<SEC-DOCUMENT>0001552781-24-000446.txt : 20240808
<SEC-HEADER>0001552781-24-000446.hdr.sgml : 20240808
<ACCEPTANCE-DATETIME>20240808170614
ACCESSION NUMBER:		0001552781-24-000446
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240808
DATE AS OF CHANGE:		20240808

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Essential Utilities, Inc.
		CENTRAL INDEX KEY:			0000078128
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				231702594
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277563
		FILM NUMBER:		241189522

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Essential Utilities, Inc.
		CENTRAL INDEX KEY:			0000078128
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				231702594
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>e24339_wtrg-fwp.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed pursuant
to Rule 433</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Dated August 8,
2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Issuer Free Writing
Prospectus supplementing the</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">dated August 8,
2024 and the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Prospectus dated
March 1, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-size: 10pt">Registration
No. 333-277563</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Essential
Utilities, Inc.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">$500,000,000
4.800% Senior Notes due 2027</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><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"><I>The
information in this pricing term sheet relates only to the offering of the Notes and should be read together with (i) the preliminary
prospectus supplement, dated August 8, 2024, as filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the &ldquo;<B>Preliminary Prospectus Supplement</B>&rdquo;),
and (ii) the related base prospectus dated March 1, 2024, included in the Registration Statement (File No. 333-277563), in each
case, including the documents incorporated by reference therein. Terms used but not defined herein have the meanings assigned
to such terms in the Preliminary Prospectus Supplement.</I></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Essential
    Utilities, Inc. (the &ldquo;<B>Issuer</B>&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Expected
    Ratings of Securities (Moody&rsquo;s / S&amp;P)*:&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Baa2
    (Stable) / BBB+ (Stable)</FONT></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Trade
    Date:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">August
    8, 2024</FONT></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Settlement
    Date**:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">August
    15, 2024 (T+5)</FONT></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Title
    of Securities:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">4.800%
                                         Senior Notes due 2027 (the &ldquo;<B>Notes</B>&rdquo;)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Principal
    Amount:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">August
                                         15, 2027</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Interest
    Payment Dates:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.35pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">February
                                         15 and August 15, commencing February 15, 2025</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.35pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Record
    Dates:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">February
                                         1 and August 1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">4.800%
                                         per annum</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Benchmark
    Treasury:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">4.375%
                                         due July 15, 2027</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Benchmark
    Treasury Price and Yield:</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">101-08+
                                         / 3.913%</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Spread
    to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">T
                                         + 90 basis points</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*<B>A securities
rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</B></FONT></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>**
The Issuer expects that delivery of the Notes will be made against payment therefor on or about the settlement date specified
in this pricing term sheet, which will be the fifth business day following the date of pricing of the Notes (this settlement cycle
being referred to as &ldquo;T+5&rdquo;). Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally
are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers
who wish to trade the Notes prior to the first business day before settlement will be required, by virtue of the fact that the
Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed
settlement and should consult their own advisor.</B></FONT></P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; 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; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font-size: 10pt"><B>Yield
    to Maturity:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 65%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">4.813%</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Public
    Offering Price:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">99.964%
                                         of principal amount</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Net
    Proceeds (After Deducting Underwriting Discount and Before Offering Expenses): </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">$498,070,000&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Optional
    Redemption:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    Notes may be redeemed, in whole or in part, at any time prior to July 15, 2027 (one month prior to maturity) at the greater
    of par and make-whole at Treasury Rate plus 15 basis points; par call at any time on or after July 15, 2027.</FONT></TD></TR>
<TR STYLE="vertical-align: top; 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; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt">29670G
                                         AJ1 / US29670GAJ13</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: -3in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Joint
    Bookrunners:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">PNC
                                         Capital Markets LLC</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">RBC
        Capital Markets, LLC</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">BofA
        Securities, Inc.</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">Huntington
        Securities, Inc.</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">Citizens
        JMP Securities, LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt">Wells
        Fargo Securities, LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; 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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Barclays
                                         Capital Inc.</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">TD Securities
        (USA) LLC</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Robert
        W. Baird &amp; Co. Incorporated</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Evercore
        Group L.L.C.</FONT></P>
        <P STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Janney
        Montgomery Scott LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Loop Capital
        Markets LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Conflicts
    of Interest:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Respective
    affiliates of PNC Capital Markets LLC, RBC Capital Markets, LLC and certain of the other underwriters are lenders under the
    Essential Revolving Credit Facility and may receive at least 5% of the net proceeds of this offering. &nbsp;In that case,
    each such underwriter would be deemed to have a conflict of interest within the meaning of FINRA Rule 5121.&nbsp;&nbsp;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.&nbsp;&nbsp;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; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; 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; text-align: justify">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>The
Issuer has filed a registration statement (including a prospectus and the related Preliminary Prospectus Supplement) with the
SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement, the Preliminary Prospectus Supplement and other documents the Issuer has filed with the SEC for more complete information
about the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC Web
site at <I>www.sec.gov</I>. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange
to send you the Preliminary Prospectus Supplement and the accompanying prospectus if you request them by calling PNC Capital Markets
LLC toll free at (855) 881-0697 or RBC Capital Markets, LLC toll free at (866) 375-6829.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>This
communication should be read in conjunction with the Preliminary Prospectus Supplement and the accompanying prospectus. The information
in this communication supersedes the information in the Preliminary Prospectus Supplement and the accompanying prospectus to the
extent inconsistent with the information in the Preliminary Prospectus Supplement and the accompanying prospectus.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">ANY DISCLAIMERS
OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR
OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</FONT></P>


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