<SEC-DOCUMENT>0001104659-21-031536.txt : 20210303
<SEC-HEADER>0001104659-21-031536.hdr.sgml : 20210303
<ACCEPTANCE-DATETIME>20210303165615
ACCESSION NUMBER:		0001104659-21-031536
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210303
DATE AS OF CHANGE:		20210303

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORPORATE OFFICE PROPERTIES TRUST
		CENTRAL INDEX KEY:			0000860546
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232947217
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-230764
		FILM NUMBER:		21710018

	BUSINESS ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046
		BUSINESS PHONE:		4432855400

	MAIL ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORPORATE OFFICE PROPERTIES TRUST INC
		DATE OF NAME CHANGE:	19980105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYALE INVESTMENTS INC
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYALE REIT INC
		DATE OF NAME CHANGE:	19600201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Corporate Office Properties, L.P.
		CENTRAL INDEX KEY:			0001577966
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232930022
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046
		BUSINESS PHONE:		443-285-5400

	MAIL ADDRESS:	
		STREET 1:		6711 COLUMBIA GATEWAY DRIVE
		STREET 2:		SUITE 300
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21046
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm216676d5_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<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"><B>FREE WRITING PROSPECTUS</B></P>

<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">Final Term Sheet dated March 3, 2021</P>

<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: right"><B>Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433<BR>
Dated March 3, 2021<BR>
Relating to<BR>
Preliminary Prospectus Supplement dated March 3, 2021 to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Prospectus dated April 8, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-230764</B></P>

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

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

<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"><IMG SRC="tm216676d5_fwpimg001.jpg" ALT="">&nbsp;</P>

<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2.750% Senior Notes due 2031</B></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="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Issuer:</B></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"><B>Guarantor:</B></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"><B>Format: </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 55%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate Office Properties, L.P.</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">Corporate Office Properties Trust</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">SEC Registered</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><B>Expected Ratings (Moody&rsquo;s/S&amp;P/Fitch):*</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">Baa3 / BBB- / BBB-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Principal Amount:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">$600,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Title of Securities:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">2.750% Senior Notes due 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Trade Date:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">March 3, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Original Issue Date (Settlement Date):</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">March 11, 2021 (T+6)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">April 15, 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">Semi-annually in arrears on each April 15 and October 15, commencing October 15, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">1.125% due February 15, 2031 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Benchmark Treasury Price/Yield:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">96-26 / 1.470%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">T + 140 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Yield to Maturity:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">2.870%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Coupon (Interest Rate):</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">2.750% per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Public Offering Price:</B></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify">98.953% of the principal amount</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 1; Value: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="text-align: justify; width: 45%"><B>Optional Redemption Provisions:</B></TD>
    <TD STYLE="text-align: justify; width: 55%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></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="width: 45%; padding-bottom: 5pt; padding-left: 21.8pt; text-align: justify"><B>Make-Whole Call:</B></TD>
    <TD STYLE="width: 55%; text-align: justify">Prior to January 15, 2031, T+25 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; padding-left: 21.8pt; text-align: justify"><B>Par Call:</B></TD>
    <TD STYLE="text-align: justify">On or after January 15, 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="text-align: justify">22003B AM8 / US22003BAM81</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-indent: 0.95pt; text-align: justify"><B>Joint Book-Running Managers:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">Wells Fargo Securities,
        LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">Barclays Capital Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">BofA Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">Citigroup Global Markets
        Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">Capital One Securities,
        Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">J.P. Morgan Securities
        LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">KeyBanc Capital Markets
        Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">PNC Capital Markets
        LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><B>Co-Managers:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">M&amp;T Securities,
        Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">Regions Securities
        LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">TD Securities (USA)
        LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt">U.S. Bancorp Investments,
        Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.95pt"></P></TD></TR>

</TABLE>

<P STYLE="margin: 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="width: 45%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="width: 55%; text-align: justify; text-indent: 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The second paragraph under Use of Proceeds in the Issuer&rsquo;s Preliminary Prospectus Supplement dated March 3, 2021 is hereby revised and replaced in its entirety by the following three paragraphs:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.95pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to use the net proceeds from this offering to fund the purchase of any and all of the 2023 Notes pursuant to the Tender Offer, as well as any and all of our 5.250% Senior Notes due 2024 (the &quot;2024 Notes&quot;) in a cash tender offer (the &ldquo;2024 Notes Tender Offer&rdquo;), or in the case of the 2023 Notes or 2024 Notes, also by redemption or otherwise, and for general corporate purposes, including, without limitation, paying down amounts outstanding under our revolving credit facility and other debt repurchases. To the extent that either or both of the Tender Offer and the 2024 Notes Tender Offer are not consummated or not subscribed in full, we intend to use the net proceeds from this offering to fund the redemption of all of the 2023 Notes and 2024 Notes not purchased in the Tender Offer or the 2024 Notes Tender Offer, as the case may be, and for general corporate purposes, including, without limitation, paying down amounts outstanding under our revolving credit facility and other debt repurchases.</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 2; Value: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 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-bottom: 5pt; width: 45%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.95pt; font-size: 10pt; width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2020, an aggregate principal amount of $350.0 million of the 2023 Notes was outstanding. The Tender Offer is being made on the terms and subject to the conditions set forth in an offer to purchase dated March 3, 2021, as it may be amended from time to time (the &ldquo;2023 Notes Offer to Purchase&rdquo;). The consummation of the Tender Offer is conditioned upon the completion of this offering and the satisfaction of certain customary general conditions described in the 2023 Notes Offer to Purchase.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2020, an aggregate principal amount of $250.0 million of the 2024 Notes was outstanding. The 2024 Notes Tender Offer is being made on the terms and subject to the conditions set forth in an offer to purchase dated March 3, 2021, as it may be amended from time to time (the &ldquo;2024 Notes Offer to Purchase&rdquo;). The consummation of the 2024 Notes Tender Offer is conditioned upon the completion of this offering and the satisfaction of certain customary general conditions described in the 2024 Notes Offer to Purchase.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>*Note:</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.</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"><B>The issuer has filed a registration statement (including
a prospectus) and a preliminary prospectus supplement dated March 3, 2021 with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement, 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. 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 supplement and accompanying prospectus if you
request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751; Barclays Capital Inc. toll-free at 1-888-603-5847;
BofA Securities, Inc., telephone: 1-800-294-1322; or Citigroup Global Markets Inc. toll-free at 1-800-831-9146.</B></P>

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

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

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

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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm216676d5_fwpimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm216676d5_fwpimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !< )D# 2(  A$! Q$!_\0
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M?]_A6I;W,-U"DT$BR1.,JZG((]J^0SHVI+I(U4VDWV G:+@_=SZ5],_#X?\
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M9[2>>U+=1$_'Y4Z/PY:><);F2:[D7H9FR!^%6O[1E_Z!UW^2_P#Q5']HR_\
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5!&,=QQ6Z!BEHH2L2Y-[A1113$?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
