<SEC-DOCUMENT>0001104659-25-109250.txt : 20251110
<SEC-HEADER>0001104659-25-109250.hdr.sgml : 20251110
<ACCEPTANCE-DATETIME>20251110164826
ACCESSION NUMBER:		0001104659-25-109250
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251110
DATE AS OF CHANGE:		20251110

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLEX LTD.
		CENTRAL INDEX KEY:			0000866374
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				981773351
		STATE OF INCORPORATION:			U0
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281573
		FILM NUMBER:		251467070

	BUSINESS ADDRESS:	
		STREET 1:		12515-8 RESEARCH BLVD
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759
		BUSINESS PHONE:		(512) 425-7929

	MAIL ADDRESS:	
		STREET 1:		12515-8 RESEARCH BLVD
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEXTRONICS INTERNATIONAL LTD.
		DATE OF NAME CHANGE:	20060608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEXTRONICS INTERNATIONAL LTD
		DATE OF NAME CHANGE:	19940318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEX HOLDINGS PTE LTD
		DATE OF NAME CHANGE:	19940201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLEX LTD.
		CENTRAL INDEX KEY:			0000866374
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				981773351
		STATE OF INCORPORATION:			U0
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		12515-8 RESEARCH BLVD
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759
		BUSINESS PHONE:		(512) 425-7929

	MAIL ADDRESS:	
		STREET 1:		12515-8 RESEARCH BLVD
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEXTRONICS INTERNATIONAL LTD.
		DATE OF NAME CHANGE:	20060608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEXTRONICS INTERNATIONAL LTD
		DATE OF NAME CHANGE:	19940318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEX HOLDINGS PTE LTD
		DATE OF NAME CHANGE:	19940201
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2530223d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No.&nbsp;333-281573</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Issuer Free Writing Prospectus dated November&nbsp;10,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to Preliminary Prospectus Supplement
dated November&nbsp;10, 2025</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2530223d2_fwpimg001.jpg" ALT="">&nbsp;</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; color: rgb(35,31,32)"><FONT STYLE="font-size: 10pt"><B>Flex
Ltd.</B></FONT></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>Pricing Term Sheet</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flex Ltd. (&ldquo;Flex&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ticker:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FLEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected Ratings (Moody&rsquo;s/S&amp;P/Fitch)*:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa3 / BBB- / BBB-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Type:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Offered:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt">$150,000,000 principal amount of 5.250% Notes due 2032 (the &ldquo;additional 2032 notes&rdquo;) </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt">&nbsp;</TD>
<TD STYLE="padding-bottom: 3pt">$600,000,000 principal amount of 5.375% Notes due 2035 (the &ldquo;2035 notes&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2025</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date**:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;13, 2025 (T+2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minimum Denominations:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Day Count:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fungibility:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The additional 2032 notes offered hereby will form a single series and be fully fungible with the $500,000,000 aggregate principal amount of Flex&rsquo;s outstanding 5.250% Notes due 2032 issued on August&nbsp;21, 2024. After giving effect to the issuance of the additional 2032 notes offered hereby, there will be $650,000,000 aggregate principal amount of 5.250% Notes due 2032 outstanding.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flex intends to use the net proceeds from this offering to repay or redeem its 3.750% Notes due February&nbsp;2026 at or prior to their maturity, with the remaining proceeds, if any, to be used for general corporate purposes, which may include repaying, redeeming or repurchasing outstanding debt and for working capital, capital expenditures and acquisitions. As of September&nbsp;26, 2025, $675.0 million aggregate principal amount of 3.750% Notes due February&nbsp;2026 were outstanding.</FONT></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; text-align: center"><U>Additional 2032 Notes</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$150,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;15, 2032</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.250%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;15 and July&nbsp;15, commencing January&nbsp;15, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First Interest Period:</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The first interest period for the additional 2032 notes will be from, and including, July&nbsp;15, 2025 to, but excluding, January&nbsp;15, 2026. Purchasers of additional 2032 notes in this offering will pay accrued interest from July&nbsp;15, 2025 until the settlement date as set forth below.</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Public Offering Price:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 50%">101.561% of
the principal amount plus $2,581,250.00 of total accrued interest to, but excluding November&nbsp;13, 2025. The public
offering price will include accrued interest from November&nbsp;13, 2025, if settlement occurs after that date.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Net Proceeds after deducting the underwriting discount but before deducting other offering expenses and excluding accrued interest on the additional 2032 notes:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 3pt; text-align: left">$151,404,000</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Benchmark Treasury:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 3.750% due October 31, 2032</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Benchmark Treasury Price/Yield:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">99-03 3/4 / 3.896%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Spread to Benchmark Treasury: </B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+105 bps</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Yield to Maturity:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">4.946%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Make-Whole Call:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At any time prior to November&nbsp;15, 2031 at a discount rate of Treasury plus 25 basis points</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">Par Call Date:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after November&nbsp;15, 2031</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">CUSIP:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33938X AF2</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-family: Times New Roman, Times, Serif">ISIN:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US33938XAF24</FONT></TD></TR>
</TABLE>

<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"><U>2035 Notes</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$600,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;13, 2035</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt">5.375%</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt">May 13 and November 13, commencing May 13, 2026</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt">99.732% of the principal amount. The public offering price will include accrued interest from November&nbsp;13, 2025, if settlement occurs after that date.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Proceeds after deducting the underwriting discount but before deducting other offering expenses:</B></FONT></TD>
<TD STYLE="vertical-align: bottom; padding-bottom: 3pt; text-align: left">$594,492,000</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.250% due August 15, 2035</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark Treasury Price/Yield:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt">101-03+ / 4.110%</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spread to Benchmark Treasury: </B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+130 bps</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt">5.410%</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Make-Whole Call:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At any time prior to August 13, 2035 at a discount rate of Treasury plus 20 basis points</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Par Call Date:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after August 13, 2035</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33938X AG0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN:</B></FONT></TD>
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US33938XAG07</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
<TD STYLE="width: 50%">BofA Securities,&nbsp;Inc.<BR>
 Citigroup Global Markets Inc.<BR>
 PNC Capital Markets LLC <BR>
Barclays Capital Inc. <BR>
BBVA Securities Inc. <BR>
BNP Paribas Securities Corp. <BR>
HSBC Securities (USA) Inc. <BR>
J.P. Morgan Securities LLC <BR>
KeyBanc
Capital Markets Inc. <BR>
Mizuho Securities USA LLC <BR>
MUFG Securities Americas Inc. <BR>
Scotia Capital (USA) Inc. <BR>
SMBC Nikko Securities America,
Inc.<BR>
 Truist Securities, Inc. <BR>
UniCredit Capital Markets LLC <BR>
U.S. Bancorp Investments, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
<TD>Academy Securities, Inc. <BR>
Deutsche Bank Securities Inc.<BR>
 ICBC Standard Bank Plc <BR>
Loop Capital Markets LLC <BR>
Mischler Financial Group, Inc.
<BR>
Santander US Capital Markets LLC</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>* Note: A securities rating is not a recommendation to buy, sell
or hold securities. The ratings may be subject to revision or withdrawal at any time by the assigning rating organization, and each rating
should be evaluated independently of any other rating.</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"><B>**It is expected that the delivery of the notes will be made against
payment therefor on or about November&nbsp;13, 2025, which is the second business day following the date hereof (such settlement cycle
being referred to as &ldquo;T+2&rdquo;). Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary
market are required to settle in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who
wish to trade notes prior to the first business day preceding the settlement date will be required, by virtue of the fact that the notes
initially will settle in T+2, to specify alternative settlement arrangements to prevent a failed settlement. Purchasers who wish to trade
the notes prior to one business day preceding the expected settlement date should consult their advisors in this regard.</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"></P>

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<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>The issuer has filed a registration statement (including a prospectus)
and a preliminary prospectus supplement with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the prospectus in that registration statement, the related preliminary
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 if you request it by calling BofA Securities,&nbsp;Inc.
at 1-800-294-1322, by calling Citigroup Global Markets Inc. at 1-800-831-9146 or by calling PNC Capital Markets LLC at 1-855-881-0697.</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"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR BELOW ARE
NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B></P>

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