<SEC-DOCUMENT>0001193125-26-296425.txt : 20260706
<SEC-HEADER>0001193125-26-296425.hdr.sgml : 20260706
<ACCEPTANCE-DATETIME>20260706172115
ACCESSION NUMBER:		0001193125-26-296425
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260706
DATE AS OF CHANGE:		20260706

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WELLTOWER INC.
		CENTRAL INDEX KEY:			0000766704
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				341096634
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-286204
		FILM NUMBER:		261156945

	BUSINESS ADDRESS:	
		STREET 1:		4500 DORR STREET
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43615
		BUSINESS PHONE:		419-247-2800

	MAIL ADDRESS:	
		STREET 1:		4500 DORR STREET
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43615

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTH CARE REIT INC /DE/
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WELLTOWER INC.
		CENTRAL INDEX KEY:			0000766704
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				341096634
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4500 DORR STREET
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43615
		BUSINESS PHONE:		419-247-2800

	MAIL ADDRESS:	
		STREET 1:		4500 DORR STREET
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43615

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTH CARE REIT INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d40026dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Issuer Free Writing Prospectus, dated July&nbsp;6, 2026 </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Filed Pursuant to Rule 433 Relating to the </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Preliminary Prospectus Supplement, dated July&nbsp;6, 2026 and </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Registration Statement Nos. <FONT STYLE="white-space:nowrap">333-286204</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">333-286204-01</FONT></FONT> </I></B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WELLTOWER OP LLC, AS ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WELLTOWER INC., AS
GUARANTOR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERM SHEET </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Welltower OP LLC (the &#8220;Company&#8221;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Guarantor:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Welltower Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Title of Securities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.850% Notes due 2031 (the &#8220;2031 Notes&#8221;)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">4.150% Notes due 2033 (the &#8220;2033 Notes&#8221; and, together with the 2031 Notes, the &#8220;Notes&#8221;)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: C$750,000,000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes:
C$400,000,000</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July&nbsp;6, 2026</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July&nbsp;13, 2026 (T+5); under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties
to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes before the business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to
specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: August&nbsp;15, 2031</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes:
August&nbsp;15, 2033</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: February&nbsp;15 and August&nbsp;15, commencing on February&nbsp;15, 2027</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: February&nbsp;15 and August&nbsp;15, commencing on February&nbsp;15, 2027</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: 3.850% per year, accruing from July&nbsp;13, 2026</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: 4.150% per year, accruing from July&nbsp;13, 2026</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: 99.978% of the principal amount, plus accrued interest, if any, from July&nbsp;13, 2026</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: 99.971% of the principal amount, plus accrued interest, if any, from July&nbsp;13, 2026</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Yield to Maturity:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: 3.854%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes:
4.154%</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Bond:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: CAN 1.50% due June&nbsp;1, 2031</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: CAN 2.75% due June&nbsp;1, 2033</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Spread to Benchmark Bond:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: +79.7 basis points, which includes a curve adjustment of +1.7 bps</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: +94.5 basis points, which includes a curve adjustment of +1.5 bps</P></TD></TR></TABLE>
</DIV></Center>


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<TD VALIGN="top">Benchmark Bond Price/Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: C$92.960 / 3.057%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes:
C$97.175 / 3.209%</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">GoC Curve:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: CAN 1.50% due June&nbsp;1, 2031 and CAN 1.50% due December&nbsp;1, 2031</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: CAN 2.75% due June&nbsp;1, 2033 and CAN 3.25% due December&nbsp;1, 2033</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Spread versus GoC Curve:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: 78.0 basis points</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: 93.0
basis points</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Prior to the applicable Par Call Date (as set forth below), the Company may redeem the Notes of each series, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2)&nbsp;the
Canada Yield Price (as defined in the Company&#8217;s preliminary prospectus supplement dated July&nbsp;6, 2026 (the &#8220;Preliminary Prospectus Supplement&#8221;)), plus, in either case, accrued and unpaid interest thereon to, but not including,
the redemption date. On or after the applicable Par Call Date, the Company may redeem the Notes of each series, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being
redeemed plus accrued and unpaid interest thereon to the redemption date.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Make-Whole Call:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: +19.5 basis points</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes:
+23.0 basis points</P></TD></TR>
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<TD VALIGN="top">Par Call Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2031 Notes: July&nbsp;15, 2031 (One month prior to the Maturity Date)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2033 Notes: June&nbsp;15, 2033 (Two months prior to the Maturity Date)</P></TD></TR>
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<TD VALIGN="top">Business Day Convention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A &#8220;business day&#8221; is any day, other than a Saturday or Sunday, which is not a day on which banking institutions in the City of New York or Toronto, Ontario, Canada are authorized or required by law or executive order to
close.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Following Business Day:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If an interest payment date or the maturity date or any earlier redemption date falls on a day that is not a business day, the related payment of principal, premium, if any, and/or interest will be made on the next business day as
if made on the date the payment was due and no interest will accrue on the amount payable for the period from and after that interest payment date or the maturity date, or such redemption date, as the case may be.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Day Count Convention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For a full semiannual interest period, interest on the notes will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. For an
interest period that is not a full semiannual interest period, interest on the notes will be computed on the basis of a <FONT STYLE="white-space:nowrap">365-day</FONT> year and the actual number of days in such interest period (Actual/Actual
Canadian Compound Method).</TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Anticipated Ratings:* <BR>(Moody&#8217;s/S&amp;P)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">A3/A-</FONT></TD></TR></TABLE>
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<TD VALIGN="top">Additional Amounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subject to certain exceptions and limitations set forth herein, the Company will pay additional amounts on the Notes as are necessary in order that the net payment by the Company of the principal of, and premium, if any, and
interest on, the Notes to a holder who is not a United States person, after withholding or deduction for any present or future tax, duty, assessment or governmental charge of whatever nature imposed or levied by the United States or any taxing
authority thereof or therein will not be less than the amount provided in the notes to be then due and payable. See &#8220;Description of the Notes&#8212;Payment of Additional Amounts&#8221; in the Preliminary Prospectus Supplement.</TD></TR>
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<TD VALIGN="top">Redemption for Tax Reasons</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company may redeem all, but not less than all, of the Notes of either series in the event of certain changes in the tax laws of the United States (or any taxing authority thereof or therein) which would obligate the Company to
pay additional amounts as described above. This redemption would be at a redemption price equal to 100% of the principal amount of the notes, together with accrued and unpaid interest on the notes to, but not including, the redemption date. See
&#8220;Description of the Notes&#8212;Redemption for Tax Reasons&#8221; in the Preliminary Prospectus Supplement.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Form of Distribution in Canada:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The distribution of the Notes is being made on a private placement basis to purchasers in each of the provinces of Canada (the &#8220;Offering Jurisdictions&#8221;) under a Canadian offering memorandum dated July&nbsp;6, 2026 (the
&#8220;Canadian Offering Memorandum&#8221;), which will include the prospectus dated March&nbsp;28, 2025, as supplemented by the final prospectus supplement of the Company to be dated July&nbsp;6, 2026, that forms part of the registration statement
filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;). The distribution will be made in reliance on statutory exemptions from the prospectus requirements of Canadian securities laws applicable in each of the Offering
Jurisdictions and, in particular, the Notes will only be sold in the Offering Jurisdictions pursuant to the &#8220;accredited investor exemption&#8221; (as defined in National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> &#8211;
Prospectus Exemptions (&#8220;NI <FONT STYLE="white-space:nowrap">45-</FONT> 106&#8221;)) to purchasers that are &#8220;accredited investors&#8221; (as such term is defined in NI <FONT STYLE="white-space:nowrap">45-106</FONT> or Section&nbsp;73.3 of
the Securities Act (Ontario), as applicable), who purchase the Notes as principal (or are deemed to be purchasing as principal) and that are also &#8220;permitted clients&#8221; (as such term is defined in National Instrument <FONT
STYLE="white-space:nowrap">31-103</FONT> &#8211; Registration Requirements, Exemptions and Ongoing Registrant Obligations).</TD></TR>
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<TD VALIGN="top">Form of Distribution in the United States:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The distribution of the Notes is being made pursuant to registration with the SEC under the U.S. Securities Act of 1933, as amended.</TD></TR>
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<TD VALIGN="top">Resale Restriction in Canada:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any resale of the Notes must be made in accordance with, or pursuant to an exemption from, or in a transaction not subject to, the prospectus
requirements of applicable provincial securities laws.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except in the Province of
Manitoba, unless permitted under Canadian securities legislation, a holder of the Notes must not trade the Notes before the date that is four months and one day after the later of (i)&nbsp;the date of distribution, and (ii)&nbsp;the date the Company
becomes a reporting issuer in any province or territory of Canada.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the Province
of Manitoba, unless otherwise permitted under applicable Canadian securities legislation or with the prior written consent of the applicable regulator, a holder of the Notes must not trade the security before the date that is twelve months and a day
after the date the holder acquired the security.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top">The Company is not currently a reporting issuer in any province or territory of Canada and the Company has no intention of becoming a reporting issuer in any province or territory of Canada in the foreseeable future.</TD></TR>
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<TD VALIGN="top">Trustee:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon Trust Company, N.A.</TD></TR>
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<TD VALIGN="top">Paying Agent, Registrar and Transfer Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Computershare Advantage Trust of Canada</TD></TR>
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<TD VALIGN="top">Settlement/Form:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CDS Clearing and Depository Services Inc. / Book Entry (Global Note)</TD></TR>
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<TD VALIGN="top">Joint Book-Running Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Dominion Securities Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scotia Capital
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TD Securities Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">BMO Nesbitt Burns Inc.</P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Manager:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CIBC World Markets Inc.</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to
withdrawal or revision at any time. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company and the Guarantor have filed a registration statement (including a prospectus)
and the Preliminary Prospectus Supplement with the SEC for the offering to which this communication relates. Before you make a decision to invest, you should read the Preliminary Prospectus Supplement for this offering, the related prospectus in
that registration statement and other documents the Company and the Guarantor have filed with the SEC for more complete information about the Company, the Guarantor and this offering. You may get these documents for free by visiting EDGAR on the
SEC&#8217;s website at www.sec.gov. Alternatively, the Company, the Guarantor, any underwriter or any dealer participating in this offering will arrange to send you the Preliminary Prospectus Supplement and the prospectus if you request it by
contacting RBC Dominion Securities Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-416-842-6311,</FONT></FONT></FONT> Scotia Capital Inc. at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-416-863-7776,</FONT></FONT></FONT> TD Securities Inc. at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-263-5292</FONT></FONT></FONT> and BMO Nesbitt Burns Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">+1-416-359-6359.</FONT></FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No EU PRIIPs KID &#8211; No key information document (&#8220;KID&#8221;) required
by Regulation (EU) No.&nbsp;1286/2014 has been prepared as the Notes are not available to retail investors in the EEA . </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No UK CCI disclosure
document &#8211; No disclosure document required by the UK FCA&#8217;s Product Disclosure Sourcebook has been prepared as the Notes are not available to retail investors in the UK. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>In the United Kingdom, this communication is only being distributed to and is only directed at (1)&nbsp;persons having professional experience in matters
relating to investment who fall within the definition of &#8220;investment professionals&#8221; in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &#8220;Order&#8221;), (2) high net worth bodies
corporate, unincorporated associations and partnerships and trustees of high value trusts described in Article 49(2)(a) to (c)&nbsp;of the Order, and (3)&nbsp;persons to whom an invitation or inducement to engage in investment activity (within the
meaning of Section&nbsp;21 of the Financial Services and Markets Act 2000 (as amended, the &#8220;FSMA&#8221;)) in connection with the issue or sale of the Notes may otherwise lawfully be communicated or be caused to be communicated. </B></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The foregoing description of some of the terms of the Notes is not complete and is subject to, and
qualified in its entirety by, reference to the Preliminary Prospectus Supplement and the accompanying base prospectus dated March&nbsp;28, 2025 (the &#8220;Base Prospectus&#8221;) and the Company&#8217;s preliminary Canadian offering memorandum
dated July&nbsp;6, 2026, as applicable, which includes the Preliminary Prospectus Supplement and the Base Prospectus (collectively the &#8220;Preliminary Canadian Offering Memorandum&#8221;), and the documents incorporated and deemed to be
incorporated by reference therein. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Preliminary Prospectus Supplement, the Base Prospectus or the Preliminary Canadian Offering Memorandum. Prospective
purchasers should review the Preliminary Prospectus Supplement, the Base Prospectus and the Preliminary Canadian Offering Memorandum, as applicable, for a more detailed description of some of the terms of the Notes. No person has been authorized to
make any representation in connection with the offering other than as contained or incorporated by reference in the Preliminary Prospectus Supplement, the Base Prospectus and the Preliminary Canadian Offering Memorandum, and the Company and the
underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was
automatically generated as a result of this communication being sent by Bloomberg or another electronic messaging system. </B></P>
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