<SEC-DOCUMENT>0001193125-25-284792.txt : 20251117
<SEC-HEADER>0001193125-25-284792.hdr.sgml : 20251117
<ACCEPTANCE-DATETIME>20251117171138
ACCESSION NUMBER:		0001193125-25-284792
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251117
DATE AS OF CHANGE:		20251117

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRUSTMARK CORP
		CENTRAL INDEX KEY:			0000036146
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				640471500
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-291572
		FILM NUMBER:		251491906

	BUSINESS ADDRESS:	
		STREET 1:		248 E CAPITOL ST
		STREET 2:		P O BOX 291
		CITY:			JACKSON
		STATE:			MS
		ZIP:			39201
		BUSINESS PHONE:		(601) 208-5111

	MAIL ADDRESS:	
		STREET 1:		248 EAST CAPITOL STREET
		CITY:			JACKSON
		STATE:			MS
		ZIP:			39201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CAPITAL CORP
		DATE OF NAME CHANGE:	19900513

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRUSTMARK CORP
		CENTRAL INDEX KEY:			0000036146
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				640471500
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		248 E CAPITOL ST
		STREET 2:		P O BOX 291
		CITY:			JACKSON
		STATE:			MS
		ZIP:			39201
		BUSINESS PHONE:		(601) 208-5111

	MAIL ADDRESS:	
		STREET 1:		248 EAST CAPITOL STREET
		CITY:			JACKSON
		STATE:			MS
		ZIP:			39201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CAPITAL CORP
		DATE OF NAME CHANGE:	19900513
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d845100dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dated November&nbsp;17, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-291572</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g845100g1118025223999.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Trustmark Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$175,000,000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6.00% <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating&nbsp;Rate</FONT></FONT> Subordinated Notes due 2035 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Term Sheet </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustmark Corporation (the &#8220;Company&#8221; or &#8220;Issuer&#8221;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6.00%&nbsp;Fixed-to-Floating&nbsp;Rate</FONT></FONT> Subordinated Notes due 2035 (the &#8220;Notes&#8221;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aggregate&nbsp;Principal&nbsp;Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$175,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Type of Offering:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Expected Ratings:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BBB-</FONT> by S&amp;P Global Ratings</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BBB-</FONT> by Fitch Ratings</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating
organization. Each rating agency has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other rating.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;17, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;20, 2025 (T + 3)*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December&nbsp;1, 2035</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Coupon:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">From and including the Settlement Date to, but excluding, December&nbsp;1, 2030, or the earlier redemption date (the &#8220;fixed rate period&#8221;), the Notes will bear interest at a rate of 6.00% per year, payable semiannually in
arrears. From and including December&nbsp;1, 2030 to, but excluding, the Maturity Date, or the earlier redemption date (the &#8220;floating rate period&#8221;), the Notes will bear interest at a floating rate per year equal to the Benchmark rate
(which is expected to be Three-Month Term SOFR) (each as defined and subject to the provisions described in the Preliminary Prospectus Supplement under &#8220;Description of the Notes&#8212;Payment of Principal and Interest&#8221;) plus 260 basis
points, payable quarterly in arrears; <I>provided, however</I>, that if the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero.</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed rate period: June&nbsp;1 and December&nbsp;1 of each year, commencing on June&nbsp;1, 2026. The last interest payment date for the
fixed rate period will be December&nbsp;1, 2030.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Floating rate period: March&nbsp;1,
June&nbsp;1, September&nbsp;1 and December&nbsp;1 of each year, commencing on March&nbsp;1, 2031.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Record Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> calendar day immediately preceding the applicable interest payment date (whether or not a business day).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed rate period: 30/360</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Floating rate period:
<FONT STYLE="white-space:nowrap">360-day</FONT> year and the number of days actually elapsed</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company may redeem the Notes, at its sole option, beginning with the interest payment date of December&nbsp;1, 2030 and on any interest payment date thereafter, in whole or in part, subject to prior approval of the Board of
Governors of the Federal Reserve System (the &#8220;Federal Reserve Board&#8221;), to the extent such approval is then required under the rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (as described in the preliminary prospectus supplement under &#8220;Description of the Notes&#8212;Optional Redemption and Redemption Upon Special
Events&#8221;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Special Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Notes may not otherwise be redeemed by the Company prior to the Maturity Date, except the Company may, at its option, redeem the Notes before the Maturity Date in whole, but not in part, subject to prior approval of the Federal
Reserve Board, to the extent such approval is then required under the rules of the Federal Reserve Board, upon the occurrence of (i)&nbsp;a &#8220;Tax Event&#8221;, (ii) a &#8220;Tier 2 Capital Event&#8221;, or (iii)&nbsp;the Company becoming
required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest to, but excluding, the
redemption date (as described in the Preliminary Prospectus Supplement under &#8220;Description of the Notes&#8212;Optional Redemption and Redemption Upon Special Events&#8221;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,000 minimum denominations and $1,000 integral multiples thereof.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to use the net proceeds from this offering, after the payment of offering expenses, to repay $125&nbsp;million aggregate principal amount of its outstanding 3.625% <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Subordinated Notes due 2030 (&#8220;2030 Notes&#8221;), plus accrued interest, and for general corporate purposes.</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes will be the Company&#8217;s general unsecured subordinated obligations and will be:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="margin-top:0pt;margin-bottom:0pt; display: table-row;"><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.500000em; font-family:Times New Roman">&#149;</P></DIV><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.150000em; font-family:Times New Roman">junior in right of payment and upon liquidation to any of the Company&#8217;s existing and future senior indebtedness, whether secured or
unsecured;</P></DIV></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="margin-top:0pt;margin-bottom:0pt; display: table-row;"><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.500000em; font-family:Times New Roman">&#149;</P></DIV><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.150000em; font-family:Times New Roman">equal in right of payment and upon liquidation with any of the Company&#8217;s existing and future subordinated indebtedness the terms of which
provide that such indebtedness ranks equally with promissory notes, bonds, debentures and other evidences of indebtedness of types that include the Notes;</P></DIV></DIV>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="margin-top:0pt;margin-bottom:0pt; display: table-row;"><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.500000em; font-family:Times New Roman">&#149;</P></DIV><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.150000em; font-family:Times New Roman">senior in right of payment and upon liquidation with the Company&#8217;s existing junior subordinated debentures underlying outstanding trust
preferred securities and any indebtedness the terms of which provide that such indebtedness ranks junior to promissory notes, bonds, debentures and other types of indebtedness that include the Notes; and</P></DIV></DIV>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="margin-top:0pt;margin-bottom:0pt; display: table-row;"><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.500000em; font-family:Times New Roman">&#149;</P></DIV><DIV STYLE="display: table-cell">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.150000em; font-family:Times New Roman">effectively subordinated to all of the existing and future indebtedness, deposits and other liabilities of Trustmark Bank and the Company&#8217;s
other current and future subsidiaries, including, without limitation, Trustmark Bank&#8217;s liabilities to depositors in connection with the deposits in Trustmark Bank, its liabilities to general creditors and its liabilities arising during the
ordinary course or otherwise.</P></DIV></DIV> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">As of September&nbsp;30, 2025, the Company
had no indebtedness outstanding ranking senior to the Notes, $123.9&nbsp;million of indebtedness on a gross basis (which was composed of the 2030 Notes) outstanding ranking equally to the Notes, and $61.9&nbsp;million of junior subordinated
indebtedness on a gross basis (which was composed of the Company&#8217;s existing junior subordinated debentures underlying outstanding trust preferred securities) outstanding ranking junior to the Notes.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">898402AB8 / US898402AB81</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Keefe, Bruyette&nbsp;&amp; Woods, <I>A Stifel Company</I></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Note: The Issuer expects that delivery of the Notes will be made against payment therefor on or about the
Settlement Date indicated above, which will be the third business day following the date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+3&#8221;). Under <FONT STYLE="white-space:nowrap">Rule&nbsp;15c6-1&nbsp;of</FONT>
the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes
prior to the delivery of the Notes will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the
Notes who wish to trade the Notes prior to their date of delivery should consult their own advisor. </B></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has filed a shelf registration statement (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-291572)</FONT> (including a base prospectus) and a preliminary prospectus supplement (the &#8220;Preliminary Prospectus Supplement&#8221;) with the Securities and Exchange Commission (&#8220;SEC&#8221;)
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 Issuer and this offering. You may access these documents for free by visiting EDGAR on the SEC&#8217;s website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange
to send you the prospectus and the related Preliminary Prospectus Supplement if you request it by contacting Keefe, Bruyette&nbsp;&amp; Woods, </B><B><I>A Stifel Company</I></B><B>, toll-free at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-966-1599</FONT></FONT></FONT> or by email at USCapitalMarkets@kbw.com, or Goldman Sachs&nbsp;&amp; Co. LLC, toll-free at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-471-2526</FONT></FONT></FONT> or by email at <FONT STYLE="white-space:nowrap">prospectus-ny@ny.email.gs.com.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capitalized terms used but not defined in this Pricing Term Sheet have the meanings given to them in the Preliminary Prospectus Supplement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><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>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g845100g1118025223999.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g845100g1118025223999.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !) 2$# 2(  A$! Q$!_\0
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MX\0W@DO-*MY;738VVB7R _\ WTQ! ^@K%\=J%\::@%  S&?SC6N_L54?"Q@
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,B@ HHHH **** /_9

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