Commentary & Deal Flow

Reoffer: 4yr: SARON MS+80 / 100 / 1.2175% 8yr: SARON MS+100 / 100 / 1.6648%

Spread set at: 4yr: SARON MS+80bp 8yr: SARON MS+100bp
Guidance: 4yr: SARON MS+80a 8yr: SARON MS+100a
IPTs: 4yr: SARON MS+75/85bp 8yr: SARON MS+95/105bp

• Issuer: PPG Industries, Inc. (Ticker: PPG)
• Issuer Domicile: United States of America
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Bonds
• Ranking: Senior Unsecured
• Issuer Rating: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
• Expected Instrument Rating: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
• Size:
• • 4yr: CHF 180m
  • 8yr: CHF 140m
• Payment Date: 03-Jun-26
• Maturity Date:
• • 4yr: 03-Jun-30
  • 8yr: 02-Jun-34
• Coupon:
• • 4yr: 1.2175% p.a.
  • 8yr: 1.6648% p.a. (short first)
• Lead Manager: BNP Paribas
• Listing: SIX Swiss Exchange as of 01-Jun-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• Governing Law: Swiss Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP
• Early Redemption: 1 Month Par Call on Tranche 1, 3 Month Par Call on Tranche 2, Clean-up Call at 85% at Par, Tax call
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: USA, US Persons, EEA, UK
• Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions
• Timing: Today's business