Commentary & Deal Flow

Reoffer:
Long 4yr: MS+103bp / 99.914 / 4.327%
Long 6yr: MS+135bp / 99.977 / 4.658%
Long 8yr: MS+160bp / 99.803 / 4.933%
12yr: MS+203bp / 99.774 / 5.426%
18yr: MS+263bp / 99.988 / 6.051%
Long 38yr: MS+333bp / 99.446 / 6.442%

Benchmark:
Long 4yr: DBR 0.0% 15-Feb-31 @ 87.99 / B+129bp / HR 105%
Long 6yr: DBR 2.3% 15-Feb-33 @ 95.32 / B+152.6bp / HR 98%
Long 8yr: DBR 2.5% 15-Feb-35 @ 94.88 / B+172bp / HR 96%
12yr: DBR 1.0% 15-May-38 @ 77.35 / B+201.6bp / HR 107%
18yr: DBR 2.5% 04-Jul-44 @ 85.38 / B+241.5bp / HR 92%
Long 38yr: DBR 2.9% 15-Aug-56 @ 85.93 / B+275.6bp / HR 87%

Launched:
Long 4yr: €1.75bn @ MS+103bp
Long 6yr: €1.25bn @ MS+135bp
Long 8yr: €1bn @ MS+160bp
12yr: €1.75bn @ MS+203bp
18yr: €1.75bn @ MS+263bp
Long 38yr: €1.5bn @ MS+333bp

Spread set at:
Long 4yr: MS+108bp
Long 6yr: MS+140bp
Long 8yr: MS+165bp
12yr: MS+208bp
18yr: MS+268bp
Long 38yr: MS+338bp

IPTs:
Long 4yr: MS+140a
Long 6yr: MS+170a
Long 8yr: MS+195a
12yr: MS+240a
18yr: MS+300a
Long 38yr: MS+370a

• Issuer: Meta Platforms, Inc.
• Ticker: META
• Country: US
• LEI: BQ4BKCS1HXDV9HN80Z93
• Current Issuer Ratings: Aa3 (Stable) / AA- (Negative) (Moody's / S&P)
• Expected Issue Ratings: Aa3 / AA- (Moody's / S&P)
• Format: Senior Unsecured Notes
• Settlement: 12-Nov-26 (T+6)
• Docs: SEC Registered / Nasdaq Listing / New York Law
• Size:
  • Long 4yr: €1.75bn
  • Long 6yr: €1.25bn
  • Long 8yr: €1bn
  • 12yr: €1.75bn
  • 18yr: €1.75bn
  • Long 38yr: €1.5bn
• Maturity:
  • Long 4yr: 15-Feb-31
  • Long 6yr: 15-Feb-33
  • Long 8yr: 15-Feb-35
  • 12yr: 15-Nov-38
  • 18yr: 15-Nov-44
  • Long 38yr: 15-Feb-65
• Reoffer:
  • Long 4yr: 99.914% / 4.327% / MS+103bps
  • Long 6yr: 99.977% / 4.658% / MS+135bps
  • Long 8yr: 99.803% / 4.933% / MS+160bps
  • 12yr: 99.774% / 5.426% / MS+203bps
  • 18yr: 99.988% / 6.051% / MS+263bps
  • Long 38yr: 99.446% / 6.442% / MS+333bps
• Benchmark:
  • Long 4yr: 129bp vs DBR 0.0% 15-Feb-31 @ 87.99% / HR 105%
  • Long 6yr: 152.6bp vs DBR 2.3% 15-Feb-33 @ 95.32% / HR 98%
  • Long 8yr: 172bp vs DBR 2.5% 15-Feb-35 @ 94.88% / HR 96%
  • 12yr: 201.6bp vs DBR 1.0% 15-May-38 @ 77.35% / HR 107%
  • 18yr: 241.5bp vs DBR 2.5% 04-Jul-44 @ 85.38% / HR 92%
  • Long 38yr: 275.6bp vs DBR 2.9% 15-Aug-56 @ 85.93% / HR 87%
• Coupon:
  • Long 4yr: 4.3% Fixed, Annual, ACT/ACT (ICMA), Short First
  • Long 6yr: 4.65% Fixed, Annual, ACT/ACT (ICMA), Short First
  • Long 8yr: 4.9% Fixed, Annual, ACT/ACT (ICMA), Short First
  • 12yr: 5.4% Fixed, Annual, ACT/ACT (ICMA), Long First
  • 18yr: 6.05% Fixed, Annual, ACT/ACT (ICMA), Long First
  • Long 38yr: 6.4% Fixed, Annual, ACT/ACT (ICMA), Short First
• Par Call:
  • Long 4yr: Yes, 1-month
  • Long 6yr: Yes, 2-months
  • Long 8yr: Yes, 3-months
  • 12yr: Yes, 3-months
  • 18yr: Yes, 6-months
  • Long 38yr: Yes, 6-months
• Make-whole Redemption by the Issuer:
  • Long 4yr: B+20
  • Long 6yr: B+25
  • Long 8yr: B+30
  • 12yr: B+35
  • 18yr: B+40
  • Long 38yr: B+45
• ISIN / Common Code:
  • Long 4yr: XS3552752217 / 355275221
  • Long 6yr: XS3552752480 / 355275248
  • Long 8yr: XS3552752563 / 355275256
  • 12yr: XS3552800800 / 355280080
  • 18yr: XS3552801014 / 355280101
  • Long 38yr: XS3552801287 / 355280128
• TOE:
  • Long 4yr: 16:59 UKT / 17:59 CET
  • Long 6yr: 16:58 UKT / 17:58 CET
  • Long 8yr: 16:57 UKT / 17:57 CET
  • 12yr: 16:56 UKT / 17:56 CET
  • 18yr: 16:54 UKT / 17:54 CET
  • Long 38yr: 16:53 UKT / 17:53 CET
• B&D:
  • Long 4yr: MS
  • Long 6yr: MS
  • Long 8yr: MS
  • 12yr: MS
  • 18yr: CITI
  • Long 38yr: CITI
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Meta Platforms, Inc.’s Preliminary Prospectus Supplement
• UoP: Meta Platforms, Inc. intends to use the net proceeds from this offering for general corporate purposes
• 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: Citigroup / Morgan Stanley
• Total Deal Size: €9bn
• Books Subject: 13:00 UKT / 14:00 CET
• Book Status: Books now closed
• Allocations: Available in the system
• Hedge Deadline: 16.45 UKT / 17.45 CET
• Deal Roadshow: www.netroadshow.com/nrs/home/#!/?show=27e9494b (Recommended) or visit www.netroadshow.com and enter the requested entry code: Meta26 (not case-sensitive)