Commentary & Deal Flow

Reoffer: 6yr: SARON MS+48bp / 100 / 0.930% 10yr: SARON MS+58bp / 100 / 1.250%
Benchmark: 6yr: Govt. +65bp 10yr: Govt. +83bp

Launched: 6yr: CHF 225m @ SARON MS+48bp 10yr: CHF 275m @ SARON MS+58bp
Guidance: 6yr: SARON MS+48/50bp 10yr: SARON MS+58/60bp
IPTs: 6yr: SARON MS+48/53bp 10yr: SARON MS+60/65bp

• Issuer: L'Oréal (Ticker: ORFP)
• Country: France
• Issuer Ratings: Aa1/AA (Moody's/S&P)
• Expected Issue Ratings: Aa1/AA (Moody's/S&P)
• Format: Public Fixed Rate Notes
• Ranking: Senior unsecured
• Settlement Date: 16-Jun-26 (T+7)
• Size:
• • 6yr: CHF 225m
  • 10yr: CHF 275m
• Coupon:
• • 6yr: 0.930% p.a.
  • 10yr: 1.250% p.a.
• Maturity Date:
• • 6yr: 16-Jun-32
  • 10yr: 16-Jun-36
• Issue Price: 100.000%
• Reoffer Spread / Yield:
• • 6yr: SARON MS +48bps // YTM 0.9300% // Govt. +65bps
  • 10yr: SARON MS +58bps // YTM 1.2500% // Govt. +83bps
• ISIN / Valor:
• • 6yr: CH1564881949 / 156'488'194
  • 10yr: CH1564881956 / 156'488'195
• Lead Managers: Deutsche Bank, BNP PARIBAS, Commerzbank
• Listing: SIX Swiss Exchange as of 15-Jun-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Under the EUR 15,000,000,000 EMTN Programme
• Governing Law: French Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP, XD
• Early Redemption: 3-month Par Call, Clean-up Call (85% threshold), Tax Redemption Call
• Use of Proceeds: General corporate purposes
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular United States of America, the EEA, France, Italy, the United Kingdom, Japan and Singapore.
• Target Market: As defined by the manufacturer domiciled in the EEA: Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions