Commentary & Deal Flow

Guidance: 9yr: MS+80bp (+/-2 WPIR) - Books above €2.5bn (pre-rec)

IPTs: 9yr: MS+110a

• Issuer: East Japan Railway Company "JR East"
• Ticker: EJRAIL
• Country: JN
• LEI number: 353800SENYJ2DSM6PS44
• Issuer Ratings: A1 stable/A+ stable (Moody's/S&P)
• Expected Notes Ratings: A1/A+ (Moody's/S&P)
• Status/Format: Senior Unsecured, Reg S only, Registered Notes
• Size: €500m (WNG)
• Maturity Date: 08-Sep-35
• Settlement Date: 08-Sep-26
• Coupon: [ ]%, Fixed, Annual, Act/Act (ICMA)
• Denominations: €100k + €1k
• ISIN: XS3471560519
• Listing: Euro MTF Market of the Luxembourg Stock Exchange
• Docs: Issuer's Euro Medium Term Note Programme
• Governing Law: English Law
• Use of Proceeds: The net proceeds, or an amount equal to the net proceeds, of the issuance of the Notes will be used exclusively to finance or re-finance, in whole or in part, existing and/or future Eligible Projects (as defined in the Final Terms), and the use of proceeds satisfies the EU Taxonomy criteria
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Joint Bookrunners: Barclays (B&D)/BofA/Daiwa/J.P. Morgan/Nomura
• Books subject: 13.05 UKT / 14.05 CET
• NetRoadshow: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=02a7fdf1 (Recommended) OR Visit www.netroadshow.com and enter the entry code: JRE2026 (not case-sensitive)
• Timing: Books open, today's business