K Kellanova

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Morgan Stanley & Co. LLC

Mizuho Securities USA LLC

SMBC Nikko Securities America, Inc.

TD Securities (USA) LLC

U.S. Bancorp Investments, Inc.

Scotia Capital (USA) Inc.

SG Americas Securities, LLC

Blaylock Van, LLC

R. Seelaus & Co., LLC

Prior to November 16, 2053 (the date that is six months prior to the maturity date of the notes) (the “Par Call Date”), the Issuer may redeem the Notes at its option, at any time in whole or from time to time in part, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:

•   100% of the principal amount of the Notes being redeemed; and

•   (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption.

The Issuer will also pay accrued and unpaid interest, if any, on the Notes to the redemption date.

On and after the Par Call Date, the Issuer may redeem the Notes at its option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest, if any, on the Notes to the redemption date.

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.

It is expected that delivery of the notes will be made against payment therefore on or about May 16, 2024, which is the eighth business day following the date hereof (such settlement cycle being referred to as “T+8”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the second business day before the delivery of the notes will be required, by virtue of the fact that the notes initially will settle in T+8, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the notes who wish to trade the notes on the date of pricing should consult their own advisors.