<SEC-DOCUMENT>0001104659-25-001759.txt : 20250108
<SEC-HEADER>0001104659-25-001759.hdr.sgml : 20250108
<ACCEPTANCE-DATETIME>20250107181254
ACCESSION NUMBER:		0001104659-25-001759
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250108
DATE AS OF CHANGE:		20250107

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American National Group Inc.
		CENTRAL INDEX KEY:			0001039828
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				421447959
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281155
		FILM NUMBER:		25516039

	BUSINESS ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DEMOINES
		STATE:			IA
		ZIP:			50266
		BUSINESS PHONE:		5152210002

	MAIL ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DES MOINES
		STATE:			IA
		ZIP:			50266

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO
		DATE OF NAME CHANGE:	19990414

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American National Group Inc.
		CENTRAL INDEX KEY:			0001039828
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				421447959
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DEMOINES
		STATE:			IA
		ZIP:			50266
		BUSINESS PHONE:		5152210002

	MAIL ADDRESS:	
		STREET 1:		6000 WESTOWN PARKWAY
		CITY:			WEST DES MOINES
		STATE:			IA
		ZIP:			50266

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO
		DATE OF NAME CHANGE:	19990414
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2430912d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&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;333-281155</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: center"><B>American National Group Inc.</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: center"><B>12,000,000 Depositary Shares<BR>
Each Representing a 1/1,000<SUP>th</SUP> Interest in a Share of<BR>
7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series&nbsp;D</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: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">January&nbsp;7</FONT>,
2025</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The information
in this pricing term sheet relates to the offering of the securities specified herein and should be read together with the preliminary
prospectus supplement, dated January&nbsp;</FONT>7, 2025 (the &ldquo;Preliminary Prospectus Supplement&rdquo;), including the documents
incorporated by reference therein, and the accompanying prospectus, dated August&nbsp;30, 2024 (Registration Statement File No.&nbsp;333-281155).
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 contained therein. This pricing term sheet is otherwise qualified
in its entirety by reference to the Preliminary Prospectus Supplement. Capitalized terms used and not defined herein have the meanings
assigned in the Preliminary Prospectus Supplement.</P>

<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>
    <TD STYLE="vertical-align: top; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American National Group Inc. (the &ldquo;Issuer&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected Ratings (S&amp;P / Fitch)*:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BB+ / BB+ (Stable / Stable)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Description:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary shares (the &ldquo;Depositary Shares&rdquo;), each representing a 1/1,000<SUP>th</SUP> interest in a share of </FONT><FONT STYLE="font-size: 10pt">7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series&nbsp;D (the &ldquo;Series&nbsp;D Preferred Stock&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Size:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$300,000,000; 12,000,000 Depositary Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment Option:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No over-allotment option applies to this offering</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation Preference:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 liquidation preference per share (equivalent to $25.00 per Depositary Share)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal Format:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC-registered</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issue Price:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00 per Depositary Share</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discount (retail):</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.7875 per Depositary Share</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discount (institutional):</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.500 per Depositary Share</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross Proceeds:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$300,000,000</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer may, at its option, redeem the Series&nbsp;D Preferred
Stock (i)&nbsp;in whole or in part, from time to time, on or after January&nbsp;15, 2030 (the &ldquo;First Call Date&rdquo;), at a redemption
price equal to $25,000 per share of Series&nbsp;D Preferred Stock (equivalent to $25.00 per Depositary Share), plus an amount equal to
any declared but unpaid dividends and the portion of the quarterly dividend per share attributable to the then-current dividend period
that has not been declared and paid to, but excluding, such redemption date; (ii)&nbsp;in whole, but not in part, at any time prior to
the First Call Date, within 90 days after the occurrence of a &ldquo;rating agency event,&rdquo; at a redemption price equal to $25,500
per share of Series&nbsp;D Preferred Stock (102% of the stated amount of $25,000 per share) (equivalent to $25.50 per Depositary Share),
plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend per share attributable to the then-current
dividend period that has not been declared and paid to, but excluding, such redemption date&#894; or (iii)&nbsp;in whole, but not in
part, at any time prior to the First Call Date, within 90 days after the occurrence of a &ldquo;regulatory capital event,&rdquo; at a
redemption price equal to $25,000 per share of Series&nbsp;D Preferred Stock (equivalent to $25.00 per Depositary Share), plus an amount
equal to any declared but unpaid dividends and the portion of the quarterly dividend per share attributable to the then-current dividend
period that has not been declared and paid to, but excluding, such redemption date.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;7, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date**:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;10, 2025 (T+</FONT><FONT STYLE="font-size: 10pt">3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perpetual</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When, as and if declared by the Issuer&rsquo;s board of directors (or a duly authorized committee of the board), out of funds legally available for the payment of dividends, accrued on the stated amount of $25,000 per share of Series&nbsp;D Preferred Stock (equivalent to $25.00 per Depositary Share), from the date of original issue at a fixed rate per annum of 7.375%. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Payment Dates:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 15<SUP>th</SUP> day of January, April, July&nbsp;and October&nbsp;of each year, commencing on April&nbsp;15, 2025, subject to adjustment for business days as provided below. If any dividend payment date is not a business day (as defined below), then the dividend with respect to such dividend payment date will be paid on the next succeeding business day, without interest or other payment in respect of such delayed payment. &ldquo;Business day&rdquo; means any day other than (i)&nbsp;a Saturday or Sunday or a legal holiday or (ii)&nbsp;a day on which banking institutions in the Borough of Manhattan, The City of New York, are authorized or obligated by law, executive order or regulation to close. </FONT></TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net proceeds from this offering, together with cash on hand, will be used to redeem in full the Issuer&rsquo;s Series&nbsp;A Preferred Stock and the related depositary shares in accordance with the terms thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP for the Depositary Shares:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">025676 859</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN for the Depositary Shares:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US0256768591</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected Listing: </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application will be made to list the Depositary Shares on the NYSE under the symbol &ldquo;ANG PRD&rdquo;. If approved for listing, trading of the Depositary Shares on the NYSE is expected to commence within 30 days after the initial delivery of the Depositary Shares. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Wells Fargo
    Securities, LLC<BR>
    </FONT>J.P. Morgan Securities LLC<BR>
    Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers***:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">BMO Capital
    Markets Corp.</FONT><BR>
    HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Barclays Capital
    Inc.</FONT><BR>
    Brookfield Securities LLC<BR>
    CIBC World Markets Corp.<BR>
    Citigroup Global Markets Inc.<BR>
    Goldman Sachs&nbsp;&amp; Co. LLC<BR>
    Scotia Capital (USA) Inc.<BR>
    U.S. Bancorp Investments,&nbsp;Inc.</P></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"><B>*A securities rating is not a recommendation to buy, sell or hold
securities and should be evaluated independently of any other rating. The rating may be subject to revision or withdrawal at any time
by the assigning rating organization.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>**</B></FONT><B>Under
Rule&nbsp;15c6-1 under 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 the trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Depositary
Shares earlier than the first business day before January&nbsp;10, 2025 will be required, by virtue of the fact that the Depositary Shares
initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and
should consult their own advisors.</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"><B>***Brookfield Securities LLC, an underwriter in this offering, is
an affiliate of Brookfield Corporation and has a &ldquo;conflict of interest&rdquo; in this offering within the meaning of FINRA Rule&nbsp;5121.
Accordingly, this offering is being conducted in accordance with the applicable requirements of Rule&nbsp;5121. Pursuant to Rule&nbsp;5121(a)(1)(A),
the appointment of a qualified independent underwriter is not necessary in connection with this offering as the members primarily responsible
for managing the public offering do not have a conflict of interest, are not affiliates of any member that does have a conflict of interest
and meet the applicable requirements of Rule&nbsp;5121. Underwriters subject to Rule&nbsp;5121 will not confirm sales of the Depositary
Shares to any account over which they exercise discretionary authority without the prior written approval of the customer.</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"></P>

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<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"><B>The Issuer has filed a registration statement (including a prospectus
and a preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) 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 any 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 website at www.sec.gov. Alternatively, copies of the documents may be
obtained by contacting the underwriters of the offering by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751 or by emailing
wfscustomerservice@wellsfargo.com, J.P. Morgan Securities LLC collect at 1-212-834-4533, Morgan Stanley&nbsp;&amp; Co. LLC toll-free at
1-866-718-1649, or RBC Capital Markets, LLC toll-free at 1-866-375-6829.</B></P>

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

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