Commentary & Deal Flow

Launched:
3yr: US$2.75bn @ T+95bp - Books >US$8.8bn (ex JLM)
7yr: US$1.75bn @ T+105bp - Books >US$7.6bn (ex JLM)
30yr: US$2.5bn @ T+135bp - Books >US$8.1bn (ex JLM)
Spread set at: 3yr: T+95bp - Books >US$7.6bn (ex JLM) | 7yr: T+105bp - Books >US$6.8bn (ex JLM) | 30yr: T+135bp - Books >US$7.2bn (ex JLM)
Book Update: Books > US$14bn (excluding JLM interest)
IPTs: 3yr: T+130a 7yr: T+135a 30yr: T+170a

• Issuer: GACI First Investment Company
• LEI of Issuer: 558600TU1PWGNLZ3XM88
• Guarantor: The Public Investment Fund
• LEI of Guarantor: 558600EF1LZ82YHRMV66
• Guarantor Rating: Aa3/A+ (Moody's/Fitch)
• Expected Issue Rating: Aa3/A+ (Moody's/Fitch)
• Programme: Guaranteed Euro Medium Term Note Programme
• Form: Registered Form Notes
• Type: Regulation S, Category 2
• Status: Senior Unsecured
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof
• Settlement Date: 14-May-26 (T+5)
• Issue Size:
• • 3-year: US$2.75bn
  • 7-year: US$1.75bn
  • 30-year: US$2.5bn
• Maturity Date:
• • 3-year: 14-May-29
  • 7-year: 14-May-33
  • 30-year: 14-May-56
• Benchmark:
• • 3-year: T 3 7/8 15-Apr-29
  • 7-year: T 4 1/8 30-Apr-33
  • 30-year: T 4 5/8 15-Nov-55
• Par Call:
• • 3-year: 100% (plus accrued and unpaid interest) on or after the date falling one month prior to the Maturity Date
  • 7-year: 100% (plus accrued and unpaid interest) on or after the date falling one month prior to the Maturity Date
  • 30-year: 100% (plus accrued and unpaid interest) on or after the date falling six months prior to the Maturity Date
• B&D:
• • 3-year: Citi
  • 7-year: Citi
  • 30-year: J.P. Morgan
• Coupon:
• • 3-year: FXD SA 30/360
  • 7-year: FXD SA 30/360
  • 30-year: FXD SA 30/360
• Use of Proceeds: General Corporate Purposes
• Governing Law: English Law
• Listing: London Stock Exchange, ISM
• Clearing: Euroclear and Clearstream Luxembourg
• Target Market: MiFID II / UK MiFIR professional investors and ECPs only
• Joint Global Coordinators: Citi, Goldman Sachs International, HSBC, J.P. Morgan
• Joint Active Bookrunners: BNP PARIBAS, BofA Securities, Mizuho, SMBC, Société Générale Corporate & Investment Banking, Standard Chartered Bank
• Timing: Global books open, today's business
• Books Subject: 2.15PM UKT / 9.15AM NY
• Stabilisation: FCA / ICMA stabilisation applies
• Advertisement: The Offering Circular is and the final Supplemental Offering Circular and the applicable pricing supplements, when published will be, available on the website of the London Stock Exchange (http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html).