Commentary & Deal Flow

Reoffer: 8yr: MS+33bp / 99.501 / 3.322% 12yr: MS+60bp / 98.866 / 3.744% 20yr: MS+95bp / 98.707 / 4.222%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 95.00 / B+38.8bp 12yr: DBR 1 15-May-38 @ 78.10 / B+50.3bp 20yr: DBR 3.4 15-May-47 @ 98.34 / B+71.1bp

8yr: Final Books >€2.6bn (incl €575mn JLM interest). Peak book in excess of €3.3bn.
12yr: Final Books >€2.2bn (incl €200mn JLM interest). Peak book in excess of €2.8bn.
20yr: Final Books >€2.4bn (incl €165mn JLM interest). Peak book in excess of €2.9bn.

Launched:
8yr: €1bn @ MS+33bp - Orderbook closed in excess of €3.3bn (incl €575mn JLM interest)
12yr: €1bn @ MS+60bp - Orderbook closed in excess of €2.8bn (incl €200mn JLM interest)
20yr: €1bn @ MS+95bp - Orderbook closed in excess of €2.9bn (incl €165mn JLM interest)
Spread set at:
8yr: MS+33bp - Orderbook in excess of €4bn (incl €575m JLM interest)
12yr: MS+60bp - Orderbook in excess of €3.1bn (incl €200m JLM interest)
20yr: MS+95bp - Orderbook in excess of €3.1bn (incl €165m JLM interest)
Book Update: Books in excess of €5.25bn (incl. €940m JLM interest)
IPTs: 8yr: MS+65a 12yr: MS+90a 20yr: MS+125a

• Issuer: MTR Corporation Limited (66.HK)
• Issuer Ratings: Aa3/AA+ (Moody's/S&P)
• Expected Issue Ratings: Aa3/AA+ (Moody's/S&P)
• Status: Senior Unsecured Green Notes, Fixed Rate, Drawdown under the Issuer’s US$25,000,000,000 Debt Issuance Programme (the “Green Notes”)
• Format: Regulation S (Category 2), Registered Form
• Issue Size: €3bn
• Tenor:
• • 8-Year
  • 12-Year
  • 20-Year
• Maturity:
• • 8yr: 10-Jun-34
  • 12yr: 10-Jun-38
  • 20yr: 10-Jun-46
• Size:
• • 8yr: €1bn
  • 12yr: €1bn
  • 20yr: €1bn
• Reoffer Spread:
• • 8yr: MS+33
  • 12yr: MS+60
  • 20yr: MS+95
• Reoffer:
• • 8yr: 99.501 / 3.322%
  • 12yr: 98.866 / 3.744%
  • 20yr: 98.707 / 4.222%
• Benchmark:
• • 8yr: +38.8bps vs DBR 2.2 15-Feb-34 (95.00/ 2.934%)
  • 12yr: +50.3 bps vs DBR 1 15-May-38 (78.10/3.241% )
  • 20yr: +71.1bps vs DBR 3.4 15-May-47 (98.34 / 3.511%)
• Optional Redemption:
• • 8yr: 3-months par-call
  • 12yr: 3-months par-call
  • 20yr: 6-months par-call
• Coupon:
• • 8yr: 3.250% Annual, Actual/Actual (ICMA)
  • 12yr: 3.625% Annual, Actual/Actual (ICMA)
  • 20yr: 4.125% Annual, Actual/Actual (ICMA)
• ISIN:
• • 8yr: HK0001306932
  • 12yr: HK0001306940
  • 20yr: HK0001306957
• Use of Proceeds: To fund or refinance, in whole or in part, eligible green investments as set out in section 4 of the MTR Sustainable Finance Framework
• Second Party Opinion Provider on the Green Notes: Sustainable Fitch
• Listing: The Stock Exchange of Hong Kong Limited, Euro MTF Market of the Luxembourg Stock Exchange
• Denominations: €100,000 / €1,000
• Governing Law: English law
• JGCs, JBRs and JLMs: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, HSBC, J.P. Morgan and Societe Generale
• JLMs: Bank of China (Hong Kong), Barclays, BofA Securities, Citigroup, ICBC (Asia), Morgan Stanley, Standard Chartered Bank and UBS
• Sole ESG Structuring Advisor: Societe Generale
• B&D: HSBC
• Clearing: CMU with linkage to Euroclear/Clearstream
• Timing: Priced, 16.25 UKT / 23.25 HKT, FTT 5pm UKT
• Settlement Date: 10-Jun-26 (T+5)
• Netroadshow: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=9ce6b3ab (Recommended) OR Visit www.netroadshow.com and enter the entry code: lorol26 (not case-sensitive)