Commentary & Deal Flow

Launched: 8yr: €600m @ MS+110bp - Books > €1.75bn (closed)
Spread set at: 8yr: MS+110bp - Books above €2bn
IPTs: 8yr: MS+140a

• Issuer: Glencore Capital Finance DAC (Ticker: GLENLN, Country: IE)
• Issuer LEI: 213800HCUCI1HC7X6Q34
• Guarantors: Glencore plc, Glencore International AG, Glencore (Schweiz) AG
• Issuer Ratings: A3/BBB+ (Moody's/S&P)
• Expected Note Ratings: A3/BBB+ (Moody's/S&P)
• Format: Reg S (Category 2), Bearer, New Global Note (NGN) Senior, Unsecured
• Size: €600m
• Settlement Date: 3-Sep-26 (T+5)
• Maturity Date: 3-Sep-34
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Documentation: EMTN Programme base prospectus dated 13-May-26 (the "Base Prospectus") as supplemented on 18-Aug-26 (the "First Supplement"), €100k + €1k, Luxembourg Listing, English Law
• Selling Restrictions: As per the Base Prospectus
• Canadian Sales: Yes, via exemption
• Optional Redemption: 3-month par call, Make-Whole call, Residual Call (75%)
• Use of Proceeds: General corporate purposes, other than related to thermal coal mining
• Target Market: Manufacturer target market (EEA MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or key information document (KID) or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or in the UK.
• ISIN: XS3385597557
• Active Bookrunners: BBVA / HSBC (B&D) / Standard Chartered Bank
• Clearing: Euroclear / Clearstream, Luxembourg
• Advertisement: The Base Prospectus and the First Supplement are available on the Luxembourg Stock Exchange https://www.luxse.com/issuer/GlenCapFin/100829 and the Final Terms, when published, will also be available on the same website
• Timing: Books open, Today's business
• Books Subject: 12.25 UKT / 13.25 CET