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Legal Format:

Anticipated Ratings*:

Security:

Size:

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Interest Payment Dates:

Coupon:

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Benchmark Treasury:

Benchmark Treasury Yield:

Spread to Benchmark Treasury:

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Expected Settlement Date**:

Joint Book-Running Managers:

Barclays Capital Inc.

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

U.S. Bancorp Investments, Inc.

TD Securities (USA) LLC

Co-Manager:

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

We expect that delivery of the notes offered hereby will be made against payment therefor on or about October 1, 2020, which will be the sixth business day following the date of pricing of the notes (this settlement cycle being referred to as “T+6”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the initial pricing date of the notes or the next three succeeding business days will be required, by virtue of the fact that the notes initially will settle in T+6, to specify alternative settlement arrangements at the times of any such trade to prevent a failed settlement and should consult their own advisors.