Commentary & Deal Flow

IPTs: 5.5yr: MS+135/140bp

• Issuer: The Sage Group plc
• Issuer LEI: 2138005RN5XYLTF8G138
• Guarantor: Sage Treasury Company Limited
• Guarantor LEI: 2138006TSK7BN1MDC772
• Issuer Rating: BBB+ Stable (S&P)
• Exp. Issue Rating: BBB+ (S&P)
• Ranking/Format: Senior, Unsecured, Reg S Bearer, NGN, TEFRA D rules apply (no communications with or into the U.S.)
• Size: €500m (no grow)
• Settlement: 10-Sep-26 (T+5)
• Maturity: 10-Mar-32 (5.5 year)
• Coupon: Fixed, Annual, Act/Act (ICMA), Short First
• Denoms: €100k x 1k
• Early Redemption: 3-month Par Call / MWC / CoC (100%) / Clean-Up Call (80%)
• Documentation: EMTN Base Prospectus dated 5-Feb-26, as supplemented by the Supplement dated 28-Aug-26
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Clearing: Euroclear and/or Clearstream, Luxembourg
• ISIN: XS3491327378
• UoP: General Corporate Purposes including the refinancing of the outstanding €500m 3.820% Notes due February 2028
• Joint Bookrunners: BofA (B&D), HSBC, J.P. Morgan, NatWest
• Selling Restrictions: US: Regulation S (Category 2) only; TEFRA D and as per Base Prospectus
• Canadian Sales: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UK MiFIR Target Market/PRIIPs: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or CCI Product Summary has been prepared as the Notes are not available to retail investors in the EEA or the UK.
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply.
• Advertisement: This communication is an advertisement and does not comprise a prospectus for the purposes of the Prospectus Rules: Admission to Trading on a Regulated Market Sourcebook. The Base Prospectus is available at https://www.rns-pdf.londonstockexchange.com/rns/9614R_1-2026-2-5.pdf and the Supplement dated 28-Aug-26 is available at https://www.rns-pdf.londonstockexchange.com/rns/6613S_1-2026-8-28.pdf. The Final Terms, when published, will be available at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
• Marketing: https://dealroadshow.finsight.com/e/SAGE2026
• Timing: Books open, today's business