Commentary & Deal Flow

Reoffer: 2yr FRN: 3mE+50bp / 100 2yr: MS+40bp / 99.915 / 3.745% 4yr: MS+70bp / 99.975 / 4.057% 6yr: MS+90bp / 99.995 / 4.251% 9yr: MS+115bp / 99.746 / 4.535% 13yr: MS+145bp / 99.82 / 4.894% 19yr: MS+185bp / 99.575 / 5.286%

Benchmark: 2yr: BKO 2028 2.7% 13-Sep-28 @ 99.39 / B+71.1bp / HR 107% 4yr: OBL 2030 2.2% 10-Oct-30 @ 96.74 / B+96.4bp / HR 101% 6yr: DBR 2032 1.7% 15-Aug-32 @ 92.54 / B+112bp / HR 104% 9yr: DBR 2035 2.6% 15-Aug-35 @ 95.03 / B+127.6bp / HR 99% 13yr: DBR 2038 1% 15-May-38 @ 77.15 / B+146bp / HR 117% 19yr: DBR 2044 2.5% 04-Jul-44 @ 85.58 / B+166.8bp / HR 100%

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
• Reoffer:
  • 2yr FRN: 3mE+50bps 100
  • 2yr: MS+40bps 99.915 3.745%
  • 4yr: MS+70bps 99.975 4.057%
  • 6yr: MS+90bps 99.995 4.251%
  • 9yr: MS+115bps 99.746 4.535%
  • 13yr: MS+145bps 99.82 4.894%
  • 19yr: MS+185bps 99.575 5.286%
• Benchmark:
  • 2yr: BKO 2028 2.7% 13-Sep-28 +71.1bps 99.39 Price HR 107%
  • 4yr: OBL 2030 2.2% 10-Oct-30 +96.4bps 96.74 Price HR 101%
  • 6yr: DBR 2032 1.7% 15-Aug-32 +112.0bps 92.54 Price HR 104%
  • 9yr: DBR 2035 2.6% 15-Aug-35 +127.6bps 95.03 Price HR 99%
  • 13yr: DBR 2038 1% 15-May-38 +146.0bps 77.15 Price HR 117%
  • 19yr: DBR 2044 2.5% 04-Jul-44 +166.8bps 85.58 Price HR 100%
• Coupon:
  • 2yr FRN: 3mE+50bps Floating, Quarterly, ACT/360
  • 2yr: 3.7% Fixed, Annual, ACT/ACT (ICMA)
  • 4yr: 4.05% Fixed, Annual, ACT/ACT (ICMA)
  • 6yr: 4.25% Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: 4.5% Fixed, Annual, ACT/ACT (ICMA)
  • 13yr: 4.875% Fixed, Annual, ACT/ACT (ICMA)
  • 19yr: 5.25% Fixed, Annual, ACT/ACT (ICMA)
• MWC:
  • 2yr: Yes (B+15)
  • 4yr: Yes (B+15)
  • 6yr: Yes (B+20)
  • 9yr: Yes (B+20)
  • 13yr: Yes (B+25)
  • 19yr: Yes (B+25)
• Par Call:
  • 4yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 9yr: Yes, 3-months
  • 13yr: Yes, 3-months
  • 19yr: Yes, 6-months
• TOE:
  • 2yr FRN: 16.34 UKT
  • 2yr: 16.34 UKT
  • 4yr: 16.33 UKT
  • 6yr: 16.33 UKT
  • 9yr: 16.33 UKT
  • 13yr: 16.32 UKT
  • 19yr: 16.32 UKT
• ISIN:
  • 2yr FRN: XS3563602906
  • 2yr: XS3563602492
  • 4yr: XS3563603110
  • 6yr: XS3563603383
  • 9yr: XS3563603623
  • 13yr: XS3563604191
  • 19yr: XS3563604274
• 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.
• 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)