Commentary & Deal Flow

Reoffer:
18m: 3mE+30bp / 100
4yr: MS+47bp / 99.751 / 3.568%
8yr: MS+75bp / 99.42 / 3.961%
11yr: MS+90bp / 99.246 / 4.212%

Benchmark:
4yr: +65.7bp vs DBR 0% Aug-30 TWIN @ 89.27 / 2.911% (HR: 106%)
8yr: +80.9bp vs DBR 2.6% Aug-34 @ 96.17 / 3.152% (HR: 99%)
11yr: +93.8bp vs DBR 4% Jan-37 @ 106.27 / 3.274% (HR: 96%)

18m FRN: Final Books €1.95bn. Peak book €2.3bn (pre-rec)
4yr: Final Books €2.60bn. Peak book €2.8bn (pre-rec, good at guidance)
8yr: Final Books €3.60bn. Peak book €3.6bn (pre-rec, good at guidance)
11yr: Final Books €3.40bn. Peak book €3.6bn (pre-rec, good at guidance)

Launched:
18m: €850m @ 3mE+30bp - Final books €2.1bn (pre-rec, good at guidance). Peak book €2.3bn
4yr: €1bn @ MS+47bp - Final books €2.8bn (pre-rec, good at guidance)
8yr: €850m @ MS+75bp - Final books €3.6bn (pre-rec, good at guidance)
11yr: €800m @ MS+90bp - Final books €3.6bn (pre-rec, good at guidance)
Guidance: Total books north of €12bn. Total size €3-3.5bn (max).
18m: 3mE+30# - Books €2.3bn (Expect €750m-1bn)
4yr: MS+47# - Books €2.75bn (Expect €750m-1bn)
8yr: MS+75# - Books €3.55bn (Expect €750m-1bn)
11yr: MS+90# - Books €3.4bn (Expect €750m-1bn)
IPTs:
18m: 3mE+55a
4yr: MS+75/80bp
8yr: MS+105a
11yr: MS+120a

• Issuer: GSK Capital B.V.
• Ticker: GSK
• Country: NL
• Issuer LEI: 549300ZGXDBU2ZV6RP76
• Guarantor: GSK plc (Country: GB)
• Guarantor LEI: 5493000HZTVUYLO1D793
• Guarantor Ratings: A2 (stable) / A (stable) (Moody's/S&P)
• Expected Issue Ratings: A2 / A (Moody's/S&P)
• Format: Senior, Unsecured, Reg S, Bearer, NGN
• Size: 18m: €850m | 4yr: €1bn | 8yr: €850m | 11yr: €800m
• Reoffer:
  • 18m: 3mE+30bp / 100
  • 4yr: MS+47bp / 3.568% / 99.751
  • 8yr: MS+75bp / 3.961% / 99.42
  • 11yr: MS+90bp / 4.212% / 99.246
• Benchmark:
  • 18m: -
  • 4yr: +65.7bp vs DBR 0% Aug-30 TWIN @ 89.27 / 2.911% (HR: 106%)
  • 8yr: +80.9bp vs DBR 2.6% Aug-34 @ 96.17 / 3.152% (HR: 99%)
  • 11yr: +93.8bp vs DBR 4% Jan-37 @ 106.27 / 3.274% (HR: 96%)
• Hedge Deadline: 15.25 UKT / 16.25 CET
• TOE:
  • 18m: 15.38 UKT
  • 4yr: 15.37 UKT
  • 8yr: 15.36 UKT
  • 11yr: 15.35 UKT
• FTT: 16.15 UKT
• Coupon:
  • 18m: 3mE+30bp, Floating, Quarterly, Actual/360
  • 4yr: 3.500% Fixed, Annual, ACT/ACT (ICMA)
  • 8yr: 3.875% Fixed, Annual, ACT/ACT (ICMA)
  • 11yr: 4.125% Fixed, Annual, ACT/ACT (ICMA)
• Maturity:
  • 18m: 07-Mar-28
  • 4yr: 07-Sep-30
  • 8yr: 07-Sep-34
  • 11yr: 07-Sep-37
• ISIN / Common Code:
  • 18m: XS3480669517 / 348066951
  • 4yr: XS3480671174 / 348067117
  • 8yr: XS3480671331 / 348067133
  • 11yr: XS3480671505 / 348067150
• Documentation: EMTN Programme, Offering Memorandum dated 03-Aug-26, International Securities Market of the London Stock Exchange, English Law
• Denominations: €100k + €1k
• Early Redemption:
  • 18m: -
  • 4yr: Make Whole Call (B+10bp), 1-month Par Call, Clean-Up Call (75%)
  • 8yr: Make Whole Call (B+15bp), 3-month Par Call, Clean-Up Call (75%)
  • 11yr: Make Whole Call (B+15bp), 3-month Par Call, Clean-Up Call (75%)
• Use of Proceeds: Repayment of facility related to acquisition of Nuvalent, Inc. and general corporate purposes, including the refinancing of existing debt
• Target Market / EEA PRIIPs / UK CCI: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Clearing: Euroclear and Clearstream, Luxembourg
• Global Coordinators: BNP Paribas (B&D), BofA Securities
• Active Bookrunners: BNP Paribas (B&D), BofA Securities, HSBC, Santander, Standard Chartered Bank
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Selling Restrictions: As set out in the EMTN Offering Memorandum, Reg S, TEFRA D, no sales to EEA Retail or UK Retail
• Settlement: 07-Sep-26 (T+6)