Commentary & Deal Flow

Reoffer: 8yr: MS+102bp / 100 / 3.965%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 95.24 / B+107.7bp / HR 100%

Final Books: Above €4.6bn (pre-reconciliation)

Launched: 8yr: €500m @ MS+102bp - Book above €4.6bn (pre rec, good at guidance)
Guidance: 8yr: MS+110a - Books above €4.3bn (pre-reconciliation)
IPTs: 8yr: MS+140-145bp

• Issuer: Sydney Airport Finance Company Pty Limited (Ticker: SYDAU / Country: AU)
• Guarantors: Southern Cross Airports Corporation Holdings Limited, Southern Cross Airports Corporation Pty Limited, Sydney Airport Corporation Limited and Sydney Airport RPS Company Pty Limited
• Issuer LEI: 549300MJAANHLHOVTO40
• Issuer Rating: Baa1 (stable) / BBB+ (stable) by Moody’s / S&P
• Exp. Issue Rating: Baa1 / BBB+ by Moody’s / S&P
• Status: Senior, Secured
• Format: Registered
• Distribution: Reg S, Cat 2, TEFRA Not Applicable
• Settlement Date: 28-Apr-26 (T+8)
• Maturity: 28-Apr-34
• Size: €500m
• Reoffer: MS+102bp / 100 / 3.965%
• Benchmark: 107.7bps vs DBR 2.2 15-Feb-34 (95.24) HR: 100%
• Coupon: 3.965% Fixed, Annual, Act/Act (ICMA)
• Issuer’s Calls: MWC +20bps (Reference: DBR 2.2 15-Feb-34 (DE000BU2Z023)); 3-month Par Call
• Change of Control: Yes, at 101%
• ISIN: XS3324584260
• Common Code: 332458426
• Use of Proceeds: To refinance existing indebtedness and/or for general corporate purposes
• Documentation: The Issuer’s €50,000,000,000 Secured Euro Medium Term Note Programme as described in the Offering Circular dated 13-Mar-26 relating to the Programme (the “Offering Circular”)
• Governing Law: English law, except for the Security Documents and the Intercreditor Deed (each as defined in the Offering Circular), which are governed by the laws of New South Wales
• Denominations: €100,000/€1,000
• Global Coordinator & Bookrunner: J.P. Morgan
• Bookrunners: BNP Paribas (B&D), Credit Agricole CIB, SMBC, Societe Generale
• Selling Restrictions: As set out in the Offering Circular
• Listing: Singapore Exchange Securities Trading Limited (“SGX-ST”)
• Clearing: Euroclear and Clearstream
• Target Market: MiFID II and UK MiFIR professionals/ECPs-only - Manufacturer target market (MiFID II and UK MiFIR Product Governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary
• Advertisement: The Offering Circular is available on the website of the SGX-ST (https://www.sgx.com/). The Pricing Supplement in respect of the Notes, when available, will be also published on the website of the SGX-ST
• Timing: TOE: 14.47 UKT / 15.47 CET | FTT: 15.15 UKT / 16.15 CET