<SEC-DOCUMENT>0001104659-25-058534.txt : 20250611
<SEC-HEADER>0001104659-25-058534.hdr.sgml : 20250611
<ACCEPTANCE-DATETIME>20250611160614
ACCESSION NUMBER:		0001104659-25-058534
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250611
DATE AS OF CHANGE:		20250611

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REALTY INCOME CORP
		CENTRAL INDEX KEY:			0000726728
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				330580106
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277150
		FILM NUMBER:		251039975

	BUSINESS ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		8582845000

	MAIL ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REALTY INCOME CORP
		CENTRAL INDEX KEY:			0000726728
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				330580106
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		8582845000

	MAIL ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2515449d6_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-277150<BR>
June&nbsp;11, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REALTY INCOME CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.375</FONT>%
Notes due 2031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875</FONT>%
Notes due 2035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This free writing prospectus relates only to the
securities described below and should be read together with Realty Income Corporation&rsquo;s preliminary prospectus supplement June&nbsp;11,
2025 (the &ldquo;Preliminary Prospectus Supplement&rdquo;), the accompanying prospectus dated February&nbsp;16, 2024 (the &ldquo;Prospectus&rdquo;)
and the documents incorporated and deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 30%">Issuer:</TD><TD STYLE="padding-bottom: 10pt; width: 70%">Realty Income Corporation (the &ldquo;Company&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">Anticipated Rating:<SUP>1</SUP></TD>
  <TD STYLE="padding-bottom: 10pt">A3 by Moody&rsquo;s Investors Service,&nbsp;Inc. (stable outlook) <BR>
A- by S&amp;P Global Ratings (stable outlook)</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">Securities:</TD>
  <TD STYLE="padding-bottom: 10pt">3.375% Notes due 2031 (the &ldquo;2031 notes&rdquo;)<BR>
  <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875</FONT>% Notes due 2035 (the &ldquo;2035 notes&rdquo;)</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
  <TD STYLE="padding-bottom: 10pt">The 2031 notes and the 2035 notes (collectively, the &ldquo;notes&rdquo;) will each constitute a separate series of the Company&rsquo;s
debt securities under the indenture governing the notes.</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">Trade Date:</TD>
  <TD STYLE="padding-bottom: 10pt">June&nbsp;11, 2025</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">Expected Settlement Date:</TD>
  <TD STYLE="padding-bottom: 10pt">June&nbsp;20, 2025</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">Delayed Settlement:</TD>
  <TD STYLE="padding-bottom: 10pt">The Company expects that the delivery of the notes will be made against payment therefor on or about the settlement date specified above,
which will be the sixth U.S. business day following the date of this pricing term sheet. Under rules&nbsp;of the U.S. Securities and
Exchange Commission (the &ldquo;SEC&rdquo;), 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 specified above will be required, by virtue of the fact that the normal settlement date for that trade would occur
prior to the closing date for the issuance of the notes, 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="vertical-align: top">
  <TD STYLE="padding-bottom: 10pt">Offering Format:</TD>
  <TD STYLE="padding-bottom: 10pt">SEC registered</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Proceeds:</FONT></TD>
  <TD STYLE="padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
  &euro;</FONT><FONT STYLE="background-color: white">1,285.8 </FONT> million after deducting the underwriting discounts but before
  deducting other estimated expenses payable by the Company.</TD></TR>
</TABLE>


<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%">Use of Proceeds:</TD>
  <TD STYLE="width: 70%">The Company intends to use the net proceeds it receives from this offering for general corporate purposes, which may include, among other
things, the repayment or repurchase of its indebtedness (including borrowings under its revolving credit facilities and commercial paper
programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties,
acquisition or business combination transactions, and the expansion and improvement of certain properties in its portfolio. For information
concerning potential conflicts of interest that may arise from the use of proceeds to repay borrowings under the Company&rsquo;s revolving
credit facilities or commercial paper programs, see &ldquo;Underwriting (Conflicts of Interest)&thinsp;&mdash;&thinsp; Other Relationships&rdquo;
and &ldquo;Underwriting (Conflicts of Interest)&thinsp;&mdash;&thinsp; Conflicts of Interest&rdquo; in the Preliminary Prospectus Supplement.</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>Principal Amount:</TD>
  <TD>2031 notes: &euro;650,000,000 <BR>
2035 notes: &euro;650,000,000</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Denominations:</TD><TD>2031 notes: &euro;100,000 and integral multiples of &euro;1,000 in excess thereof<BR>
 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2035
</FONT>notes: &euro;100,000 and integral multiples of &euro;1,000 in excess thereof</TD></TR></TABLE>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">Maturity Date:</TD>
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">2031 notes: June&nbsp;20, 2031 <BR> 2035 notes: June&nbsp;20, 2035</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Day Count Convention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: ACTUAL/ACTUAL (ICMA) <BR> 2035 notes: ACTUAL/ACTUAL (ICMA)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest Rate:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: 3.375% per annum, accruing from June&nbsp;20,
2025<BR>
2035 notes: 3.875% per annum, accruing from June&nbsp;20, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest Payment Dates:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">2031 notes: Annually on June&nbsp;20, commencing June&nbsp;20, 2026<BR> 2035 notes: Annually on June&nbsp;20, commencing June&nbsp;20, 2026</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Price to Public:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: 99.568%, plus accrued interest, if any<BR> 2035
notes: 99.552%, plus accrued interest, if any</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Bund:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: DBR 0.000% due February&nbsp;15, 2031<BR> 2035 notes: DBR 0.000% due May&nbsp;15, 2035</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Benchmark Bund Price/Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: <FONT STYLE="font-family: Symbol">88.510</FONT>
/ 2.173%<BR> 2035 notes: 77.590 / 2.591%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Spread to Benchmark Bund:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: +<FONT STYLE="font-family: Symbol">128.3</FONT>
basis points<BR> 2035 notes: +133.9 basis points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Mid-Swap Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: 2.306%<BR> 2035 notes: 2.550%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Spread to Mid-Swap:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: +115 basis points<BR> 2035 notes: +<FONT STYLE="font-family: Symbol"></FONT>138
basis points</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Issue Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2031 notes: 3.456%<BR> 2035 notes: 3.930%</TD></TR>

</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%">Optional Redemption:</TD>
  <TD STYLE="width: 70%">Prior to April&nbsp;20, 2031 (the &ldquo;2031 Notes Par Call Date&rdquo;), the 2031 notes will be redeemable and, prior to March&nbsp;20,
2035 (the &ldquo;2035 Notes Par Call Date&rdquo;), the 2035 notes will be redeemable, in each case at any time in whole or from time
to time in part at the option of the Company at a redemption price equal to the greater of:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 38%"></TD><TD STYLE="width: 5%">(a)</TD><TD STYLE="width: 57%">100% of the principal amount of the notes of the applicable series to be redeemed, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="width: 57%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the sum of the present values of
                                                                                                                                           the remaining scheduled payments of principal and interest on the notes of such series to be redeemed (exclusive of interest accrued
                                                                                                                                           to the applicable redemption date), assuming that the notes of such series matured and that accrued and unpaid interest on the notes
                                                                                                                                           of such series was payable on the 2031 Notes Par Call Date, in the case of the 2031 notes, or the 2035 Notes Par Call Date, in the
                                                                                                                                           case of the 2035 notes, discounted to such redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government
                                                                                                                                           Bond Rate (as such term is defined under the caption &ldquo;Description of Notes&mdash;Optional Redemption&rdquo; in the Preliminary
                                                                                                                                           Prospectus Supplement) plus 20 basis points, in the case of the 2031 notes, or 20 </FONT> basis points, in the case of the 2035
                                                                                                                                           notes,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%">&nbsp;</TD>
  <TD STYLE="width: 70%"><P STYLE="margin-top: 0; margin-bottom: 0">plus, in the case of both clauses (a)&nbsp;and (b)&nbsp;above, accrued and unpaid interest on the principal amount of the notes of the applicable series being redeemed to such redemption date.</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">On and after the 2031 Notes Par Call Date, the 2031 notes will be redeemable and, on and after the 2035 Notes Par Call Date, the 2035 notes will be redeemable, in each case at any time in whole or from time to time in part at the option of the Company at a redemption price equal to 100% of the principal amount of the notes of the applicable series to be redeemed, plus accrued and unpaid interest on the principal amount of the notes of such series being redeemed to the applicable redemption date.</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See </FONT>the information under the caption &ldquo;Description of Notes&mdash;Optional Redemption&rdquo; in the Preliminary Prospectus Supplement for further terms and provisions applicable to optional redemption of the notes.</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%">Tax Redemption:</TD>
  <TD STYLE="width: 70%">The notes of each series will be redeemable, in whole but not in part, at the option of the Company in the event of certain changes in
United States taxation at a redemption price equal to 100% of the principal amount of the notes of such series, plus accrued and unpaid
interest on the notes of such series to the applicable redemption date. See &ldquo;Description of Notes &mdash; Redemption for Changes
in Taxes&rdquo; and &ldquo;Description of Notes &mdash; Payment of Additional Amounts&rdquo; in the Preliminary Prospectus Supplement
for further terms and provisions applicable to redemption of the notes under these circumstances.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%">CUSIP:</TD><TD STYLE="width: 70%">2031 notes: 756109 CU6 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
2035</FONT>
notes: 756109 CV4</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN:</FONT></TD><TD STYLE="width: 70%">2031 notes: XS3097933744 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
2035</FONT>
notes: XS3097936176</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Code:</FONT></TD>
  <TD STYLE="width: 70%">2031 notes: 309793374<BR>
2035 notes: 309793617</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 30%">Listing:</TD><TD STYLE="width: 70%">The Company intends to apply to list the notes on the New York Stock Exchange. No application will be made by the Company for the
notes to be listed, quoted and/or admitted to trading on or by any stock exchange or other competent authority in the European Economic
Area.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Underwriters</U></B></P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%">Joint Book-Running Managers:</TD>
  <TD STYLE="width: 70%">BNP PARIBAS<BR>
Banco Bilbao Vizcaya Argentaria, S.A.<BR>
Citigroup Global Markets Limited<BR>
RBC Europe Limited<BR>
Wells Fargo Securities International Limited<BR>
Barclays Bank PLC<BR>
Merrill Lynch International<BR>
Goldman Sachs&nbsp;&amp; Co. LLC<BR>
J.P. Morgan Securities plc<BR>
Mizuho International plc<BR>
Morgan Stanley&nbsp;&amp; Co. International plc<BR>
Scotiabank (Ireland) Designated Activity Company<BR>
The Toronto-Dominion Bank</TD></TR>
</TABLE>


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  <TD STYLE="width: 30%">Co-Lead Managers:</TD>
  <TD STYLE="width: 70%">PNC Capital Markets LLC<BR>
Regions Securities LLC<BR>
Banco Santander, S.A.<BR>
U.S. Bancorp Investments,&nbsp;Inc.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
  <TD STYLE="width: 70%">Bank of Montreal, London Branch<BR>
BNY Mellon Capital Markets, LLC<BR>
Citizens JMP Securities, LLC<BR>
Deutsche Bank AG, London Branch<BR>
Huntington Securities,&nbsp;Inc.<BR>
Truist Securities,&nbsp;Inc.<BR>
UBS AG London Branch</TD></TR>
</TABLE>


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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%">Co-Managers: </TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.<BR>
Academy Securities,&nbsp;Inc.<BR>
R. Seelaus&nbsp;&amp; Co., LLC</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 171pt; text-indent: -171pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An affiliate of BNY Mellon Capital Markets, LLC, one of the underwriters,
is the trustee under the indenture governing the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Associated Investment Services,&nbsp;Inc. (AIS), a Financial Industry
Regulatory Authority member, an indirect, wholly owned subsidiary of Associated Banc-Corp, is being paid a referral fee by Samuel A. Ramirez&nbsp;&amp;
Company,&nbsp;Inc. A subsidiary of Associated Banc-Corp is a lender under the Company&rsquo;s $5.38 billion revolving credit facility,
2023 term loan facilities and 2024 term loan facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and the related prospectus supplement and other documents the issuer has filed with the SEC for more complete information about
the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and related prospectus
supplement if you request it by contacting BNP PARIBAS by telephone at +44 (0)20-7595-8222, Banco Bilbao Vizcaya Argentaria, S.A. by telephone
at 1-800-422-8692, Citigroup Global Markets Limited by telephone at 1-800-831-9146, RBC Europe Limited by telephone at +44 (0) 20 7029 7031 or Wells Fargo
Securities International Limited by telephone at 1-800-645-3751.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MiFID
II and UK MiFIR &ndash; professionals / ECPs-only / No PRIIPs or UK PRIIPs KID</B></FONT> &ndash; Manufacturer target market (MiFID II
and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK
PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors in EEA or UK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The communication of this free writing prospectus, the Preliminary
Prospectus Supplement, the Prospectus and any other documents or materials relating to the issue of the notes is not being made, and has
not been approved, by an authorized person for the purposes of section 21 of the United Kingdom&rsquo;s Financial Services and Markets
Act 2000, as amended. Accordingly, this free writing prospectus, the Preliminary Prospectus Supplement, the Prospectus and any other documents
or materials relating to the issue of the notes are not being distributed to, and must not be passed on to, the general public in the
United Kingdom. This free writing prospectus, the Preliminary Prospectus Supplement, the Prospectus and any other documents or materials
relating to the issue of the notes are for distribution only to persons who (i)&nbsp;have professional experience in matters relating
to investments and who fall within the definition of investment professionals (as defined in Article&nbsp;19(5)&nbsp;of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &ldquo;Financial Promotion Order&rdquo;)), (ii)&nbsp;fall
within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the Financial Promotion Order, (iii)&nbsp;are outside the United Kingdom, or (iv)&nbsp;are
other persons to whom they may otherwise lawfully be communicated or distributed under the Financial Promotion Order (all such persons
together being referred to as &ldquo;relevant persons&rdquo;). This free writing prospectus, the Preliminary Prospectus Supplement, the
Prospectus and any other documents or materials relating to the issue of the notes are directed only at relevant persons and must not
be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this free writing prospectus,
the Preliminary Prospectus Supplement, the Prospectus and any other documents or materials relating to the issue of the notes relates
will be engaged in only with relevant persons. Any person that is not a relevant person should not act or rely on this free writing prospectus,
the Preliminary Prospectus Supplement, the Prospectus or any other documents or materials relating to the issue of the notes described
herein or any of their contents.</P>

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