DSV A/S (fka DSV Panalpina A/S)

2 yr: Book size: 2100; Registration: Reg S Only; Comments: HR 105% vs OBL 0.0% Oct 2026 #184 (+68.7 / Px 95.790). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes; 2 yr: Book size: 2450; Registration: Reg S Only; Comments: HR 105% vs OBL 0.0% Oct 2026 #184 (+68.7 / Px 95.790). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 1m. MWC: B+15bp; 4 yr: Book size: 3950; Registration: Reg S Only; Comments: HR 98% vs OBL 2.4% Oct 2028s #188 (B+93.4 / Px 100.665). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 2m. MWC: B+15bp; 6 yr: Book size: 7600; Registration: Reg S Only; Comments: HR 96% vs DBR 2.4% Nov 2030 (B+105.2 / Px 100.68). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 3m. MWC: B+20bp; 8 yr: Book size: 6700; Registration: Reg S Only; Comments: HR 100% vs DBR 1.7% Aug 2032 (B+114.7 / Px 96.01). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 3m. MWC: B+20bp; 10 yr: Book size: 6250; Registration: Reg S Only; Comments: HR 95% vs DBR 2.6% Aug 2034 (B+110.7 / Px 101.83. Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 3m. MWC: B+20bp;

Joint Bookrunners: BNP (B&D) (2yr/4yr), HSB (B&D) (6yr/8yr/10yr), DAN, NRD. EUR 6-tr bmk snr unsec RegS. A3/A-/NR. IPTs 2yr FRN 3mE+85 area, 2yr FXD MS+85/+90, 4yr MS+115 area, 6yr MS+135 area, 8yr MS+145 area, 10yr MS+150 area. Guidance 3mE+55 area, MS+60 area, MS+85 area, MS+105 area, MS+110 area, MS+115 area. Launch 600m at 3mE+50, 650m at MS+55, MS+80, MS+95, MS+100, MS+105. Final books 2.1bn+, 2.45bn+, 3.95bn+, 7.6bn+, 6.7bn+, 6.25bn+ (peak 2.2bn+, 2.6bn+, 3.8bn+, 8.2bn+, 7.1bn+, 7.2bn+). LEI: 529900RTQQ0IIS4B3E03

DSV A/S

M&A

8 wq: Book size: 9925; Registration: Jai M Disx; Comments: YCE600l 8qg ulq eqg bqejd EjrX. S3/S-. Wgqeqj/VXRJ(R&W)/IZY/Zegsjg/Zqq. IECe OX+100 ggjg, rbcsgqdj +80 ggjg (+/-2 drcg) deg deg 500l-lgu 600l, tgbqdl 600l gz +78. Ucqgt ueeq 1.6uq+. 148.9ure te WRE 0% Uju 2030 @ 99.53 (VE 94%). Egg Jgtti 3l. Jtjgqbr Jgtti 80%. ONJi R+25. CYIi 529900ECWW0IIX4R3Y03;

Udddkkw yxkpxkkdd pwkpxodo, kdmmdkdymde

15 dh: Book size: 4823; Registration: Hkm F Bits; Comments: JVK500h 15lz acz wcavk KvqZ. U3/U-. Xucayv/OZAB(A&X)/BBJ/Bazlvu/Bly. BXSa VZ+90 uzvu, qwkluckv VZ+70 uzvu, guwcke 500h uc VZ+68, ly >1.1lc uc qwkluckv, hvuy >1.3lc. VXB A+15, 3hXB. XAK 0% 05/36 (@101.07) + 102.8 lha / OK 93%. LJBr 529900KSQQ0BBZ4A3J03;

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Vkdkqlr Xiqpiqllk Iqqpirkr

12 sl: Book size: 6057; Registration: Aeb C Iqvd; Comments: XVU600t 12js xns tnxym UysV. A3/A-. Iwnxay/AVDC(D&I)/ZDW/Dasjyw/Dja. ZRIx JV+85 wsyw, stvjwnmy JV+60 wsyw (+/-2 GRZU), xyr 600t wr JV+58 an xa >2xn (tsy sym @rvsvr ynj), tywa >2.3xn, IDU 0% 08/2031 + 100.0 xtx (syk c 101.73) AU c 110%. JGC D+15, 3tRC. WII 4tt. UXZc 529900UIBB0ZZV4D3X03;

Rejejyx Izjezjyae Dujeziei

10 pd: Book size: 938; Registration: Isa K Frkt; Comments: ROX500l 10px 0.5% zwx jwzeb XeqV. F3/F-. Dxwzxe/VVOR(O&D)/JZN/Zmxwex/Zpx. JPXz KV+75 xxex. Njowxwbe KV+55 xxex. Rxle KV+51 / O+85 gz 0% 8/30 @ 103.191 VX 99%. Pxobew Uewz. 3lPR, KUR O+15. ZRJu 529900XXSS0JJV4O3R03;

SDF Vquqeoeuq S/D

7 os: Book size: 5339; Registration: Zkd K Kunz; Comments: GZA500x 7mh. EEE+ J&O. Kelmhq/JJEQ(E&K)/Yvhmqe/Ymh. NOO LJ+95 ehqe, rwimeleq LJ+70 ehqe, mqx LJ+65 gh 3.1gl nhq-hqe, 175eem. LWQ E+15, 3xOQ.;

4 im: Comments: PDL150q 4xz 1% Lbk. rfz qfrxr. XO+121.3 / Aykw+150. FBO/UBBO, Uxtkxz Pgxxxzxqb ryqyf (Oyqzrxd ELU);

7 eu: Registration: Uwj K Xxsh; Comments: IRQ200-250w 7jz wls pgz sgpye QycO. Vggpgy/KRY/Rjzsyg(I&V)/Rjg. KYJp QO+150 gzyg, csgsggey QO+135/140 LYKQ, pyh QO+135 wjz 200w jg qgp @443w. RY/JV/YjY/QLY I+25/3wYY. Isgs 1% Vsc 2024 +188.3 @107.321, KQ 90%. EJJ 8gw Ezgsgj (9gw YIJ);