# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-008749
**Filing Date:** 2025-7
**Character Count:** 72147
**Document Hash:** b3a4e3a5a97235b6b20cd1d58b47eac6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-008749.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0000950103-25-008749

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**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:** 251121690

**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

**Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-275898<br> (To Prospectus and Prospectus Supplement, each <br> dated December 20, 2023, and Product Supplement<br> EQUITY STR-1 dated June 11, 2025)**

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| | | |
|:---|:---|:---|
|  700,184 Units<br> $10 principal amount per unit<br> CUSIP No. 78017M439  | Pricing Date<br> Settlement Date<br> Maturity Date | July 10, 2025<br> July 17, 2025<br> July 27, 2028 |

---

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to the EURO STOXX 50<sup>®</sup> Index**<br> ▪ <br> Automatically callable if the closing level of the EURO STOXX 50<sup>®</sup> Index (the "Market Measure") on any Observation Date, occurring approximately one, two and three years after the pricing date, is at or above the Starting Value<br>▪ <br> In the event of an automatic call, the amount payable per unit will be:<br>▪ $11.154 if called on the first Observation Date<br>▪ $12.308 if called on the second Observation Date<br>▪ <br> $13.462 if called on the final Observation Date<br>▪ <br> If not called on the first or second Observation Dates, a maturity of approximately three years<br>▪ <br> If not called, 1-to-1 downside exposure to decreases in the Market Measure, with 100% of your principal at risk<br>▪ <br> All payments are subject to the credit risk of Royal Bank of Canada.<br>▪ <br> No periodic interest payments<br>▪ <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>▪ <br> Limited secondary market liquidity, with no exchange listing<br>▪ <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" beginning on page TS-7 of this term sheet and beginning on page PS-8 of product supplement EQUITY STR-1.**

**The initial estimated value of the notes as of the pricing date is $9.70 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-7 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.

**_**

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price | $10.00 | $7001840.00 |
| Underwriting discount | $0.20 | $140036.80 |
| Proceeds, before expenses, to RBC | $9.80 | $6861803.20 |

---

**The notes:**

---

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

---

**BofA Securities**

July 10, 2025

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

Summary

The Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028 (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 will be automatically called at the applicable Call Amount if the Observation Level of the Market Measure, which is the EURO STOXX 50<sup>®</sup> Index (the "Market Measure"), is equal to or greater than the Call Level on the applicable Observation Date. If the notes are not called, at maturity, if the Ending Value is less than the Threshold Value, you will lose all or a portion of the principal amount of your notes. Any payments on the notes, including the amount you receive upon an automatic call or at maturity, 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 Call Amounts and Call Premiums) 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 is greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value 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 notes are subject to an automatic call, and the initial estimated value is based on an assumed tenor of the notes. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" below.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-2

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

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| | | |
|:---|:---|:---|
| <br> Terms of the Notes | <br> Terms of the Notes | Payment Determination |
| **Issuer:** | Royal Bank of Canada ("RBC") | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Principal Amount:** | $10.00 per unit | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Term:** | Approximately three years, if not called on the first or second Observation Dates | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Market Measure:** | The EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: "SX5E"), a price return index | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Starting Value:** | 5438.27 | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Ending Value:** | The Observation Level of the Market Measure on the final Observation Date | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Observation Level:** | The closing level of the Market Measure on the applicable Observation Date | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Observation Dates:** | July 16, 2026, July 22, 2027 and July 20, 2028 (the final Observation Date), approximately one, two and three years after the pricing date. The scheduled Observation Dates are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-26 of product supplement EQUITY STR-1. | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Call Level:** | 5,438.27 (100% of the Starting Value) | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Call Amounts (per Unit) <br> and Call Premiums:** | $11.154, representing a Call Premium of 11.54% of the principal amount, if called on the first Observation Date;<br>$12.308, representing a Call Premium of 23.08% of the principal amount, if called on the second Observation Date;<br>$13.462, representing a Call Premium of 34.62% of the principal amount, if called on the final Observation Date.<br>| **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Call Settlement Dates:** | The fifth business day following the applicable Observation Date, subject to postponement if the related Observation Date is postponed, as described on page PS-26 of product supplement EQUITY STR-1; *provided* however, that the Call Settlement Date related to the final Observation Date will be the maturity date | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Threshold Value:** | 5,438.27 (100% of the Starting Value) | **Automatic Call Provision:**<br>**Redemption Amount Determination:**<br>If the notes are not called you will receive the Redemption Amount per unit on the maturity date, determined as follows:<br>***Because the Threshold Value for the notes is equal to the Starting Value, you will lose all or a portion of your investment if the Ending Value is less than the Starting Value.*** |
| **Fees and Charges:** | The underwriting discount of $0.20 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") |  |

---

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-3

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

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

▪ Product supplement EQUITY STR-1 dated June 11, 2025:<br> [https://www.sec.gov/Archives/edgar/data/1000275/000095010325007251/dp229806_424b5-equitystr1.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010325007251/dp229806_424b5-equitystr1.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 STR-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.

"Autocallable Strategic Accelerated Redemption Securities<sup>®</sup>" and "STARs<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:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ▪ <br> You anticipate that the closing level of the Market Measure on any of the Observation Dates will be equal to or greater than the Starting Value and, in that case, you accept an early exit from your investment.<br>▪ <br> You accept that the return on the notes will be limited to the return represented by the applicable Call Premium even if the percentage change in the level of the Market Measure is greater than the applicable Call Premium.<br>▪ <br> If the notes are not automatically called, you accept that your investment will result in a loss, which could be significant, if the Ending Value is below the Threshold Value.<br>▪ <br> You are willing to forgo the interest payments that are paid on conventional interest-bearing debt securities.<br>▪ <br> You are willing to forgo dividends and other benefits of directly owning the securities included in the Market Measure.<br>▪ <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>▪ <br> You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Call Amount or the Redemption Amount, as applicable.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ▪ <br> You wish to make an investment that cannot be automatically called prior to maturity.<br>▪ <br> You anticipate that the Observation Level will be less than the Call Level on each Observation Date.<br>▪ <br> You anticipate that the notes will not be automatically called and the level of the Market Measure will decrease from the Starting Value to the Ending Value.<br>▪ <br> You seek an uncapped return on your investment.<br>▪ <br> You seek principal repayment or preservation of capital.<br>▪ <br> You seek interest payments or other current income on your investment.<br>▪ <br> You want to receive dividends or have other benefits of directly owning the securities included in the Market Measure.<br>▪ <br> You seek an investment for which there will be a liquid secondary market.<br>▪ <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>|

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

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-4

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

Examples of Hypothetical Payments

The following 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 Call Amount or Redemption Amount, as applicable, based on the hypothetical terms set forth below**. The actual amount you receive and the resulting return will depend on the actual Starting Value, Threshold Value, Call Level and Observation Levels, and the term of your investment.** The following examples do not take into account any tax consequences from investing in the notes. These examples are based on:

1) a Starting Value of 100.00;

2) a Threshold Value of 100.00;

3) a Call Level of 100.00;

4) a term of the notes from July 17, 2025 to July 27, 2028, if the notes are not called on the first or second Observation Dates;

5) a Call Premium of 11.54% of the principal amount if the notes are called on the first Observation Date; 23.08% of the principal amount if called on the second Observation Date; and 34.62% of the principal amount if called on the final Observation Date; and

6) Observation Dates occurring on July 16, 2026, July 22, 2027 and July 20, 2028 (the final Observation Date), approximately one, two and three years after the pricing date.

The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not represent the actual Starting Value for the Market Measure. For recent actual levels of the Market Measure, see "The Market Measure" section below. The Market Measure is a price return index and as such the level of the Market Measure will not include any income generated by dividends paid on the securities included in the Market Measure, which you would otherwise be entitled to receive if you invested in those securities directly. In addition, all payments on the notes are subject to issuer credit risk.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-5

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

*<u>Notes Are Called on an Observation Date</u>*

The notes will be called at $10.00 plus the applicable Call Premium on one of the Observation Dates if the relevant Observation Level is equal to or greater than the Call Level. After the notes are called, they will no longer remain outstanding and there will not be any further payments on the notes.

**Example 1** - The Observation Level on the first Observation Date is 105.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $1.154 = $11.154 per unit.

**Example 2** - The Observation Level on the first Observation Date is below the Call Level, but the Observation Level on the second Observation Date is 105.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $2.308 = $12.308 per unit.

**Example 3** - The Observation Levels on the first and second Observation Dates are below the Call Level, but the Observation Level on the final Observation Date is 105.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $3.462 = $13.462 per unit.

*<u>Notes Are Not Called on Any Observation Date</u>*

**Example 4** - The notes are not called on any Observation Date and the Ending Value is less than the Threshold Value. The Redemption Amount will be less, and possibly significantly less, than the principal amount. For example, if the Ending Value is 50.00, the Redemption Amount per unit will be:

![](image_004.jpg)

**Summary of the Hypothetical Examples**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notes Are Called on an Observation Date** | **Notes Are Called on an Observation Date** | **Notes Are Called on an Observation Date** | **Notes Are Not Called <br> on Any Observation <br> Date** |
|  | **Example 1** | **Example 2** | **Example 3** | **Example 4** |
| Starting Value | 100.00 | 100.00 | 100.00 | 100.00 |
| Call level | 100.00 | 100.00 | 100.00 | 100.00 |
| Threshold value | 100.00 | 100.00 | 100.00 | 100.00 |
| Observation Level on the first Observation Date | 105.00 | 78.00 | 78.00 | 78.00 |
| Observation Level on the second Observation Date | N/A | 105.00 | 78.00 | 78.00 |
| Observation Level on the final Observation Date | N/A | N/A | 105.00 | 50.00 |
| Return of the Market Measure | 5.00% | 5.00% | 5.00% | -50.00% |
| Return of the Notes | 11.54% | 23.08% | 34.62% | -50.00% |
| Call Amount /<br>Redemption Amount per Unit<br>| $11.154 | $12.308<br>| $13.462 | $5.00 |

---

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-6

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</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-8 of product supplement EQUITY STR-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;▪ If the notes are not automatically called, 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 applicable Call Premium and may be less than a comparable investment
directly in the securities included in 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 exceeds 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 level 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 the
securities included in 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 Market Measure sponsor may adjust the Market Measure in a way that affects its level, and has no obligation to consider your interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You will have no rights of a holder of the securities included in 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 the securities included in the Market Measure,
we, MLPF&S, BofAS and our respective affiliates do not control the issuers of those securities, and have not verified any disclosure
made by any other company.

&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 within the Eurozone. The Eurozone is and has been undergoing severe financial stress, and the
political, legal and regulatory ramifications are impossible to predict. Changes within the Eurozone could adversely affect the performance
of the Market Measure and, consequently, the value of the notes. In addition, you will not obtain the benefit of any increase in the value
of the euro against the U.S. dollar, which you would have received if you had owned the securities included in 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>**

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-7

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</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. You
should review carefully the section entitled "United States Federal Income Tax Considerations" herein, in combination with
the section entitled "United States Federal Income Tax Considerations" in the accompanying product supplement, and consult
your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes.

Other Terms of the Notes

**Market Measure Business Day**

The following definition supersedes and replaces the definition of "Market Measure Business Day" set forth in product supplement EQUITY STR-1.

A "Market Measure Business Day" means a day on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Eurex (or any successor) is open for trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Market Measure or any successor thereto is calculated and published.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-8

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

The Market Measure

All information contained in this term sheet regarding the EURO STOXX 50<sup>®</sup> Index ("SX5E"), including, without limitation, its make-up, method of calculation and changes in its components, has been derived from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, STOXX Limited, a wholly owned subsidiary of Deutsche Börse AG, the index sponsor. The SX5E is calculated, maintained and published by STOXX Limited. STOXX Limited has no obligation to continue to publish, and may discontinue publication of, the SX5E at any time. The consequences of STOXX Limited discontinuing publication of the SX5E are discussed in the section entitled "Description of the Notes—Discontinuance of an Index" in product supplement EQUITY STR-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the SX5E or any successor. Neither we nor any agent has independently verified the accuracy or completeness of any information with respect to the SX5E in connection with the offer and sale of the notes.

**The EURO STOXX 50<sup>®</sup> Index**

The SX5E is a free-float market capitalization weighted index composed of 50 of the largest stocks in terms of free-float market capitalization traded on the major exchanges of 9 Eurozone countries: Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands and Spain. At any given time, some eligible countries may not be represented in the SX5E. The euro price return version of the SX5E is reported by Bloomberg L.P. under the ticker symbol "SX5E."

The selection list for the SX5E is composed of the components of the EURO STOXX<sup>®</sup> Index. In addition, the selection list for the SX5E includes the top 60% of the free-float market capitalization of each of the 20 EURO STOXX<sup>®</sup> Supersector indices and all current SX5E component stocks. All the stocks on the selection list are ranked in terms of free-float market capitalization. The largest 40 stocks on the selection list are selected for inclusion in the SX5E; the remaining 10 stocks are selected from the largest remaining current stocks ranked between 41 and 60. If the number of stocks selected is still below 50, then the largest remaining stocks are selected until there are 50 stocks.

The weighting cap factor limits the weight of each component stock within the SX5E to a maximum of 10% of the SX5E at the time of each review.

Each of the SX5E, the EURO STOXX<sup>®</sup> Index and each EURO STOXX<sup>®</sup> Supersector Index is referred to individually as a "STOXX Benchmark Index" and, collectively, as the "STOXX Benchmark Indices."

**STOXX Benchmark Index Maintenance**

The composition of each of the EURO STOXX<sup>®</sup> Index and the EURO STOXX<sup>®</sup> Supersector Indices is reviewed quarterly in March, June, September and December. The review cut-off date is the last trading day of the month preceding the review month.

The composition of the SX5E is reviewed annually in September. The review cut-off date is the last trading day of August. The composition of the SX5E is also reviewed monthly and components that rank 75 or below are replaced and non-component stocks that rank 25 or above are added.

In addition, changes to country classification and listing are effective as of the next quarterly review. At that time, the relevant STOXX Benchmark Index is adjusted accordingly to remain consistent with its country membership rules by deleting the company where necessary.

The STOXX Benchmark Indices are also reviewed on an ongoing basis. Corporate actions (including initial public offerings, mergers and takeovers, spin-offs, delistings, bankruptcy, and price and share adjustments) that affect a STOXX Benchmark Index composition are immediately reviewed. Any changes are announced, implemented and effective in line with the type of corporate action and the magnitude of the effect.

With respect to the EURO STOXX<sup>®</sup> Index, the EURO STOXX<sup>®</sup> Supersector Indices and the EURO STOXX 50<sup>®</sup> Index, to maintain the number of components constant, a removed company is replaced by the highest-ranked non-component on the relevant selection list. The selection list is updated on a monthly basis according to the review component selection process.

The free-float factors for each component stock used to calculate each STOXX Benchmark Index are reviewed, calculated and implemented on a quarterly basis and are fixed until the next quarterly review.

**STOXX Benchmark Index Calculation**

Each STOXX Benchmark Index is calculated with the "Laspeyres formula," which measures the aggregate price changes in the component stocks against a fixed base quantity weight. The formula for calculating the value of a STOXX Benchmark Index can be expressed as follows:

Index = <u>free-float market capitalization of the relevant STOXX Benchmark Index</u> <br> divisor

The "free-float market capitalization of the relevant STOXX Benchmark Index" is equal to the sum of the products, for each component stock, of the price, number of shares, free-float factor, weighting cap factor and, if applicable, the exchange rate from the local currency into the index currency of the relevant STOXX Benchmark Index as of the time that STOXX Benchmark Index is being calculated.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-9

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

The free-float factor of each component stock is intended to reduce the number of shares to the actual amount available on the market. All fractions of the total number of shares that are larger than or equal to 5% and whose holding is of a long-term nature are excluded from the calculation of the STOXX Benchmark Indices, including: cross-ownership (stock owned either by the company itself, in the form of treasury shares, or owned by other companies); government ownership (stock owned by either governments or their agencies); private ownership (stock owned by either individuals or families); and restricted shares that cannot be traded during a certain period or have a foreign ownership restriction. Block ownership is not applied for holdings of custodian nominees, trustee companies, mutual funds, investment companies with short-term investment strategies, pension funds and similar entities.

Each STOXX Benchmark Index is also subject to a divisor, which is adjusted to maintain the continuity of the values of that STOXX Benchmark Index despite changes due to corporate actions. The following is a summary of the adjustments to any component stock of a STOXX Benchmark Index made for corporate actions and the effect of such adjustment on the divisor of that STOXX Benchmark Index, where shareholders of the component stock will receive "B" number of shares for every "A" share held (where applicable).

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;𝜏 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;withholding tax |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Div<sub>t</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividend amount announced by company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p<sub>t-1</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;closing price on the day before the ex-date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pad<sub>j</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;new adjusted price |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;wf<sub>t-1</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;weighting factor on the day before the ex-date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;wfad<sub>j</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;new adjusted weighing factor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s<sub>t-1</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;number of shares on the day before the ex-date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sad<sub>j</sub> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;new adjusted number of shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subscription price |

---

---

| | |
|:---|:---|
| **Special Cash Dividend**  | **Divisor**  |
| Cash distributions that are outside the scope of the regular dividend policy or that the company defines as an extraordinary distribution. | decreases |
| pad<sub>j</sub> = p<sub>t-1 </sub>- Div<sub>t </sub>× (1 – 𝜏\*) |  |

---

**_**

\* If a withholding tax (𝜏) applies then 𝜏 > 0, else 𝜏 = 0.

---

| | |
|:---|:---|
| **Split and Reverse Split**  | **Divisor**  |
| pad<sub>j</sub> = p<sub>t-1 </sub>× A / B | unchanged |
| sad<sub>j</sub> = s<sub>t-1 </sub>× B / A |  |
| **Rights Offering**  |  |
| If the subscription price is not available or equal to or greater than the closing price on the day before the ex-date (out-of-the-money), then no adjustment is made.<br>If the subscription price is available as a price range and not as a fixed price, the price and share adjustment is performed only if both lower and upper range are in the money. The average value between lower and upper range will be used as a subscription price.<br>|  |

---

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-10

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

---

| | |
|:---|:---|
| If the subscription price is not available or equal to or greater than the closing price on the day before the ex-date (out-of-the-money), then no adjustment is made.<br>If the subscription price is available as a price range and not as a fixed price, the price and share adjustment is performed only if both lower and upper range are in the money. The average value between lower and upper range will be used as a subscription price.<br>|  |
| **Standard Rights Issue**  | **Divisor**  |
| pad<sub>j</sub> = (p<sub>t-1 </sub>× A + SP × B) / (A + B) | **increases** |
| sad<sub>j</sub> = s<sub>t-1 </sub>× (A + B) / A |  |
| **Highly Dilutive Rights Issue**  | **Divisor**  |
| A rights offering is considered as Highly Dilutive Rights Issue (HDRI) when the share ratio is larger or equal to 200% but smaller than 2000% (20 > B/A ≥ 2). |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scenario 1: If the rights are tradable on ex-date on the same eligible stock exchange as the parent company: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights will be included into the indices with a theoretical price on the ex-date with the same parameters as the parent company. | unchanged on ex-date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights will be removed at the close of the day they start to trade based on its closing price. | decreases after deletion of rights |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the rights issue results into listing of new shares and satisfy certain criteria relating to free float factors and share adjustments under STOXX methodology, then the number of shares will be increased after the new shares have been listed. | increases on the day of the share increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scenario 2: If the rights are not tradable on ex-date or not tradable on the ex-date on the same eligible stock exchange as the parent company: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only a price adjustment will be applied. | decreases on ex-date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the rights issue results into listing of new shares and satisfy certain criteria relating to free float factors and share adjustments under STOXX methodology, then the number of shares will be increased after the new shares have been listed. | increases on the day of the share increase |
| **Extremely Dilutive Rights Issue**  | **Divisor**  |
| A rights offering is considered as Extremely Dilutive Rights Issue (EDRI) when the share ratio is larger or equal to 2000% (B/A ≥ 20). |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extremely dilutive rights issues with sufficient notice period\* are treated as following: STOXX will announce the deletion of the company from all indices following the standard rules for index replacements. The company may enter the indices again at the next periodic index review, but only after the new shares have been listed. | **decreases** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extremely dilutive rights issues without sufficient notice period are treated as highly dilutive rights issues. |  |

---

_

\* Sufficient notice period means that STOXX is able to announce index changes with two trading days' notice.

---

| | |
|:---|:---|
| **Ordinary Stock Dividend**  | **Divisor**  |
| pad<sub>j</sub> = p<sub>t-1 </sub>× A / (A + B) | unchanged |
| sad<sub>j</sub> = s<sub>t-1 </sub>× (A + B) / A |  |
| **Stock Dividend From Treasury Stock (only if treated as a special cash dividend)**  | **Divisor**  |

---

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-11

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

---

| | |
|:---|:---|
| Stock dividends from treasury stocks will be adjusted as cash dividends. | decreases |
| pad<sub>j</sub> = p<sub>t-1 </sub>- p<sub>t-1 </sub>× B / (A + B) |  |
| **Stock Dividend From Redeemable Shares (only if treated as a special cash dividend)**  | **Divisor**  |
| Stock dividends from redeemable shares will be adjusted as cash dividends. In such a case, redeemable shares are considered as: | decreases |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A separated share line with a fixed price. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares that are self-tendered on the same ex-date. |  |
| pad<sub>j</sub> = p<sub>t-1 </sub>- p<sub>t-1 </sub>× B / (A + B) |  |
| **Stock Dividend of Another Company**  | **Divisor**  |
| pad<sub>j</sub> = [(p<sub>t-1 </sub>× A) – [(1 – 𝜏\*) × price of the other company × B]] / A | decreases |

---

_

\* If a withholding tax (𝜏) applies then 𝜏 > 0, else 𝜏 = 0.

---

| | |
|:---|:---|
| **Return of Capital and Share Consolidation**  | **Divisor**  |
| The event will be applied as a combination of cash/special dividend together with a reverse split. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the return of capital is considered as regular cash dividend, then the treatment under "Split and Reverse Split" above applies. | decreases |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the return of capital is considered as special cash dividend, then the treatment under "Special Cash Dividend" and "Split and Reverse Split" above apply accordingly. | decreases |
| pad<sub>j</sub> = [p<sub>t-1 </sub>- capital return announced by company × (1 – 𝜏\*)] × A / B |  |
| sad<sub>j</sub> = s<sub>t-1 </sub>× B / A<br>_<br>\* If a withholding tax (𝜏) applies then 𝜏 > 0, else 𝜏 = 0.<br>|  |
| **Repurchase of Shares/Self-Tender**  | **Divisor**  |
| pad<sub>j</sub> = [(p<sub>t-1 </sub>× s<sub>t-1</sub>) – (tender price × number of tendered shares)] / sad<sub>j</sub> | decreases |
| sad<sub>j</sub> = s<sub>t-1 </sub>- number of tendered shares |  |
| **Spin-off**  | **Divisor**  |
| The adjusted price (pad<sub>j</sub>), the number of shares before the ex-date (s<sub>t-1</sub>) and the weighting factor on the day before the ex-date (wf<sub>t-1</sub>) refer to the parent company. | unchanged on ex-date |
| pad<sub>j</sub> = (p<sub>t-1 </sub>× A – price of spun-off shares × B) / A |  |
| New number of shares for the spun-off company = s<sub>t-1 </sub>× B |  |
| **Combination of Stock Distribution (Dividend or Split) and Rights Offering**  | **Divisor**  |
| For the below corporate actions, the following additional assumptions apply: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders receive 'B' new shares from the distribution and 'C' new shares from the rights offering for every 'A' share held. |  |

---

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-12

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If 'A' is not equal to one, all the following 'new number of shares' formulas need to be divided by 'A': |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If rights are applicable after stock distribution (one action applicable to another) | increases |
| pad<sub>j</sub> = [p<sub>t-1 </sub>× A + SP × C × (1 + B / A)] / [(A + B) × (1 + C / A)] |  |
| sad<sub>j</sub> = s<sub>t-1 </sub>× [(A + B) × (1 + C / A)] / A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If stock distribution is applicable after rights (one action applicable to another) | increases |
| pad<sub>j</sub> = (p<sub>t-1 </sub>× A + SP × C) / [(A + C) × (1 + B / A)] |  |
| sad<sub>j</sub> = s<sub>t-1 </sub>× (A + C) × (1 + B / A) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock distribution and rights (neither action is applicable to the other) | increases |
| pad<sub>j</sub> = (p<sub>t-1 </sub>× A + SP × C) / (A + B + C) |  |
| sad<sub>j</sub> = s<sub>t-1 </sub>× (A + B + C) / A |  |
| **Addition/Deletion of A Company**  |  |
| No price adjustments are made. The change in market capitalization determines the divisor adjustment. If the change in market capitalization between added and deleted companies of an index increases (decreases), then the divisor increases (decreases). If the change is null, then the divisor remains unchanged. |  |
| **Free Float and Shares Changes**  |  |
| No price adjustments are made. The change in market capitalization determines the divisor adjustment. If the change in market capitalization of an index increases (decreases), then the divisor increases (decreases). If the change is null, then the divisor remains unchanged. |  |

---

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-13

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

***The following graph shows the daily historical performance of the SX5E in the period from January 1, 2015 through the pricing date. 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 the pricing date, the closing level of the SX5E was 5,438.27.***

**Historical Performance of the SX5E**

![](image_005.jpg)

***This historical data on the SX5E is not necessarily indicative of the future performance of the SX5E or what the value of the notes may be. Any historical upward or downward trend in the level of the SX5E during any period set forth above is not an indication that the level of the SX5E 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 levels of the SX5E.

**License Agreement** 

We have entered into or expect to enter into a non-exclusive license agreement with STOXX providing for the license to us and certain of our affiliated or subsidiary companies, in exchange for a fee, of the right to use indices owned and published by STOXX in connection with certain securities, including the notes offered hereby.

The license agreement between us and STOXX requires or is expected to require that the following language be stated in this term sheet:

STOXX has no relationship to us, other than the licensing of the STOXX Benchmark Indices and the related trademarks for use in connection with the notes. STOXX does not:

&nbsp;&nbsp;&nbsp;&nbsp;· sponsor, endorse, sell, or promote the notes;

&nbsp;&nbsp;&nbsp;&nbsp;· recommend that any person invest in the notes offered hereby or any other securities;

&nbsp;&nbsp;&nbsp;&nbsp;· have any responsibility or liability for or make any decisions about the timing, amount, or pricing of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;· have any responsibility or liability for the administration, management, or marketing of the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;· consider the needs of the notes or the holders of the notes in determining, composing, or calculating the STOXX Benchmark Indices,
or have any obligation to do so.

STOXX will not have any liability in connection with the notes. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;· STOXX does not make any warranty, express or implied, and disclaims any and all warranty concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the results to be obtained by the notes, the holders of the notes or any other person in connection with the use of the STOXX Benchmark
Indices and the data included in the STOXX Benchmark Indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the accuracy or completeness of the STOXX Benchmark Indices and their data;

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-14

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the merchantability and the fitness for a particular purpose or use of the STOXX Benchmark Indices and their data;

&nbsp;&nbsp;&nbsp;&nbsp;· STOXX will have no liability for any errors, omissions, or interruptions in the STOXX Benchmark Indices or their data; and

&nbsp;&nbsp;&nbsp;&nbsp;· Under no circumstances will STOXX be liable for any lost profits or indirect, punitive, special, or consequential damages or losses,
even if STOXX knows that they might occur.

The licensing agreement between us and STOXX is solely for their benefit and our benefit, and not for the benefit of the holders of the notes or any other third parties.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-15

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</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.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-16

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

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.

Payments on the notes, including at maturity or upon an automatic call, to holders of the notes 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-9 and "Use of Proceeds and Hedging" on page PS-24 of product supplement EQUITY STR-1.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-17

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

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 "Canadian Federal Income Tax Summary" in the accompanying product supplement.

United States Federal Income Tax Considerations

You should review carefully the section in the accompanying product supplement entitled "United States Federal Income Tax Considerations." 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, it is reasonable to treat the notes for U.S. federal income tax purposes as prepaid financial contracts that are "open transactions," as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to 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. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (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.

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 "United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code" 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, our counsel is of the opinion that Section 871(m) should 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.

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, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Validity of the Notes

In the opinion of Norton Rose Fulbright Canada LLP, as Canadian counsel to the Bank, the issue and sale of the notes has been duly authorized by all necessary corporate action of the Bank in conformity with the indenture, and when the notes have been duly executed, authenticated and issued in accordance with the indenture and delivered against payment therefor, the notes will be validly issued and, to the extent validity of the notes is a matter governed by the laws of the Province of Ontario or Québec, or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to the following limitations: (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws of general application affecting the enforcement of creditors' rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the principle that the availability of equitable remedies, such as specific performance and injunction, may only be granted at the discretion of a court of competent jurisdiction; (iii) under applicable limitations statutes generally, including that the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-18

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> <u>Linked to the EURO STOXX 50<sup>®</sup> Index, due July 27, 2028</u>

an attempt to vary or exclude a limitation period under such applicable limitations statutes; (iv) rights to indemnity and contribution under the notes or the indenture which may be limited by applicable law; and (v) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada and such judgment may be based on a rate of exchange in existence on a day other than the day of payment, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and to such counsel's reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated December 20, 2023, which has been filed as Exhibit 5.3 to the Bank's Form 6-K filed with the SEC dated December 20, 2023. References to the "indenture" in this paragraph mean the Indenture as defined in the opinion of Norton Rose Fulbright Canada LLP dated December 20, 2023, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to the Bank, when the notes offered by this term sheet have been issued by the Bank pursuant to the indenture, the trustee has made, in accordance with the indenture, the appropriate notation to the master note evidencing such notes (the "master note"), and such notes have been delivered against payment as contemplated herein, such notes will be valid and binding obligations of the Bank, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors' rights, *provided* that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law or (ii) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand that you are relying upon, the opinion of Norton Rose Fulbright Canada LLP, Canadian counsel for the Bank, set forth above. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, which has been filed as an exhibit to the Bank's Form 6-K filed with the SEC on May 16, 2024. References to the "indenture" in this paragraph mean the Indenture as defined in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> TS-19

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fees

#### Ex-Filing Fees

#### CALCULATION OF FILING FEE TABLES

#### F-3

#### ROYAL BANK OF CANADA

#### Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $7,001,840. The prospectus is a final prospectus for the related offering(s).