<SEC-DOCUMENT>0001104659-24-071355.txt : 20240613
<SEC-HEADER>0001104659-24-071355.hdr.sgml : 20240613
<ACCEPTANCE-DATETIME>20240613172518
ACCESSION NUMBER:		0001104659-24-071355
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240613
DATE AS OF CHANGE:		20240613

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-263301
		FILM NUMBER:		241042228

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2416442d4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule&nbsp;433 of the Securities
Act of 1933</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus, dated June&nbsp;13,
2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Relating to the Preliminary Prospectus Supplement,
dated June&nbsp;13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration File No.&nbsp;333-263301</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$85,000,000 principal amount of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>9.00% Senior Notes due 2029</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>June&nbsp;13, 2024</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The information in this pricing term sheet
relates only to the Offering and should be read together with the preliminary prospectus supplement dated June&nbsp;13, 2024 (the &ldquo;Preliminary
Prospectus Supplement&rdquo;) relating to the Offering, including the documents incorporated by reference therein and the related base
prospectus dated March&nbsp;4, 2022, each filed pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act of 1933, as amended. As used
in this pricing term sheet, &ldquo;Issuer,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Redwood Trust,&nbsp;Inc.
and not to its subsidiaries.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; width: 20%">Issuer:</TD><TD STYLE="text-align: justify; width: 80%">Redwood Trust,&nbsp;Inc., a Maryland corporation</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%; text-align: left"><FONT STYLE="font-size: 10pt">Title of the Securities:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><FONT STYLE="font-size: 10pt">9.00% Senior Notes
    due 2029 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Type of Offering:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">$85,000,000 (3,400,000 units, each unit
    representing $25) (plus up to an additional $12,750,000 (510,000 units, each unit representing $25) if the underwriters exercise their option
    to purchase additional notes to cover solely over-allotments, if any)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Type of Note:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Fixed rate note</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Stated Maturity Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">September&nbsp;1, 2029, unless
    redeemed prior to maturity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Interest Rate:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">June&nbsp;13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">June&nbsp;18, 2024 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Under Rule&nbsp;15c6-1 of 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 their
    delivery will be required, by virtue of the fact that the Notes will initially settle 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 advisors.</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; width: 20%"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 80%"><FONT STYLE="font-size: 10pt">Each March&nbsp;1, June&nbsp;1,
    September&nbsp;1 and December&nbsp;1, commencing on September&nbsp;1, 2024. If an interest payment date falls on a non-business day,
    the applicable interest payment will be made on the next business day and no additional interest will accrue as a result of such
    delayed payment.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Interest Periods:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The initial interest period
    will be the period from and including June&nbsp;18, 2024, to, but excluding, the initial interest payment date, and the subsequent
    interest periods will be the periods from and including an interest payment date to, but excluding, the next interest payment date
    or the stated maturity date, as the case may be.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Day Count Basis:</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">360-day year of twelve 30-day months</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Issue Price:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$25.00</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Price to Issuer:</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$24.2125</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The Company expects that the
    net proceeds from this offering will be approximately $81.67 million (or approximately $94.02 million if the underwriters exercise
    their over-allotment option in full) after deducting the underwriting discount and commissions and our estimated expenses. The Company
    intends to use the net proceeds from the Offering for general corporate purposes, which may include (i)&nbsp;funding of its business
    and investment activity, which may include funding its residential and business purpose lending mortgage banking businesses, acquiring
    mortgage-backed securities for its investment portfolio, funding other long-term portfolio investments, and funding strategic acquisitions
    and investments and/or (ii)&nbsp;the repayment of existing indebtedness, which may include the repurchase or repayment of a portion
    of its 5.75% exchangeable senior notes due 2025 issued by one of its subsidiaries (the &ldquo;2025 Notes&rdquo;), or its 7.75% convertible
    senior notes due 2027 (the &ldquo;2027 Notes&rdquo;). Certain of the underwriters or their affiliates are holders of the 2025 Notes
    and 2027 Notes. See &ldquo;Use of Proceeds&rdquo; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
  </TABLE>


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

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

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

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<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; width: 20%">Denominations:</TD><TD STYLE="text-align: justify; width: 80%">$25.00 and integral multiples of $25.00 in excess thereof or in units (each unit representing $25)</TD></TR></TABLE>

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; vertical-align: top; width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify">The Notes may be redeemed in whole or in part at any time or from time to time at the Company&rsquo;s option on or after September&nbsp;1, 2026, upon not less than 30 days nor more than 60 days written notice to holders prior to the redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  </TABLE>


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

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<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; width: 20%">Change of Control Offer to Repurchase:</TD><TD STYLE="text-align: justify; width: 80%">If a &ldquo;Change of Control Repurchase Event&rdquo; (as defined in the Preliminary Prospectus Supplement)
occurs, the Company must offer to repurchase the Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid
interest to, but excluding, the repurchase date.</TD></TR></TABLE>

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

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    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: left">CUSIP / ISIN:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">CUSIP: 758075 873</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">ISIN: US7580758735</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Expected Rating:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BBB (Egan-Jones Ratings Company)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</TD></TR>
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<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; width: 20%">Listing:</TD><TD STYLE="text-align: justify; width: 80%">The Company intends to apply to list the Notes on the New York Stock Exchange under the trading symbol
 &ldquo;RWTO&rdquo; and expects trading of the Notes to commence within 30 days after June&nbsp;18, 2024, the original issue date.</TD></TR></TABLE>

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    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; vertical-align: top; width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: left">Joint Book-Running Managers:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify">Morgan Stanley&nbsp;&amp; Co. LLC, Goldman Sachs&nbsp;&amp; Co. LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc. and Piper Sandler&nbsp;&amp; Co.</TD></TR>
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<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; text-align: left; width: 20%; vertical-align: top">Co-Manager:</TD><TD STYLE="text-align: justify; width: 80%">Citizens JMP Securities, LLC</TD></TR></TABLE>

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<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5pt; text-align: left; width: 20%; vertical-align: top">Trustee:</TD><TD STYLE="text-align: justify; width: 80%">Wilmington Trust, National Association</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This communication is intended for the sole
use of the person to whom it is provided by the Issuer. The Issuer has filed a registration statement (including a base prospectus dated
March&nbsp;4, 2022) and a preliminary prospectus supplement dated June&nbsp;13, 2024 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
for the offering to which this communication relates. 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. 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 and related preliminary prospectus supplement if you request them from Morgan
Stanley&nbsp;&amp; Co. LLC; by calling 1-800-584-6837 or by emailing prospectus@morganstanley.com; Goldman Sachs&nbsp;&amp; Co. LLC by
calling (866) 471-2526 or by emailing prospectus-ny@ny.email.gs.com; RBC Capital Markets, LLC by calling (866) 375-6829 or by emailing
rbcnyfixedincomeprospectus@rbccm.com; Wells Fargo Securities, LLC by calling 1-800-645-3751 or by emailing wfscustomerservice@wellsfargo.com;
Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc. by calling (800) 966-1559; or Piper Sandler&nbsp;&amp; Co. by calling (800) 747-3924 or by
emailing fsg-dcm@psc.com.</B></P>

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