Commentary & Deal Flow

Reoffer: 3yr: T+70bp / 100 / 5.039% 5yr: T+75bp / 100 / 5.157% 10yr: T+85bp / 100 / 5.509%
Benchmark: 3yr: T 4 1/8 15-Jul-29 - 99-13 / 4.339% (HR 100%) 5yr: T 4 1/8 30-Jun-31 - 98-24¼ / 4.407% (HR 100%) 10yr: T 4 3/8 15-May-36 - 97-25 / 4.659% (HR 99%)

Launched:
3yr: US$3bn @ T+70bp - Books > US$6.75bn (excl. JLM)
5yr: US$1.5bn @ T+75bp - Books > US$3.75bn (excl. JLM)
10yr: US$1.5bn @ T+85bp - Books > US$4.25bn (excl. JLM)

Spread set at: 3yr: T+70bp - Books > US$7.5bn (excl. JLM) 5yr: T+75bp - Books > US$4.75bn (excl. JLM) 10yr: T+85bp - Books > US$5.5bn (excl. JLM)
Book Update: Books > US$13.5bn (excl. JLM interest)
Book Update: Books > US$9.0bn (excl. JLM interest)
IPTs: 3yr: T+95a 5yr: T+100a 10yr: T+110a

• Issuer: State of Kuwait, acting through the Ministry of Finance
• Issuer LEI: 549300FSC1YD0D9XX589
• Issuer Rating: A1/AA-/AA- (Moody's/S&P/Fitch) (all stable)
• Expected Issue Rating: AA-/AA- (S&P/Fitch)
• Rating Split: Issuer: A1/AA-/AA- (Moody's/S&P/Fitch), Issue: AA-/AA- (S&P/Fitch)
• Type: Senior Unsecured Notes
• Market: Rule 144A and Regulation S
• Currency: U.S. Dollars ("U.S.$")
• Pricing Date: 22-Jul-26
• Settlement Date: 29-Jul-26 (T+5)
• Issue Size: 3yr: US$3.0bn, 5yr: US$1.5bn, 10yr: US$1.5bn
• Tenor: 3yr: 3 years, 5yr: 5 years, 10yr: 10 years
• Maturity Date:
• • 3yr: 29-Jul-29
  • 5yr: 29-Jul-31
  • 10yr: 29-Jul-36
• Benchmark: 3yr: T 4 1/8 15-Jul-29 - 99-13 / 4.339% (HR 100%) 5yr: T 4 1/8 30-Jun-31 - 98-24¼ / 4.407% (HR 100%) 10yr: T 4 3/8 15-May-36 - 97-25 / 4.659% (HR 99%)
• Reoffer: 3yr: T+70bp / 5.039% / 100 5yr: T+75bp / 5.157% / 100 10yr: T+85bp / 5.509% / 100
• Coupon: 3yr: 5.039%, 5yr: 5.157%, 10yr: 5.509%
• ToE: 3yr: 19:03 UKT, 5yr: 19:00 UKT, 10yr: 18:59 UKT
• ISIN (144a / RegS): 3yr: XS3443185650 (RegS), US85704AAB35 (144a), 5yr: XS3443185908 (RegS), US85704AAC18 (144a), 10yr: XS3443187516 (RegS) / US85704AAD90 (144a)
• Billing & Delivery Banks: Citi, Goldman Sachs International, J.P. Morgan
• Coupon: Fixed Semi-Annual 30/360
• Interest Payment Dates: 29 January and 29 July in each year up to and including the Maturity Date, commencing on 29-Jan-27
• Listing: London Stock Exchange, Main Market
• Governing Law: English law
• Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof
• Form of the Notes: Registered Global Notes
• Joint Global Coordinators: Citi, Goldman Sachs International, HSBC, J.P. Morgan, Standard Chartered Bank
• Active Joint Lead Managers and Active Bookrunners: Citi, Crédit Agricole CIB, Goldman Sachs International, HSBC, J.P. Morgan, Mizuho, SMBC, Standard Chartered Bank
• Passive Bookrunner: ICBC
• Timing: Priced / FTT 08:00 UKT on 23-Jul-26 Subject to TS
• Stabilisation: FCA / ICMA stabilisation applies
• NetRoadshow link: www.netroadshow.com/nrs/home/#!/?show=cec1e773 (Recommended)