Commentary & Deal Flow

Book Update: Books above £900m (incl. £40m JLM)
IPTs: Long 6yr: UKT+95a

• Issuer: Metropolitan Life Global Funding I (“MET”)
• LEI: 635400MMSOCXNNNZDZ82
• Funding Agreement Provider: Metropolitan Life Insurance Company
• Expected Issue Ratings: Aa3/AA-/AA- (Moody’s/S&P/Fitch)
• Format: Funding Agreement-Backed Notes, Reg S Category 3 (Registered, NSS)
• Size: £ Benchmark
• Maturity: 15-Dec-32
• Initial Price Thoughts: Mid-UKT+95bps area
• Coupon: Semi-annual, Fixed Rate, Act/Act, Short first coupon
• Benchmark Security: UKT 4.250% due 07-Jun-32
• Docs: This announcement must be read in conjunction with the U.S. $40,000,000,000 Global Note Issuance Program Offering Circular, dated 05-Dec-25, as supplemented by the First Offering Circular Supplement, dated 11-Mar-26, the Second Offering Circular Supplement, dated 13-May-26, the Third Offering Circular Supplement, dated 12-Aug-26 and the corresponding Pricing Supplement dated 17-Aug-26, when available.
• MiFID II Product Governance: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels)
• UK MiFIR Product Governance: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• PRIIPs: No EU PRIIPs key information document (KID) or UK PRIIPs KID or UK CCI product summary has been prepared as not available to retail in the EEA or in the UK
• Expected Listing: Euronext Dublin
• Advertisement: The Offering Circular, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/s97012%7C24523%7Cp525/overview
• Governing Law: New York
• Denominations: £100k x £1k
• UoP: To purchase relevant Funding Agreements from Metropolitan Life Insurance Company
• Bookrunners: Barclays / BMO Capital Markets / HSBC / RBC Capital Markets
• ISIN: XS3478195491
• Timing: Today’s Business
• Settle: 24-Aug-26 (T+5)
• Sales into Canada: Yes – via exemption