
applicable to those securities. The prospectus supplement also may add, update or change information contained in this prospectus.
You should read both this prospectus and the applicable prospectus supplement and the exhibits filed with our registration statement
together with the additional information described below under the heading &ldquo;Where You Can Find More Information&rdquo; before
you decide whether to invest in the securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The registration
statement (including the exhibits) of which this prospectus is a part contains additional information about us and the securities
we may offer by this prospectus. Specifically, we have filed certain legal documents that control the terms of the securities
offered by this prospectus as exhibits to the registration statement. We will file certain other legal documents that will control
the terms of the securities we may offer by this prospectus as exhibits to the registration statement or to reports we file with
the SEC. The registration statement and the reports can be read at the SEC website or at the SEC offices mentioned under the heading
&ldquo;Where You Can Find More Information.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have
not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus,
any prospectus supplements or any free writing prospectus prepared by or on behalf of us or to which we have referred you. We
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should
assume that the information appearing in this document is accurate only as of the date on the front cover of this document. Our
business, financial condition, results of operations and prospects may have changed since that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Except as otherwise
provided in this prospectus, unless the context otherwise requires, references in this prospectus to &ldquo;Essential Utilities,&rdquo;
&ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;, &ldquo;Registrant&rdquo; or the &ldquo;Company&rdquo; refer to Essential
Utilities, Inc. and its direct and indirect subsidiaries. In addition, references to &ldquo;Aqua Pennsylvania&rdquo; refer to
our wholly-owned subsidiary, Aqua Pennsylvania, Inc., and its subsidiaries, and references to &ldquo;Peoples&rdquo; refer to our
wholly-owned subsidiaries Peoples Natural Gas Company LLC, Peoples Gas Company LLC, Peoples Gas West Virginia, Inc., Peoples Gas
Kentucky, Inc., and Delta Natural Gas Company Inc., and their subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a002"></A>FORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
statements in this prospectus, or incorporated by reference into this prospectus, are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and Section 21E of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) that are made based upon, among other things, our current assumptions,
expectations, plans, and beliefs concerning future events and their potential effect on us. These forward-looking statements involve
risks, uncertainties and other factors, many of which are outside our control that may cause our actual results, performance or
achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking
statements. In some cases you can identify forward-looking statements where statements are preceded by, followed by or include
the words &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo; &ldquo;future,&rdquo;
&ldquo;potential,&rdquo; &ldquo;probably,&rdquo; </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;predictions,&rdquo; &ldquo;intends,&rdquo; &ldquo;will,&rdquo; &ldquo;continue&rdquo;
&ldquo;in the event&rdquo; or the negative of such terms or similar expressions. Forward-looking statements in this prospectus,
or incorporated by reference into this prospectus, include, but are not limited to, statements regarding:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of the novel coronavirus (&ldquo;COVID-19&rdquo;) pandemic or the measures implemented
                                         by the Company as a result of the COVID-19 pandemic.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">expectations
                                         regarding the impact of the integration of the Peoples Gas Acquisition (as defined below);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">opportunities
                                         for future acquisitions, both within and outside the water, wastewater, and natural gas
                                         industries, the success of pending acquisitions and the impact of future acquisitions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">acquisition-related
                                         costs and synergies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         sale of water, wastewater, and/or gas subsidiaries;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of conservation awareness of customers and more efficient fixtures and appliances
                                         on water and natural gas usage per customer;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         authority to carry on our business without unduly burdensome restrictions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         capability to pursue timely rate increase requests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         capacity of our water supplies, water facilities, wastewater facilities, and natural
                                         gas supplies and storage facilities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of decisions of governmental and regulatory bodies, including decisions to raise
                                         or lower rates and decisions regarding potential acquisitions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">developments,
                                         trends and consolidation in the water, wastewater, and natural gas utility and infrastructure
                                         industries;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of changes in and compliance with governmental laws, regulations and policies,
                                         including those dealing with the environment, health and water quality, taxation, and
                                         public utility regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         development of new services and technologies by us or our competitors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         availability of qualified personnel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         condition of our assets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">recovery
                                         of capital expenditures and expenses in rates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">projected
                                         capital expenditures and related funding requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         availability and cost of capital financing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">dividend
                                         payment projections;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of geographic diversity on our exposure to unusual weather;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         continuation of investments in strategic ventures;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         ability to obtain fair market value for condemned assets;</FONT></TD></TR></TABLE>

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                                         impact of fines and penalties;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of legal proceedings;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">general
                                         economic conditions;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         impact of federal and/or state tax policies and the regulatory treatment of the effects
                                         of those policies; and</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         amount of income tax deductions for qualifying utility asset improvements and the Internal
                                         Revenue Service&rsquo;s ultimate acceptance of the deduction methodology.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.7pt; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.7pt; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Because
forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ
materially from those expressed or implied by these forward-looking statements, including but not limited to:</FONT></P>

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                                         from the global outbreak of COVID-19, including on consumption, usage and collections</FONT></TD></TR></TABLE>

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                                         diversion of our management&rsquo;s time and resources caused by the integration efforts
                                         with respect to the Peoples Gas business and associated system implementations;</FONT></TD></TR></TABLE>

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                                         success in the closing of, and the profitability of future acquisitions;</FONT></TD></TR></TABLE>

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                                         in general economic, business, credit and financial market conditions;</FONT></TD></TR></TABLE>

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                                         ability to manage the expansion of our business, including our ability to manage our
                                         expanded operations resulting from the Peoples Gas Acquisition;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         ability to integrate and otherwise realize all of the anticipated benefits of businesses,
                                         technologies or services which we may acquire;</FONT></TD></TR></TABLE>

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                                         in environmental conditions, including the effects of climate change;</FONT></TD></TR></TABLE>

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                                         decisions of governmental and regulatory bodies, including decisions on regulatory filings,
                                         including rate increase requests and decisions regarding potential acquisitions;</FONT></TD></TR></TABLE>

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                                         ability to file rate cases on a timely basis to minimize regulatory lag;</FONT></TD></TR></TABLE>

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                                         weather conditions, including those that result in water availability, water use restrictions,
                                         gas availability or usage, or electricity interruptions;</FONT></TD></TR></TABLE>

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                                         seasonality of our business;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         ability to treat and supply water or collect and treat wastewater;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         ability to source sufficient natural gas to meet customer demand in a timely manner;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         continuous and reliable operation of our information technology systems, including the
                                         impact of cyber security attacks or other cyber-related events;</FONT></TD></TR></TABLE>

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                                         in governmental laws, regulations and policies, including those dealing with taxation,
                                         the environment, health and water quality, and public utility regulation;</FONT></TD></TR></TABLE>

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                                         extent to which we are able to develop and market new and improved services;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         effect of the loss of major customers;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         ability to retain the services of key personnel and to hire qualified personnel as we
                                         expand;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">labor
                                         disputes;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">increasing
                                         difficulties in obtaining insurance and increased cost of insurance;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">cost
                                         overruns relating to improvements to, or the expansion of, our operations;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">increases
                                         in the costs of goods and services;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         effect of natural gas price volatility;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">civil
                                         disturbance or terroristic threats or acts;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                         to the rules or our assumptions underlying our determination of what qualifies for an
                                         income tax deduction for qualifying utility asset improvements;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                         in, or unanticipated, capital requirements;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                         in our credit rating or the market price of our common stock;</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                         in valuation of strategic ventures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         phase-out of the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), or the replacement
                                         of LIBOR with a different reference rate or modification of the method used to calculate
                                         LIBOR, which may adversely affect interest rates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">changes
                                         in accounting pronouncements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">litigation
                                         and claims; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.7pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">restrictions
                                         on our subsidiaries&rsquo; ability to make dividends and other distributions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Given these
risks and uncertainties, you should not place undue reliance on any forward-looking statements. You should read this prospectus
and the documents that we incorporate by reference into this prospectus completely and with the understanding that our actual
results, performance and achievements may be materially different from what we expect. These forward-looking statements represent
assumptions, expectations, plans and beliefs only as of the date of this prospectus, the date of the document containing the applicable
statement or the date specified in such statement, as applicable. Except for our ongoing obligations to disclose certain information
under the federal securities laws, we are not obligated, and assume no obligation, to update these forward-looking statements,
even though our situation may change in the future. For further information or other factors which could affect our financial
results and such forward-looking statements, see &ldquo;Risk Factors.&rdquo; We qualify all of our forward-looking statements
by these cautionary statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a003"></A>ESSENTIAL
UTILITIES, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Essential Utilities,
Inc. is a Pennsylvania corporation and the holding company for regulated utilities providing water, wastewater, or natural gas
services to an estimated five million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia,
West Virginia, and Kentucky under the Aqua and Peoples brands. Essential Utilities, which prior to its name change on February
3, 2020 was known as Aqua America, Inc., was formed in 1968 as a holding company for its primary subsidiary, Aqua Pennsylvania,
formerly known as Philadelphia Suburban Water Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our principal
executive office is located at 762 W. Lancaster Avenue, Bryn Mawr, Pennsylvania 19010-3489, and our telephone number is 610-527-8000.
Our website may be accessed at www.essential.co. The references to our website and the SEC&rsquo;s website are intended to be
inactive textual references only, and the contents of those websites are not incorporated by reference herein and should not be
considered part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a004"></A>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Investing in
our securities involves risks. Please see the risk factors described under the section captioned &ldquo;Risk Factors&rdquo; in
our Annual Report on Form 10-K for the year ended December 31, 2020, as such risk factors may be updated from time to time in
filings we make with the SEC subsequent to the date hereof. Before making an investment decision, you should carefully consider
these risk factors, together with all other information contained in or incorporated by reference into this prospectus or any
applicable prospectus supplement (which includes information contained in certain filings we make with the SEC subsequent to the
date hereof as set forth in the section below captioned &ldquo;Where You Can Find More Information&rdquo;). Please also refer
to the section above captioned &ldquo;Forward-Looking Statements.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a005"></A>USE OF
PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Unless we otherwise
specify in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities we may offer
by this prospectus to fund our capital expenditures, to provide capital for our growth strategy, which includes potential future
acquisitions of municipally owned and investor-owned water and wastewater systems, regulated utilities and infrastructure projects,
and market-based activities complementary to our regulated business, to fund the integration of any businesses that we acquire
into our existing business, and to purchase and maintain plant equipment, as well as for working capital and other general corporate
purposes. Our management will have broad discretion in the allocation of net proceeds from the sale of any securities sold by
us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a006"></A>DESCRIPTION
OF CAPITAL STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">As of
April 9, 2021, our authorized capital stock was 601,770,819 shares, consisting of:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">600,000,000
                                         shares of common stock, par value $0.50 per share, of which 245,636,516 shares were outstanding;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">1,770,819
                                         shares of preferred stock, par value $1.00 per share, of which no shares were outstanding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
summary of certain terms of our common stock and preferred stock is qualified in its entirety by the provisions of our Amended
and Restated Articles of Incorporation and Amended and Restated Bylaws, each of which is incorporated by reference as an exhibit
to the registration statement of which this prospectus constitutes a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
section describes the general terms of our common stock. For more detailed information, you should refer to our articles of incorporation
and bylaws, including any amendments thereto, copies of which have been filed with the SEC. These documents are incorporated by
reference into this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Voting
Rights</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Holders
of our common stock are entitled to one vote for each share held by them at all meetings of the shareholders and are not entitled
to cumulate their votes for the election of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Dividend
Rights and Limitations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Holders
of our common stock may receive dividends when declared by our board of directors. Because we are a holding company, the funds
we use to pay any dividends on our common stock are derived predominantly from the dividends that we receive from our direct and
indirect subsidiaries. Therefore, our ability to pay dividends to holders of our common stock depends upon the subsidiaries&rsquo;
earnings, financial condition and ability to pay dividends. Most of our subsidiaries are subject to regulation by state utility
commissions and the amounts of their earnings and dividends are affected by the manner in which they are regulated. In addition,
they are subject to restrictions on the payment of dividends contained in their various debt agreements. Under the most restrictive
debt agreements, the amount available for payment of dividends to us as of December 31, 2020 was approximately $1,729,269,000
of Aqua Pennsylvania&rsquo;s retained earnings and $276,283,000 of the retained earnings of certain other subsidiaries. Payment
of dividends on common stock is also subject to the preferential rights of the holders of any outstanding preferred stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Liquidation
Rights</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In the
event that we liquidate, dissolve or wind-up, the holders of our common stock are entitled to share ratably in all of the assets
that remain after we pay our liabilities. This right is subject, however, to the prior distribution rights of any outstanding
preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Listing</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our common
stock is listed on the New York Stock Exchange, or NYSE, under the symbol &ldquo;WTRG.&rdquo;</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Preferred
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our board
of directors has the authority, from time to time and without further action by our shareholders, to divide our unissued capital
stock into one or more classes and one or more series within any class and to make determinations of the designation and number
of shares of any class or series and determinations of the voting rights, preferences, limitations and special rights, if any,
of the shares of any class or series. The rights, preferences, limitations and special rights of different classes of capital
stock may differ with respect to dividend rates, amounts payable on liquidation, voting rights, conversion rights, redemption
provisions, sinking fund provisions and other matters. The rights, preferences, privileges and restrictions of each series may
be fixed by the designations of that series set forth in either a restated version of our articles of incorporation or a certificate
of designations relating to that series, which will be filed with the SEC as an exhibit to or incorporated by reference in the
registration statement of which this prospectus constitutes a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The issuance
of preferred stock may be perceived by some as possibly having the effect of delaying, deferring or preventing a change of control
of us without further action by our shareholders. The issuance of preferred stock with voting and conversion rights may also adversely
affect the voting power of the holders of our common stock. In certain circumstances, an issuance of preferred stock could possibly
have the effect of decreasing the market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Whenever
preferred stock is to be sold pursuant to this prospectus, we will file a prospectus supplement relating to that sale which will
specify:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the number of shares
    in the series of preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the designation for
    the series of preferred stock by number, letter or title that will distinguish the series from any other series of preferred
    stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the dividend rate,
    if any, and whether dividends on that series of preferred stock will be cumulative, noncumulative or partially cumulative;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the voting rights
    of that series of preferred stock, if any;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any conversion provisions
    applicable to that series of preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any redemption or
    sinking fund provisions applicable to that series of preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any preemptive rights
    provisions applicable to that series of preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the liquidation preference
    per share of that series of preferred stock; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
    terms of any other preferences or rights, if any, applicable to that series of preferred stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Anti-Takeover
Provisions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Pennsylvania
State Law Provisions</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under
Section 1712 of the Pennsylvania Business Corporation Law of 1988, as amended, or the PBCL, which is applicable to us, directors
stand in a fiduciary relation to their corporation and, as such, are required to perform their duties in good faith, in a manner
they reasonably believe to be in the best interests of the </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">corporation and with such care, including reasonable inquiry, skill
and diligence, as a person of ordinary prudence would use under similar circumstances. Under Section 1715 of the PBCL, in discharging
their duties, directors may, in considering the best interests of their corporation, consider various constituencies, including,
shareholders, employees, suppliers, customers and creditors of the corporation, and upon communities in which offices or other
establishments of the corporation are located. Directors are not required to give prominent consideration to the interests of
any particular constituency. Absent a breach of fiduciary duty, a lack of good faith or self-dealing, any act of the board of
directors, a committee thereof or an individual director is presumed to be in the best interests of the corporation. Actions by
directors relating to an acquisition or potential acquisition of control of the corporation are not subject to any greater obligation
to justify, or higher burden of proof, than is applied to any other acts of directors. The PBCL expressly provides that the fiduciary
duty of directors does not require them to (i) redeem or otherwise render inapplicable outstanding rights issued under any shareholder
rights plan; (ii) render inapplicable the anti-takeover statutes set forth in Chapter 25 of the PBCL (described below); or (iii)
take any action solely because of the effect it may have on a proposed acquisition or the consideration to be received by shareholders
in such a transaction. In addition, Section 2513 of the PBCL specifically validates shareholder rights plans, or &ldquo;poison
pills,&rdquo; and the discriminatory dilution provisions contained in such plans.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chapter
25 of the PBCL contains several anti-takeover statutes applicable to publicly-traded corporations. Corporations may opt-out of
such anti-takeover statutes under certain circumstances. We have not opted-out of any of such statutes.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Section
2538 of Subchapter 25D of the PBCL requires certain transactions with an &ldquo;interested shareholder&rdquo; to be approved by
a majority of disinterested shareholders. &ldquo;Interested shareholder&rdquo; is defined broadly to include any shareholder who
is a party to the transaction or who is treated differently than other shareholders and affiliates of the interested shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subchapter 25E
of the PBCL requires a person or group of persons acting in concert which acquires 20% or more of the voting shares of the corporation
to offer to purchase the shares of any other shareholder at &ldquo;fair value.&rdquo; &ldquo;Fair value&rdquo; means the value
not less than the highest price paid per share by the controlling person or group during the 90-day period prior to the control
transaction, plus a control premium. Among other exceptions, Subchapter 25E does not apply to shares acquired directly from the
corporation in a transaction exempt from the registration requirements of the Securities Act, or to a one-step merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subchapter
25F of the PBCL generally establishes a 5-year moratorium on a &ldquo;business combination&rdquo; with an &ldquo;interested shareholder.&rdquo;
&ldquo;Interested shareholder&rdquo; is defined generally to be any beneficial owner of 20% or more of the corporation&rsquo;s
voting stock or an affiliate or associate of the corporation that at any time within the prior five-year period was a beneficial
owner of 20% or more of the corporation&rsquo;s voting stock. &ldquo;Business combination&rdquo; is defined broadly to include
mergers, consolidations, asset sales and certain self-dealing transactions. Certain restrictions apply to business combination
following the 5-year period. Among other exceptions, Subchapter 25F will be rendered inapplicable if the board of directors approves
the proposed business combination, or approves the interested shareholder&rsquo;s acquisition of 20% of the voting shares, in
either case prior to the date on which the shareholder first becomes an interested shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subchapter
25G of the PBCL provides that &ldquo;control shares&rdquo; lose voting rights unless such rights are restored by the affirmative
vote of a majority of (i) the disinterested shares (generally, shares held by persons other than the acquiror, executive officers
of the corporation and certain employee stock plans) and (ii) the outstanding voting shares of the corporation. &ldquo;Control
shares&rdquo; are defined as shares which, upon acquisition, will result in a person or group acquiring for the first time voting
control over (a) 20%, (b) 33 1/3% or (c) 50% or more of the outstanding shares, together with shares acquired within 180 days
of attaining the applicable threshold and shares purchased with the intention of attaining such threshold. A corporation may redeem
control shares if the acquiring person does not request restoration of voting rights as permitted by Subchapter 25G. Among other
exceptions, Subchapter 25G does not apply to a merger, consolidation or a share exchange if the corporation is a party to the
transaction agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subchapter
25H of the PBCL provides in certain circumstances for the recovery by the corporation of profits realized from the sale of its
stock by a controlling person or group if the sale occurs within 18 months after the controlling person or group became a controlling
person or group, and the stock was acquired during such 18-month period or within 24 months before such period. A controlling
person or group is a person or group that has acquired, offered to acquire, or publicly disclosed an intention to acquire 20%
or more of the voting shares of the corporation or a person or group that has otherwise publicly disclosed or caused to be disclosed
that it may seek to acquire control of the corporation through any means. Among other exceptions, Subchapter 25H does not apply
to transactions approved by both the board of directors and the shareholders prior to the acquisition or distribution, as appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subchapter
25I of the PBCL mandates severance compensation for eligible employees who are terminated within 24 months after the approval
of a control-share acquisition. Eligible employees generally are all employees employed in Pennsylvania for at least two years
prior to the control-share approval. Severance equals the weekly compensation of the employee multiplied by the employee&rsquo;s
years of service (up to 26 years), less payments made due to the termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subchapter
25J of the PBCL requires the continuation of certain labor contracts relating to business operations owned at the time of a control-share
approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Articles
of Incorporation and Bylaw Provisions</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
provisions of our articles of incorporation and bylaws may have the effect of discouraging unilateral tender offers or other attempts
to take over and acquire our business. These provisions might discourage some potentially interested purchaser from attempting
a unilateral takeover bid for us on terms which some shareholders might favor. Our articles of incorporation require that certain
fundamental transactions must be approved by the holders of 75% of the outstanding shares of our capital stock entitled to vote
on the matter unless at least a majority of the members of the board of directors has approved the transaction, in which case
the required shareholder approval will be the minimum approval required by applicable law. The fundamental transactions that are
subject to this provision are those transactions that require approval by shareholders under applicable law or the articles of
incorporation. These transactions include certain amendments of our articles of incorporation or bylaws, certain sales or other
dispositions of our assets, certain issuances of our capital stock, or certain transactions involving our merger, consolidation,
division, reorganization, dissolution, liquidation or winding up. Our articles of incorporation and bylaws provide that:</FONT></P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">a special meeting
    of shareholders may only be called by the chairman, the president, the board of directors or shareholders entitled to cast
    a majority of the votes which all shareholders are entitled to cast at the particular meeting;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">nominations for election
    of directors may be made by any shareholder entitled to vote for election of directors if the name of the nominee and certain
    information relating to the nominee is filed with our corporate secretary not less than 14 days nor more than 50 days before
    any meeting of shareholders to elect directors; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">certain
    advance notice procedures must be met for shareholder proposals to be made at annual meetings of shareholders. These advance
    notice procedures generally require a notice to be delivered not less than 90 days nor more than 120 days before the anniversary
    date of the immediately preceding annual meeting of shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transfer
Agent and Registrar</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The transfer
agent and registrar for our common stock is Computershare Trust Company, N.A.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a007"></A>DESCRIPTION
OF COMMON STOCK PURCHASE CONTRACTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue stock purchase contracts, representing contracts entitling or obligating holders to purchase from us, and us to sell to
the holders, a specified number of shares or amount of common stock at a future date or dates. The price per share of common stock
may be fixed at the time each contract is issued or may be determined by reference to a specific formula set forth in the contract.
Each common stock purchase contract may be issued separately or as a part of a unit, each consisting of a common stock purchase
contract and, as security for the holder&rsquo;s obligation to purchase the common stock under the contract, the following:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our senior debt securities
    or subordinated debt securities described under &ldquo;Description of Debt Securities;&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">debt obligations of
    third parties, including U.S. Treasury securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any other asset as
    security described in the applicable prospectus supplement; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
    combination of the foregoing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each
common stock purchase contract may require us to make periodic payments to the holder of the unit or vice versa, and such payments
may be unsecured or prefunded on some basis discussed in the applicable prospectus supplement. Each common stock purchase contract
may require holders to secure their obligations thereunder in a specified manner and, in certain circumstances, we may deliver
a newly issued prepaid common stock purchase contract, which is referred to as a &ldquo;prepaid security,&rdquo; upon release
to a holder of any collateral securing such holder&rsquo;s obligations under the original contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The applicable
prospectus supplement will describe the terms of any common stock purchase contract and, if applicable, prepaid security. The
description in the prospectus supplement will not purport to be complete and will be qualified in its entirety by reference to
the contracts, the collateral arrangements and depositary arrangements, if applicable, relating to such contracts and, if applicable,
the prepaid securities and the documents pursuant to which such prepaid securities will be issued. The applicable prospectus supplement
will also describe the material United States federal income tax considerations applicable to the common stock purchase contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a008"></A>DESCRIPTION
OF WARRANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
summary of certain provisions of the warrants does not purport to be complete and is subject to, and qualified in its entirety
by reference to, the provisions of the warrant agreement that will be filed with the SEC in connection with the offering of such
warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue warrants for the purchase of debt securities, preferred stock or common stock. Warrants may be issued independently or together
with debt securities, preferred stock or common stock offered by any prospectus supplement and may be attached to or separate
from any such offered securities. Each series of warrants will be issued under a separate warrant agreement to be entered into
between the Company and a bank or trust company, as warrant agent. The warrant agent will act solely as the Company&rsquo;s agent
in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders
or beneficial owners of warrants.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Debt
Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
supplement relating to a particular issue of debt warrants will describe the terms of such debt warrants, including the following:
(a) the title of such debt warrants; (b) the offering price for such debt warrants, if any; (c) the aggregate number of such debt
warrants; (d) the designation and terms of the debt securities purchasable upon exercise of such debt warrants; (e) if applicable,
the designation and terms of the debt securities with which such debt warrants are issued and the number of such debt warrants
issued with each </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">such debt security; (f) if applicable, the date from and after which such debt warrants and any debt securities
issued therewith will be separately transferable; (g) the principal amount of debt securities purchasable upon exercise of a debt
warrant and the price at which such principal amount of debt securities may be purchased upon exercise (which price may be payable
in cash, securities, or other property); (h) the date on which the right to exercise such debt warrants shall commence and the
date on which such right shall expire; (i) if applicable, the minimum or maximum amount of such debt warrants that may be exercised
at any one time; (j) whether the debt warrants represented by the debt warrant certificates or debt securities that may be issued
upon exercise of the debt warrants will be issued in registered or bearer form; (k) information with respect to book-entry procedures,
if any; (1) the currency or currency units in which the offering price, if any, and the exercise price are payable; (m) if applicable,
a discussion of material United States federal income tax considerations; (n) the anti-dilution provisions of such debt warrants,
if any; (o) the redemption or call provisions, if any, applicable to such debt warrants; (p) any provisions for changes to or
adjustments in the exercise price for the debt warrants and (q) any additional terms of such debt warrants, including terms, procedures,
and limitations relating to the exchange and exercise of such debt warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Stock
Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
supplement relating to any particular issue of preferred stock warrants or common stock warrants will describe the terms of such
warrants, including the following: (a) the title of such warrants; (b) the offering price for such warrants, if any; (c) the aggregate
number of such warrants; (d) the designation and terms of the common stock or preferred stock purchasable upon exercise of such
warrants; (e) if applicable, the designation and terms of the offered securities with which such warrants are issued and the number
of such warrants issued with each such offered security; (f) if applicable, the date from and after which such warrants and any
offered securities issued therewith will be separately transferable; (g) the number of shares of common stock or preferred stock
purchasable upon exercise of a warrant and the price at which such shares may be purchased upon exercise; (h) the date on which
the right to exercise such warrants shall commence and the date on which such right shall expire; (i) if applicable, the minimum
or maximum amount of such warrants that may be exercised at any one time; (j) the currency or currency units in which the offering
price, if any, and the exercise price are payable, (k) if applicable, a discussion of material United States federal income tax
considerations; (l) the anti-dilution provisions of such warrants, if any; (m) the redemption or call provisions, if any, applicable
to such warrants; (m) any provisions for changes to or adjustments in the exercise price for the stock warrants and (n) any additional
terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a009"></A>DESCRIPTION
OF UNITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We may, from
time to time, issue units comprised of one or more of the other securities that may be offered under this prospectus, in any combination.
Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder
of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is
issued may provide that the securities included in the unit may not be held or transferred separately at any time, or at any time
before a specified date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The applicable
prospectus supplement will describe the terms of any unit. The description in the prospectus supplement will not purport to be
complete and will be qualified in its entirety by reference to units, the collateral arrangements and depositary arrangements,
if applicable, relating to such units and, if applicable, the prepaid securities and the documents pursuant to which such prepaid
securities will be issued. The applicable prospectus supplement will also describe the material United States federal income tax
considerations applicable to the units.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a010"></A>DESCRIPTION
OF DEPOSITORY SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may,
at our option, offer fractional shares of our preferred stock, rather than whole shares of our preferred stock. In the event we
do so, we will issue receipts for depositary shares, each of which will represent a fraction (to be set forth in the prospectus
supplement relating to offering of the depositary shares) of a share of the related series of preferred stock.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The shares
of our preferred stock represented by depositary shares will be deposited under a deposit agreement between us and a bank or trust
company selected by us having its principal office in the United States and that meets certain other requirements. Subject to
the terms of the deposit agreement, each owner of a depositary share will be entitled, in proportion to the applicable fraction
of a share of preferred stock, represented by the depositary share to all of the rights and preferences of the preferred stock
represented by the depositary shares (including dividend, voting, redemption, conversion and liquidation rights).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The above description
of depositary shares is only a summary, is not complete and is subject to, and is qualified in its entirety by the description
in the applicable prospectus supplement and the provisions of the deposit agreement, which will contain the form of depository
receipt. A copy of the deposit agreement will be filed with the SEC as an exhibit to or incorporated by reference in the registration
statement of which this prospectus is a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a011"></A>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Please
note that in this section entitled &ldquo;Description of Debt Securities,&rdquo; references to &ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;ours&rdquo; or &ldquo;our&rdquo; refer only to Essential Utilities, Inc. and not to its consolidated subsidiaries. Also,
in this section, references to &ldquo;holders&rdquo; mean those who own debt securities registered in their own names, on the
books that we maintain or the trustee maintains for this purpose, and not those who own beneficial interests in debt securities
registered in street name or in debt securities issued in book-entry form through one or more depositaries. Owners of beneficial
interests in the debt securities should read the section below entitled &ldquo;Book-Entry Procedures and Settlement.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The debt
securities offered by this prospectus will be our unsecured obligations, except as otherwise set forth in an accompanying prospectus
supplement, and will be either senior or subordinated debt. We will issue senior debt securities under an Indenture dated as of
April 23, 2019, as amended and supplemented by the First Supplemental Indenture, dated as of April 23, 2019, each between the
Company and U.S. Bank, N.A., as trustee (as amended, the &ldquo;senior debt indenture&rdquo;). We will issue subordinated debt
under a subordinated debt indenture. We sometimes refer to the senior debt indenture and the subordinated debt indenture, individually,
as an indenture and, collectively, as the indentures. We have filed the senior debt indenture and a form of the subordinated debt
indenture with the SEC as exhibits to the registration statement of which this prospectus forms a part. You can obtain copies
of the indentures by following the directions outlined in &ldquo;Where You Can Find More Information,&rdquo; or by contacting
the applicable indenture trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A form
of each debt security, reflecting the particular terms and provisions of a series of offered debt securities, will be filed with
the SEC at the time of the offering and incorporated by reference as exhibits to the registration statement of which this prospectus
forms a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
briefly summarizes certain material provisions that may be included in the indentures. Other terms, including pricing and related
terms, will be disclosed for a particular issuance in an accompanying prospectus supplement. You should read the more detailed
provisions of the applicable indenture, including the defined terms, for provisions that may be important to you. You should also
read the particular terms of a series of debt securities, which will be described in more detail in an accompanying prospectus
supplement. So that you may easily locate the more detailed provisions, the numbers in parentheses below refer to sections </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">in
the applicable indenture or, if no indenture is specified, to sections in each of the indentures. Wherever particular sections
or defined terms of the applicable indenture are referred to, such sections or defined terms are incorporated into this prospectus
by reference, and the statement in this prospectus is qualified by that reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The trustee
under each indenture will be determined at the time of issuance of debt securities, and the name of the trustee will be provided
in an accompanying prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The indentures
provide that our senior or subordinated debt securities may be issued in one or more series, with different terms, in each case
as we authorize from time to time. We also have the right to &ldquo;reopen&rdquo; a previous issue of a series of debt securities
by issuing additional debt securities of such series without the consent of the holders of debt securities of the series being
reopened or any other series. Any additional debt securities of the series being reopened will have the same ranking, interest
rate, maturity and other terms as the previously issued debt securities of that series. These additional debt securities, together
with the previously issued debt securities of that series, will constitute a single series of debt securities under the terms
of the applicable indenture.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Types
of Debt Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue fixed or floating rate debt securities. Fixed rate debt securities will bear interest at a fixed rate described in the prospectus
supplement. This type includes zero coupon debt securities, which bear no interest and are often issued at a price lower than
the principal amount. United States federal income tax consequences and other special considerations applicable to any debt securities
issued at a discount will be described in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Upon
the request of the holder of any floating rate debt security, the calculation agent will provide the interest rate then in effect
for that debt security, and, if determined, the interest rate that will become effective on the next interest reset date. The
calculation agent&rsquo;s determination of any interest rate, and its calculation of the amount of interest for any interest period,
will be final and binding in the absence of manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">All percentages
resulting from any interest rate calculation relating to a debt security will be rounded upward or downward, as appropriate, to
the next higher or lower one hundred-thousandth of a percentage point.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">All amounts
used in or resulting from any calculation relating to a debt security will be rounded upward or downward, as appropriate, to the
nearest cent, in the case of U.S. dollars, or to the nearest corresponding hundredth of a unit, in the case of a currency other
than U.S. dollars, with one-half cent or one-half of a corresponding hundredth of a unit or more being rounded upward.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In determining
the base rate that applies to a floating rate debt security during a particular interest period, the calculation agent may obtain
rate quotes from various banks or dealers active in the relevant market, as described in the prospectus supplement. Those reference
banks and dealers may include the calculation agent itself and its affiliates, as well as any underwriter, dealer or agent participating
in the distribution of the relevant floating rate debt securities and its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Information
in the Prospectus Supplement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
supplement for any offered series of debt securities will describe the following terms, as applicable:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the title;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">whether the debt is
    senior or subordinated;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">whether the debt securities
    are secured or unsecured and, if secured, the collateral securing the debt;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the total principal
    amount offered;</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the percentage of
    the principal amount at which the debt securities will be sold and, if applicable, the method of determining the price;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the maturity date
    or dates;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">whether the debt securities
    are fixed rate debt securities or floating rate debt securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">if the debt securities
    are fixed rate debt securities, the yearly rate at which the debt security will bear interest, if any, and the interest payment
    dates;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">if the debt security
    is an original issue discount debt security, the yield to maturity;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">if the debt securities
    are floating rate debt securities, the interest rate basis; any applicable index currency or maturity, spread or spread multiplier
    or initial, maximum or minimum rate; the interest reset, determination, calculation and payment dates, and the day count used
    to calculate interest payments for any period;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the date or dates
    from which any interest will accrue, or how such date or dates will be determined, and the interest payment dates and any
    related record dates;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">if other than in U.S.
    dollars, the currency or currency unit in which payment will be made;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the denominations
    in which the currency or currency unit of the securities will be issuable if other than denominations of $1,000 and integral
    multiples thereof;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the terms and conditions
    on which the debt securities may be redeemed at our option;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any obligation we
    may have to redeem, purchase or repay the debt securities at the option of a holder upon the happening of any event and the
    terms and conditions of redemption, purchase or repayment;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the names and duties
    of the trustee and any co-trustees, depositaries, authenticating agents, calculation agents, paying agents, transfer agents
    or registrars for the debt securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any material provisions
    of the applicable indenture described in this prospectus that do not apply to the debt securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">a discussion of United
    States federal income tax, accounting and special considerations, procedures and limitations with respect to the debt securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">whether and under
    what circumstances we will pay additional amounts to holders in respect of any tax assessment or government charge, and, if
    so, whether we will have the option to redeem the debt securities rather than pay such additional amounts; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 0">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: justify"><FONT STYLE="font-size: 10pt">any
    other specific terms of the debt securities that are consistent with the provisions of the indenture.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The terms
on which a series of debt securities may be convertible into or exchangeable for other of our securities or any other entity will
be set forth in the prospectus supplement relating to such series. Such terms will include provisions as to whether conversion
or exchange is mandatory, at the option of the holder or at our option. The terms may include provisions pursuant to which the
number of other securities to be received by the holders of such series of debt securities may be adjusted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We will
issue the debt securities only in registered form. As currently anticipated, debt securities of a series will trade in book-entry
form, and global notes will be issued in physical (paper) form, as described below under &ldquo;Book-Entry Procedures and Settlement.&rdquo;
Unless otherwise provided in the accompanying prospectus supplement, we will issue debt securities denominated in U.S. dollars
and only in denominations of $1,000 and integral multiples thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
supplement relating to offered debt securities denominated in a foreign or composite currency will specify the denomination of
the offered debt securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The debt
securities may be presented for exchange, and debt securities other than a global security may be presented for registration of
transfer, at the principal corporate trust office of the trustee named in the applicable prospectus supplement. Holders will not
have to pay any service charge for any registration of transfer or exchange of debt securities, but we may require payment of
a sum sufficient to cover any tax or other governmental charge payable in connection with such registration of transfer (Section
3.05).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Payment
and Paying Agents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Distributions
on the debt securities other than those represented by global notes will be made in the designated currency against surrender
of the debt securities at the principal corporate trust office of the trustee named in the applicable prospectus supplement. Payment
will be made to the registered holder at the close of business on the record date for such payment. Interest payments will be
made at the principal corporate trust office of the trustee named in the applicable prospectus supplement, or by a check mailed
to the holder at his registered address. Payments in any other manner will be specified in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Calculation
Agents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Calculations
relating to floating rate debt securities and indexed debt securities will be made by the calculation agent, an institution that
we appoint as our agent for this purpose. We may appoint one of our affiliates as calculation agent. We may appoint a different
institution to serve as calculation agent from time to time after the original issue date of the debt security without your consent
and without notifying you of the change. The initial calculation agent will be identified in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Senior
Debt</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue senior debt securities under the senior debt indenture. Senior debt will constitute our unsecured and unsubordinated obligations
and will rank on a basis equal in priority with all our other unsecured and unsubordinated debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Subordinated
Debt</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue subordinated debt securities under the subordinated debt indenture. Subordinated debt will constitute our unsecured and
subordinated obligations and will be junior in right of payment to our senior debt (including senior debt securities), which is
defined as &ldquo;senior indebtedness&rdquo; in the subordinated debt indenture (Section 16.01 of the subordinated debt indenture).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If we
default in the payment of any principal of, or premium, if any, or interest on any senior debt when it becomes due and payable
after any applicable grace period, then, unless and until the default is cured or waived or ceases to exist, we cannot make a
payment on account of or redeem or otherwise acquire the subordinated debt securities (Section 16.04 of the subordinated debt
indenture).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If there
is any insolvency, bankruptcy, liquidation or other similar proceeding relating to us or our property, then all senior debt must
be paid in full before any payment may be made to any holders of subordinated debt securities (Section 16.02 of the subordinated
debt indenture).</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore,
if we default in the payment of the principal of and accrued interest on any subordinated debt securities that is declared due
and payable upon an event of default under the subordinated debt indenture, holders of all our senior debt will first be entitled
to receive payment in full in cash before holders of such subordinated debt can receive any payments (Section 16.03 of the subordinated
debt indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as may be otherwise set forth in an accompanying prospectus supplement, senior debt means:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the principal, premium,
    if any, and interest in respect of indebtedness for money borrowed and indebtedness evidenced by securities, notes, debentures,
    bonds or other similar instruments issued, including, as to us, the senior debt securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">all capitalized lease
    obligations;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">all obligations representing
    the deferred purchase price of property; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">all
    deferrals, renewals, extensions and refundings of obligations of the type referred to above (Section 1.01 of the subordinated
    debt indenture).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">However,
senior debt does not include:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the subordinated debt
    securities (Section 16.01 of the subordinated debt indenture);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any indebtedness that
    by its terms is subordinated to, or ranks in priority on an equal basis with, subordinated debt securities (Section 1.01 of
    the subordinated debt indenture); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">items
    of indebtedness (other than capitalized lease obligations) that would not appear as liabilities on a balance sheet prepared
    in accordance with accounting principles generally accepted in the United States of America.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Covenants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The accompanying
prospectus supplement will contain any covenants applicable to the debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Modification
of the Indentures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The indentures
will provide that we and the relevant trustee may enter into supplemental indentures to establish the form and terms of any new
series of debt securities without obtaining the consent of any holder of debt securities (Section 9.01).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We and
the trustee may, with the consent of the holders of at least a majority in aggregate outstanding principal amount of the debt
securities of a series, modify the applicable indenture or the rights of the holders of the securities of such series (Section
9.02).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">No such
modification may, without the consent of each holder of an affected security:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">extend the fixed maturity
    of any such security;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the rate or
    change the time of payment of interest on such security;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the principal
    amount of such securities or the premium, if any, on such security;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">change any obligation
    of ours to pay additional amounts with respect to such security;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the amount
    of the principal payable on acceleration of such security if issued originally at a discount;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">adversely affect the
    right of repayment or repurchase of such security at the option of the holder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce or postpone
    any sinking fund or similar provision with respect to such security;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">change the currency
    or currency unit in which such security is payable or the right of selection thereof;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">impair the right to
    sue for the enforcement of any payment with respect to such security on or after the maturity of such security;</FONT></TD></TR>
</TABLE>
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    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the percentage
    of the aggregate outstanding principal amount of debt securities of the series referred to above whose holders need to consent
    to the modification or a waiver without the consent of such holders; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: justify"><FONT STYLE="font-size: 10pt">change
    any obligation of ours with respect to such security to maintain an office or agency.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Defaults</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as may be otherwise set forth in an accompanying prospectus supplement, each indenture will provide that events of default regarding
any series of debt securities will be:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our failure to pay
    for 30 days required interest on any debt security of such series;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our failure to pay
    principal or premium, if any, on any debt security of such series when due;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our failure to make
    any required scheduled installment payment for 30 days on debt securities of such series;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our failure to perform
    for 90 days after notice any other covenant in the relevant indenture other than a covenant included in the relevant indenture
    solely for the benefit of a series of debt securities other than such series; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">certain
    events of bankruptcy or insolvency, whether voluntary or not (Section 5.01).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as may be otherwise set forth in an accompanying prospectus supplement, if an event of default regarding debt securities of any
series issued under the indentures should occur and be continuing, either the trustee or the holders of 25% in the principal amount
of outstanding debt securities of such series may declare each debt security of that series due and payable (Section 5.02). We
may be required to file annually with the trustee a statement of an officer as to the fulfillment by us of our obligations under
the indenture during the preceding year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">No event
of default regarding one series of debt securities issued under an indenture is necessarily an event of default regarding any
other series of debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Holders of a
majority in aggregate principal amount of the outstanding debt securities of any series will be entitled to control certain actions
of the trustee under the indentures and to waive past defaults regarding such series (Sections 5.12 and 5.13). The holders of
debt securities generally will not be able to require the trustee to take any action, unless one or more of such holders provides
to the trustee reasonable security or indemnity (Section 6.02).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If an
event of default occurs and is continuing regarding a series of debt securities, the trustee may use any sums that it holds under
the relevant indenture for its own reasonable compensation and expenses incurred prior to paying the holders of debt securities
of such series (Section 5.06).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Before
any holder of any series of debt securities may institute action for any remedy, except payment on such holder&rsquo;s debt security
when due, the holders of not less than 25% in principal amount of the debt securities of that series outstanding must request
the trustee to take action. Holders must also offer and give the satisfactory security and indemnity against liabilities incurred
by the trustee for taking such action (Section 5.07).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Defeasance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as may otherwise be set forth in an accompanying prospectus supplement, after we have deposited with the trustee, cash or government
securities, in trust for the benefit of the holders sufficient to pay the principal of, premium, if any, and interest on the debt
securities of such series when due, and satisfied certain other conditions, including receipt of an opinion of counsel that holders
will not recognize taxable gain or loss for United States federal income tax purposes, then:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we will be deemed
    to have paid and satisfied our obligations on all outstanding debt securities of such series, which is known as defeasance
    and discharge (Section 14.02); or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">we
    will cease to be under any obligation, other than to pay when due the principal of, premium, if any, and interest on such
    debt securities, relating to the debt securities of such series, which is known as covenant defeasance (Section 14.03).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">When
there is a defeasance and discharge, the applicable indenture will no longer govern the debt securities of such series, we will
no longer be liable for payments required by the terms of the debt securities of such series and the holders of such debt securities
will be entitled only to the deposited funds. When there is a covenant defeasance, however, we will continue to be obligated to
make payments when due if the deposited funds are not sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Governing
Law</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
otherwise stated in the prospectus supplement, the debt securities and the indentures will be governed by New York law (Section
1.12).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Concerning
the Trustee Under the Indentures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
have banking and other business relationships with the trustee named in the prospectus supplement, or any subsequent trustee,
in the ordinary course of business.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Form,
Exchange and Transfer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We will issue
debt securities only in registered form; no debt securities will be issued in bearer form (Section 2.03). We will issue each debt
security in book-entry form only, unless otherwise specified in the applicable prospectus supplement. We will issue any common
stock issuable upon conversion of any debt security being offered in both certificated and book-entry form, unless otherwise specified
in the applicable prospectus supplement. Debt securities in book-entry form will be represented by a global security registered
in the name of a depositary, which will be the holder of all the debt securities represented by the global security (Section 2.04).
Those who own beneficial interests in a global security will do so through participants in the depositary&rsquo;s system, and
the rights of these indirect owners will be governed solely by the applicable procedures of the depositary and its participants.
Only the depositary will be entitled to transfer or exchange a debt security in global form, since it will be the sole holder
of the debt security (Section 3.05). These book-entry securities are described below under &ldquo;Book-Entry Procedures and Settlement.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If any
debt securities are issued in non-global form or cease to be book-entry securities (in the circumstances described in the next
section), the following will apply to them:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The debt securities
    will be issued in fully registered form in denominations stated in the prospectus supplement. You may exchange debt securities
    for debt securities of the same series in smaller denominations or combined into fewer debt securities of the same series
    of larger denominations, as long as the total amount is not changed (Section 3.05).</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">You may exchange,
    transfer, present for payment or exercise debt securities at the office of the relevant trustee or agent indicated in the
    prospectus supplement (Section 3.05). You may also replace lost, stolen, destroyed or mutilated debt securities at that office.
    We may appoint another entity to perform these functions or may perform them (Section 3.06).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">You will not be required
    to pay a service charge to transfer or exchange the debt securities, but you may be required to pay any tax or other governmental
    charge associated with the transfer or exchange (Sections 3.05 and 3.06). The transfer or exchange, and any replacement, will
    be made only if our transfer agent is satisfied with your proof of legal ownership. The transfer agent may also require an
    indemnity before replacing any debt securities (Section 3.06).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">If we have the right
    to redeem, accelerate or settle any debt securities before their maturity or expiration, and we exercise that right as to
    less than all those debt securities, we may block the transfer or exchange of those debt securities during the period beginning
    15 days before the day we mail the notice of exercise and ending on the day of that mailing, in order to freeze the list of
    holders to prepare the mailing. We may also refuse to register transfers of or exchange any debt security selected for early
    settlement, except that we will continue to permit transfers and exchanges of the unsettled portion of any debt security being
    partially settled (Section 3.05).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
    fewer than all of the debt securities represented by a certificate that are payable or exercisable in part are presented for
    payment or exercise, a new certificate will be issued for the remaining amount of securities (Section 15.02).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Book-Entry
Procedures and Settlement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Most
offered debt securities will be book-entry (global) securities. Upon issuance, all book-entry securities will be represented by
one or more fully registered global securities, without coupons (Section 3.02). Each global security will be deposited with, or
on behalf of, The Depository Trust Company, or DTC, a securities depository, and will be registered in the name of DTC or a nominee
of DTC (Section 3.01). DTC will thus be the only registered holder of these debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Purchasers
of debt securities may only hold interests in the global notes through DTC if they are participants in the DTC system. Purchasers
may also hold interests through a securities intermediary&mdash;banks, brokerage houses and other institutions that maintain securities
accounts for customers&mdash;that has an account with DTC or its nominee. DTC will maintain accounts showing the security holdings
of its participants, and these participants will in turn maintain accounts showing the security holdings of their customers. Some
of these customers may themselves be securities intermediaries holding securities for their customers. Thus, each beneficial owner
of a book-entry security will hold that debt security indirectly through a hierarchy of intermediaries, with DTC at the top and
the beneficial owner&rsquo;s own securities intermediary at the bottom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The debt
securities of each beneficial owner of a book-entry security will be evidenced solely by entries on the books of the beneficial
owner&rsquo;s securities intermediary. The actual purchaser of the debt securities will generally not be entitled to have the
debt securities represented by the global securities registered in its name and will not be considered the owner under the declaration.
In most cases, a beneficial owner will also not be able to obtain a paper certificate evidencing the holder&rsquo;s ownership
of debt securities. The book-entry system for holding securities eliminates the need for physical movement of certificates and
is the system through which most publicly traded common stock is held in the United States. However, the laws of some jurisdictions
require some purchasers of securities to take physical delivery of their securities in definitive form. These laws may impair
the ability to transfer book-entry securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A beneficial
owner of book-entry securities represented by a global security may exchange the securities for definitive (paper) securities
only if:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">DTC is unwilling or
    unable to continue as depositary for such global security and we do not appoint a qualified replacement for DTC within 90
    days; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
    in our sole discretion decide to allow some or all book-entry securities to be exchangeable for definitive securities in registered
    form (Section 3.05).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
we indicate otherwise, any global security that is exchangeable will be exchangeable in whole for definitive securities in registered
form, with the same terms and of an equal aggregate principal amount. Definitive securities will be registered in the name or
names of the person or persons specified by DTC in a written instruction to the registrar of the securities (Section 3.05). DTC
may base its written instruction upon directions that it receives from its participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In this
prospectus, for book-entry securities, references to actions taken by security holders will mean actions taken by DTC upon instructions
from its participants, and references to payments and notices of redemption to security holders will mean payments and notices
of redemption to DTC as the registered holder of the securities for distribution to participants in accordance with DTC&rsquo;s
procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">DTC is
a limited purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a clearing
corporation within the meaning of the New York Uniform Commercial Code and a clearing agency registered under section 17A of the
Securities Exchange Act. The rules applicable to DTC and its participants are on file with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We will not
have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership
interest in the book-entry securities or for maintaining, supervising or reviewing any records relating to the beneficial ownership
interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a012"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
sell any of the securities being offered by this prospectus separately or together:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">through agents;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to or through underwriters
    who may act directly or through a syndicate represented by one or more managing underwriters;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">through dealers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">through a block trade
    in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position
    and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">through &ldquo;at
    the market&rdquo; offerings, within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into
    an existing trading market on an exchange or otherwise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">in exchange for our
    outstanding indebtedness;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">directly to purchasers,
    through a specific bidding, auction or other process; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">through
    a combination of any of these methods of sale.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If the
securities offered under this prospectus are issued in exchange for our outstanding securities, the applicable prospectus supplement
will describe the terms of the exchange, and the identity and the terms of sale of the securities offered under this prospectus
by the selling security holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The distribution
of securities may be effected from time to time in one or more transactions at a fixed price or prices that may be changed, at
market prices prevailing at the time of sale or prices related to prevailing market prices or at negotiated prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agents
designated by us from time to time may solicit offers to purchase the securities. We will name any agent involved in the offer
or sale of the securities and set forth any commissions payable by us to an agent in the prospectus supplement for that transaction.
Unless otherwise indicated in the prospectus supplement, any agent will be acting on a best efforts basis for the period of its
appointment. Any agent may be deemed to be an &ldquo;underwriter&rdquo; of the securities as that term is defined in the Securities
Act.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If we
utilize an underwriter or underwriters in the sale of securities, we will execute an underwriting agreement with the underwriter
or underwriters at the time we reach an agreement for sale. We will set forth in the prospectus supplement the names of the specific
managing underwriter or underwriters, as well as any other underwriters, and the terms of the transactions, including compensation
of the underwriters and dealers. This compensation may be in the form of discounts, concessions or commissions. Underwriters and
others participating in any offering of securities may engage in transactions that stabilize, maintain or otherwise affect the
price of securities. We will describe any of these activities in the prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If a
dealer is utilized in the sale of the securities, we or an underwriter will sell securities to the dealer, as principal. The dealer
may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. The prospectus
supplement will set forth the name of the dealer and the terms of the transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
directly solicit offers to purchase the securities, and we may sell directly to institutional investors or others. These persons
may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the securities. The prospectus
supplement will describe the terms of any direct sales, including the terms of any bidding or auction process, if utilized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agreements
we enter into with agents, underwriters and dealers may entitle them to indemnification by us against specified liabilities, including
liabilities under the Securities Act, or to contribution by us to payments they may be required to make in respect of these liabilities.
The prospectus supplement will describe the terms and conditions of indemnification or contribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
of the agents, underwriters and dealers that we sell the securities offered under this prospectus to or through, and certain of
their affiliates, engage in transactions with and perform services for us in the ordinary course of business. We may enter into
hedging transactions in connection with any particular issue of the securities offered under this prospectus, including forwards,
futures, options, interest rate or exchange rate swaps and repurchase or reverse repurchase transactions with, or arranged by,
the applicable agent, underwriter or dealer, an affiliate of that agent, underwriter or dealer or an unrelated entity. We, the
applicable agent, underwriter or dealer or other parties may receive compensation, trading gain or other benefits in connection
with these transactions. We are not required to engage in any of these transactions. If we commence these transactions, we may
discontinue them at any time. Counterparties to these hedging activities also may engage in market transactions involving the
securities offered under this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">No securities
may be sold under this prospectus without delivery (in paper format, in electronic format, in electronic format on the Internet,
or by other means) of the applicable prospectus supplement describing the method and terms of the offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a013"></A>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Unless
otherwise indicated in the applicable prospectus supplement, certain legal matters, including the validity of the debt securities
that may be offered, will be passed upon for us by Simpson Thacher &amp; Bartlett LLP, New York, New York.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">
</FONT>Unless otherwise indicated in the applicable prospectus supplement, certain matters of Pennsylvania law, including the
validity of the securities that may be offered, will be passed upon for us by Ballard Spahr LLP, Philadelphia, Pennsylvania. If
legal matters in connection with the offering made by this prospectus are passed on by counsel for the underwriters, dealers or
agents, if any, that counsel will be named in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a014"></A>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt; color: #222222">The
financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting&nbsp;(which
is included in Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference
to the Annual Report on Form 10-K for the year </FONT><FONT STYLE="font-size: 10pt">ended&nbsp;December 31, 2020&nbsp;h<FONT STYLE="color: #222222">ave
been so incorporated in reliance on the report</FONT>&nbsp;&nbsp;(which contains an explanatory paragraph on the effectiveness
of internal control over financial reporting due to the exclusion of Peoples Gas because it was acquired by the Company in a purchase
business combination during 2020) <FONT STYLE="color: #222222">of PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts in auditing and accounting.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
consolidated financial statements of LDC Funding LLC as of December 31, 2019 and 2018 and for each of the three years in the period
ended December 31, 2019, incorporated in this prospectus by reference to our Current Report on Form 8-K filed on April 15,
2021, have been audited by Deloitte &amp; Touche LLP, independent auditors, as stated in their report, which is incorporated by
reference herein, and are incorporated in reliance upon the report of such firm given upon their authority as experts in accounting
and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white; color: #222222">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white; color: #222222"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="i21219a015"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We file
annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any document
we file at the SEC&rsquo;s Public Reference Room at 100 F Street N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information on the Public Reference Room. You may also obtain our SEC filings from the SEC&rsquo;s website at www.sec.gov
or from our website at www.essential.co.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have
filed with the SEC a &ldquo;shelf&rdquo; registration statement on Form S-3 under the Securities Act relating to the securities
that may be offered by this prospectus. This prospectus is a part of that registration statement, but does not contain all of
the information in the registration statement. We have omitted certain parts of the registration statement in accordance with
rules and regulations of the SEC. Statements made in this prospectus as to the contents of any contract, agreement or other documents
are not necessarily complete, and, in each instance, we refer you to a copy of such document filed as an exhibit to the registration
statement, of which this prospectus is a part, or otherwise filed with the SEC. For more detail about us and any securities that
may be offered by this prospectus, you may examine the registration statement on Form S-3 and the exhibits filed with it at the
locations listed in the previous paragraph.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The SEC
allows us to &ldquo;incorporate by reference&rdquo; the information we file with them, which means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference is considered to be part of
this prospectus. When we file information with the SEC in the future, that information will automatically update and supersede
this information. We incorporate by reference the documents listed below and any future filings we will make with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act until we sell all of the securities covered by this prospectus;
provided, however, that we are not incorporating, in each case, any documents or information deemed to have been furnished and
not filed in accordance with SEC rules:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Our Annual Report
    on <A HREF="https://www.sec.gov/Archives/edgar/data/78128/000156276221000081/wtrg-20201231x10k.htm">Form 10-K</A> for the year ended December 31, 2020, filed with the SEC on March 1, 2021; </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Our Current Report
    on <A HREF="https://www.sec.gov/Archives/edgar/data/78128/000155278121000205/e21220_wtrg-8k.htm">Form 8-K</A> filed with the SEC on April 15, 2021; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
    description of our common stock set forth in our Registration Statement on Form 8-A, including any amendments or reports filed
    for the purpose of updating such description.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">These
documents contain important business and financial information about us that is not included in or delivered with this prospectus.
You may request a copy of any or all documents that we incorporate by reference at no cost, by writing or telephoning us at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Essential
Utilities, Inc.<BR>
762 W. Lancaster Avenue<BR>
Bryn Mawr, PA 19010-3489<BR>
Telephone: 610-527-8000<BR>
Attention: Corporate Secretary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have
not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus,
any prospectus supplements or any free writing prospectus prepared by or on behalf of us or to which we have referred you. We
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. You should not assume that the information provided in this prospectus or incorporated by reference in this prospectus is
accurate as of any date other than the date on the front of this prospectus or the date of those documents. Our business, financial
condition, results of operations and prospects may have changed since those dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If you find
inconsistencies between the documents, or between the documents and this prospectus or the applicable prospectus supplement, you
should rely on the most recent document, prospectus or prospectus supplement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>$500,000,000</B></FONT></P>

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="i21219001.jpg" ALT=""></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>ESSENTIAL
UTILITIES, INC. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 40pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>5.300</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>%
Senior Notes due 2052</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B> PROSPECTUS SUPPLEMENT </B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 10pt auto; width: 40%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 40pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><I>Joint
Bookrunners </I></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I></I></B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">PNC Capital Markets LLC</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">BofA Securities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">Wells Fargo Securities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 12pt">RBC Capital Markets</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Co-Managers</I></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center">Barclays</TD>
    <TD STYLE="width: 25%; text-align: center">Citizens Capital Markets</TD>
    <TD STYLE="width: 25%; text-align: center">Huntington Capital Markets</TD>
    <TD STYLE="width: 25%; text-align: center">Morgan Stanley</TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: center">Baird</TD>
    <TD STYLE="width: 20%; text-align: center">Bancroft Capital</TD>
    <TD STYLE="width: 18%; text-align: center">Evercore ISI</TD>
    <TD STYLE="width: 22%; text-align: center">Janney Montgomery Scott</TD>
    <TD STYLE="width: 20%; text-align: center">TD Securities</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 30pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>May
18</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>, 2022</B></FONT></P>

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

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<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>e22316_ex107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 107</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Calculation of Filing Fee Table</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">424(b)(5)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form Type)</P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center">Essential Utilities, Inc.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><U>Table 1: Newly Registered Securities</U></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: 19%; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Security<BR>
    Type</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Security<BR>
    Class<BR>
    Title</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Fee<BR>
    Calculation<BR>
    Rule</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Amount<BR>
    Registered</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Proposed
    Maximum<BR>
    Offering Price<BR>
    Per Unit<SUP>(1)</SUP></B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Maximum<BR>
    Aggregate Offering<BR>
    Price</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Fee
    Rate</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Amount
    of<BR>
    Registration<BR>
    Fee</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="vertical-align: middle; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 8pt"><B>Newly
    Registered Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CBEDFF">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt">Fees to Be <BR>
Paid</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt">Debt</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.300</FONT><FONT STYLE="font-size: 10pt">%&nbsp;Notes due 2052</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt">457(r)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">$&#9;500,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">99.128</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">$&#9;<FONT STYLE="letter-spacing: -0.1pt">495,640,000</FONT></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">.0000927</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0.05in; padding-bottom: 12pt; padding-left: 0.05in; vertical-align: top"><FONT STYLE="font-size: 10pt">$&#9;<FONT STYLE="letter-spacing: -0.1pt">45,945.83</FONT><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;495,640,000</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CBEDFF">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CBEDFF">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;<FONT STYLE="letter-spacing: -0.1pt">45,945.83&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0">&nbsp;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended. This &ldquo;Calculation of Registration Fee&rdquo;
table shall be deemed to update the &ldquo;Calculation of Registration Fee&rdquo; table in the registrant&rsquo;s Registration Statement
on Form S-3ASR (File No. 333-255235).</TD></TR></TABLE>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
