<SEC-DOCUMENT>0001104659-21-113873.txt : 20210908
<SEC-HEADER>0001104659-21-113873.hdr.sgml : 20210908
<ACCEPTANCE-DATETIME>20210908172553
ACCESSION NUMBER:		0001104659-21-113873
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210908
DATE AS OF CHANGE:		20210908

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-238729
		FILM NUMBER:		211242990

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2127054d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to Preliminary Prospectus Supplement
dated September&nbsp;8, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>to Prospectus dated May&nbsp;27, 2020</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-238729</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7,000,000 Depositary Shares (the &ldquo;Depositary
Shares&rdquo;)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Each Representing 1/1000th of a Share of</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.250% Series&nbsp;A Cumulative Redeemable
Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(the &ldquo;Series&nbsp;A Preferred Stock&rdquo;)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September&nbsp;8, 2021</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border: Black 1pt solid; width: 33%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 67%; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Realty Corporation </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Depositary Shares each representing 1/1000th of a share of 4.250% Series&nbsp;A Cumulative Redeemable Preferred Stock</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Size:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">7,000,000 Depositary Shares at $25.00 per Depositary Share</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">September&nbsp;8, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">September&nbsp;17, 2021 (T+7); under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise.&nbsp;&nbsp;Accordingly, purchasers who wish to trade the Depositary Shares before the second business day prior to the Settlement Date will be required, by virtue of the fact that the Depositary Shares initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Perpetual
    (unless redeemed by the Issuer on or after September&nbsp;17, 2026 or pursuant to its special optional redemption right, or
    converted by a holder in connection with a  change of control described below under &ldquo;Change of Control&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$25.00 per Depositary Share; $175,000,000 total</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Underwriting Discount and Commissions:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$0.7875
    per Depositary Share for Retail Orders ($1,581,433.88 total); and $0.5000 per Depositary Share for Institutional Orders
    ($2,495,915.00 total) </FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1; padding-bottom: 5.4; border: Black 1pt solid; width: 33%; padding-left: 5.4"><FONT STYLE="font-size: 10pt"><B>Net Proceeds (before expenses):</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 67%; text-align: justify"><FONT STYLE="font-size: 10pt">$170,922,651.12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1; padding-bottom: 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4"><FONT STYLE="font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4.250% per annum (or $1.0625 per Depositary Share per annum), accruing from (and including) September&nbsp;17, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1; padding-bottom: 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4"><FONT STYLE="font-size: 10pt"><B>Dividend Payment Dates:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">On
    or about the first day of each month, commencing on October 1, 2021.&nbsp;&nbsp;The first dividend payment will be for less than a
    full month and will cover the period from, and including, September&nbsp;17, 2021 to, but excluding, October&nbsp;1,
    2021.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1; padding-bottom: 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4"><FONT STYLE="font-size: 10pt"><B>Liquidation Preference: </B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$25.00 per Depositary Share, plus any accrued and unpaid dividends</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1; padding-bottom: 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4"><FONT STYLE="font-size: 10pt"><B>Conversion Rights:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except to the extent that the Issuer has elected
    to exercise its optional redemption right or its special optional redemption right by providing notice of redemption prior to the Change
    of Control Conversion Date, upon the occurrence of a Change of Control, the holders of the Depositary Share will have the right to convert
    some or all of their Depositary Share (the &ldquo;Change of Control Conversion Right&rdquo;) into a number of the Issuer&rsquo;s shares
    of common stock, par value $0.0001 per share, per Depositary Share equal to the lesser of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    quotient obtained by dividing (i)&nbsp;the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends
    to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for
    a Depositary Share dividend payment and prior to the corresponding Depositary Share dividend payment date, in which case no additional
    amount for such accrued and unpaid dividend will be included in this sum) by (ii)&nbsp;the Common Stock Price; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;0.6803
(the Share Cap), subject to certain adjustments and provisions for the receipt of alternative consideration as described in the preliminary
prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Issuer has provided or provides a redemption
    notice with respect to some or all of the Depositary Shares, holders of any Depositary Shares that the Issuer has called for redemption
    will not be permitted to exercise their Change of Control Conversion Right in respect of any of their Depositary Shares that have been
    called for redemption, and any Depositary Shares subsequently called for redemption that has been tendered for conversion will be redeemed
    on the applicable date of redemption instead of converted on the Change of Control Conversion Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  </TABLE>



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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4pt 8pt; width: 33%; border: Black 1pt solid; font-size: 10pt"></TD>
    <TD STYLE="padding-top: 1; width: 67%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &ldquo;Change of Control&rdquo; will be
deemed to have occurred at such time after the original issuance of the Depositary Shares when the following have occurred and are continuing:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">the
    acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section&nbsp;13(d)(3)&nbsp;of the
    Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of
    purchases, mergers or other acquisition transactions of shares of the Issuer entitling that person to exercise more than 50% of the total
    voting power of all shares of the Issuer entitled to vote generally in elections of directors (except that such person will be deemed
    to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable
    or is exercisable only upon the occurrence of a subsequent condition); and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">following
the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or surviving entity has a
class of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE American or NASDAQ Stock Market, or listed
or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ Stock Market.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Common Stock Price&rdquo; will be:
    (i)&nbsp;the amount of cash consideration per share of the Issuer&rsquo;s common stock, if the consideration to be received in the Change
    of Control by the holders of shares of the Issuer&rsquo;s common stock is solely cash; and (ii)&nbsp;the average of the closing prices
    for shares of the Issuer&rsquo;s common stock on the NYSE for the ten consecutive trading days immediately preceding, but not including,
    the effective date of the Change of Control, if the consideration to be received in the Change of Control by the holders of shares of
    the Issuer&rsquo;s common stock is other than solely cash.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Change of Control Conversion Date&rdquo;
    will be a business day that is no fewer than 20 days nor more than 35 days after the date on which the Issuer provides the required notice
    of the occurrence of a Change of Control.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border: Black 1pt solid; width: 33%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 67%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On and after September&nbsp;17, 2026, redeemable in whole or in part at a redemption price equal to $25.00 per Depositary Share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption. If the Issuer exercises its redemption right (by sending the required notice) in connection with a Change of Control, holders of the Depositary Shares will not have the conversion rights described above in respect of any Depositary Shares called for redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of a Change of Control, the Issuer will have the option to redeem the Depositary Shares, in whole or in part, within 120 days after the first date on which such Change of Control has occurred for cash at a redemption price of $25.00 per Depositary Share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date. To the extent that the Issuer exercises its redemption right (by sending the required notice) relating to the Depositary Shares, the holders of Depositary Shares will not be permitted to exercise the conversion right described above in respect of their Depositary Shares called for redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">008492 209 / US0084922097</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Issuer intends to file an application to list the Depositary Shares with the NYSE under the symbol &ldquo;ADC PR A.&rdquo; If the application is approved, trading is expected to begin within 30 days of initial delivery. The underwriters have advised the Issuer that they intend to make a market in the Depositary Shares prior to the commencement of trading on the NYSE. The underwriters will have no obligation to make a market in the shares, however, and may cease market making activities, if commenced, at any time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James&nbsp;&amp; Associates,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="padding: 1 5.4 5.4; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Capital One Securities, Inc.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Mizuho Securities USA LLC</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">PNC Capital Markets LLC</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Regions Securities LLC</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Stifel, Nicolaus &amp; Company, Incorporated</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Truist Securities, Inc.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Issuer has filed a
registration statement and a prospectus with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates.&nbsp; Before you invest, you should read the prospectus and the related preliminary prospectus supplement
and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering.&nbsp; You may
get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.&nbsp; Alternatively, the underwriters can arrange
to send you the prospectus and related preliminary prospectus supplement if you request it by calling Wells Fargo Securities, LLC toll-free
at 1-800-645-3751; J.P. Morgan Securities LLC collect at 1-212-834-4533; or Raymond James&nbsp;&amp; Associates,&nbsp;Inc. toll-free
at 1-800-248-8863. This information does not purport to be a complete description of these securities or the offering.&nbsp; Please refer
to the preliminary prospectus supplement for a complete description of the securities.&nbsp; This communication does not constitute an
offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make
such offer or solicitation in such jurisdiction.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Any disclaimer or other
notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically
generated as a result of this communication being sent by Bloomberg or another email system.</B></P>

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

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