Commentary & Deal Flow

Reoffer: 3yr: MS+58bp / 100 / 3.599%
Benchmark: 3yr: OBL 2.1 29-Apr-29 #189 @ 98.15 / B+78.5bp / HR 110%

Final book >€915m. Peak book in excess of €1.4bn.

Launched: 3yr: €500m @ MS+58bp - Books over €1.28bn
Guidance: 3yr: MS+60a - Book in excess of €1.4bn
IPTs: 3yr: MS+85a

• Issuer: Mitsubishi HC Capital UK PLC
• Issuer LEI number: 549300P4PHVCL0EZU771
• Guarantor: Mitsubishi HC Capital Inc.
• Guarantor LEI number: 353800MZ3QX9RLMH7B09
• Guarantor Rating: A3 / A- / A- (Moody's/S&P/Fitch) (all stable)
• Expected Issue Rating: A- (S&P)
• Format and Ranking: Senior, Unsecured, Bearer, NGN
• Currency/Size: €500m
• Pricing Date: 21-Jul-26
• Settlement Date: 28-Jul-26 (T+5)
• Maturity Date: 28-Jul-29
• Reoffer: MS+58bp, Px 100, Yld 3.599%
• Benchmark: OBL 2.1 29-Apr-29 #189 (@98.15) + 78.5bps, HR 110%
• Use of Proceeds: General corporate purposes
• Interest Payment: 3.599%, annually in arrear, payable on 28 July in each year commencing on 28-Jul-27 up to and including the Maturity Date
• Early Redemption: Make Whole + 15bps, 1 month par call
• Day Count Fraction: Actual/Actual (ICMA)
• Business Day Convention: Following, Unadjusted
• Business Days: London, T2
• Listing: London Stock Exchange (Main Market)
• Clearing: Euroclear and Clearstream, Luxembourg
• Governing Law: English law
• ISIN / Common Code: XS3450069748 / 345006974
• Denominations: EUR 100,000 and integral multiples of EUR 1,000 in excess thereof
• Documentation: The Issuer’s USD 12,500,000,000 Euro Note Programme, including the Offering Circular dated 29-Aug-25, as supplemented by Supplemental Offering Circulars dated 29-Sep-25, 14-Nov-25 and 17-Jul-26
• Selling Restrictions: Reg S, Cat 2 No sales to retail investors in the EEA or the UK Japan, PRC, Hong Kong, Singapore, Taiwan, Australia as set out in the Offering Circular
• Target Market: MiFID II/UK MiFIR professionals/ECP-s only. No EU PRIIPs or UK disclosure document required by DISC has been prepared as not available to retail in the EEA or UK.
• Fees: The Joint Lead Managers will be paid a fee in connection with this transaction
• Joint Lead Managers: BNP Paribas, MUFG, NatWest(B&D)
• Timing: PRICED, TOE 14:35 LDN, FTT 15:00 LDN
• Advertisement: The Offering Circular and the Supplemental Offering Circulars are, and the final terms, when published, will be, available on the website of the London Stock Exchange.