Commentary & Deal Flow

Final Books over €1.1bn. Peak book over €1.4bn (pre-rec)

Launched: 11yr: €650m @ MS+85bp - Books over €1.25bn (pre rec)
Spread set at: 11yr: MS+85bp - Books over €1.4bn (pre-rec)
IPTs: 11yr: MS+115a

• Issuer: N.V. Nederlandse Gasunie (Ticker: NEGANV, Country: NL)
• Issuer LEI: 724500MQFZSYSBC5H178
• Issuer Ratings: A2 (negative) / AA- (stable) (Moody's/S&P)
• Exp. Issue Rating: AA- by S&P
• Ranking: Senior, Unsecured
• Format: Reg S, Bearer, New Global Note
• Pricing Date: 23-Jun-26
• Settlement date: 30-Jun-26 (T+5)
• Size: €650m
• Tenor: 11-year
• Maturity: 30-Jun-37
• Coupon: Fixed, Annual, Actual/Actual (ICMA)
• ISIN: XS3386682952
• Reference Benchmark: DBR 4 01-Apr-37 (HR: 93%)
• Hedge Deadline: 14:25 UKT
• Early Redemption: 3m par call, MWC, Clean-Up Call (75%)
• Documentation: Issuer’s EUR 7.5bn EMTN Programme dated 01-Oct-25 and Supplemented 22-Jun-26
• Denoms: EUR 100k + EUR 1k
• Listing: Euronext Amsterdam regulated market
• Governing Law: Dutch law
• Selling Restrictions: As per Base Prospectus dated 01-Oct-25 and the Supplement dated 22-Jun-26
• UoP: General corporate purposes
• Stabilisation: Relevant stabilisation regulations will apply
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as the bonds are not available to retail in EEA or the UK.
• Joint Active Bookrunners: Crédit Agricole CIB, Deutsche Bank (B&D), NatWest, Rabobank
• Marketing: URL: https://dealroadshow.com Entry Code: NEGANV26 Direct Link: https://dealroadshow.com/e/NEGANV26
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus dated 01-Oct-25 and the Supplement dated 22-Jun-26 are available on the website of the AFM (https://www.afm.nl). The Final Terms, when available, will be published on the Issuer’s website at https://www.gasunie.nl/en/organisation/investor-relations/long-term-loans-outstanding
• Timing: Books open, today’s business