Commentary & Deal Flow

Bupa Finance plc, the holding company for the operating subsidiaries of The British United Provident Association Limited (Bupa), expected to be rated Baa1 (hyb) / BBB (Moody's / Fitch), has mandated Barclays, BNP Paribas, Citi (B&D), NatWest and Santander as Joint Lead Managers with respect to a potential new issue of a £300m WNG 12-year Reg S Tier 2 transaction. An electronic investor presentation will be made available.

An expected £300m WNG, Reg S, Tier 2 Subordinated Notes 12yr GBP offering will follow, subject to market conditions.

DealRoadshow Information:
URL: https://dealroadshow.finsight.com
Entry Code: Bupa2026
Direct Link: https://dealroadshow.finsight.com/e/Bupa2026

• Stabilisation: FCA / ICMA
• Target Market (UK MiFIR / MiFID II): Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail investors in the European Economic Area or the United Kingdom.
• US Securities Act: The securities described above have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except in certain transactions exempt from the registration requirements of the Securities Act.
• UK Communication: This communication may only be made to persons in the United Kingdom in circumstances in which section 21(1) of the Financial Services and Markets Act 2000 does not apply to Bupa Finance plc.