Commentary & Deal Flow

Final Books: In excess of €4.5bn. Peak Book: In excess of €4.9bn (pre-rec)

Launched: 5yr: €500m @ MS+105bp - Books in excess of €4.9bn (pre-rec)
Guidance: 5yr: MS+110a - Books over €4.3bn (pre-reconciliation)
IPTs: 5yr: MS+145a

• Issuer: SELP Finance S.à r.l.
• Ticker: SEGPLP
• Country: LU
• LEI: 549300Y4VYEJE1MH6D45
• Guarantor: SEGRO European Logistics Partnership S.à r.l.
• Guarantor Rating: Baa2 (positive) by Moody’s
• Expected Issue Rating: Baa2/BBB+ (Moody's/Fitch)
• Form and Status of the Notes: Registered (New Safekeeping Structure), Senior Unsecured
• Settlement Date: 21-Apr-26 (T+5)
• Currency: EUR
• Principal Amount: €500m
• Maturity Date: 21-Apr-31
• Tenor: 5-year
• Coupon: Fixed Rate, Annual Act/Act (ICMA), Unadjusted, Following
• ISIN: XS3310387256
• Benchmark Bund: OBL 2.5 16-Apr-31 #193 (ISIN: DE000BU25067)
• Hedge Ratio: 97% vs OBL 2.5 16-Apr-31
• Hedge Deadline: 14:55 UKT / 15:55 CET
• Use of Proceeds: General Corporate Purposes including the refinancing of existing indebtedness
• Covenants: Loan to Value: Consolidated Total Net Borrowings / Consolidated Adjusted Total Assets <= 60% (Semiannual Test)
  Interest Cover: Consolidated EBITDA / Net Finance Charges >= 1.5x (Semiannual Test)
  Secured Debt: Consolidated Priority Borrowings / Consolidated Total Assets <= 30% (Semiannual Test)
• MWC: Yes
• Par Call: Yes, 3-month
• Change of Control Put Option: At par, subject to rating downgrade
• Redemption for Taxation Reasons: Applicable
• Negative Pledge: None
• Cross Acceleration: Yes
• Denominations: EUR 100,000 + integral multiples of EUR1,000 in excess thereof
• Listing: Euronext Dublin (Regulated Market)
• Governing Law: English Law
• Documentation: Under the Issuer’s EUR 5 Billion EMTN Programme dated 31-Mar-26 (the “Programme”)
• Selling Restrictions: US Selling Restrictions: Reg S Cat 2; TEFRA not applicable
  No sales to retail in the EEA or UK
  Other selling restrictions as set out in the Programme
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Joint Lead Managers: Bank of China, BNP Paribas, NatWest (B&D), and Santander
• Clearing: Euroclear / Clearstream
• Advertisement: The Base Prospectus is available at Euro Medium Term Note Programme – SELP and the Final Terms, when published, will be available at https://live.euronext.com/en
• Marketing: URL: https://dealroadshow.com
  Entry Code: SELP2026
  Direct Link: https://dealroadshow.com/e/SELP2026
• Timing: Today’s business, pricing to follow