Commentary & Deal Flow

***Adds Final books

Tranche 1 (2yr FRN): Final Books €1.4bn. Peak book above €1.4bn
Tranche 2 (2yr): Final Books €1.6bn. Peak book above €1.8bn
Tranche 3 (4yr): Final Books €3.3bn. Peak book above €3.4bn
Tranche 4 (6yr): Final Books €2.2bn. Peak book above €2.4bn
Tranche 5 (9yr): Final Books €2.2bn. Peak book above €2.4bn
Tranche 6 (13yr): Final Books €1.8bn. Peak book above €2.0bn
Tranche 7 (19yr): Final Books €3.6bn. Peak book above €3.7bn
Combined books: €16.1bn

Launched:
2yr FRN: €750m @ 3mE+50bp - Books > €1.4bn
2yr: €750m @ MS+40bp - Books > €1.8bn
4yr: €1.25bn @ MS+70bp - Books > €3.4bn
6yr: €750m @ MS+90bp - Books > €2.4bn
9yr: €750m @ MS+115bp - Books > €2.4bn
13yr: €750m @ MS+145bp - Books > €2.0bn
19yr: €1bn @ MS+185bp - Books > €3.7bn
Spread set at: 2yr FRN: 3mE+50bp (exp. €500m-750m) 2yr: MS+40bp (exp. €500m-750m) 4yr: MS+70bp (exp. €1bn-1.25bn) 6yr: MS+90bp (exp. €750m-1bn) 9yr: MS+115bp (exp. €750m-1bn) 13yr: MS+145bp (exp. €750m-1bn) 19yr: MS+185bp (exp. €750m-1bn)
IPTs: 2yr FRN: 3mE+70a 2yr: MS+60a 4yr: MS+90a 6yr: MS+110/115bp 9yr: MS+135/140bp 13yr: MS+165/170bp 19yr: MS+205/210bp

• Issuer: Alphabet Inc.
• Ticker: GOOGL
• Country: US
• LEI: 5493006MHB84DD0ZWV18
• Current Issuer Ratings: Aa2 (Stable) / AA+ (Stable) at Moody's / S&P
• Expected Issue Ratings: Aa2 / AA+ at Moody's / S&P
• Format: Senior Unsecured Notes
• Settlement: 05-Nov-26 (T+3)
• Size:
  • 2yr FRN: €750m
  • 2yr: €750m
  • 4yr: €1.25bn
  • 6yr: €750m
  • 9yr: €750m
  • 13yr: €750m
  • 19yr: €1bn
• Maturity:
  • 2yr FRN: 05-Nov-28
  • 2yr: 05-Nov-28
  • 4yr: 05-Nov-30
  • 6yr: 05-Nov-32
  • 9yr: 05-Nov-35
  • 13yr: 05-Nov-39
  • 19yr: 05-Nov-45
• Coupon:
  • 2yr FRN: Floating, Quarterly, Act/360
  • 2yr: Fixed, Annual, Act/Act (ICMA)
  • 4yr: Fixed, Annual, Act/Act (ICMA)
  • 6yr: Fixed, Annual, Act/Act (ICMA)
  • 9yr: Fixed, Annual, Act/Act (ICMA)
  • 13yr: Fixed, Annual, Act/Act (ICMA)
  • 19yr: Fixed, Annual, Act/Act (ICMA)
• MWC:
  • 2yr FRN: --
  • 2yr: Yes
  • 4yr: Yes
  • 6yr: Yes
  • 9yr: Yes
  • 13yr: Yes
  • 19yr: Yes
• Par Call:
  • 2yr FRN: --
  • 2yr: --
  • 4yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 9yr: Yes, 3-months
  • 13yr: Yes, 3-months
  • 19yr: Yes, 6-months
• B&D:
  • 2yr FRN: Deutsche Bank
  • 2yr: Deutsche Bank
  • 4yr: Deutsche Bank
  • 6yr: Deutsche Bank
  • 9yr: Deutsche Bank
  • 13yr: Deutsche Bank
  • 19yr: Deutsche Bank
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Alphabet Inc.'s Preliminary Prospectus Supplement
• UoP: Alphabet Inc. intends to use the net proceeds from these sales for general corporate purposes, which may include the repayment of outstanding debt.
• Marketing: eRed, NetRoadshow Direct Link: www.netroadshow.com/nrs/home/#!/?show=c54a654b OR www.netroadshow.com | Entry Code: GOOGL_NOV_26 (not case-sensitive)
• 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, BNP Paribas, Deutsche Bank (B&D)
• Timing: Books open, today's business
• Expected Size (indicative):
  • 2yr FRN: €500m-750m
  • 2yr FXD: €500m-750m
  • 4yr: €1bn-1.25bn
  • 6yr: €750m-1bn
  • 9yr: €750m-1bn
  • 13yr: €750m-1bn
  • 19yr: €750m-1bn
• Books Subject Deadline: 13:00 UKT / 14:00 CET
• Hedge Deadline: 16.20 UKT / 17.20 CET
• Benchmark:
  • 2yr FRN: -
  • 2yr: BKO 2028 2.7% 13-Sep-28 - DE000BU22148 / HR 107%
  • 4yr: OBL 2030 2.2% 10-Oct-30 - DE000BU25059 / HR 101%
  • 6yr: DBR 2032 1.7% 15-Aug-32 - DE0001102606 / HR 104%
  • 9yr: DBR 2035 2.6% 15-Aug-35 - DE000BU2Z056 / HR 99%
  • 13yr: DBR 2038 1% 15-May-38 - DE0001102598 / HR 117%
  • 19yr: DBR 2044 2.5% 04-Jul-44 - DE0001135481 / HR 100%