Commentary & Deal Flow

Reoffer: 2yr FRN: 3m€+45 / 100 L3yr: MS+60 / 100 / 3.329% L5yr: MS+80 / 100 / 3.562% 8yr: MS+100 / 100 / 3.847% L12yr: MS+123 / 100 / 4.235% S3yr: G+80 / 100 / 4.855%
Benchmark: L3yr: OBL 2.5% Oct-29 @ 99.79 / B+76.4 L5yr: DBR 0% Aug-31 @ 87.56 / B+94.2 8yr: DBR 2.2% Feb-34 @ 96.12 / B+107.8 L12yr: DBR 1% May-38 @ 79.7 / B+117.2 S3yr: UKT 0.5% Jan-29 @ 91.313%

2yr FRN: Final Books €1.4bn. Peak book €1.5bn.
L3yr: Final Books €1.4bn. Peak book €1.65bn.
L5yr: Final Books €1.5bn. Peak book €1.9bn.
8yr: Final Books €1.3bn. Peak book €1.75bn.
L12yr: Final Books €2.4bn. Peak book €2.55bn.
S3yr: Final Books £1.1bn. Peak book £1.2bn.

Launched:
2yr FRN: €750m @ 3m€+45bp - Books €1.5bn
L3yr: €750m @ MS+60bp - Books €1.65bn
L5yr: €750m @ MS+80bp - Books €1.9bn
8yr: €750m @ MS+100bp - Books €1.75bn
L12yr: €850m @ MS+123bp - Books €2.55bn
S3yr: £400m @ G+80bp - Books £1.2bn
IPTs: 2yr FRN: 3m€+70a L3yr: MS+85-90bp L5yr: MS+105a 8yr: MS+125a L12yr: MS+150a S3yr: G+100a

• Issuer: NTT Finance Corporation (Ticker: NTT, Country: Japan)
• Issuer’s LEI: 3538007PR116187GD960
• Expected Ratings: A3 by Moody’s and BBB+ by S&P
• Ranking/Format: Senior Unsecured, 144A and 3(c)(7) / Reg S
• Settlement Date: 01-Jul-26 (T+5)
• Size:
• • 2yr FRN: €750m
  • L3yr: €750m
  • L5yr: €750m
  • 8yr: €750m
  • L12yr: €850m
  • S3yr: £400m
• Maturity:
• • 2yr FRN: 20-Jun-28
  • L3yr: 01-Nov-29
  • L5yr: 01-Nov-31
  • 8yr: 01-Jul-34
  • L12yr: 01-Nov-38
  • S3yr: 29-Mar-29
• Reoffer:
• • 2yr FRN: 100 / 3m€+45
  • L3yr: 100 / MS+60 / 3.329% / B+76.4
  • L5yr: 100 / MS+80 / 3.562% / B+94.2
  • 8yr: 100 / MS+100 / 3.847% / B+107.8
  • L12yr: 100 / MS+123 / 4.235% / B+117.2
  • S3yr: 100 / Mid-Gilts+80 / 4.855% (S/A)
• Ref Bmk:
• • 2yr FRN: n/a
  • L3yr: OBL 2.5% Oct-29
  • L5yr: DBR 0% Aug-31
  • 8yr: DBR 2.2% Feb-34
  • L12yr: DBR 1% May-38
  • S3yr: UKT 0.5% Jan-29
• Bmk Spot:
• • 2yr FRN: n/a
  • L3yr: 99.79
  • L5yr: 87.56
  • 8yr: 96.12
  • L12yr: 79.7
  • S3yr: 91.313% (mid) / 91.293% (bid)
• HR:
• • 2yr FRN: n/a
  • L3yr: 100%
  • L5yr: 109%
  • 8yr: 102%
  • L12yr: 109%
  • S3yr: 110%
• Coupon:
• • 2yr FRN: 3m€+45, Qtly, Act/360
  • L3yr: 3.3252%, Ann, ACT/ACT (ICMA), Short 1st
  • L5yr: 3.5592%, Ann, ACT/ACT (ICMA), Short 1st
  • 8yr: 3.847%, Ann, ACT/ACT (ICMA)
  • L12yr: 4.233%, Ann, ACT/ACT (ICMA), Short 1st
  • S3yr: 4.8522%, S/A, ACT/ACT (ICMA), Short 1st Cpn
• MWC:
• • 2yr FRN: n/a
  • L3yr: Yes, B+15
  • L5yr: Yes, B+15
  • 8yr: Yes, B+20
  • L12yr: Yes, B+20
  • S3yr: Yes, G+15
• Par Call:
• • 2yr FRN: n/a
  • L3yr: n/a
  • L5yr: 1m
  • 8yr: 2m
  • L12yr: 3m
  • S3yr: n/a
• ISIN (144A):
• • 2yr FRN: XS3422221021
  • L3yr: XS3422221377
  • L5yr: XS3422221534
  • 8yr: XS3422221708
  • L12yr: XS3422221963
  • S3yr: XS3422222185
• ISIN (RegS):
• • 2yr FRN: XS3422220999
  • L3yr: XS3422221294
  • L5yr: XS3422221450
  • 8yr: XS3422221617
  • L12yr: XS3422221880
  • S3yr: XS3422222003
• ToE:
• • 2yr FRN: 16.25 UKT
  • L3yr: 16.21 UKT
  • L5yr: 16.18 UKT
  • 8yr: 16.14 UKT
  • L12yr: 16.10 UKT
  • S3yr: 16.05 UKT
• Documentation: 144A/RegS, Standalone Prospectus (attached) / SGX-ST Listing / 100k+1k denoms
• Sales into Canada: Yes
• Use of Proceeds: General corporate purposes, including repayment of debt
• Joint Bookrunners: JPM (B&D), Citi, BofA, MS, BNPP, GS, Barc, Mizuho, SMBC, Nomura, Daiwa
• Timing: FTT 07:30 UKT Thursday 25-Jun-26