<SEC-DOCUMENT>0001140361-25-040552.txt : 20251105
<SEC-HEADER>0001140361-25-040552.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105165050
ACCESSION NUMBER:		0001140361-25-040552
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRISTOL MYERS SQUIBB CO
		CENTRAL INDEX KEY:			0000014272
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				220790350
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-283810
		FILM NUMBER:		251454841

	BUSINESS ADDRESS:	
		STREET 1:		ROUTE 206 AND PROVINCE LINE ROAD
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092524621

	MAIL ADDRESS:	
		STREET 1:		ROUTE 206 AND PROVINCE LINE ROAD
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRISTOL MYERS CO
		DATE OF NAME CHANGE:	19891012

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRISTOL MYERS SQUIBB CO
		CENTRAL INDEX KEY:			0000014272
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				220790350
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ROUTE 206 AND PROVINCE LINE ROAD
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092524621

	MAIL ADDRESS:	
		STREET 1:		ROUTE 206 AND PROVINCE LINE ROAD
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRISTOL MYERS CO
		DATE OF NAME CHANGE:	19891012
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20057651x3-x4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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          <td rowspan="1" style="width: 95.24%; vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">Issuer Free Writing Prospectus, dated</div>
            <div style="text-align: right; font-weight: bold;">November 5, 2025</div>
            <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433 of the </div>
            <div style="text-align: right; font-weight: bold;">Securities Act of 1933</div>
            <div style="text-align: right; font-weight: bold;">Registration Statement Nos. 333-283810 </div>
            <div style="text-align: right; font-weight: bold;">and 333-283810-01</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">BMS Ireland Capital Funding Designated Activity Company</div>
    <div style="text-align: center; font-weight: bold;">(as fully and unconditionally guaranteed by Bristol-Myers Squibb Company)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Pricing Term Sheet</u></div>
    <div style="text-align: center; font-weight: bold;">November 5, 2025</div>
    <div><br>
    </div>
    <div style="text-align: center;">&#8364;5,000,000,000 aggregate principal amount, consisting of:</div>
    <div><br>
    </div>
    <div style="text-align: center;">&#8364;750,000,000 2.973% Notes due 2030</div>
    <div style="text-align: center;">&#8364;1,150,000,000 3.363% Notes due 2033</div>
    <div style="text-align: center;">&#8364;1,150,000,000 3.857% Notes due 2038</div>
    <div style="text-align: center;">&#8364;750,000,000 4.289% Notes due 2045</div>
    <div style="text-align: center;">&#8364;1,200,000,000 4.581% Notes due 2055</div>
    <div style="text-align: center;">(together, the &#8220;Notes&#8221;)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;">This pricing term sheet (the &#8220;Pricing Term Sheet&#8221;) supplements the preliminary prospectus supplement filed by BMS Ireland Capital Funding Designated Activity Company (the
      &#8220;Issuer&#8221;) and Bristol Myers Squibb Company (the &#8220;Parent&#8221;) on November 3, 2025 (the &#8220;Preliminary Prospectus Supplement&#8221;) and the accompanying prospectus dated October 31, 2025 (the &#8220;Prospectus&#8221;) and supersedes the information in the Preliminary
      Prospectus Supplement and Prospectus. Other information (including financial information) presented in the Preliminary Prospectus Supplement is deemed to have changed to the extent effected by the changes described herein. Otherwise, this Pricing
      Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement and the Prospectus and should be read together with the Preliminary Prospectus Supplement, the Prospectus and the documents incorporated or deemed to be
      incorporated by reference therein before a decision is made in connection with an investment in the Notes. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd86664b1d894426da16ca7ad6c9f90c5" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">General Terms</div>
              <div>&#160;</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Issuer:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>BMS Ireland Capital Funding Designated Activity Company</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Guarantor:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Bristol-Myers Squibb Company</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Offering Format:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Trade Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 5, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Settlement Date*:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, 2025 (T+3)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Denominations:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>&#8364;100,000 and integral multiples of &#8364;1,000 in excess thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Expected Issue Ratings**:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>A2 by Moody&#8217;s / A by S&amp;P</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Target Market:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>No PRIIPs or UK PRIIPs KID &#8211; Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID)
              has been prepared as not available to retail in EEA or UK.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Aggregate Gross Proceeds (before estimated expenses and underwriting commission):</div>
          </td>
          <td style="width: 49.69%; vertical-align: bottom;">
            <div>&#8364;5,000,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Expected Listing:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>New York Stock Exchange</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Day Count Convention:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Actual/Actual (ICMA)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Redemption for Tax Reasons:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>In the event of certain developments affecting taxation, the Issuer will have the right, at its option, to redeem the Notes of a series, in whole but not in part, at any time, at a redemption price equal to 100% of the principal amount,
              plus accrued and unpaid interest, to, but excluding, the date of redemption.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Issuer&#8217;s LEI:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>9845002AC2D55DFID596</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1f346e2015954cdc90d1c4d75b964c6c" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div style="text-align: center; font-weight: bold;">&#8364;750,000,000 2.973% Notes due 2030</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Principal Amount:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>&#8364;750,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Maturity Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, 2030</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Price to Public:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.973%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, commencing November 10, 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Rate:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.973% annually, accruing from and including November 10, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+69.3 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>OBL 2.200% due October 10, 2030</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund Price and Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>99.620; 2.280%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Mid-Swaps:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+60 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Mid-Swaps Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.373%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Make-Whole Call:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Prior to October 10, 2030 at OBL + 10 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Par Call Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>On or after October 10, 2030</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Underwriting Commission:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>0.300%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">CUSIP / ISIN / Common Code:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>05594K AA4 / XS3215466254 / 321546625</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf4aabb53103b49a1a90ef037b8a66e09" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div style="text-align: center; font-weight: bold;">&#8364;1,150,000,000 3.363% Notes due 2033</div>
            <div> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Principal Amount:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>&#8364;1,150,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Maturity Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, 2033</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Price to Public:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>3.363%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, commencing November 10, 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Rate:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>3.363% annually, accruing from and including November 10, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+84.1 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>DBR 2.600% due August 15, 2033</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund Price and Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>100.540; 2.522%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Mid-Swaps:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+80 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Mid-Swaps Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.563%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Make-Whole Call:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Prior to August 10, 2033 at DBR + 15 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Par Call Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>On or after August 10, 2033</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Underwriting Commission:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>0.400%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">CUSIP / ISIN / Common Code:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>05594K AB2 / XS3215466338 / 321546633</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb5a34794640421bbeeef18b868f2d7f" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div style="text-align: center; font-weight: bold;">&#8364;1,150,000,000 3.857% Notes due 2038</div>
            <div>
              <div>&#160;</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Principal Amount:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>&#8364;1,150,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Maturity Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, 2038</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Price to Public:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>3.857%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, commencing November 10, 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Rate:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>3.857% annually, accruing from and including November 10, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+93.5 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>DBR 1.000% due May 15, 2038</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund Price and Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>80.090; 2.922%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Mid-Swaps:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+105 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Mid-Swaps Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.807%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Make-Whole Call:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Prior to August 10, 2038 at DBR + 15 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Par Call Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>On or after August 10, 2038</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Underwriting Commission:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>0.450%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">CUSIP / ISIN / Common Code:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>05594K AC0 / XS3215466411 / 321546641</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb7fbc95139d3443bae2a3aea83d2ecf6" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div style="text-align: center; font-weight: bold;">&#8364;750,000,000 4.289% Notes due 2045</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Principal Amount:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>&#8364;750,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Maturity Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, 2045</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Price to Public:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>4.289%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, commencing November 10, 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Rate:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>4.289% annually, accruing from and including November 10, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+115.9 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>DBR 2.500% due July 4, 2044</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund Price and Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>91.190; 3.130%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Mid-Swaps:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+135 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Mid-Swaps Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.939%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Make-Whole Call:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Prior to May 10, 2045 at DBR + 20 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Par Call Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>On or after May 10, 2045</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Underwriting Commission:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>0.625%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">CUSIP / ISIN / Common Code:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>05594K AD8 / XS3215466502 / 321546650</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z293797650ecf40dc80ca32bc93b811cb" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div style="text-align: center; font-weight: bold;">&#8364;1,200,000,000 4.581% Notes due 2055</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Principal Amount:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>&#8364;1,200,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Maturity Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, 2055</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Price to Public:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Yield to Maturity:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>4.581%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Payment Dates:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>November 10, commencing November 10, 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Interest Rate:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>4.581% annually, accruing from and including November 10, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+132.9 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>DBR 2.500% due August 15, 2054</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Benchmark Bund Price and Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>86.070; 3.252%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Spread to Mid-Swaps:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>+165 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Mid-Swaps Yield:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>2.931%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Make-Whole Call:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>Prior to May 10, 2055 at DBR + 20 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Par Call Date:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>On or after May 10, 2055</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">Underwriting Commission:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>0.650%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.31%; vertical-align: top;">
            <div style="text-indent: -9.35pt; margin-left: 9.35pt;">CUSIP / ISIN / Common Code:</div>
          </td>
          <td style="width: 49.69%; vertical-align: top;">
            <div>05594K AE6 / XS3215466767 / 321546676</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf8ac39f2e78d4db590e7bf836bb459d1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 39.82%; vertical-align: top;">
            <div>Joint Lead Managers and Joint Book-Running Managers:</div>
          </td>
          <td style="width: 60.18%; vertical-align: top;">
            <div>Citigroup Global Markets Limited</div>
            <div>Barclays Bank PLC</div>
            <div>BNP PARIBAS</div>
            <div>J.P. Morgan Securities plc</div>
            <div>Soci&#233;t&#233; G&#233;n&#233;rale</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.82%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
          </td>
          <td style="width: 60.18%; vertical-align: top;">
            <div>BofA Securities Europe SA</div>
            <div>Wells Fargo Securities International Limited</div>
            <div>Deutsche Bank Aktiengesellschaft</div>
            <div>Goldman Sachs &amp; Co. LLC</div>
            <div>HSBC Continental Europe</div>
            <div>Mizuho International plc</div>
            <div>Morgan Stanley &amp; Co. International plc</div>
            <div>UBS AG London Branch</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.82%; vertical-align: top;">&#160;</td>
          <td style="width: 60.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.82%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="width: 60.18%; vertical-align: top;">
            <div>MUFG Securities (Europe) N.V.</div>
            <div>SMBC Bank International plc</div>
            <div>Standard Chartered Bank</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>PNC Capital Markets LLC</div>
            <div>Scotiabank (Ireland) Designated Activity Company</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 39.82%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.82%; vertical-align: top;">
            <div>Co-Managers:</div>
          </td>
          <td style="width: 60.18%; vertical-align: top;">
            <div>CAVU Securities LLC</div>
            <div>Blaylock Van, LLC</div>
            <div>Bridgeway Securities Corp.</div>
            <div>Independence Point Securities LLC</div>
            <div>Tigress Financial Partners LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">-----</div>
    <div><br>
    </div>
    <div>*We expect that delivery of the Notes will be made against payment therefor on November 10, 2025, which will be the third business day following the date of pricing of the Notes (such settlement cycle being referred to as &#8220;T+3&#8221;). Under Rule 15c6-1
      promulgated under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade
      Notes prior to the business day preceding the date of delivery may be required, by virtue of the fact that the Notes initially will settle in T+3, to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should
      consult their own advisors.</div>
    <div><br>
    </div>
    <div>**These ratings are not a recommendation to buy, sell or hold the Notes. The ratings may be subject to revision or withdrawal at any time by the relevant rating agency. Each of the ratings included herein should be evaluated independently of any
      other rating. No report of any rating agency is incorporated by reference herein.</div>
    <div><br>
    </div>
    <div>The Notes will be represented by beneficial interests in fully registered permanent global notes (the &#8220;global notes&#8221;), which will be registered in the name of a nominee of, and shall be deposited on or about November 10, 2025 with, a common
      depositary for, and in respect of interests held through, Euroclear Bank, S.A./N.V., as operator of the Euroclear System (&#8220;Euroclear&#8221;), and Clearstream Banking, soci&#233;t&#233; anonyme (&#8220;Clearstream&#8221;). Any Notes represented by global notes held by a nominee
      of Euroclear or Clearstream will be subject to the then applicable procedures of Euroclear and Clearstream, as applicable. Euroclear and Clearstream&#8217;s current practice is to make payments in respect of global notes to participants of record that hold
      an interest in the relevant global notes at the close of business (in London) on the date that is the clearing system business day (for these purposes, a day on which Euroclear and Clearstream are open for business) immediately preceding each
      applicable interest payment date.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div>This Pricing Term Sheet is not a prospectus for the purposes of Regulation (EU) 2017/1129, including the same as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended by the European
      Union (Withdrawal Agreement) Act 2020.</div>
    <div><br>
    </div>
    <div>The communication of this Pricing Term Sheet and any other document or materials relating to the issue of the Notes is not being made, and such documents or materials have not been approved, by an authorized person for the purposes of Section 21
      of the United Kingdom&#8217;s Financial Services and Markets Act 2000, as amended (the &#8220;FSMA&#8221;). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. This document
      and such other documents and/or materials are for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the
      Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;Financial Promotion Order&#8221;)), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are
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