Commentary & Deal Flow

Reoffer: 9yr: MS+78bp / 100 / 4.117%
Benchmark: 9yr: DBR 2.6% Aug-35 @ 94.76 / 3.285% / B+83.2bp (HR 100%)

Final Books €1.2bn. Peak book above €2.5bn (pre-rec)

Launched: 9yr: €500m @ MS+78bp - Books closed €1.6bn (pre-rec, good at tight end of guidance)
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
• Issue Size: €500m
• Maturity Date: 08-Sep-35
• Settlement Date: 08-Sep-26 (T+7)
• Coupon: 4.117%, Fixed, Annual, Act/Act (ICMA)
• Reoffer: MS+78bp / 100 / 4.117%
• Benchmark: DBR 2.6% Aug-35 @ 94.76 / 3.285% (HR 100%)
• 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
• Timing: PRICED / ToE: 16.02 UKT / FTT: 16.20 UKT