<SEC-DOCUMENT>0001104659-25-113686.txt : 20251118
<SEC-HEADER>0001104659-25-113686.hdr.sgml : 20251118
<ACCEPTANCE-DATETIME>20251118163258
ACCESSION NUMBER:		0001104659-25-113686
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251118
DATE AS OF CHANGE:		20251118

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GXO Logistics, Inc.
		CENTRAL INDEX KEY:			0001852244
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				862098312
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281757
		FILM NUMBER:		251495245

	BUSINESS ADDRESS:	
		STREET 1:		TWO AMERICAN LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
		BUSINESS PHONE:		203-489-1287

	MAIL ADDRESS:	
		STREET 1:		TWO AMERICAN LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GXO Logistics, Inc.
		CENTRAL INDEX KEY:			0001852244
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				862098312
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		TWO AMERICAN LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
		BUSINESS PHONE:		203-489-1287

	MAIL ADDRESS:	
		STREET 1:		TWO AMERICAN LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2530142d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement File No. 333-281757</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>333-281757-01</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"><FONT STYLE="text-transform: uppercase"><B>gxo
lOGISTICS cAPITAL b.v.</B></FONT></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">FINAL TERM SHEET</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">November 18, 2025</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: justify; text-indent: 0.5in">This pricing term sheet, dated
as of November 18, 2025 (the &ldquo;Final Term Sheet&rdquo;), is qualified in its entirety by reference to the preliminary prospectus
supplement, dated as of November 18, 2025 (the &ldquo;Preliminary Prospectus Supplement&rdquo;) and the related base prospectus, dated
as of November 13, 2025 (the &ldquo;Base Prospectus&rdquo; and together with the Preliminary Prospectus Supplement, including the documents
incorporated by reference in the Preliminary Prospectus Supplement and Base Prospectus, the &ldquo;Prospectus&rdquo;) of GXO Logistics
Capital B.V. The information in this Final Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information
in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. Capitalized
terms used herein but not defined shall have the meanings assigned to them in the Preliminary Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 10pt">&euro;500,000,000 3.750% Senior Notes due 2030 (the &ldquo;Notes&rdquo;)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">GXO Logistics Capital B.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Legal Entity Identifier:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">7245002GNB5W5E7GV182</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Guarantor:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">GXO Logistics, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Expected Issue Ratings (Moody&rsquo;s / S&amp;P / Fitch)*:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Baa3 / BBB- / BBB-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Guarantor Ratings (Moody&rsquo;s / S&amp;P / Fitch)*:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Baa3 (Stable) / BBB- (Negative) / BBB- (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">&euro;500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">November 24, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">3.750%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">3.800%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Benchmark Bund:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">2.400% due November 15, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Benchmark Bund Price and Yield:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">100.496 / 2.294%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Re-offer Spread to Benchmark Bund:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">+150.6 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Mid-Swap Yield:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">2.420%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Re-offer spread to Mid-Swap Yield:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">+138 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Interest Payment Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Annually on November 24 of each year, beginning on November 24, 2026</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 45%"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 55%"><FONT STYLE="font-size: 10pt">99.776%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">November 18, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Expected Settlement Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">November 24, 2025 (T+4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">At any time prior to October 24, 2030 (the date that is one month prior to the maturity date), make-whole call at the Comparable Government Bond Rate plus 25 basis points; par call at any time on or after October 24, 2030.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Redemption for Tax Reasons:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">The Issuer may redeem the Notes at its option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, together with any accrued and unpaid interest on the Notes to be redeemed to, but excluding, the redemption date, at any time in the event of certain changes affecting the laws of a Taxing Jurisdiction (as defined in &ldquo;<I>Description of Notes&mdash;Additional Amounts&rdquo;</I> in the Preliminary Prospectus).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Additional Amounts:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Subject to certain exceptions and limitations, the Issuer will pay to certain beneficial owners of Additional Amounts (as defined in &ldquo;<I>Description of Notes&mdash;Additional Amounts</I>&rdquo; in the Preliminary Prospectus) in the event that withholding or deduction for certain taxes is required under the laws of a Taxing Jurisdiction with respect to payments on the Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">&euro;100,000 and integral multiples of &euro;1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Day Count Convention:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Actual/Actual (ICMA)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">CUSIP Number:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">36273U AA5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">ISIN Number:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">XS3238162716</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Bank PLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Aktiengesellschaft</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Passive Bookrunners:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities Europe SA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cr&eacute;dit Agricole Corporate and Investment Bank</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 45%"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 55%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP PARIBAS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. International plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Europe Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regions Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities Europe, S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Paying Agent:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">U.S. Bank Europe DAC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Listing:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Application will be made for listing on the New York Stock Exchange on the terms described in the Preliminary Prospectus Supplement</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: justify"><B>*Note: </B>A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters expect to deliver the Notes to
purchasers in book-entry form through a common depositary for Euroclear Bank S.A./N.V. and Clearstream Banking, S.A. on or about November
24, 2025, which will be the fourth business day following the date of this prospectus supplement (such settlement being referred to as
 &ldquo;T+4&rdquo;). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), trades in
the secondary market are generally required to settle in one business day, unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade the Notes more than one business day prior to the scheduled settlement date will be required,
by virtue of the fact that the Notes initially settle in T+4, to specify an alternate settlement arrangement at the time of any such trade
to prevent a failed settlement. Purchasers of such Notes who wish to trade Notes prior to the date of delivery should consult their advisors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The issuer has filed a registration statement
(including a prospectus supplement and accompanying prospectus), as amended with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus supplement and accompanying prospectus in that registration statement 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 website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer will arrange to
send you the prospectus and the prospectus supplement if you request it by contacting Barclays Bank PLC toll free at 1-888-603-5847, Deutsche
Bank Aktiengesellschaft toll free at 1-800-503-4611, or Goldman Sachs &amp; Co. LLC toll free at 1-866-471-2526.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The notes will be represented by
beneficial interests in fully registered permanent global notes (the &ldquo;international global notes&rdquo;) without interest
coupons attached, which will be registered in the name of, and shall be deposited on or about November 24, 2025 with a common
depositary for, and in respect of interests held through, Euroclear Bank, S.A./N.V., as operator of the Euroclear System
(&ldquo;Euroclear&rdquo;), and Clearstream Banking, soci&eacute;t&eacute; anonyme (&ldquo;Clearstream&rdquo;). Any notes represented
by global notes held by a nominee of Euroclear or Clearstream will be subject to the then applicable procedures of Euroclear and
Clearstream, as applicable. Euroclear and Clearstream&rsquo;s current practice is to make payments in respect of global notes to
participants of record that hold an interest in the relevant global notes at the close of business on the date that is the clearing
system business day (for these purposes, Monday to Friday inclusive except December 25th and January 1st) immediately preceding each
applicable interest payment date. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This term sheet is not a prospectus for the
purposes of Regulation (EU) 2017/1129, including the same as it forms part of domestic law in the United Kingdom by virtue of the European
Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020. </B></P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MiFID II and UK MiFIR &ndash; professionals/ECPs-only
/ No PRIIPs or UK PRIIPs KID &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
not available to retail in EEA or UK.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The communication of this term sheet and any
other document or materials relating to the issue of the notes is not being made, and such documents or materials have 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
(the &ldquo;FSMA&rdquo;). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the
general public in the United Kingdom. This document and such other documents and/or materials are for distribution only to persons who
(i) have professional experience in matters relating to investments and who fall within the definition of investment professionals (as
defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &ldquo;Financial
Promotion Order&rdquo;)), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom,
or (iv) are other persons to whom it may otherwise lawfully be made under the Financial Promotion Order (all such persons together being
referred to as &ldquo;relevant persons&rdquo;). This document is 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 term sheet and any other document or materials
relates will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or
rely on this term sheet or any of its contents. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Relevant stabilization regulations including
FCA/ICMA will apply.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
