<SEC-DOCUMENT>0001140361-20-013978.txt : 20200616
<SEC-HEADER>0001140361-20-013978.hdr.sgml : 20200616
<ACCEPTANCE-DATETIME>20200616172739
ACCESSION NUMBER:		0001140361-20-013978
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200616
DATE AS OF CHANGE:		20200616

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NBT BANCORP INC
		CENTRAL INDEX KEY:			0000790359
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				161268674
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-224532
		FILM NUMBER:		20967392

	BUSINESS ADDRESS:	
		STREET 1:		52 S BROAD ST
		CITY:			NORWICH
		STATE:			NY
		ZIP:			13815
		BUSINESS PHONE:		6073372265

	MAIL ADDRESS:	
		STREET 1:		52 S. BROAD STREET
		CITY:			NORWICH
		STATE:			NY
		ZIP:			13815

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NBT BANCORP INC
		CENTRAL INDEX KEY:			0000790359
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				161268674
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		52 S BROAD ST
		CITY:			NORWICH
		STATE:			NY
		ZIP:			13815
		BUSINESS PHONE:		6073372265

	MAIL ADDRESS:	
		STREET 1:		52 S. BROAD STREET
		CITY:			NORWICH
		STATE:			NY
		ZIP:			13815
</SEC-HEADER>
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    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Filed pursuant to Rule 433</div>
    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issuer Free Writing Prospectus dated June 16, 2020</div>
    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registration No. 333-224532</div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="text-align: center; margin-top: 12pt;"><img src="nt10012510x4_img01.jpg" height="63" width="253"></div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">$100,000,000<br>
      5.000% Fixed-to-Floating Rate Subordinated Notes due 2030</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Term Sheet</u></div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9d9ea7ff3a2d4f1dac2b43a07f460af5" cellpadding="0" cellspacing="0">

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          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">NBT Bancorp Inc. (the &#8220;Company&#8221; or &#8220;Issuer&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (the &#8220;Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Aggregate Principal Amount:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">$100,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expected Ratings:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">BBB by Kroll Bond Rating Agency</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">A rating is not a recommendation to buy, sell or hold securities.&#160; 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.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">June 16, 2020</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">June 23, 2020 (T + 5)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maturity Date (if not previously redeemed):</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">July 1, 2030</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Coupon:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">From and including the Settlement Date to, but excluding, July 1, 2025, or the date of earlier redemption (the &#8220;fixed rate period&#8221;) 5.000% per annum, payable
              semiannually in arrears.&#160; From and including July 1, 2025 to, but excluding, the Maturity Date or the date of earlier redemption (the &#8220;floating rate period&#8221;), a floating rate per annum equal to the Benchmark rate (which is expected to be
              Three-Month Term SOFR) (each as defined in the prospectus supplement under &#8220;Description of Subordinated Notes &#8212; Interest&#8221;), plus a spread of 485 basis points for each quarterly interest period during the floating rate period, payable
              quarterly in arrears; <font style="font-style: italic;">provided, however</font>, that if the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero.</div>
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          <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Fixed rate period: January 1 and July 1 of each year, commencing on January 1, 2021.&#160; The last interest payment date for the fixed rate period will be July 1, 2025.</div>
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          <td style="width: 68.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Floating rate period: January 1, April 1, July 1 and October 1 of each year, commencing on October 1, 2025.</div>
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          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Record Dates:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day immediately preceding the applicable interest payment date.</div>
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          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Day Count Convention:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Fixed rate period: 30/360.</div>
          </td>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Floating rate period: 360-day year and the number of days actually elapsed.</div>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Optional Redemption:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The Company may, at its option, beginning with the interest payment date of July 1, 2025, and on any interest payment date thereafter, redeem the Notes, in whole or
              in part, from time to time, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, at a redemption price equal to 100% of the principal amount of the
              Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption.</div>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Special Redemption:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The Company may redeem the Notes at any time prior to the Maturity Date, including prior to July 1, 2025, in whole, but not in part, subject to obtaining the prior
              approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, upon the occurrence of (i) a &#8220;Tax Event&#8221; (as defined under &#8220;Description of Subordinated Notes &#8212; Redemption&#8221; in the prospectus
              supplement), (ii) a &#8220;Tier 2 Capital Event&#8221; (as defined under &#8220;Description of Subordinated Notes &#8212; Redemption&#8221; in the prospectus supplement), or (iii) 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.</div>
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          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Denominations:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">$1,000 minimum denominations and $1,000 integral multiples thereof.</div>
          </td>
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          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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        <tr>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Use of Proceeds:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The Company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, repaying indebtedness, providing
              capital to support the organic growth of NBT Bank, National Association (the &#8220;Bank&#8221;) and the Company&#8217;s other subsidiaries, financing investments and capital expenditures, funding acquisitions and for investments in the Bank and the Company&#8217;s
              other subsidiaries as regulatory capital.</div>
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          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Price to Public:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">100%</div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ranking:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The subordinated notes will be the Company&#8217;s general unsecured subordinated obligations and will be:</div>
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          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -13.5pt; margin-left: 25.95pt;"><font style="font-family: 'Times New Roman', Times, serif;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"></font></div>
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          <td style="width: 62%; vertical-align: top;"><font style="font-family: 'Times New Roman', Times, serif;">junior in right of payment to any of the Company&#8217;s existing and future senior indebtedness;</font></td>
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          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -13.5pt; margin-left: 25.95pt;"><font style="font-family: 'Times New Roman', Times, serif;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"></font></div>
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          <td style="width: 62%; vertical-align: top;"><font style="font-family: 'Times New Roman', Times, serif;">equal in right of payment with any of the Company&#8217;s existing and future subordinated indebtedness;</font></td>
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          <td rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 62%; vertical-align: top;">&#160;</td>
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          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -13.5pt; margin-left: 25.95pt;"><font style="font-family: 'Times New Roman', Times, serif;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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          <td style="width: 62%; vertical-align: top;"><font style="font-family: 'Times New Roman', Times, serif;">senior to the Company&#8217;s obligations relating to any junior subordinated debt securities issued to the Company&#8217;s capital trust subsidiaries;</font></td>
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          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -13.5pt; margin-left: 25.95pt;"><font style="font-family: 'Times New Roman', Times, serif;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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          <td style="width: 62%; vertical-align: top;">&#160;<font style="font-family: 'Times New Roman', Times, serif;">effectively subordinated to all of the Company&#8217;s secured indebtedness to the extent of the value of the assets securing such indebtedness;
              and</font></td>
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          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -13.5pt; margin-left: 25.95pt;"><font style="font-family: 'Times New Roman', Times, serif;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"></font></div>
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          <td style="width: 62%; vertical-align: top;"><font style="font-family: 'Times New Roman', Times, serif;">structurally subordinated to any existing and future liabilities and obligations of the Company&#8217;s subsidiaries, including the deposit
              liabilities and claims of other creditors of the Company&#8217;s subsidiaries.</font></td>
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          <td style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">As of March 31, 2020, the Company had $8.5 billion of senior indebtedness outstanding on a consolidated basis, and the Bank had $7.9 billion of deposits, $430.7
              million of Federal Home Loan Bank advances, $152.4 million of customer repurchase agreements and $30.0 million of federal funds purchased to which the Notes will be structurally subordinated.</div>
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        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">CUSIP/ISIN:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">628778 AB8 / US628778AB88</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.76%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Keefe, Bruyette &amp; Woods, <font style="font-style: italic;">A Stifel Company</font><br>
              Piper Sandler &amp; Co.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">*Note: We expect that delivery of the Notes will be made against payment therefor on or about the fifth business
      day following the date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+5&#8221;). Accordingly, purchasers who wish to trade the Notes on the date of pricing or the next business day will be required, by virtue of the fact that the
      Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade their Notes on the date of pricing or the next business day should
      consult their own advisor.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The issuer has filed a registration statement (including a 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.&#160; Before you invest, you should read the prospectus in that registration statement, the Preliminary
      Prospectus Supplement, the final prospectus supplement (when available) 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&#8217;s website at <u>www.sec.gov.</u>&#160; Alternatively, the issuer, the underwriters 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 &amp; Woods, <font style="font-style: italic;">A Stifel Company</font> at 787 Seventh Avenue, Fourth Floor, New York, NY 10019 or by e-mail at USCapitalMarkets@kbw.com or by emailing Piper Sandler &amp; Co. at
      fsg-dcm@psc.com.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Capitalized terms used but not defined in this Pricing Term Sheet have the meanings given to them in the
      Preliminary Prospectus Supplement.&#160; This Pricing Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement.&#160; The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and
      supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement.&#160; Other information (including other financial information) presented in the
      Preliminary Prospectus Supplement is deemed to have changed to the extent affected by the information contained herein.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE
      DISREGARDED.&#160; SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</div>
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">3</font>
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