Commentary & Deal Flow

Tranche 1 (3yr): Final Books €2.1bn+. Peak book €2.4bn+.
Tranche 2 (7yr): Final Books €1.4bn+. Peak book €1.6bn+.
Tranche 3 (11yr): Final Books €1.7bn+. Peak book €1.8bn+.

Launched:
3yr: €1bn @ MS+28bp - Books €2.4bn+
7yr: €650m @ MS+50bp - Books €1.6bn+
11yr: €650m @ MS+70bp - Books €1.8bn+
Guidance:
3yr: MS+28bp - Books €3.1bn+
7yr: MS+50bp - Books €2.0bn+
11yr: MS+70bp - Books €2.0bn+
IPTs: 3yr: MS+60bp area 7yr: MS+80-85bp 11yr: MS+100bp area

• Issuer: Sanofi
• Ticker: SANFP
• Country: FR
• Issuer LEI: 549300E9PC51EN656011
• Issuer Ratings: Aa3/AA/AA (Moody's/S&P/Scope)
• Issue Expected Ratings: Aa3/AA/AA (Moody's/S&P/Scope)
• Format of Notes: Senior Unsecured, Unsubordinated Reg S (Cat 2) Bearer dematerialized
• Pricing Date: 24-Apr-26
• Settlement Date: 05-May-26 (T+6)
• Issue Size:
• • 3-year: €1bn
  • 7-year: €650m
  • 11-year: €650m
• Total Size: €2.3bn
• Maturity Date:
• • 3-year: 05-May-29
  • 7-year: 05-May-33
  • 11-year: 05-May-37
• Coupon:
• • 3-year: [●] % Fixed, Annual, ACT/ACT (ICMA)
  • 7-year: [●] % Fixed, Annual, ACT/ACT (ICMA)
  • 11-year: [●] % Fixed, Annual, ACT/ACT (ICMA)
• Par Call:
• • 3-year: 1-month
  • 7-year: 3-month
  • 11-year: 3-month
• Clean-up Call:
• • 3-year: 75%
  • 7-year: 75%
  • 11-year: 75%
• Make-Whole Call:
• • 3-year: [●]
  • 7-year: [●]
  • 11-year: [●]
• Benchmark:
• • 3yr: OBL 2.1% Apr-29s / HR 101%
  • 7yr: DBR 2.3% Feb-33s / HR 102%
  • 11yr: DBR 4.0% Jan-37s / HR 94%
• Denominations: €100k+€100k
• Use of Proceeds: General Financing and Corporate Purposes
• ISIN:
• • 3-year: FR0014016SU0
  • 7-year: FR0014016SW6
  • 11-year: FR0014016SX4
• Listing and Documentation: Euronext Paris (Regulated Market) / EMTN Programme Base Prospectus dated 4 June 2025 as supplemented on 13 June 2025, 27 February 2026 and 23 April 2026
• Clearing: Euroclear France
• Governing Law: French Law
• Global Coordinators: Citi, HSBC and J.P. Morgan (B&D)
• Active Bookrunners: CACIB, Citi, Deutsche Bank, HSBC, J.P. Morgan (B&D), RBC Capital Markets and UniCredit
• Billing & Delivery: J.P. Morgan
• Hedge Deadline: 15.45 UKT / 16.45 CET
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or the United Kingdom.
• Advertisement Language: The Base Prospectus and any supplement are available on the AMF's and the Issuer’s website - The Final Terms when published will be available on the AMF's website (https://www.amf-france.org) - The documents will also be available on the issuer’s website (www.sanofi.com).
• Timing: Books Open, Today’s Business
• Books Subject: Books to go subject at 12.40 UKT / 13.40 CET