Commentary & Deal Flow

IPTs: 3yr: MS+75a 6yr: MS+105a

• Issuer: Mercedes-Benz International Finance B.V. (Ticker: MBGGR, Country: NL)
• Guarantor: Mercedes-Benz Group AG (Ticker: MBGGR, Country: DE)
• Issuer LEI: 529900RUGCXMPEENHQ31
• Guarantor LEI: 529900R27DL06UVNT076
• Guarantor Ratings: A2 (stable) by Moody's / A (negative) by S&P
• Expected Issue Ratings: A2 by Moody's / A by S&P
• Format: Senior, Unsecured, Reg S, Bearer, Classical Global Notes
• Settlement: 13-May-26 (T+5)
• Tenor:
• • 3 Year
  • 6 Year
• Size: Benchmark (each tranche)
• Maturity:
• • 3yr: 13-May-29
  • 6yr: 13-May-32
• Coupon:
• • 3yr: Fixed, Annual, Act/Act, following, unadjusted
  • 6yr: Fixed, Annual, Act/Act, following, unadjusted
• Use of proceeds: General funding purposes
• Denoms: €1k+€1k
• Law: German law
• Documentation: Issued under the base prospectus relating to the EUR 70bn EMTN Programme (the "Programme"), dated 22-May-25 and supplemented on 14-Aug-25, 12-Nov-25, 26-Mar-26 and 4-May-26 (the "Base Prospectus")
• Listing: Luxembourg Stock Exchange, Regulated Market
• Target Market: As determined by the Joint Lead Managers: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients and also retail clients (all distribution channels). No EEA or UK PRIIPS KID has been prepared. The targeted investors are expected to have (1) basic knowledge of and/or experience with financial products, (2) a medium term investment horizon, (3) general capital formation/asset optimization as investment objective, (4) no or only minor loss bearing capacity, and (5) a low risk tolerance.
• Selling Restrictions: As per Mercedes-Benz’ EMTN Programme. Sales to Qualified Investors (as defined in the EU Prospectus Regulation) only. No action has been or will be taken to permit a public offer. U.S.: RegS, TEFRA D.
• Bookrunners: BNP Paribas, CaixaBank, IMI-Intesa Sanpaolo, Santander and UniCredit (B&D)
• Advertisement: This communication is not a prospectus. The Base Prospectus and any supplements to the Base Prospectus and the final terms, when published, will be available on the website of the Luxembourg Stock Exchange (at https://www.luxse.com/programme/Programme/MercedesBenzGrp/2370)
• Timing: Books open, today's business