Commentary & Deal Flow

Tranche 1 (5yr): Final Books > €3.3bn. Peak book > €3.4bn. HR 97% vs OBL 2.9 08-Oct-31
Tranche 2 (9yr): Final Books > €2.8bn. Peak book > €2.8bn. HR 99% vs DBR 2.6 15-Aug-35
Hedge Deadline: 15:30 UKT

Launched:
5yr: €750m @ MS+98bp - Books > €3.4bn
9yr: €500m @ MS+138bp - Books > €2.8bn (Combined books > €6.2bn, pre-rec, good at the tight-end of guidance)
Guidance: 5yr: MS+100a - Books > €3.2bn 9yr: MS+140a - Books > €2.3bn (Combined books > €5.5bn)
IPTs: 5yr: MS+130a 9yr: MS+170a

• Issuer: Bertelsmann SE & Co. KGaA (Gütersloh, Germany)
• Issuer LEI: 5299001BUUGXAREGE533
• Issuer Rating: Baa2 stable (Moody's) / BBB stable (S&P)
• Expected Issue Rating: Baa2 (Moody's) / BBB (S&P)
• Status / Form of the Notes: Senior, Unsecured, RegS Bearer Notes, New Global Note
• Pricing Date: 29-Sep-26
• Settlement Date: 06-Oct-26 (T+5)
• Maturity Date:
  • 5yr: 06-Oct-31
  • 9yr: 06-Oct-35
• Currency / Size:
  • 5yr: €750m
  • 9yr: €500m
• Final Terms:
  • 5yr: €750m @ MS+98bp
  • 9yr: €500m @ MS+138bp
• Par Call:
  • 5yr: 3m
  • 9yr: 3m
• ISIN:
  • 5yr: XS3517469121
  • 9yr: XS3517469394
• Day Count / Business Day: Actual/Actual (ICMA), T2, Following unadjusted
• Early Redemption: Par Call, MWC, Clean-Up-Call (75%), Tax Call, CoC
• Documentation: RegS, to be documented under the Issuer's €5.0bn debt issuance programme dated 07-May-26 and as supplemented on 24-Sep-26, German Law
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Denomination: 100k x 100k
• Use of Proceeds: Financing of Acquisitions and General Corporate Purposes
• Joint Global Coordinators: BNP Paribas, Goldman Sachs Bank Europe SE (B&D)
• Joint Active Bookrunners: BNP Paribas, Commerzbank, Goldman Sachs Bank Europe SE (B&D), HSBC, Landesbank Baden-Wuerttemberg
• Selling restrictions: RegS (Cat 2); TEFRA D. United States, EEA, United Kingdom, Republic of Singapore, Japan and Canada as more fully set out in the Prospectus relating to the Notes. No sales to retail.
• Target Market: Manufacturer target market (MiFID II and 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 the FCA Product Disclosure Sourcebook (DISC) has been prepared as the notes are not available to retail in EEA or UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is, and the Final Terms, when published, will be, available on the website of the Luxembourg Stock Exchange (https://www.luxse.com)
• Timing: Books closed, allocations and pricing to follow
• Books Subject: 12:10 UKT
• Hedges due: 15:30 UKT