Commentary & Deal Flow

Reoffer: 5yr: MS+65bp / 99.568 / 3.596% 9yr: MS+100bp / 99.194 / 4.109%
Benchmark: 5yr: OBL 2.500% 16-Apr-31 @ 98.580 / B+78.6bp / HR 100% 9yr: DBR 2.500% 15-Feb-35 @ 95.740 / B+104.7bp / HR 100%

5yr: Books > €1.45bn
9yr: Books > €1.35bn

Launched:
5yr: €650m @ MS+65bp - Books > €1.45bn
9yr: €500m @ MS+100bp - Books > €1.35bn
IPTs: 5yr: MS+90a 9yr: MS+125a

• Issuer: Reckitt Benckiser Treasury Services PLC (Ticker: RKTLN; Country: GB)
• Issuer LEI: 213800LAXWIUOOBZ3908
• Guarantor: Reckitt Benckiser Group PLC
• Guarantor LEI: 5493003JFSMOJG48V108
• Guarantor Ratings: A3 (Stable) by Moody’s / A- (Stable) by S&P
• Expected Rating of Notes: A3 by Moody’s
• Format: Reg S, Bearer, NGN
• Status: Senior, Unsecured
• Settlement Date: 28-May-26 (T+5)
• Size:
• • 5yr: €650m
  • 9yr: €500m
• Tenor:
• • 5-year
  • 9-year
• Maturity Date:
• • 5yr: 28-May-31
  • 9yr: 28-May-35
• Reoffer:
• • 5yr: 99.568 / MS+65bps / 3.596%
  • 9yr: 99.194 / MS+100bps / 4.109%
• Coupon:
• • 5yr: 3.500% Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: 4.000% Fixed, Annual, ACT/ACT (ICMA)
• Reference Bund:
• • 5yr: 78.6bps vs OBL 2.500% 16-Apr-31 @ 98.580 / HR 100%
  • 9yr: 104.7bps vs DBR 2.500% 15-Feb-35 @ 95.740 / HR 100%
• ISIN:
• • 5yr: XS3384748060
  • 9yr: XS3384747922
• TOE:
• • 5yr: 15:39 UKT / 16:39 CET
  • 9yr: 15:38 UKT / 16:38 CET
• MWC:
• • 5yr: B+15bps
  • 9yr: B+20bps
• Denoms: €100,000 x €1,000
• Optional Redemption: 3-month Par Call, Make-Whole Call, Clean-Up Call (75%), Tax Call
• Documentation: Issuer’s Euro Medium Term Note Programme updated on 29-Aug-25, as supplemented on 15-May-26 / London Stock Exchange (Main Market) / English law
• Active Bookrunners: Barclays, BofA Securities, Goldman Sachs International (B&D), Standard Chartered Bank
• Use of Proceeds: General Corporate Purposes
• Clearing: Euroclear and Clearstream
• Selling Restrictions: As per the Base Prospectus. Reg. S, Compliance Category 2; TEFRA D.
• Sales into Canada: Yes, via exemption
• Target Market / PRIIPs / CCI: Manufacturer target market (EU MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (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 EEA or UK
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: The Base Prospectus dated 29-Aug-25, as well as the supplement dated 15-May-26, are available from, and the Final Terms, when published, will be available from, https://www.reckitt.com/investors/your-shareholding/emtn-programme-documents/
• Timing: PRICED – FTT 16:10 UKT / 17:10 CET