Issuer Rating: A2 (Stable) by Moody's / A (Positive) by S&P
Exp. Issue Rating: Baa1 by Moody’s / BBB by S&P
Format: Reg. S Cat. 2, TEFRA D
Status of the Notes: Non-Preferred Senior Notes (eligible liabilities (MREL))
Size: € Benchmark
Settlement: 03-Jun-26 (T+4)
Reset/Call Redemption Date: 03-Jun-32
Maturity: 03-Jun-33
Coupon: [●]%, fixed, Annual, ACT/ACT, ICMA following unadjusted until Reset Date, then Act/360, modified following adjusted
Coupon Reset: If the Notes are not redeemed on the Call Redemption Date: 3-month Euribor plus [●]bps p.a., payable quarterly in arrears on each Interest Payment Date from and including the Reset Date until the Maturity Date
Early Redemption: Early Redemption, in whole but not in part at the Option of the Issuer, for Regulatory Reasons, for Reasons of Taxation and for Minimal Outstanding Aggregate Principal Amount, at par, subject to the Conditions to Redemption and Repurchase being fulfilled, all as set out in the Base Prospectus
Early Redemption at the Option of the Issuer: Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, on giving not less than 5 and not more than 60 days' prior notice to the Noteholders, redeem all, but not only some, of the outstanding Notes on the Call Redemption Date
Early Redemption for Minimal Outstanding Amount (Clean-up Call): Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, at any time on giving not less than 30 and not more than 60 days' prior notice to the Noteholders, redeem in whole, but not only some, of the outstanding Notes, if at any time 75% or more of the aggregate principal amount of the Notes originally issued have been redeemed or repurchased by the Issuer and cancelled
Denoms/Law: EUR 100k + EUR 100k / German
Docs: EUR 90bn Medium Term Note Programme; Securities Note dated 22-May-26 and Registration Document dated 22-May-26 (together, the "Base Prospectus")
Bookrunners: BMO Capital Markets, Commerzbank (B&D), ING, LLOYDS & Santander
Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
Timing: Books open, today's business
Target Market: The manufacturer target market (MIFID II) product governance is professional investors and eligible counterparties (all distribution channels)