Commentary & Deal Flow

Final Books above £1.5bn. Peak book north of £1.55bn
Launched: 10yr: £350m @ G+138bp - Books north of £1.55bn
IPTs: 10yr: G+155a

• Issuer: Pearson Funding plc (Ticker: PSON; Country: GB)
• Issuer LEI: 2138001ZJKQ5U81RMY52
• Guarantor: Pearson plc
• Guarantor LEI: 2138004JBXWWJKIURC57
• Issuer Rating: Baa2 / BBB (both stable, Moody's/Fitch)
• Exp Issue Rating: Baa2 / BBB (Moody's/Fitch)
• Format: Senior, Unsecured, Reg S, Bearer, TEFRA D
• Settlement: 28-Apr-26 (T+3)
• Size: £350m
• Maturity: 28-Apr-36 (10 year)
• Benchmark Gilt: UKT 4.250% 07-Mar-36 | HR 99%
• Hedge Deadline: 14h20 UKT
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Denominations: £100,000 and integral multiples of £1,000
• Issuer Calls: 3m Par Call, MWC
• Investor Put: Change of Control Put applicable as described in condition 9(g) of the Listing Particulars
• Documentation: Under the Issuer’s £3,000,000,000 Euro Medium Term Note Programme Listing Particulars dated 17-Apr-26 (the “Listing Particulars”)
• Listing: International Securities Market of the London Stock Exchange
• Clearing / Settlement: Euroclear / Clearstream
• Governing Law: English Law
• Selling Restrictions: As set out in the Listing Particulars
• Use of Proceeds: General Corporate Purposes
• Joint Bookrunners: Barc (B&D), BofA, HSBC
• ISIN / Common Code: XS3357258758 / 335725875
• Target Market / PRIIPs/CCI: UK MiFIR product governance - eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or the United Kingdom. No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: The Listing Particulars is available and the Final Terms, when published, will be available on https://plc.pearson.com/en-GB/investors/debt-investors
• Marketing: https://dealroadshow.com/ / PEARSON2026
• Sales into Canada: Yes, via exemption
• Timing: Books open, today’s business
• Books Subject: 12.15 UKT