Commentary & Deal Flow

Reoffer: Long 4yr: MS+43bp / 99.834 / 4.047% 8yr: MS+75bp / 99.894 / 4.391% 12yr: MS+95bp / 99.72 / 4.656%
Benchmark: Long 4yr: DBR 0 15-Feb-31 @ 86.56 / B+69.3bp (HR 106%) 8yr: DBR 2.6 15-Aug-34 @ 93.74 / B+86.7bp (HR 102%) 12yr: DBR 1 15-May-38 @ 74.75 / B+94.1bp (HR 115%)

Tranche 1 (Long 4yr): Final Books > €1.8bn. Peak book > €2.1bn.
Tranche 2 (8yr): Final Books > €1.5bn. Peak book > €1.6bn.
Tranche 3 (12yr): Final Books > €1.15bn. Peak book > €1.35bn.

Launched:
Long 4yr: €750m @ MS+43bp - Books > €2.1bn
8yr: €650m @ MS+75bp - Books > €1.6bn
12yr: €500m @ MS+95bp - Books > €1.35bn
Book Update: Combined books in excess of €5bn (at IPT, pre-rec)
IPTs: Long 4yr: MS+70/75bp 8yr: MS+100/105bp 12yr: MS+120/125bp

• Issuer: Deutsche Telekom AG
• Ticker: DT
• Country: Germany
• LEI: 549300V9QSIG4WX4GJ96
• Issuer Rating: A3 (stable) by Moody's / A- (stable) by S&P / A- (stable) by Fitch
• Format: Senior, unsecured, Reg S, Bearer, New Global Notes
• Settlement Date: 06-Oct-26 (T+5)
• Maturity Date:
  • Long 4yr: 06-Feb-31
  • 8yr: 06-Oct-34
  • 12yr: 06-Oct-38
• Tenor:
  • Long 4yr: Long 4yr
  • 8yr: 8yr
  • 12yr: 12yr
• Size:
  • Long 4yr: €750m
  • 8yr: €650m
  • 12yr: €500m
• Reoffer:
  • Long 4yr: MS+43 / 99.834 / 4.047%
  • 8yr: MS+75 / 99.894 / 4.391%
  • 12yr: MS+95 / 99.72 / 4.656%
• Reference:
  • Long 4yr: +69.3 vs DBR 0 15-Feb-31 @ 86.56 (HR 106%)
  • 8yr: +86.7 vs DBR 2.6 15-Aug-34 @ 93.74 (HR 102%)
  • 12yr: +94.1 vs DBR 1 15-May-38 @ 74.75 (HR 115%)
• Coupon:
  • Long 4yr: 4% Fixed, Annual, Act/Act (ICMA), short first
  • 8yr: 4.375% Fixed, Annual, Act/Act (ICMA)
  • 12yr: 4.625% Fixed, Annual, Act/Act (ICMA)
• ISIN:
  • Long 4yr: XS3528376877
  • 8yr: XS3528380390
  • 12yr: XS3528381281
• Par Call:
  • Long 4yr: 1 month
  • 8yr: 3 months
  • 12yr: 3 months
• Timing / TOE:
  • Long 4yr: 15:25 UKT / 16:25 CET
  • 8yr: 15:24 UKT / 16:24 CET
  • 12yr: 15:23 UKT / 16:23 CET
• Early Redemption: Tax Call
• Documentation: Under Deutsche Telekom’s Debt Issuance Programme Base Prospectus dated 10-Apr-26 and supplemented on 19-May-26 and 07-Aug-26
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: German Law
• Denomination: €1k + €1k
• Use of Proceeds: General corporate purposes
• Active Bookrunners: BNP Paribas, Société Générale (B&D), UniCredit
• Selling restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients and also retail clients (all distribution channels). No EEA or UK PRIIPS KID has been prepared. The targeted investors are expected to have (1) basic knowledge of and/or experience with financial products, (2) a medium term investment horizon, (3) general capital formation/asset optimization as investment objective, (4) no or only minor loss bearing capacity, and (5) a low
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus (together with the supplement thereto) is available, and the Final Terms when published will be available, at: https://www.luxse.com/programme/Programme-DeutscheTelekom/11993
• Timing: FTT @ 15:50 UKT / 16:50 CET