Registration: 144A/Reg S; Comments: EUR575m (from EUR400m minimum size) due 01/15/28 (7.25y). NC3.25 (01/15/24) (MWC B+50bp), Then at 102.187, 101.094, 100. Equity claw: 3.25y 40% at 104.375. Special call: 10% per year the first 3.25 years at 103. Reg S ISIN: XS2243548273. IPT mid-to-high 4s. Px talk: 4.50% area. Launched: EUR575m at 4.375%. Priced: 4.375% at 100. +504bp vs DBR 5.625% 01/04/28.; Registration: 144A/Reg S; Comments: USD500m (from USD500m minimum size) due 2028 (7.25y). NC3.25 (MWC T+50bp) (50%, 25%, par). Equity claw: 3.25y 40%. IPT 6% area. Px talk: 5.75% area. Revised price talk: $500m at 5.50%-6.625%.;

Cheplapharm Arzneimittel GmbH (CHEPDE) EUR1bn equivalent (EUR/US$) 144A/Reg S sr sec 1st lien notes 2-part. B2/B/BB- (negative/stable/stable). Via JPM/DB joint glocos/CS/HSBC joint books. No reg rights. List ISE. NY law. - EUR575m (from EUR400m minimum size) due 2029 (7.25y). NC3.25 (MWC B+50bp) (50%, 25%, par). Equity claw: 3.25y 40%. IPT mid-to-high 4s. Px talk: 4.50% area. Launched: EUR575m at 4.375%. - USD500m (from USD500m minimum size) due 2028 (7.25y). NC3.25 (MWC T+50bp) (50%, 25%, par). Equity claw: 3.25y 40%. IPT 6% area. Px talk: 5.75% area. Revised price talk: $500m at 5.50%-6.625%. Roadshow 10/05-07 (European investor call at 11am UKT 10/05, US investor call at 12:30pm NYT 10/05). EUR books closed at 10am UKT 10/08. US books now close at 10am 10/08 (originally closing at 5pm NYT 10/07). Pricing 10/08. UOP: along with EUR90m cash on hand and a EUR50m revolver drawdown, to fund acquisitions (cardiology portfolio form Sanofi for EUR93m, portfolio of 4 products from LEO Pharma for EUR302m, portfolio of products from Takeda for EUR475m and Rivotril from Roche for EUR260m). Biz: specialty pharmaceuticals. HQ: Greifswald, Germany.