Commentary & Deal Flow

Tranche 1 (12yr): Final Books €1.35bn

Launched: 12yr: €500m @ MS+125bp
IPTs: 12yr: MS+150a

• Issuer: Sandoz Finance B.V.
• Ticker: SDZSW
• Country: NL
• Issuer LEI: 213800DFA3WXJ7KC9R74
• Guarantor: Sandoz Group AG (Ticker: SDZSW; Country: CH)
• Guarantor LEI: 5493000JWK6XWFEUD320
• Guarantor Ratings: Baa2 (pos) / BBB (pos) (Moody's/S&P)
• Expected Issue Ratings: Baa2 / BBB (Moody's/S&P)
• Format: Reg S (Cat 1), Bearer, Senior, Unsecured, NGN
• Settlement Date: 23-Sep-26 (T+7)
• Tenor: 12yr
• Maturity Date: 23-Sep-38
• Size: €500m
• Coupon: Fixed, Annual, Act/Act (ICMA)
• ISIN / Common Code: XS3506241630 / 350624163
• Use of Proceeds: General Corporate Purposes and/or refinancing of existing debt
• Documentation: Standalone / Swiss Law / 3m Par Call / Tax Call / MWC (Bund) / Clean-up Call (80%) / Change of Control (Put at Par)
• Listing: SIX Swiss Exchange
• First SIX Date: 23-Sep-26
• Denominations: €100k + €1k
• Selling restrictions: As set out in Sandoz’s Preliminary stand-alone Prospectus dated 14-Sep-26. TEFRA D. The Notes will be subject to US tax law requirements
• Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Joint Active Bookrunners: BofA Securities (B&D), Mizuho, SEB
• Target Market: Eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs KID as not available to retail in the UK or the EEA
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. This communication is being made available to you solely for your information and background and is not to be used as a basis for an investment decision in any securities. It is (i) not a prospectus within the meaning of the Swiss Financial Service Act and (ii) not a prospectus under any other applicable laws, or offering document, and has not been reviewed or approved by any regulatory or supervisory authority.
• Stabilization: Relevant stabilization apply, including FCA/ICMA
• Schedule: Books open, Today's business
• Hedge Deadline: 13.50 UKT / 14.50 CET
• Hedge Ratio: 112% vs DBR 1% May-38