<SEC-DOCUMENT>0001104659-21-100877.txt : 20210806
<SEC-HEADER>0001104659-21-100877.hdr.sgml : 20210806
<ACCEPTANCE-DATETIME>20210805175328
ACCESSION NUMBER:		0001104659-21-100877
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210806
DATE AS OF CHANGE:		20210805

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Summit Hotel Properties, Inc.
		CENTRAL INDEX KEY:			0001497645
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				272962512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231156
		FILM NUMBER:		211149833

	BUSINESS ADDRESS:	
		STREET 1:		13215 BEE CAVE PARKWAY
		STREET 2:		SUITE B-300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		512-538-2300

	MAIL ADDRESS:	
		STREET 1:		13215 BEE CAVE PARKWAY
		STREET 2:		SUITE B-300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Summit Hotel Properties, Inc.
		CENTRAL INDEX KEY:			0001497645
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				272962512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		13215 BEE CAVE PARKWAY
		STREET 2:		SUITE B-300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		512-538-2300

	MAIL ADDRESS:	
		STREET 1:		13215 BEE CAVE PARKWAY
		STREET 2:		SUITE B-300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
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<FILENAME>tm2124093d3_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</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: right">Issuer Free Writing Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No.&nbsp;333-231156</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated August 5, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated August 5, 2021 to Prospectus Dated January
6, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUMMIT HOTEL PROPERTIES, INC.<BR>
Pricing Term Sheet<BR>
5.875% Series&nbsp;F Cumulative Redeemable Preferred Stock</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 71%; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">Summit Hotel Properties, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">5.875% Series F Cumulative Redeemable Preferred Stock (the &ldquo;Series&nbsp;F Preferred Stock&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Number of Shares:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">4,000,000 shares (4,600,000 shares if the underwriters&rsquo; overallotment option is exercised in full)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">August&nbsp;5, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">August&nbsp;12, 2021 (T+5).&nbsp;&nbsp;The Issuer expects that delivery of the Series&nbsp;F Preferred Stock will be made to investors on or about August 12, 2021, which will be the fifth business day following August 5, 2021 (such settlement being referred to as &ldquo;T+5&rdquo;).&nbsp;&nbsp;Under Rule&nbsp;15c6-1 under the Exchange Act, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise.&nbsp;&nbsp;Accordingly, purchasers who wish to trade the Series&nbsp;F Preferred Stock on August 5, 2021 or the next two succeeding business days will be required, by virtue of the fact that the Series F Preferred Stock initially will settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.&nbsp;&nbsp;Purchasers of the Series F Preferred Stock who wish to trade the Series F Preferred Stock on August 5, 2021 or the next two succeeding business days should consult their advisors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Maturity:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">Perpetual (unless redeemed by the Issuer on or after August 12, 2026 or pursuant to its special optional redemption right, repurchased by the Issuer in the open market or converted by an investor in connection with a Change of Control)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">$25.00 liquidation preference per share; $100,000,000 total ($115,000,000 if the underwriters&rsquo; overallotment option is exercised in full)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Underwriting Discount and Commissions:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">$0.7875 per share; $3,150,000 total ($3,622,500 &nbsp;if the underwriters&rsquo; overallotment option is exercised in full)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Net Proceeds (before expenses):</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">$96,850,000 &nbsp;($111,377,500 &nbsp;if the underwriters&rsquo; overallotment option is exercised in full)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">5.875% per annum (or $1.46875 per share per annum), accruing from and including August&nbsp;12, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Dividend Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">On or about the last day of each February, May, August and November, commencing on November 30, 2021. The first dividend payment will be paid on November 30, 2021 (long first dividend period). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Liquidation Preference:</B></FONT></TD>
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">$25.00 per share, plus any accrued and unpaid dividends</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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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 29%; font-size: 10pt"><B>Conversion Rights:</B></TD>
    <TD STYLE="width: 71%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except to the extent that the Issuer has elected to exercise its optional
    redemption right or its special optional redemption right by providing notice of redemption prior to the Change of Control Conversion
    Date, upon the occurrence of a Change of Control, the holders of the Series&nbsp;F Preferred Stock will have the right to convert some
    or all of their Series&nbsp;F Preferred Stock (the &ldquo;Change of Control Conversion Right&rdquo;) into a number of the Issuer&rsquo;s
    shares of common stock, $0.01 par value per share, per share of their Series&nbsp;F Preferred Stock equal to the lesser of:</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 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
quotient obtained by dividing (i)&nbsp;the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends
(whether or not declared) to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date
is after a record date for a Series&nbsp;F Preferred Stock dividend payment and prior to the corresponding Series&nbsp;F Preferred Share
dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii)&nbsp;the
Common Stock Price; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8275
(the Share Cap), subject to certain adjustments and provisions for the receipt of alternative consideration as described in the preliminary
prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Issuer has provided or provides a redemption notice with respect
    to some or all of the Series&nbsp;F Preferred Stock, holders of any Series&nbsp;F Preferred Stock that the Issuer has called for redemption
    will not be permitted to exercise their Change of Control Conversion Right in respect of any of their shares of Series&nbsp;F Preferred
    Stock that have been called for redemption, and any Series&nbsp;F Preferred Stock subsequently called for redemption that has been tendered
    for conversion will be redeemed on the applicable date of redemption instead of converted on the Change of Control Conversion Date.</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">A &ldquo;Change of Control&rdquo; will be deemed to have occurred at
    such time after the original issuance of the Series&nbsp;F Preferred Stock when the following have occurred and are continuing:</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 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section&nbsp;13(d)(3)&nbsp;of the
Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series
of purchases, mergers or other acquisition transactions of shares of the Issuer entitling that person to exercise more than 50% of the
total voting power of all shares of the Issuer entitled to vote generally in elections of directors (except that such person will be
deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable
or is exercisable only upon the occurrence of a subsequent condition); and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;following
    the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or surviving entity has a class
    of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE American or Nasdaq, or listed or quoted on an
    exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The &ldquo;Common Stock Price&rdquo; will be: (i)&nbsp;the amount of
    cash consideration per share of the Issuer&rsquo;s common stock, if the consideration to be received in the Change of Control by the holders
    of shares of the Issuer&rsquo;s common stock is solely cash&#894; and (ii)&nbsp;the average of the closing prices for shares of the Issuer&rsquo;s
    common stock on the NYSE for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change
    of Control, if the consideration to be received in the Change of Control by the holders of shares of the Issuer&rsquo;s common stock is
    other than solely cash.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">The &ldquo;Change of Control Conversion Date&rdquo; will be a business
    day that is no fewer than 20 days nor more than 35 days after the date on which the Issuer provides the required notice of the occurrence
    of a Change of Control.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 29%"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; width: 71%">On and after August&nbsp;12, 2026, redeemable in whole or in part at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption.&nbsp;&nbsp;If the Issuer exercises its redemption right (by sending the required notice) in connection with a Change of Control, holders of the Series&nbsp;F Preferred Stock will not have the conversion rights described above in respect of any Series&nbsp;F Preferred Stock called for redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Special Optional Redemption:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">In the event of a Change of Control, the Issuer will have the option to redeem the Series&nbsp;F Preferred Stock, in whole or in part, within 120&nbsp;days after the first date on which such Change of Control has occurred for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date.&nbsp;&nbsp;To the extent that the Issuer exercises its redemption right (by sending the required notice) relating to the Series&nbsp;F Preferred Stock, the holders of Series&nbsp;F Preferred Stock will not be permitted to exercise the conversion right described above in respect of their shares of Series&nbsp;F Preferred Stock called for redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">866082 704/ US8660827044</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Listing:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">The Issuer intends to file an application to list the Series&nbsp;F Preferred Stock with the NYSE under the symbol &ldquo;INNPrF.&rdquo;&nbsp;&nbsp;If the application is approved, trading is expected to begin within 30&nbsp;days of initial delivery.&nbsp;&nbsp;The underwriters have advised the Issuer that they intend to make a market in the Series&nbsp;F Preferred Stock prior to the commencement of trading on the NYSE.&nbsp;&nbsp;The underwriters will have no obligation to make a market in the shares, however, and may cease market making activities, if commenced, at any time.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James&nbsp;&amp; Associates,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Senior Co-Managers:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert W. Baird&nbsp;&amp; Co. Incorporated</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KeyBanc Capital Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Co-Managers:</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capital One Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regions Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bancroft Capital, LLC</P></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">The Issuer has filed a registration statement (including a prospectus dated January 6, 2021 and a preliminary prospectus supplement dated August 5, 2021) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering to which this communication relates.&nbsp;&nbsp;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.&nbsp;&nbsp;You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.&nbsp;&nbsp;Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling Wells Fargo Securities, Inc. toll-free at 1-800-645-3751, Raymond James &amp; Associates, Inc. toll-free at&nbsp;1-800-248-8863; or BofA Securities, Inc. toll-free at 1-800-294-1322.</FONT></TD></TR>
  </TABLE>
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