<SEC-DOCUMENT>0001140361-22-010569.txt : 20220322
<SEC-HEADER>0001140361-22-010569.hdr.sgml : 20220322
<ACCEPTANCE-DATETIME>20220322171609
ACCESSION NUMBER:		0001140361-22-010569
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220322
DATE AS OF CHANGE:		20220322

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRUNSWICK CORP
		CENTRAL INDEX KEY:			0000014930
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				360848180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-258249
		FILM NUMBER:		22760682

	BUSINESS ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420
		BUSINESS PHONE:		8477354700

	MAIL ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRUNSWICK BALKE COLLENDER CO
		DATE OF NAME CHANGE:	19660919

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRUNSWICK CORP
		CENTRAL INDEX KEY:			0000014930
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				360848180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420
		BUSINESS PHONE:		8477354700

	MAIL ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRUNSWICK BALKE COLLENDER CO
		DATE OF NAME CHANGE:	19660919
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20003472x2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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         Copyright 1995 - 2022 Broadridge -->
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right; font-weight: bold;">Registration Statement No. 333-258249</div>
    <div style="text-align: right; font-weight: bold;">Pricing Term Sheet</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">BRUNSWICK CORPORATION</div>
    <div style="text-align: center;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u>Pricing Term Sheet</u></div>
    <div style="text-align: center;"><u> <br>
      </u></div>
    <div style="text-align: center;">$450,000,000 4.400% Notes due 2032</div>
    <div style="text-align: center;">$300,000,000 5.100<font style="font-family: 'Times New Roman',Times,serif;"></font>% Notes due 2052</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="font-style: italic;"><font style="font-family: 'Times New Roman',Times,serif;">4.400</font><font style="font-weight: bold;">% Notes due 2032</font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69b5062caf03445fbdcbc016ae3c9e2e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Brunswick Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Security Type:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Senior Unsecured Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Format:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Title:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">4.400</font>% Notes due 2032 (the &#8220;2032 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Size:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">$450,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">September 15</font>, 2032</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Coupon:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">4.400</font>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Price to Public:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">99.852</font>% of face amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">1.875</font>% due <font style="font-family: 'Times New Roman',Times,serif;">February 15</font>, 2032</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">95-21+ / 2.368%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">+205 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>4.418%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Baa2 / BBB- / BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Pricing Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 22, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 15 and September 15, commencing September 15, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Settlement Date**:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">T+5; March 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Optional Redemption:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">The 2032 Notes will be redeemable at the option of the Issuer, in whole or in part, at any time and from time to time prior to maturity.&#160; If the Issuer elects to redeem the 2032 Notes (A)
              at any time prior to June 15, 2032, it will pay a redemption price equal to the greater of (i) 100% of the principal amount or (ii) a &#8220;make-whole&#8221; amount calculated at the applicable treasury rate plus 35 basis points, plus, in each case, any
              accrued and unpaid interest to, but not including, the redemption date, and (B) at any time on or after June 15, 2032, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but not
              including, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Day Count:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">30 / 360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">117043 AU3 / US117043AU39</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Denominations:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">$2,000 and integral multiples of $1,000 in excess thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>J.P. Morgan Securities LLC</div>
            <div>BofA Securities, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Senior Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Truist Securities, Inc.<br>
              U.S. Bancorp Investments, Inc.<br>
              Citizens Capital Markets, Inc.<br>
              Citigroup Global Markets Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">BMO Capital Markets Corp.<br>
              KBC Securities USA LLC</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="font-style: italic; font-weight: bold;">5.100% Notes due 2052</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5c059b5c59ac4a3f93bec9d3f60b6cb9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Brunswick Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Security Type:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Senior Unsecured Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Format:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Title:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">5.100</font>% Notes due 2052 (the &#8220;2052 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Size:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">$300,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">April 1</font>, 2052</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Coupon:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">5.100</font>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Price to Public:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">99.346</font>% of face amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">1.875</font>% due <font style="font-family: 'Times New Roman',Times,serif;">November 15</font>, 2051</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">85-06</font>+ / 2.593%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">+255 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>5.143%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Baa2 / BBB- / BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Pricing Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">March 22, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">April 1 and October 1, commencing October 1, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Settlement Date**:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">T+5; March 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Optional Redemption:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">The 2052 Notes will be redeemable at the option of the Issuer, in whole or in part, at any time and from time to time prior to maturity.&#160; If the Issuer elects to redeem the 2052 Notes (A)
              at any time prior to October 1, 2051, it will pay a redemption price equal to the greater of (i) 100% of the principal amount or (ii) a &#8220;make-whole&#8221; amount calculated at the applicable treasury rate plus 40 basis points, plus, in each case,
              any accrued and unpaid interest to, but not including, the redemption date, and (B) at any time on or after October 1, 2051, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but not
              including, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Day Count:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">30 / 360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman',Times,serif;">117043 AV1 / US117043AV12</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Denominations:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">$2,000 and integral multiples of $1,000 in excess thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>J.P. Morgan Securities LLC</div>
            <div>BofA Securities, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Senior Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Truist Securities, Inc.<br>
              U.S. Bancorp Investments, Inc.<br>
              Citizens Capital Markets, Inc.<br>
              Citigroup Global Markets Inc.<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; margin-left: 9pt;">Co-Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">BMO Capital Markets Corp.<br>
              KBC Securities USA LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time.</div>
    <div><br>
    </div>
    <div>** It is expected that delivery of the Notes will be made against payment therefor on or about March 29, 2022, which will be the <font style="font-family: 'Times New Roman',Times,serif;">fifth </font>business day following the date hereof (this
      settlement cycle being referred to as &#8220;T+5&#8221;). Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise.
      Accordingly, purchasers who wish to trade the Notes on any day prior to two business days before delivery will be required to specify alternative settlement arrangements at the time of any such trade to prevent a failed settlement and should consult
      their own advisors.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.&#160; Before you invest, you should read the prospectus in that registration statement
      and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any
      underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC at (212) 834-4533, BofA Securities, Inc. at (800) 294-1322 or Wells Fargo Securities, LLC at (800)
      645-3751.</div>
    <div><br>
    </div>
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