Commentary & Deal Flow

Launched:
2yr: €600m @ 3mE+35bp - Books €1.85bn+ (pre-reconciliation)
4yr: €500m @ MS+45bp - Books €2.1bn+ (pre-reconciliation)
10yr: €500m @ MS+80bp - Books €1.7bn+ (pre-reconciliation)

IPTs: 2yr FRN: 3mE+60a 4yr: MS+80a 10yr: MS+110/115

• Issuer: Linde PLC (Ticker: LIN)
• Issuer LEI: 5299003QR1WT0EF88V51
• Current Issuer Rating: A2 (stable) / A (stable) (Moody's/S&P)
• Expected Issue Rating: A2 / A (Moody's/S&P)
• Format: Reg S, bearer, senior unsecured
• Settlement: 13-May-26 (T+5)
• Size: 2yr: €600m, 4yr: €500m, 10yr: €500m (Total €1.6bn)
• Maturity:
• • 2yr FRN: 13-May-28
  • 4yr: 13-May-30
  • 10yr: 13-May-36
• Coupon:
• • 2yr FRN: Quarterly, act/360
  • 4yr: Fixed, Ann, Act/Act ICMA
  • 10yr: Fixed, Ann, Act/Act ICMA
• Optional Redemption:
• • 2yr FRN: 1 month par call
  • 4yr: 1 month par call, MWC, clean-up call (75%)
  • 10yr: 3 month par call, MWC, clean-up call (75%)
• CoC:
• • 2yr FRN: Yes (100%)
  • 4yr: Yes (100%)
  • 10yr: Yes (100%)
• ISIN:
• • 2yr FRN: XS3370292644
  • 4yr: XS3370296801
  • 10yr: XS3370298682
• Docs: Under Linde’s debt issuance programme dated 04-May-26
• Denominations: €100k x €100k
• UoP: General Corporate Purposes
• Listing: EuroMTF of the Luxembourg Stock Exchange
• Selling Restrictions: Reg S and as per the base prospectus of Linde’s debt issuance programme dated 04-May-26
• Governing Law: German
• Clearing System: Clearstream Banking Luxembourg / Euroclear
• Target Market (MIFID II and UK MiFIR product governance): Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). Not intended for retail distribution: no EEA PRIIPs KID and no UK DISC disclosure document will be prepared.
• Joint Actives: Citigroup (B&D), J.P. Morgan, Mizuho
• Billing & Delivery: Citi
• Timing: Books open, today’s business
• Books subject at: 1230 UKT / 1330 CET
• Schedule: Allocations and Pricing to follow this afternoon