Commentary & Deal Flow

Reoffer:
4yr: MS+35bp / 99.9 / 3.227%
6yr: MS+55bp / 99.824 / 3.483%
8yr: MS+63bp / 99.884 / 3.642%
13yr: MS+93bp / 99.812 / 4.119%
19yr: MS+125bp / 99.736 / 4.521%
37yr: MS+175bp / 99.283 / 4.842%

Benchmark:
4yr: OBL 2.4 18-Apr-30 @ 98.71 / B+47.8bp / HR 101%
6yr: DBR 0 15-Feb-32 @ 85.17 / B+66.6bp / HR 111%
8yr: DBR 2.2 15-Feb-34 @ 94.74 / B+67.6bp / HR 103%
13yr: DBR 1 15-May-38 @ 77.76 / B+85.2bp / HR 116%
19yr: DBR 2 ½ 04-Jul-44 @ 86.88 / B+103.4bp / HR 103%
37yr: DBR 2.9 15-Aug-56 @ 87.45 / B+125.7bp / HR 102%

Combined final books in excess of €16.7bn
4yr: Final Books > €2.3bn. Peak book > €2.7bn
6yr: Final Books > €3.0bn. Peak book > €3.25bn
8yr: Final Books > €2.8bn. Peak book > €3.0bn
13yr: Final Books > €3.0bn. Peak book > €3.3bn
19yr: Final Books > €3.3bn. Peak book > €3.4bn
37yr: Final Books > €2.3bn. Peak book > €2.65bn

Launched:
4yr: €1.5bn @ MS+35bp - Books > €2.7bn
6yr: €1.75bn @ MS+55bp - Books > €3.25bn
8yr: €1.5bn @ MS+63bp - Books > €3.0bn
13yr: €1.75bn @ MS+93bp - Books > €3.3bn
19yr: €1.25bn @ MS+125bp - Books > €3.4bn
37yr: €1.25bn @ MS+175bp - Books > €2.65bn

Guidance:
4yr: MS+35bp - Books > €4.0bn
6yr: MS+55bp - Books > €3.9bn
8yr: MS+63bp - Books > €5.0bn
13yr: MS+93bp - Books > €5.0bn
19yr: MS+125bp - Books > €3.7bn
37yr: MS+175bp - Books > €3.6bn

IPTs:
4yr: MS+65/70bp
6yr: MS+80/85bp
8yr: MS+95a
13yr: MS+125a
19yr: MS+155a
37yr: MS+205a

• Issuer: Alphabet Inc. (Ticker: GOOGL; Country: US)
• LEI: 5493006MHB84DD0ZWV18
• Current Issuer Ratings: Aa2 (Stable) / AA+ (Stable) at Moody’s / S&P
• Expected Issue Ratings: Aa2 / AA+ at Moody’s / S&P
• Format: Senior Unsecured Notes
• Settlement Date / Issue Date: 11-May-26 (T+4)
• Size:
• • 4yr: €1.5bn
  • 6yr: €1.75bn
  • 8yr: €1.5bn
  • 13yr: €1.75bn
  • 19yr: €1.25bn
  • 37yr: €1.25bn
• Maturity:
• • 4yr: 11-May-30
  • 6yr: 11-May-32
  • 8yr: 11-May-34
  • 13yr: 11-May-39
  • 19yr: 11-May-45
  • 37yr: 11-May-63
• Re-offer:
• • 4yr: MS+35bp / 99.9 / 3.227%
  • 6yr: MS+55bp / 99.824 / 3.483%
  • 8yr: MS+63bp / 99.884 / 3.642%
  • 13yr: MS+93bp / 99.812 / 4.119%
  • 19yr: MS+125bp / 99.736 / 4.521%
  • 37yr: MS+175bp / 99.283 / 4.842%
• Coupon:
• • 4yr: 3.2%, Fixed, Annual, ACT/ACT (ICMA)
  • 6yr: 3.45%, Fixed, Annual, ACT/ACT (ICMA)
  • 8yr: 3.625%, Fixed, Annual, ACT/ACT (ICMA)
  • 13yr: 4.1%, Fixed, Annual, ACT/ACT (ICMA)
  • 19yr: 4.5%, Fixed, Annual, ACT/ACT (ICMA)
  • 37yr: 4.8%, Fixed, Annual, ACT/ACT (ICMA)
• Make-Whole Call (MWC):
• • 4yr: Yes; B+10bp
  • 6yr: Yes; B+10bp
  • 8yr: Yes; B+15bp
  • 13yr: Yes; B+15bp
  • 19yr: Yes; B+20bp
  • 37yr: Yes; B+20bp
• Par Call:
• • 4yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 8yr: Yes, 3-months
  • 13yr: Yes, 3-months
  • 19yr: Yes, 6-months
  • 37yr: Yes, 6-months
• ISIN:
• • 4yr: XS3363386460
  • 6yr: XS3372845746
  • 8yr: XS3363386544
  • 13yr: XS3363387435
  • 19yr: XS3363387609
  • 37yr: XS3363388086
• B&D: BNPP
• TOE:
• • 4yr: 17:09 UKT
  • 6yr: 17:07 UKT
  • 8yr: 17:04 UKT
  • 13yr: 17:02 UKT
  • 19yr: 16:59 UKT
  • 37yr: 16:55 UKT
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Alphabet Inc.’s Preliminary Prospectus Supplement
• UoP: Alphabet Inc. intends to use the net proceeds from these sales, together with the proceeds from any Concurrent Notes Offering, for general corporate purposes, which may include the repayment of outstanding debt.
• Marketing: eRed
• Stabilization: FCA / ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Active Book-Running Managers: Barclays, BNP