Commentary & Deal Flow

Reoffer: 2yr FRN: 3mE+33bp / 100 3yr FXD: MS+35bp / 99.757 / 3.086% 5yr FXD: MS+53bp / 99.7 / 3.316% 7yr FXD: MS+68bp / 99.731 / 3.544%
Benchmark: 3yr FXD: OBL 2.1 29-Apr-29 @ 98.71 / B+51.4bp (HR: 104%) 5yr FXD: OBL 2.5 30-Apr-31 @ 99.25 / B+65.4bp (HR: 101%) 7yr FXD: DBR 2.3 15-Feb-33 @ 97.09 / B+76.4bp (HR: 103%)

2yr FRN: Final Books €2.2bn+.
3yr FXD: Final Books €2.1bn+. Peak book €2.3bn+.
5yr FXD: Final Books €2.1bn+. Peak book €2.2bn+.
7yr FXD: Final Books €2.75bn+. Peak book €3bn+.

Launched (Combined Books: €9.7bn+ pre-rec):
2yr FRN: €800m @ 3mE+33bp - Books: €2.2bn+
3yr FXD: €850m @ MS+35bp - Books: €2.3bn+
5yr FXD: €850m @ MS+53bp - Books: €2.2bn+
7yr FXD: €1bn @ MS+68bp - Books: €3bn+
Guidance:
2yr FRN: 3mE+33bp - Books: €2.6bn+
3yr FXD: MS+35bp - Books: €2.4bn+
5yr FXD: MS+53bp - Books: €2.5bn+
7yr FXD: MS+68bp - Books: €3.3bn+
IPTs:
2yr FRN: 3mE+55/60bp
3yr FXD: MS+65/70bp
5yr FXD: MS+85bp area
7yr FXD: MS+100/105bp

• Issuer: SAP SE (Ticker: SAPGR, Country: DE)
• Expected Issue Ratings: A1 by Moody’s / A+ by S&P
• Issuer LEI: 529900D6BF99LW9R2E68
• Format: Senior, Unsecured, Bearer, Permanent Global Notes
• Settlement: 03-Jun-26 (T+4)
• Size:
• • 2yr FRN: €800m
  • 3yr FXD: €850m
  • 5yr FXD: €850m
  • 7yr FXD: €1bn
• Maturity:
• • 2yr FRN: 03-Jun-28
  • 3yr FXD: 03-Jun-29
  • 5yr FXD: 03-Jun-31
  • 7yr FXD: 03-Jun-33
• Reoffer:
• • 2yr FRN: 3mE+33bp / 100
  • 3yr FXD: MS+35bp / 3.086 / 99.757
  • 5yr FXD: MS+53bp / 3.316 / 99.700
  • 7yr FXD: MS+68bp / 3.544 / 99.731
• Benchmark:
• • 2yr FRN: 3mE
  • 3yr FXD: OBL 2.1% 29-Apr-29 @ 98.71 / 2.572% (HR: 104%)
  • 5yr FXD: OBL 2.5% 30-Apr-31 @ 99.25 / 2.662% (HR: 101%)
  • 7yr FXD: DBR 2.3% 15-Feb-33 @ 97.09 / 2.780% (HR: 103%)
• Benchmark spread:
• • 2yr FRN: -
  • 3yr FXD: B+51.4bp
  • 5yr FXD: B+65.4bp
  • 7yr FXD: B+76.4bp
• TOE:
• • 2yr FRN: 16.21 UKT
  • 3yr FXD: 16.21 UKT
  • 5yr FXD: 16.21 UKT
  • 7yr FXD: 16.21 UKT
• Coupon:
• • 2yr FRN: 3mE+33 Floating, Act/360, Quarterly, Modified Following, Adjusted
  • 3yr FXD: 3%, Fixed, Actual/Actual (ICMA), Annual, Following, Unadjusted
  • 5yr FXD: 3.25%, Fixed, Actual/Actual (ICMA), Annual, Following, Unadjusted
  • 7yr FXD: 3.5%, Fixed, Actual/Actual (ICMA), Annual, Following, Unadjusted
• Par call:
• • 2yr FRN: -
  • 3yr FXD: 1-month
  • 5yr FXD: 3-month
  • 7yr FXD: 3-month
• Tax call:
• • 2yr FRN: Yes
  • 3yr FXD: Yes
  • 5yr FXD: Yes
  • 7yr FXD: Yes
• Clean-up call:
• • 2yr FRN: -
  • 3yr FXD: Yes (75%)
  • 5yr FXD: Yes (75%)
  • 7yr FXD: Yes (75%)
• ISIN:
• • 2yr FRN: XS3393867224
  • 3yr FXD: XS3393867810
  • 5yr FXD: XS3393869279
  • 7yr FXD: XS3393869782
• Docs: Standalone / Lux. listing, regulated market / German Law / €100k + €100k / CoC at par
• Selling Restrictions: RegS, TEFRA D (as per the preliminary prospectus)
• Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Use of proceeds: General corporate purposes, including (re)financing of recently announced acquisitions
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Global Coordinators: ING, J.P. Morgan
• Active Bookrunners: BNP Paribas, Deutsche Bank, ING (GC/B&D), J.P. Morgan (GC), Morgan Stanley, UniCredit
• DealRoadshow: URL: https://dealroadshow.com Entry Code: SAP2026 Direct Link: https://dealroadshow.com/e/SAP2026
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (as amended) and underlying legislation. It is not a prospectus. The Prospectus, when published, will be available at: https://www.luxse.com
• Timing: PRICED. FTT 17 UKT