Book size: 23600; Registration: Reg S Only; Comments: EUR2.5bn 10yr fxd cpn 3.00% at 99.257, yld 3.087%. Spread: MS+18. DBR 2.9 02/15/36 (spot 100.030, HR 99%) + 19.1 bps;

Reoffer: 10yr: MS+18bp / 99.257 / 3.087% Benchmark: 10yr: DBR 2.9 15-Feb-36 (spot 100.030, HR 99%) + 19.1 bps Issuer: European Stability Mechanism Ticker: ESM Issuer Ratings: Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/Scope) Format: Reg S, Bearer, TEFRA rules apply Ranking: Senior, Unsecured, Unsubordinated Coupon: 3.000% Fixed, Annual ACT/ACT, long first Size: €2.5bn Settlement: 10-Feb-26 (T+5) Maturity Date: 25-Feb-36 (10 years) Reoffer: MS + 18 bps / 3.087% / 99.257 Benchmark: DBR 2.9 15-Feb-36 (spot 100.030, HR 99%) + 19.1 bps Listing: Luxembourg Stock Exchange Docs: The issuer’s Debt Issuance Programme Gov Law: Luxembourg Min Denoms: €0.01 and multiple thereof ISIN: EU000A1Z99Y1 Target Market: The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible and professional counterparties only (all distribution channels) Bookrunners: BofA (DM/B&D), Natixis, Santander Timing: Priced - TOE 14.15 CET / 13.15 UKT / FTT immediately