Commentary & Deal Flow

• Price Progression:
• • Priced: 5% at 100 (YTM 5%). +201bp vs DBR 2.6% due 15-August-2033
  • Price talk: 5% area (+/-12.5bp)
  • IPT: Low 5%s
• Spread to Benchmark: +201bp
• Benchmark: DBR 2.6% due 15-August-2033
• Issuer: Sunrise HoldCo IV B.V. (f/k/a UPC Holding BV)
• Ticker: SUNN
• Size: EUR500m
• Format: 144A/Reg S; No Reg Rights
• Security: Senior Secured Notes due 2033 (7NC3)
• Issue Ratings: Ba3 / BB- / BB+ (stable/stable/positive)
• Maturity: 31-July-2033 (7y)
• Optional Redemption: NC3 (31-July-2029) (MWC B+50bp)
• • 31-July-2029: 102.5
  • 31-July-2030: 101.25
  • 31-July-2031: 100
• Equity claw: 3y 40% at 105
• Special call: 10% per year the first 3 years at 103
• Change of Control: CoC at 101
• Payment dates: 15-January and 15-July of each year, commencing 15-January-2027
• Listing: The International Stock Exchange
• Law: New York
• Denominations: 100kx1k
• Joint Physical Bookrunners: Citi (Left, B&D), Bank of America
• Joint Bookrunners: Goldman Sachs, JP Morgan, MUFG, Morgan Stanley, UBS
• Settles: 03-August-2026 (T+10)
• Reg S ISIN: XS3452875233
• Reg S Common Code: 345287523
• 144A ISIN: XS3452875829
• 144A Common Code: 345287582
• UOP: Redeem in full Sunrise HoldCo IV BV's EUR287.854m 3.875% Senior Notes due 15-Jun-29 (callable at 100). Remaining proceeds will be used to partially refinance EUR212.25m of UPCB Finance VII Ltd's existing EUR318.146m 3.625% Senior Secured Notes due 06/15/29 (callable at 100), the remaining EUR105.89m of the sr sec notes will be repaid in H2 2026 from operating cashflows.
• Biz: Sunrise Communications AG is the premium and scaled Swiss challenger with strong positions in mobile, broadband and TV and is listed on the SIX Swiss Exchange with a market capitalisation of approximately CHF 3.1bn.
• HQ: Glattpark (Opfikon), Switzerland

Marketing:

• Investor Call: 10:30am UKT / 11:30am CET, 20-July-2026
• Books closed: 3:15pm UKT, 20-July-2026
• FTT: 21-July-2026, 8:00am UKT
• ToE: Eligible counterparties and professional clients only. No EEA PRIIPs KID or UK DISC disclosure document has been prepared.

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