Company: GOOGL
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261740
Chunk: 16

Company: Alphabet Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 16
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 results. The Secured Overnight Financing Rate (“SOFR”) may be more volatile than other benchmark or market rates. Since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although changes in Compounded SOFR generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the floating rate notes may fluctuate more than floating rate notes that are linked to less volatile rates. In addition, the volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repo market. The Federal Reserve Bank of New York has at times conducted operations in the overnight U.S. Treasury repo market in order to help maintain the federal funds rate within a target range. There can be no assurance that the Federal Reserve Bank of New York will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be materially adverse to investors in the floating rate notes. Furthermore, investors should not rely on any historical changes or trends in SOFR as an indicator of future changes in SOFR. The interest rate on the floating rate notes is based on Compounded SOFR and the SOFR Index, both of which are relatively new in the marketplace. For each floating rate interest period (as defined herein), the interest rate will be based on Compounded SOFR, which will be calculated using the SOFR Index published by the Federal Reserve Bank of New York according to the specific formula described under “Description of the Notes—Interest—Floating Rate Notes—Information about the SOFR and the SOFR Index,” not the SOFR rate published on or in respect of a particular date during S-10

such period or an arithmetic average of SOFR rates during such period. For this and other reasons, the interest rate on the floating rate notes during any respective floating rate interest period
will not necessarily be the same as the interest rate on other SOFR-linked investments that use an alternative basis to determine the applicable interest rate. Further, if the SOFR rate in respect of a particular date during any respective floating
rate interest period is negative, its contribution to the SOFR Index will be less than one, resulting in a reduction to Compounded SOFR used to calculate the interest payable on such notes on the floating rate interest payment dates (as defined
herein