Commentary & Deal Flow

Reoffer: 3yr: UKT+53bp / 99.97 / 5.211% 6yr: UKT+75bp / 99.945 / 5.561% 12yr: UKT+90bp / 99.775 / 6.277% 19yr: UKT+93bp / 99.563 / 6.691%
Benchmark:
3yr: UKT 4 1/8 22-Jul-29 @ Mid 98.52 / Bid 98.50 / HR 104%
6yr: UKT 4 1/4 07-Jun-32 @ Mid 97.21 / Bid 97.18 / HR 103%
12yr: UKT 3 3/4 29-Jan-38 @ Mid 86.275 / Bid 86.225 / HR 108%
19yr: UKT 3 1/2 22-Jan-45 @ Mid 74.58 / Bid 74.51 / HR 114%

Tranche 1 (3yr): Final Books £3.1bn+
Tranche 2 (6yr): Final Books £3.3bn+
Tranche 3 (12yr): Final Books £2.3bn+
Tranche 4 (19yr): Final Books £1.95bn+

Launched:
3yr: £1.25bn @ UKT+53bp
6yr: £1bn @ UKT+75bp
12yr: £1bn @ UKT+90bp
19yr: £1bn @ UKT+93bp
Spread set at: 3yr: UKT+53bp 6yr: UKT+75bp 12yr: UKT+90bp 19yr: UKT+93bp
IPTs: 3yr: UKT+70a 6yr: UKT+90a 12yr: UKT+105a 19yr: UKT+110a

• Issuer: Amazon.com, Inc.
• Ticker: AMZN
• Country: US
• LEI: ZXTILKJKG63JELOEG630
• Current Issuer Ratings: A1 (Stable) / AA (Stable) / AA- (Stable) │ (Moody's / S&P / Fitch)
• Expected Issue Ratings:* A1 (Stable) / AA (Stable) / AA- (Stable) │ (Moody's / S&P / Fitch)
• Format: Senior Unsecured Notes
• Settlement:** 14-Sep-26 (T+3)
• Size:
  • 3-year: £1.25bn
  • 6-year: £1bn
  • 12-year: £1bn
  • 19-year: £1bn
• Maturity:
  • 3-year: 14-Sep-29
  • 6-year: 14-Sep-32
  • 12-year: 14-Sep-38
  • 19-year: 14-Sep-45
• Re-Offer:
  • 3-year: Mid UKT+53bp / 99.97
  • 6-year: Mid UKT+75bp / 99.945
  • 12-year: Mid UKT+90bp / 99.775
  • 19-year: Mid UKT+93bp / 99.563
• Yield (S/A):
  • 3-year: 5.211%
  • 6-year: 5.561%
  • 12-year: 6.277%
  • 19-year: 6.691%
• Coupon:
  • 3-year: 5.2%, Fixed, Semiannual, ACT/ACT (ICMA)
  • 6-year: 5.55%, Fixed, Semiannual, ACT/ACT (ICMA)
  • 12-year: 6.25%, Fixed, Semiannual, ACT/ACT (ICMA)
  • 19-year: 6.65%, Fixed, Semiannual, ACT/ACT (ICMA)
• MWC:
  • 3-year: Yes, UKT+10
  • 6-year: Yes, UKT+15
  • 12-year: Yes, UKT+15
  • 19-year: Yes, UKT+15
• Gilt Reference:
  • 3-year: UKT 4 1/8 22-Jul-29
  • 6-year: UKT 4 1/4 07-Jun-32
  • 12-year: UKT 3 3/4 29-Jan-38
  • 19-year: UKT 3 1/2 22-Jan-45
• Mid Gilt Reference:
  • 3-year: 98.52
  • 6-year: 97.21
  • 12-year: 86.275
  • 19-year: 74.58
• Bid Gilt Reference:
  • 3-year: 98.50
  • 6-year: 97.18
  • 12-year: 86.225
  • 19-year: 74.51
• HR:
  • 3-year: 104%
  • 6-year: 103%
  • 12-year: 108%
  • 19-year: 114%
• Par Call:
  • 3-year: Yes, 1-month
  • 6-year: Yes, 2-months
  • 12-year: Yes, 3-months
  • 19-year: Yes, 6-months
• ISIN / Common Code:
  • 3-year: XS3504677348 / 350467734
  • 6-year: XS3504677694 / 350467769
  • 12-year: XS3504677777 / 350467777
  • 19-year: XS3504677934 / 350467793
• TOE:
  • 3-year: 15:51 UKT
  • 6-year: 15:51 UKT
  • 12-year: 15:51 UKT
  • 19-year: 15:50 UKT
• B&D:
  • 3-year: J.P. Morgan
  • 6-year: J.P. Morgan
  • 12-year: J.P. Morgan
  • 19-year: J.P. Morgan
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: £100,000 x £1,000
• Selling Restrictions: As per Amazon.com, Inc.'s Preliminary Prospectus Supplement
• UoP: The net proceeds from the sale of the notes will be used for general corporate purposes, which may include, but are not limited to, repayment of debt, acquisitions, investments, working capital, investments in its subsidiaries, capital expenditures, and repurchases of outstanding shares of its common stock
• Marketing: eRed
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC DISCLOSURE DOCUMENT
• Joint Book-Running Managers: Barclays / HSBC / J.P. Morgan / NatWest
• Timing: PRICED. FTT TBC subject to Term Sheet