Commentary & Deal Flow

Reoffer: 8yr: MS+95bp / 99.953 / 3.882%
Benchmark: 8yr: DBR 2.2% 15-Feb-34 @ 95.413 / B+101.2bp (HR 101%)

Final books > €2.7bn. Peak book in excess of €3.4bn (pre-rec)

Launched: 8yr: €850m @ MS+95bp - Books in excess of €3.4bn (pre-rec)
IPTs: 8yr: MS+130bp area

• Issuer: BT Finance plc (Ticker: BRITEL, Country: GB)
• Issuer’s LEI: 64882D4OUTP2YP126091
• Guarantors and LEIs: British Telecommunications public limited company: 549300OWFMSO9NYV4H90, BT Group plc: 213800LRO7NS5CYQMN21
• Issuer’s Senior Long Term Debt Ratings / Outlook: Baa2 (stable) / BBB (stable) / BBB (stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2 / BBB / BBB (Moody's/S&P/Fitch)
• Format / Type: Reg S, Bearer, Cat 2, TEFRA D, NGN, Senior, Unsecured
• Currency / Size: €850m
• Pricing Date: 26-May-26
• Settlement Date: 02-Jun-26 (T+5)
• Maturity Date: 02-Jun-34 (8yr)
• Re-offer: 99.953 / 3.882% / MS+95bps / B+101.2bp
• Benchmark Bund: DBR 2.2% 15-Feb-34 (HR 101%)
• Benchmark Spot: 95.413
• Coupon: 3.875% Fixed, Annual, Act/Act (ICMA)
• Business Days / Business Day Convention: London, Target / Following, Unadjusted
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000
• Clearing / Settlement: Euroclear / Clearstream / Delivery against payment
• ISIN / Common Code: XS3392699396 / 339269939
• Change of Control Investor Put: Change of Control Put (100%) applicable as per the terms and conditions of the Senior Notes set out in the Prospectus
• Issuer Call: MWC / 3-month Par Call
• MWC: B+20
• Target Market: EEA MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as the Notes are not available to retail investors in the EEA or the UK
• Documentation: Under the Issuer’s €20,000,000,000 Euro Medium Term Note Programme Prospectus dated 04-Aug-25 (the “Prospectus”), as supplemented on 07-Nov-25 and 22-May-26
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Selling Restrictions / Sales into Canada: As set out in the Prospectus. Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Use of Proceeds: General corporate purposes
• Joint Bookrunners: Barclays, BofA Securities (B&D), Citigroup, NatWest
• Timing: ToE: 14:40 (UKT) / FTT: 15:15 (UKT)
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: This communication is an advertisement for the purposes of the Public Offers and Admissions to Trading Regulations 2025 (“POATRs”). It is not a prospectus or final terms for the purposes of the POATRs and the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The Prospectus dated 04-Aug-25 is available at https://www.bt.com/bt-plc/assets/documents/investors/financial-reporting-and-news/debt-investors/bt-emtn-prospectus-4-august-2025.pdf and the supplements dated 07-Nov-25 and 22-May-26 are available at https://www.bt.com/about/investors/financial-reporting-and-news/debt-investors