Commentary & Deal Flow

Reoffer: 5.5yr: T+85bp / 99.535 / 5.098% 10yr: T+95bp / 99.253 / 5.473%
Benchmark: 5.5yr: T 4 1/8 30-Jun-31 @ 99-14+ / 4.248% 10yr: T 4 3/8 15-May-36 @ 98-26+ / 4.523%

Tranche 1 (5.5yr): Final Books > US$8.0bn (ex JLM). Peak book > US$8.0bn (ex JLM).
Tranche 2 (10yr): Final Books > US$8.75bn (ex JLM). Peak book > US$8.75bn (ex JLM).

Launched:
5.5yr: US$1.25bn @ T+85bp - Books > US$8.0bn (ex JLM)
10yr: US$1.5bn @ T+95bp - Books > US$8.75bn (ex JLM)
Spread set at: 5.5yr: T+85bp - Books > US$7.9bn (ex JLM) 10yr: T+95bp - Books > US$8.5bn (ex JLM)
Book Update: Books > US$13bn (excl. JLM interest)
IPTs: 5.5yr: T+115a 10yr: T+125a

• Issuer / Trustee: SRC Sukuk Limited
• Obligor: Saudi Real Estate Refinance Company
• Guarantor: The Ministry of Finance (“MoF”) acting on behalf of the Government of the Kingdom of Saudi Arabia
• Obligor Ratings: A1/A/A+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Aa3/A+ (Moody's/Fitch)
• Sukuk Structure: Mudaraba / Murabaha
• Status: Senior, Unsecured
• Currency: U.S. dollars (“U.S.$”)
• Programme Size: Up to U.S.$10,000,000,000
• Format: Regulation S (Category 2), Registered
• Pricing Date: 7-Jul-26
• Settlement Date: 14-Jul-26
• Profit Basis: Fixed Rate Certificates
• Issue size:
• • 5.5yr: US$1.25bn
  • 10yr: US$1.5bn
• Tenor:
• • 5.5yr: 5.5-year
  • 10yr: 10-year
• Benchmark:
• • 5.5yr: T 4 1/8 30-Jun-31 @ 99-14+ 4.248%
  • 10yr: T 4 3/8 15-May-36 @ 98-26+ 4.523%
• Reoffer:
• • 5.5yr: T+85bps / 99.535 / 5.098%
  • 10yr: T+95bps / 99.253 / 5.473%
• Periodic Dist. Rate:
• • 5.5yr: 5% per annum, payable semi-annually, in arrear
  • 10yr: 5.375% per annum, payable semi-annually, in arrear
• Scheduled Dissolution Date:
• • 5.5yr: 14-Jan-32
  • 10yr: 14-Jul-36
• TOE: 17:41 UKT
• Day Count Fraction Convention: 30/360
• Billing & Delivery: HSBC Bank plc
• Dissolution Basis: 100 per cent. of the aggregate face amount
• Use of Proceeds: General corporate purposes
• Listing: London Stock Exchange, ISM
• Governing Law: English Law
• Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof
• Global Coordinators: HSBC Bank plc, J.P. Morgan Securities plc
• Joint Lead Managers: DBS Bank Ltd., HSBC Bank plc, The Islamic Corporation for the Development of the Private Sector, J.P. Morgan, KFH Capital, KIB Invest, Mizuho, Al Salam Bank and Standard Chartered Bank
• Issuer LEI: 254900F2OG3526JLAV10
• Obligor LEI: 558600QX2SVCL51BY860
• ISIN:
• • 5.5yr: XS3422176308
  • 10yr: XS3422176480
• Common Code:
• • 5.5yr: 342217630
  • 10yr: 342217648
• Documentation: USD 10,000,000,000 Trust Certificate Issuance Programme dated 11-May-26, as supplemented on 18-Jun-26
• Stabilisation: FCA/ICMA
• Clearing: Euroclear and Clearstream, Luxembourg
• Target Market: UK MiFIR professionals/ECPs-only - Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels).
• MoF Guarantee: Applicable.
• Timing: FTT 08.00am UKT 8-Jul-26