Commentary & Deal Flow

Reoffer: 20yr: G+78bp / 99.66 / 6.656%
Benchmark: 20yr: UK Gilt 0.875% Jan-46 @ 43.236 / HR 159%

Final Books £790m+. Peak book £965m+ (pre-rec)

Launched: 20yr: £400m @ UKT+78bp
Guidance: 20yr: UKT+80a (+/- 2bps WPIR) - Books £965m+ (pre-rec)
IPTs: 20yr: UKT+95a

• Issuer: Deutsche Telekom AG (Ticker: DT; Country: DE)
• Issuer LEI: 549300V9QSIG4WX4GJ96
• Issuer Ratings: A3/A-/A- (stb/stb/stb) (Moody's/S&P/Fitch)
• Format: Senior, Unsecured, New Global Note (Reg S Compliance Category 2), Bearer, TEFRA D
• Tenor: 20-year
• Pricing Date: 18-Aug-26
• Settlement Date: 28-Aug-26 (T+8)
• Maturity Date: 28-Aug-46
• Size: £400m
• Coupon: 6.625% Fixed, Annual, ACT/ACT (ICMA), Following, Unadjusted
• ISIN: XS3481540105
• Documentation: Under Deutsche Telekom AG’s Debt Issuance Programme dated 10-Apr-26, as supplemented on 19-May-26 and 7-Aug-26
• Governing Law: German Law
• Denominations: £100,000 + £100,000
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Use of Proceeds: General Corporate Purposes
• Issuer Calls: 6m Par Call; Tax Call
• Bookrunners: Goldman Sachs Bank Europe SE, NatWest (B&D), TD Securities
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK DISC disclosure document will be prepared – out of scope
• Clearing: Euroclear / Clearstream
• Selling Restrictions: As per the Final Terms and Deutsche Telekom AG’s Debt Issuance Programme dated 10-Apr-26, as supplemented on 19-May-26 and 7-Aug-26 (“Selling Restrictions”)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation, as amended. It is not a prospectus. The Base Prospectus dated 10-Apr-26, and the supplements thereto are available and the Final Terms, when published, will be available at: https://www.luxse.com/
• Timing: TOE 14:57 UKT/ FTT 15:20 UKT