Commentary & Deal Flow

Reoffer: G+80bp / 99.644 / 5.574%
Benchmark Gilt: UK Gilt 4.25% 07-Jun-32 @ 97.663 / HR 106%

Final Book: in excess of £550m. Peak book: in excess of £600m.

Launched: 6.5yr: £300m @ G+80bp - Books in excess of £550m (pre rec)
Guidance: 6.5yr: G+85a - Books in excess of £600m
IPTs: 6.5yr: G+95/100bp

• Issuer: BMW International Investment B.V.
• Guarantor: Bayerische Motoren Werke Aktiengesellschaft (Ticker: BMW)
• Guarantor Ratings: A2 by Moody’s (Stable) / A by Standard & Poor’s (Negative)
• Expected Issue Ratings: A2 by Moody’s / A by Standard & Poor’s
• Issuer / Guarantor LEI: 724500J951RJJFEW5X49 / YEH5ZCD6E441RHVHD759
• Format: Reg S, bearer, senior unsecured, New Global Notes, TEFRA D. Temporary Global Note exchangeable for a Permanent Global Note. No definitive Notes.
• Size: £300m
• Settlement: 27-May-26 (T+5)
• Maturity: 27-Nov-32
• Benchmark Gilt / ISIN: UK Gilt 4.25% due 07-Jun-32 / GB0004893086 mid (97.663) / Bid (97.633) / HR 106%
• Reoffer: 99.644 Mid Gilts + 80bps / 5.498 Semi Ann / Ann 5.574
• Coupon: 5.5% Fixed, Annual, Act/Act (ICMA), following, unadjusted (Short first coupon)
• ISIN / Common Code: XS3389229900 / 338922990
• Clearing: Euroclear / Clearstream
• Docs: Luxembourg Stock Exchange (Regulated Market) / German Law / £100k + £100k
• Selling Restrictions: As set out in the Base Prospectus dated 08 May 2026 (no communications with or into the US, sales into Canada as per notice comprised in the Base Prospectus). Sales to Qualified Investors (as defined in the EU Prospectus Regulation) only. No public offer.
• Use of Proceeds: General Corporate Purposes
• MiFID II / UK MiFIR Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only and all channels for distribution of the Notes are appropriate. No EEA PRIIPs key information document or UK CCI disclosure document has been prepared as not available to retail in the EEA or the UK – Out of Scope
• Joint Bookrunners: HSBC, Lloyds (B&D)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, any supplements thereto and the final terms, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/issuer/BMWIntlInv/81685).
• Timing: Priced ToE: 14:55 UKT / FTT: 15:30 UKT