# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-26-002948
**Filing Date:** 2026-3
**Character Count:** 68315
**Document Hash:** 664679d72df42a516bce32f08a976b95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-002948.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000950103-26-002948

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275898
- **FILM NUMBER:** 26703815

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

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|:---|:---|
| **Subject to Completion<br> Preliminary Term Sheet dated <br> March 2, 2026** | **Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-275898**<br> **(To Prospectus and Prospectus Supplement, each dated December 20, 2023, and Product Supplement EQUITY ARN-1 dated December 27, 2023)** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units<br> $10 principal amount per unit<br> CUSIP No.  | Pricing Date\*<br> Settlement Date\*<br> Maturity Date\* | March , 2026<br> April , 2026<br> May , 2027 |

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| | |
|:---|:---|
| ![](image_001.jpg) | \*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") |

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**Accelerated Return Notes<sup>®</sup> Linked to the Global X Robotics & Artificial Intelligence ETF**<br> ▪Maturity of approximately 14 months<br> ▪3-to-1 upside exposure to increases in the Global X Robotics & Artificial Intelligence ETF (the "Market Measure"), subject to a capped return of [17.00% to 21.00%]<br> ▪1-to-1 downside exposure to decreases in the Market Measure, with 100% of your principal at risk<br> ▪All payments occur at maturity and are subject to the credit risk of Royal Bank of Canada.<br> ▪No periodic interest payments<br> ▪In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes."<br> ▪Limited secondary market liquidity, with no exchange listing<br> ▪The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other governmental agency of Canada or the United States.<br>

**The notes are being issued by Royal Bank of Canada ("RBC"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" and "Additional Risk Factors" beginning on page TS-6 of this term sheet and "Risk Factors" beginning on page PS-7 of product supplement EQUITY ARN-1.**

**The initial estimated value of the notes as of the pricing date is expected to be between $9.23 and $9.73 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes" below for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

**_**

None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

**_**

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| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup>(1)</sup> | $10.000 | $|
| Underwriting discount<sup>(1)</sup> | $0.175 | $|
| Proceeds, before expenses, to RBC<sup></sup> | $9.825 | $|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For any purchase of 300,000 units or more in a single transaction by an individual investor or in combined transactions with the investor's
household in this offering, the public offering price and the underwriting discount will be $9.950 per unit and $0.125 per unit, respectively.
See "Supplement to the Plan of Distribution" below.

**The notes:**

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| | | |
|:---|:---|:---|
| **Are Not FDIC Insured** | **Are Not Bank Guaranteed** | **May Lose Value** |

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**BofA Securities**

March , 2026

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

Summary

The Accelerated Return Notes<sup>®</sup> Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027 (the "notes") are our senior unsecured debt securities. The notes are not insured by the Canada Deposit Insurance Corporation or the U.S. Federal Deposit Insurance Corporation or secured by collateral. **The notes will rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of RBC.**

The notes are not bail-inable notes (as defined in the prospectus supplement). The notes provide you a leveraged return, subject to a cap, if the Ending Value of the Market Measure, which is the Global X Robotics & Artificial Intelligence ETF (the "Market Measure"), is greater than the Starting Value. If the Ending Value is equal to the Starting Value, you will receive the principal amount of your notes. If the Ending Value is less than the Starting Value, you will lose all or a portion of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Market Measure, subject to our credit risk. See "Terms of the Notes" below.

The economic terms of the notes (including the Capped Value) are based on our internal funding rate, which is the rate we pay to borrow funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed or floating rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-related charge described below, reduce the economic terms of the notes to you and the price at which you may be able to sell the notes in any secondary market. Due to these factors, the public offering price you pay to purchase the notes will be greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value range for the notes. This initial estimated value range was determined based on our and our affiliates' pricing models, which take into consideration our internal funding rate and the market prices for the hedging arrangements related to the notes. The initial estimated value of the notes calculated on the pricing date will be set forth in the final term sheet made available to investors in the notes. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" below.

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| | |
|:---|:---|
| Terms of the Notes | Terms of the Notes |
| **Issuer:** | Royal Bank of Canada ("RBC") |
| **Principal Amount:** | $10.00 per unit |
| **Term:** | Approximately 14 months |
| **Market Measure:** | The Global X Robotics & Artificial Intelligence ETF (Bloomberg symbol: "BOTZ") |
| **Starting Value:** | The Closing Market Price of the Market Measure on the pricing date |
| **Ending Value:** | The average of the Closing Market Prices of the Market Measure *times* the Price Multiplier on each calculation day occurring during the Maturity Valuation Period. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-23 of product supplement EQUITY ARN-1. |
| **Price Multiplier:** | 1, subject to adjustment for certain events relating to the Market Measure, as described beginning on page PS-27 of product supplement EQUITY ARN-1 |
| **Participation Rate:** | 300% |
| **Capped Value:** | [$11.70 to $12.10] per unit, which represents a return of [17.00% to 21.00%] over the principal amount. The actual Capped Value will be determined on the pricing date. |
| **Maturity Valuation Period:** | Five scheduled calculation days shortly before the maturity date |
| **Fees and Charges:** | The underwriting discount of $0.175 per unit listed on the cover page and a hedging-related charge of $0.05 per unit described in "Structuring the Notes" below |
| **Calculation Agent:** | BofA Securities, Inc. ("BofAS") |

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| |
|:---|
| Redemption Amount Determination |
| On the maturity date, you will receive a cash payment per unit determined as follows: |

---

Accelerated Return Notes<sup>®</sup> TS-2

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

The terms and risks of the notes are contained in this term sheet and in the following:

▪ Product supplement EQUITY ARN-1 dated December 27, 2023:<br> [https://www.sec.gov/Archives/edgar/data/1000275/000114036123059840/ef20017521_424b5.htm](https://www.sec.gov/Archives/edgar/data/1000275/000114036123059840/ef20017521_424b5.htm)

▪ Series J MTN prospectus supplement dated December 20, 2023:<br> [https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm)

▪ Prospectus dated December 20, 2023:<br> [https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from us, Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents that we have filed with the SEC for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY ARN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this term sheet to "Royal Bank of Canada," the "Bank," "we," "us," "our" or similar references mean only RBC.

"Accelerated Return Notes<sup>®</sup>" and "ARNs<sup>®</sup>" are the registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

Investor Considerations

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| | |
|:---|:---|
| **You may wish to consider an investment in the notes if:** | **The notes may not be an appropriate investment for you if:** |
| ▪ You anticipate that the Market Measure will increase moderately from the Starting Value to the Ending Value.<br>▪ You are willing to risk a loss of principal and return if the Market Measure decreases from the Starting Value to the Ending Value.<br>▪ You accept that the return on the notes will be capped.<br>▪ You are willing to forgo the interest payments that are paid on conventional interest-bearing debt securities.<br>▪ You are willing to forgo dividends and other benefits of directly owning shares of the Market Measure or the securities held by the Market Measure.<br>▪ You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and charges on the notes.<br>▪ You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount.<br>| ▪ You believe that the Market Measure will decrease from the Starting Value to the Ending Value or that it will not increase sufficiently over the term of the notes to provide you with your desired return.<br>▪ You seek principal repayment or preservation of capital.<br>▪ You seek an uncapped return on your investment.<br>▪ You seek interest payments or other current income on your investment.<br>▪ You want to receive dividends or have other benefits of directly owning shares of the Market Measure or the securities held by the Market Measure.<br>▪ You seek an investment for which there will be a liquid secondary market.<br>▪ You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes.<br>|

---

We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the notes.

Accelerated Return Notes<sup>®</sup> TS-3

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

Hypothetical Payout Profile and Examples of Payments at Maturity

The graph below is based on **hypothetical** numbers and values.

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| | |
|:---|:---|
| **Accelerated Return Notes**<sup>®</sup><br> ![](image_003.jpg)<br>| This graph reflects the returns on the notes, based on the Participation Rate of 300% and a hypothetical Capped Value of $11.90 per unit (the midpoint of the Capped Value range of [$11.70 to $12.10]). The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the Market Measure, excluding dividends.<br>This graph has been prepared for purposes of illustration only.  |

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The following table and examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on a hypothetical Starting Value of 100.00, the Participation Rate of 300%, a hypothetical Capped Value of $11.90 per unit and a range of hypothetical Ending Values. **The actual amount you receive and the resulting total rate of return will depend on the actual Starting Value, Ending Value and Capped Value, and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For recent actual prices of the Market Measure, see "The Market Measure" section below. The Ending Value will not include any income generated by dividends paid on the Market Measure, which you would otherwise be entitled to receive if you invested in the Market Measure directly. In addition, all payments on the notes are subject to issuer credit risk.

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| | | | |
|:---|:---|:---|:---|
| **Ending Value** | **Percentage Change from the Starting Value to the Ending Value** | **Redemption Amount per Unit** | **Total Rate of Return on the Notes** |
| 0.00 | -100.00% | $0.00 | -100.00% |
| 50.00 | -50.00% | $5.00 | -50.00% |
| 80.00 | -20.00% | $8.00 | -20.00% |
| 90.00 | -10.00% | $9.00 | -10.00% |
| 94.00 | -6.00% | $9.40 | -6.00% |
| 97.00 | -3.00% | $9.70 | -3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(1)</sup> | 0.00% | $10.00 | 0.00% |
| 102.00 | 2.00% | $10.60 | 6.00% |
| 103.00 | 3.00% | $10.90 | 9.00% |
| 105.00 | 5.00% | $11.50 | 15.00% |
| 106.34 | 6.34% | &nbsp;&nbsp;&nbsp;&nbsp;$11.90<sup>(2)</sup> | 19.00% |
| 110.00 | 10.00% | $11.90 | 19.00% |
| 120.00 | 20.00% | $11.90 | 19.00% |
| 150.00 | 50.00% | $11.90 | 19.00% |
| 200.00 | 100.00% | $11.90 | 19.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not
represent a likely actual Starting Value for the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Redemption Amount per unit cannot exceed the **hypothetical** Capped Value.

Accelerated Return Notes<sup>®</sup> TS-4

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

**Redemption Amount Calculation Examples:**

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| | |
|:---|:---|
| **Example 1** |  |
| The Ending Value is 50.00, or 50.00% of the Starting Value: | The Ending Value is 50.00, or 50.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Ending Value: 50.00 | Ending Value: 50.00 |
| ![](image_004.jpg) <br>| &nbsp;&nbsp;&nbsp;**= $5.00** Redemption Amount per unit |

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| | |
|:---|:---|
| **Example 2** |  |
| The Ending Value is 102.00, or 102.00% of the Starting Value: | The Ending Value is 102.00, or 102.00% of the Starting Value: |
| Starting Value: 100.00 |  |
| Ending Value: 102.00 |  |
| ![](image_005.jpg) <br>| &nbsp;&nbsp;&nbsp;**= $10.60** Redemption Amount per unit |

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| | |
|:---|:---|
| **Example 3** |  |
| The Ending Value is 130.00, or 130.00% of the Starting Value: | The Ending Value is 130.00, or 130.00% of the Starting Value: |
| Starting Value: 100.00 |  |
| Ending Value: 130.00 |  |
| ![](image_006.jpg) <br>| **= $19.00, however, because the Redemption Amount for the notes cannot exceed the hypothetical Capped Value, the Redemption Amount will be $11.90 per unit** |

---

Accelerated Return Notes<sup>®</sup> TS-5

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

Risk Factors

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-7 of product supplement EQUITY ARN-1, page S-3 of the MTN prospectus supplement and page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss;
there is no guaranteed return of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of
comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect
the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly
in shares of the Market Measure or the securities held by the Market Measure.

**<u>Valuation- and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The initial estimated value of the notes is only an estimate, determined as of a particular point in time by reference to our and
our affiliates' pricing models. These pricing models consider certain assumptions and variables, including our credit spreads, our
internal funding rate, mid-market terms on hedging transactions, expectations on dividends, interest rates and volatility, price-sensitivity
analysis and the expected term of the notes. These pricing models rely in part on certain forecasts about future events, which may prove
to be incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The public offering price you pay for the notes will exceed the initial estimated value. If you attempt to sell the notes prior to
maturity, their market value may be lower than the price you paid for them and lower than the initial estimated value. This is due to,
among other things, changes in the value of the Market Measure, our internal funding rate and the inclusion in the public offering price
of the underwriting discount and the hedging-related charge, all as further described in "Structuring the Notes" below. These
factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which
you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The initial estimated value does not represent a minimum or maximum price at which we, MLPF&S, BofAS or any of our affiliates
would be willing to purchase your notes in any secondary market (if any exists) at any time. The value of your notes at any time after
issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of the Market Measure, our
creditworthiness and changes in market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or to
repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in shares
of the Market Measure or the securities held by the Market Measure), and any hedging and trading activities we, MLPF&S, BofAS or our
respective affiliates engage in for our clients' accounts, may affect the market value and return of the notes and may create conflicts
of interest with you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and remove
the calculation agent.

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The sponsor and advisor of the Market Measure may adjust the Market Measure in a way that could adversely affect the value of the
notes and the amount payable on the notes, and these entities have no obligation to consider your interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You will have no rights of a holder of shares of the Market Measure or the securities held by the Market Measure, and you will not
be entitled to receive securities or dividends or other distributions by the issuers of those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ While we, MLPF&S, BofAS or our respective affiliates may from time to time own shares of the Market Measure or the securities
held by the Market Measure, we, MLPF&S, BofAS and our respective affiliates do not control the Market Measure or the issuers of those
securities, and have not verified any disclosure made by any other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There are liquidity and management risks associated with the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The performance of the Market Measure may not correlate with the performance of the securities held by the Market Measure as well
as the net asset value per share of the Market Measure, especially during periods of market volatility when the liquidity and the market
price of shares of the Market Measure and/or the securities held by the Market Measure may be adversely affected, sometimes materially.

Accelerated Return Notes<sup>®</sup> TS-6

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The payments on the notes will not be adjusted for all corporate events that could affect the Market Measure. See "Description
of ARNs—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" in product supplement EQUITY ARN-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the notes and the value of the notes may be affected by exchange rate movements and factors affecting the international
securities markets, specifically changes in the countries represented by the Market Measure. In addition, you will not obtain the benefit
of any increase in the value of the currencies in which the securities held by the Market Measure trade against the U.S. dollar, which
you would have received if you had owned the securities held by the Market Measure during the term of your notes, although the level of
the Market Measure may be adversely affected by general exchange rate movements in the market.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The U.S. federal income tax consequences of an investment in the notes are uncertain. There is no direct legal authority regarding
the proper U.S. federal income tax treatment of the notes, and significant aspects of the tax treatment of the notes are uncertain. Moreover,
the notes may be subject to the "constructive ownership" regime, in which case certain adverse tax consequences may apply
upon your disposition of a note. You should review carefully the section entitled "United States Federal Income Tax Considerations"
herein, in combination with the section entitled "U.S. Federal Income Tax Summary" in the accompanying product supplement,
and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes.

Additional Risk Factor

**The securities held by the Market Measure are concentrated in one sector.** As a result, the securities that will determine the performance of the notes are concentrated in one sector. Although an investment in the notes will not give holders any ownership or other direct interests in the securities held by the Market Measure, the return on the notes will be subject to certain risks similar to those associated with direct equity investments in the robotics and artificial intelligence industry. Accordingly, by investing in the notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors.

**A limited number of stocks held by the Market Measure may affect its price, and the stocks held by the Market Measure are not necessarily representative of the robotics and artificial intelligence industry.** While the securities held by the Market Measure are common stocks of companies generally considered to be involved in various segments of the robotics and artificial intelligence industry, the securities held by the Market Measure may not follow the price movements of the entire robotics and artificial intelligence industry generally. As of the date of this term sheet, a small number of securities accounted for more than half of the Market Measure's holdings. If these securities decline in value, the Market Measure will likely decline in value even if security prices in the robotics and artificial intelligence industry generally increase in value.

**An investment in the notes is subject to risks associated with the robotics and artificial intelligence industries.** All or substantially all of the equity securities held by the Market Measure are issued by companies who have significant exposure to the robotics and artificial intelligence industries. As a result, the value of the notes may be subject to greater volatility and may be more adversely affected by a single economic, political or regulatory occurrence affecting these industries than a different investment linked to securities of a more broadly diversified group of issuers. These companies may have limited product lines, markets, financial resources or personnel, while engaging in significant amounts of spending on research and development. Robotics and artificial intelligence companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. In addition, robotics and artificial intelligence technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. These companies face increased risk from trade agreements between countries that develop these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies' ability to successfully deploy their inventories. The customers and/or suppliers of these companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on these companies. These factors could adversely affect the robotics and artificial intelligence industry and could affect the value of the equity securities held by the Market Measure and the price of the Market Measure during the term of the notes, which may adversely affect the value of your notes.

**The notes are subject to risks relating to emerging markets.** The equity securities composing the Market Measure have been issued by companies based in emerging markets. Emerging markets pose further risks in addition to the risks associated with investing in foreign equity markets generally. Countries with emerging markets may have relatively unstable financial markets and governments; may present the risks of nationalization of businesses; may impose restrictions on currency conversion, exports or foreign ownership and prohibitions on the repatriation of assets; may pose a greater likelihood of regulation by the national, provincial and local governments of the emerging market countries, including the imposition of currency exchange laws and taxes; and may have less protection of property rights, less access to legal recourse and less comprehensive financial reporting and auditing requirements than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the economies in such countries may differ

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unfavorably from the economy in the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment positions. The currencies of emerging markets may also be less liquid and more volatile than those of developed markets and may be affected by political and economic developments in different ways than developed markets. The foregoing factors may adversely affect the performance of companies based in emerging markets.

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The Market Measure

We obtained all information contained in this term sheet regarding the Global X Robotics & Artificial Intelligence ETF (the "**BOTZ**") from publicly available information, without independent verification. The information reflects the policies of, and is subject to change by, Global X Funds (the "**Global X Trust**") and Global X Management Company LLC ("**Global X Management**"). The BOTZ is an investment portfolio managed by Global X Management, the investment adviser to the BOTZ. The consequences of any discontinuance of the BOTZ are discussed in the section entitled "Description of ARNs—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" in product supplement EQUITY ARN-1. None of us, the calculation agent, MLPF&S, or BofAS accepts any responsibility for the calculation, maintenance or publication of the BOTZ or any successor. Neither we nor any agent has independently verified the accuracy or completeness of any information with respect to the BOTZ in connection with the offer and sale of the notes. The BOTZ is an exchange-traded fund that trades on The Nasdaq Stock Market under the ticker symbol "BOTZ."

The BOTZ seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic Index (the "**Global Robotics & AI Index**"). The Global Robotics & AI Index is designed to track the performance of companies listed in developed markets and China, as defined by Indxx, LLC ("**Indxx**"), that are expected to benefit from the adoption and utilization of robotics and artificial intelligence ("**AI**"), including companies involved in industrial robotics and automation, non-industrial robots, humanoid technology, artificial intelligence and unmanned vehicles. For more information about the Global Robotics & AI Index, please see "The Indxx Global Robotics & Artificial Intelligence Thematic Index" below.

The BOTZ uses a "passive" or indexing approach to try to achieve its investment objective. The BOTZ does not try to outperform the Global Robotics & AI Index and does not seek temporary defensive positions when markets decline or appear overvalued. The BOTZ generally will use a replication strategy. meaning that it invests in the securities of the Global Robotics & AI Index in approximately the same proportions as in the Global Robotics & AI Index. However, the BOTZ may utilize a representative sampling strategy with respect to the Global Robotics & AI Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Global Robotics & AI Index, in instances in which a security in the Global Robotics & AI Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the BOTZ but not the Global Robotics & AI Index.

"Tracking error" is the divergence of the BOTZ's performance from that of the Global Robotics & AI Index. Tracking error may occur because of differences between the securities and other instruments held in the BOTZ's portfolio and those included in the Global Robotics & AI Index, pricing differences, transaction costs incurred by the BOTZ, the BOTZ's holding of uninvested cash, size of the BOTZ, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Global Robotics & AI Index or the costs to the BOTZ of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the BOTZ incurs fees and expenses, while the Global Robotics & AI Index does not.

The Global X Trust is a registered investment company that consists of a separate investment portfolio for the BOTZ. Information provided to or filed with the SEC by the Global X Trust pursuant to the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, can be located by reference to SEC file numbers 333-151713 and 811-22209, respectively, through the SEC's website at https://www.sec.gov.

**The Indxx Global Robotics & Artificial Intelligence Thematic Index**

We obtained all information contained in this term sheet regarding the Global Robotics & AI Index, including, without limitation, its make-up, method of calculation and changes in its components, from publicly available information, without independent verification. The information reflects the policies of, and is subject to change by, Indxx. The Global Robotics & AI Index is calculated, maintained and published by Indxx. Indxx has no obligation to continue to publish, and may discontinue publication of, the Global Robotics & AI Index.

The Global Robotics & AI Index is designed to track the performance of companies listed in developed markets (as defined by Indxx) and China, that are expected to benefit from the adoption and utilization of robotics and AI, including companies involved in industrial robotics and automation, non-industrial robots, humanoid technology, artificial intelligence and unmanned vehicles.

**Eligible Universe of the Global Robotics & AI Index**

*Initial Universe*

To be eligible for inclusion in the Global Robotics & AI Index, companies must first be eligible for inclusion in the "Initial Universe." The Initial Universe of the Global Robotics & AI Index includes among the most liquid and investable companies in accordance with the standard market capitalization and liquidity criteria listed in developed markets (as defined by Indxx) and China. As of November 2025, companies from the following countries were eligible for inclusion in the Initial Universe of the Global Robotics & AI Index: Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, the United Kingdom and the United States. China A-shares listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange must be accessible through the Hong Kong Stock Connect program. For Chinese ADRs and GDRs (as defined below), the country of domicile or primary listing must be China.

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As of November 2025, companies must have (i) a minimum market capitalization of $300 million, (ii) an average daily turnover for the last 6 months greater than or equal to $2 million (in the case of a significant IPO, an average daily turnover greater than or equal to $2 million since the IPO launch date), (iii) traded on 90% of the eligible trading days in the last 6 months and (iv) unless the security is a significant IPO, traded on 90% of the eligible trading days for the 3 months preceding the selection day in order to be eligible for inclusion in the Initial Universe of the Global Robotics & AI Index. In case a company does not have a trading history of 6 months due to its recent initial public offering ("IPO"), such company, in case of significant IPOs, must have started trading at least 10 calendar days prior to the Global Robotics & AI Index's semi-annual reconstitution/ rebalancing process. In the case of other IPOs, such company must have started trading 3 months before the start of the Global Robotics & AI Index's semi-annual reconstitution/ rebalancing process and should have traded on 90% of the eligible trading days for the past 3 months.

*Criteria Applied to the Initial Universe*

The companies in the Initial Universe must then satisfy the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Free Float*. All companies must have a minimum free float equivalent to 10% of shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Maximum Price*. Companies trading at a price of $10,000 or above are ineligible for inclusion in the Global Robotics & AI
Index. This rule does not apply to existing constituents of the Global Robotics & AI Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Security Type*. The following security types are eligible for inclusion: common stock; American depositary receipts ("ADRs")
and global depositary receipts ("GDRs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Share Classes*. The existing share class/listing in the Initial Universe is retained if it satisfies all the eligibility criteria
of the Global Robotics & AI Index. If an ADR of the company exists, it is given preference over all other share classes. The most
liquid share class/listing is considered for inclusion.

Companies in the Initial Universe that satisfy the criteria discussed above form the "Eligible Universe" of the Global Robotics & AI Index.

**Selection Process of Robotics & AI Companies within the Eligible Universe**

From the Eligible Universe, Indxx identifies "Robotics & AI Companies" by applying a proprietary analysis that consists of two primary components: sub-theme identification and company analysis. As part of the sub-theme identification process, Indxx undertakes research with a focus on identifying the industries and segments that would be positively impacted by robotics and AI. The industries identified through this research-based approach are subject to change at every semi-annual reconstitution.

As of November 2025, Indxx has defined robotics and artificial intelligence as being comprised of the following sub-themes:

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| | |
|:---|:---|
| **SUB-THEME** | **DESCRIPTION** |
| **Industrial Robots and Automation** | These are companies that provide robots and robotic automation products and services with a focus on industrial applications. |
| **Unmanned Vehicles and Drones** | These are companies that are involved in the development and production of unmanned vehicles (including hardware and software for autonomous cars), drones and robots for both military and consumer markets. |
| **Non-Industrial Robotics** | These are companies that are involved in developing robots and AI that are used for non-industrial applications, including but not limited to agriculture, healthcare, consumer applications and entertainment. |
| **Humanoid Technology** | These are companies that are involved in the development of humanoid robots and related technology designed to replicate human form and movement for use in non-industrial applications such as healthcare, consumer services, entertainment, and other environments built for human interaction. |
| **Artificial Intelligence** | These are companies that develop that develop AI chips, software, or platforms specifically designed to enable robotics, robotic process automation, and physical AI applications. This includes technologies such as computer vision, motion planning, real- time inference, and autonomy stacks that power robotic systems. Companies focused solely on software automation or enterprise AI without direct integration into physical or robotic systems are excluded. |

---

In order to be included in the Global Robotics & AI Index, companies must fall into one of the following three categories:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pure-Play: companies that derive a significant portion (greater than 50%) of their revenues from the eligible robotics and AI sub-themes
or have stated their primary business to be in products and services focused on these segments. These companies are considered "pure
play" and represent the core of the Global Robotics & AI Index.

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&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Revenue: companies that have not yet commenced revenue generation but are actively developing products, technologies, or services
aligned specifically with the eligible sub-themes of robotics and artificial intelligence. Inclusion in this category is based on demonstrated
focus through continuous innovation, strategic investments, research and development, or commercial partnerships that reflect a strong
commitment to these areas. Such companies operate exclusively within these defined sub-themes and do not engage in business activities
outside the scope of robotics and artificial intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;3. Diversified-Revenue: companies that generate less than 50% of their revenues from eligible robotics and AI themes but are recognized
as significant contributors to the space. These include firms with notable and sustained activities across two or more sub-themes, demonstrated
through key business units, acquisitions, partnerships, or leadership in enabling technologies. A maximum of 10 diversified companies
may be included in the Global Robotics & AI Index at any time.

**Final Composition of the Global Robotics & AI Index**

From the Selection List, the top "Pure-Play," "Pre-Revenue," and "Diversified-Revenue" robotics and AI companies by market capitalization will form the final portfolio. The portfolio will include up to 100 companies, with the number of companies in the Diversified-Revenue category always capped at 10. If fewer than 100 companies qualify for inclusion, all eligible companies will be included, provided that the number of Diversified companies does not exceed the 10-company limit.

**Index Calculation and Weighting**

The Global Robotics & AI Index is weighted as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Components are weighted based on their security-level market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Diversified-Revenue company is subject to a 2% weight cap, with the total allocation to all Diversified-Revenue companies capped
at 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The aggregate weight of Chinese companies in the Global Robotics & AI Index is capped at 10%. This includes companies listed on
Chinese stock exchanges (such as China A-shares accessible through the Hong Kong Stock Connect), as well as Chinese ADRs and GDRs, where
the company is either incorporated in China or primarily listed there.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A single security weight cap of 8% is applied on the Pure-Play and Pre-Revenue companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Total weight of the securities with weights greater than 5% is capped at 40%. A single cap of 4.5% is applied on the securities with
weights greater than 5% and the excess weight is redistributed proportionally amongst the uncapped securities.

**Index Maintenance**

*Buffer Rules*

To reduce turnover, the following buffer rules apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Market Capitalization*. A constituent shall continue to be included in the Initial Universe if its market capitalization is
greater than or equal to 80% of the previously defined market capitalization minimum. To illustrate, if an existing index member meets
all other selection criteria but does not meet the market capitalization criteria up to a deviation of 20%, then it will be retained in
the Initial Universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity*. A constituent shall continue to be included in the Initial Universe if its 6-month average daily turnover is greater
than or equal to 70% of the previously defined liquidity minimum. To illustrate, if an existing index member meets all other selection
criteria but does not meet the liquidity criteria up to a deviation of 30%, then it will be retained in the Initial Universe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Continued Representation in the Global Robotics & AI Index.* Additionally, an existing index constituent shall continue
to remain in the Global Robotics & AI Index if it is part of the top 120 companies by market capitalization, even if it is not part
of the top 100 constituents.

*Reconstitution, Rebalancing and Reviews*

The Global Robotics & AI Index follows a semi-annual reconstitution and rebalancing schedule. The new portfolio becomes effective at the close of second Friday of March and September each year (the "Effective Day"). The selection of index constituents and portfolio creation process start on the close of the nearest Friday falling at least one month before the Effective Day (the "Selection Day"). The Selection List is created based on the data of the Selection Day. Weights are calculated at the close of the seventh trading day prior (six trading day prior) to the Effective Day. To capture IPOs and changes in the structure of a company's business due to corporate actions, the composition of the Global Robotics & AI Index is reviewed on a semi-annual basis.

*Corporate Actions*

Corporate actions (such as stock splits, special dividends, spin-offs and rights offerings) are applied to the Global Robotics & AI Index on the ex-date or earlier as decided by the index committee.

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Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

***The following graph shows the daily historical performance of the BOTZ on its primary exchange in the period from September 13, 2016 through February 24, 2026. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On February 24, 2026, the Closing Market Price of the BOTZ was $39.01. The graph below may have been adjusted to reflect certain actions, such as stock splits and reverse stock splits.***

**Historical Performance of the BOTZ**

![](image_007.jpg)

***This historical data on the BOTZ is not necessarily indicative of the future performance of the BOTZ or what the value of the notes may be. Any historical upward or downward trend in the price per share of the BOTZ during any period set forth above is not an indication that the price per share of the BOTZ is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices of the BOTZ.

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Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover of this term sheet.

We will pay a fee to LFT Securities, LLC for providing certain electronic platform services with respect to this offering, which reduces the economic terms of the notes to you. An affiliate of BofAS has an ownership interest in LFT Securities, LLC.

We may deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, 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, if the initial settlement of the notes occurs more than one business day from the pricing date, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Market Measure and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

The value of the notes shown on your account statement will be based on BofAS's estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding RBC or for any purpose other than that described in the immediately preceding sentence.

An investor's household, as referenced on the cover of this term sheet, will generally include accounts held by any of the following, as determined by MLPF&S in its discretion and acting in good faith based upon information then available to MLPF&S:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the investor's spouse (including a domestic partner), siblings, parents, grandparents, spouse's parents, children and
grandchildren, but excluding accounts held by aunts, uncles, cousins, nieces, nephews or any other family relationship not directly above
or below the individual investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a family investment vehicle, including foundations, limited partnerships and personal holding companies, but only if the beneficial
owners of the vehicle consist solely of the investor or members of the investor's household as described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a trust where the grantors and/or beneficiaries of the trust consist solely of the investor or members of the investor's household
as described above; provided that, purchases of the notes by a trust generally cannot be aggregated together with any purchases made by
a trustee's personal account.

Purchases in retirement accounts will not be considered part of the same household as an individual investor's personal or other non-retirement account, except for individual retirement accounts ("IRAs"), simplified employee pension plans ("SEPs"), savings incentive match plan for employees ("SIMPLEs") and single-participant or owners only accounts (i.e., retirement accounts held by self-employed individuals, business owners or partners with no employees other than their spouses).

Please contact your MLPF&S financial advisor if you have any questions about the application of these provisions to your specific circumstances or think you are eligible.

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Structuring the Notes

The notes are our debt securities. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes reflect our actual or perceived creditworthiness. In addition, because market-linked notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under market-linked notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity, which we refer to as our internal funding rate. The lower internal funding rate, along with the fees and charges associated with market-linked notes, reduce the economic terms of the notes to you and result in the initial estimated value of the notes on the pricing date being less than their public offering price. Unlike the initial estimated value, any value of the notes determined for purposes of a secondary market transaction may be based on a secondary market rate, which may result in a lower value for the notes than if our initial internal funding rate were used.

At maturity, we are required to pay the Redemption Amount to holders of the notes, which will be calculated based on the $10 per unit principal amount and will depend on the performance of the Market Measure. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined by seeking bids from market participants, including MLPF&S, BofAS and their affiliates, and take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Market Measure, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging-related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors—Valuation- and Market-related Risks" beginning on page PS-8 and "Use of Proceeds and Hedging" on page PS-20 of product supplement EQUITY ARN-1.

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Summary of Canadian Federal Income Tax Consequences

For a discussion of the material Canadian federal income tax consequences relating to an investment in the notes, please see the section entitled "Tax Consequences—Canadian Taxation" in the prospectus dated December 20, 2023.

United States Federal Income Tax Considerations

You should review carefully the section in the accompanying product supplement entitled "U.S. Federal Income Tax Summary." The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the notes.

Generally, this discussion assumes that you purchased the notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the Market Measure. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a note.

In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the notes for U.S. federal income tax purposes as pre-paid cash settled derivative contracts, as described in the section entitled "U.S. Federal Income Tax Summary—U.S. Holders" in the accompanying product supplement. There is uncertainty regarding this treatment, and the Internal Revenue Service (the "IRS") or a court might not agree with it. Moreover, because this treatment of the notes and our counsel's opinion are based on market conditions as of the date of this preliminary term sheet, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. Generally, if this treatment is respected, subject to the potential application of the "constructive ownership" regime discussed below, (i) you should not recognize taxable income or loss prior to the taxable disposition of your notes (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your notes should be treated as short-term capital gain or loss unless you have held the notes for more than one year, in which case your gain or loss should be treated as long-term capital gain or loss.

Even if the treatment of the notes as pre-paid cash settled derivative contracts is respected, purchasing a note could be treated as entering into a "constructive ownership transaction" within the meaning of Section 1260 of the Internal Revenue Code ("Section 1260"). In that case, all or a portion of any long-term capital gain you would otherwise recognize upon the taxable disposition of the note would be recharacterized as ordinary income to the extent such gain exceeded the "net underlying long-term capital gain" as defined in Section 1260. Any long-term capital gain recharacterized as ordinary income would be treated as accruing at a constant rate over the period you held the note, and you would be subject to a notional interest charge in respect of the deemed tax liability on the income treated as accruing in prior tax years. Due to the lack of direct legal authority, our counsel is unable to opine as to whether or how Section 1260 applies to the notes.

We do not plan to request a ruling from the IRS regarding the treatment of the notes. An alternative characterization of the notes could materially and adversely affect the tax consequences of ownership and disposition of the notes, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect.

**Non-U.S. holders.** As discussed under "U.S. Federal Income Tax Summary—Non-U.S. Holders" in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to non-U.S. holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the notes with regard to non-U.S. holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final term sheet for the notes.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the potential application of the "constructive ownership" regime, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Accelerated Return Notes<sup>®</sup> TS-15

Accelerated Return Notes<sup>®</sup> <br> <u>Linked to the Global X Robotics & Artificial Intelligence ETF, due May , 2027</u>

Supplemental Benefit Plan Investor Considerations

The notes are contractual financial instruments. The financial exposure provided by the notes is not a substitute or proxy for, and is not intended as a substitute or proxy for, individualized investment management or advice for the benefit of any purchaser or holder of the notes. The notes have not been designed and will not be administered in a manner intended to reflect the individualized needs and objectives of any purchaser or holder of the notes.

Each purchaser or holder of any notes acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;· the purchaser or holder or its fiduciary has made and shall make all investment decisions for the purchaser or holder and the purchaser
or holder has not relied and shall not rely in any way upon us or any of our affiliates to act as a fiduciary or adviser of the purchaser
or holder with respect to (i) the design and terms of the notes, (ii) the purchaser or holder's investment in the notes, (iii) the
holding of the notes or (iv) the exercise of or failure to exercise any rights we or any of our affiliates, or the purchaser or holder,
has under or with respect to the notes;

&nbsp;&nbsp;&nbsp;&nbsp;· we and our affiliates have acted and will act solely for our own account in connection with (i) all transactions relating to the notes
and (ii) all hedging transactions in connection with our or our affiliates' obligations under the notes;

&nbsp;&nbsp;&nbsp;&nbsp;· any and all assets and positions relating to hedging transactions by us or any of our affiliates are assets and positions of those
entities and are not assets and positions held for the benefit of the purchaser or holder;

&nbsp;&nbsp;&nbsp;&nbsp;· our interests and the interests of our affiliates are adverse to the interests of the purchaser or holder; and

&nbsp;&nbsp;&nbsp;&nbsp;· neither we nor any of our affiliates is a fiduciary or adviser of the purchaser or holder in connection with any such assets, positions
or transactions, and any information that we or any of our affiliates may provide is not intended to be impartial investment advice.

See "Benefit Plan Investor Considerations" in the accompanying prospectus.

Accelerated Return Notes<sup>®</sup> TS-16