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Optional Redemption:
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The notes of each series will be redeemable, in whole or in part, at any time and from time to time prior to April 28, 2025 (one
month prior to the maturity date) with respect to the 2025 Notes, February 28, 2030 (three months prior to the maturity date) with respect to the 2030 Notes, November 28, 2039 (six months prior to the maturity date) with respect to the
2040 Notes and November 28, 2049 (six months prior to the maturity date) with respect to the 2050 Notes (each such date, a “Par Call Date”), at Pfizer Inc.’s option, at a redemption price equal to the greater of the following
amounts: (i) 100% of the principal amount of the notes being redeemed on the redemption date; and (ii) the sum of the present values of the remaining scheduled payments (through the Par Call Date assuming for such purpose that such notes
matured on the applicable Par Call Date) of principal and interest on the notes being redeemed on that redemption date (not including the amount, if any, of accrued and unpaid interest to, but excluding, the redemption date) discounted to the
redemption date on a semi-annual basis at the Treasury Rate (as defined in the prospectus supplement), as determined by the Independent Investment Banker (as defined in the prospectus supplement), plus 10 bps in the case of the 2025 Notes, 15 bps in
the case of the 2030 Notes, 20 bps in the case of the 2040 Notes and 20 bps in the case of the 2050 Notes; plus, in each case, accrued and unpaid interest on the notes being redeemed, to, but excluding, the redemption date.
At any time on or after the applicable Par Call Date, the notes of each series will be
redeemable, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption
date.
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Expected Settlement Date:
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May 28, 2020 (T+7)
Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business
days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the second business day before the delivery of the Notes hereunder will be required, by virtue of the fact that the Notes
initially will settle in T+7, to specify alternative settlement arrangements to prevent a failed settlement.
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