Commentary & Deal Flow

Reoffer: 2yr: 3mE+35bp / 100 5yr: MS+65bp / 99.463 / 4.121% 10yr: MS+95bp / 99.858 / 4.518%
Benchmark: 5yr: OBL 2.9 08-Oct-31 @ 98.340 / B+86bp 10yr: DBR 3 15-Aug-36 @ 96.000 / B+103.3bp

Combined Books: closed at c.€12.5bn
Tranche 1 (2yr): Final Books >€1.30bn. Peak book €1.6bn+
Tranche 2 (5yr): Final Books >€5.15bn. Peak book €5.4bn+ pre-rec
Tranche 3 (10yr): Final Books at c.€6bn. Peak book €6.2bn+ pre-rec

Launched:
2yr: €400m @ 3mE+35bp - Books closed at €1.5bn+ pre-rec, good at guidance
5yr: €750m @ MS+65bp - Books closed at €5.4bn+ pre-rec, good at guidance
10yr: €850m @ MS+95bp - Books closed at €6.2bn+ pre-rec, good at guidance
Size set at: 2yr: €400m 5yr: €750m 10yr: €850m
Guidance: 2yr: 3mE+40a 5yr: MS+70a 10yr: MS+100a - Combined books north of €12.2bn (split €1.6bn+ / €4.9bn+ / €5.6bn+ respectively)
IPTs: 2yr: 3mE+60a 5yr: MS+100/105bp 10yr: MS+135a

• Issuer: Air Liquide Finance
• Ticker: AIFP
• Country: FR
• Issuer LEI: 549300YGXL5Z3R14K812
• Guarantor: L’Air Liquide S.A.
• Guarantor LEI: 969500MMPQVHK671GT54
• Guarantor Ratings: A2/A/A by Moody's/S&P/Scope (all stable)
• Exp Issue Ratings: A2/A/A by Moody's/S&P/Scope
• Format: Senior Unsecured, Reg S (Cat 2) Bearer Dematerialized Notes
• Active Bookrunners: Barclays (B&D), BBVA, BofA Securities, CIC CIB, Citi, HSBC, IMI-Intesa Sanpaolo
• Settlement Date: 13-Oct-26 (T+5)
• Tenor:
  • 2yr: 2-Year FRN
  • 5yr: 5-Year Fixed
  • 10yr: 10-Year Fixed
• Maturity Date:
  • 2yr: 13-Oct-28
  • 5yr: 13-Oct-31
  • 10yr: 13-Oct-36
• Size:
  • 2yr: €400m
  • 5yr: €750m
  • 10yr: €850m
• Re-offer:
  • 2yr: 3mE+35 # / 100
  • 5yr: MS+65 # / 4.121% / 99.463
  • 10yr: MS+95 # / 4.518% / 99.858
• Coupon:
  • 2yr: 3mE+35 Quarterly ACT/360
  • 5yr: 4% Annually ACT/ACT (ICMA)
  • 10yr: 4.5% Annually ACT/ACT (ICMA)
• Par Call:
  • 5yr: 3-month
  • 10yr: 3-month
• Make Whole Call:
  • 5yr: Yes (vs Bund) - B+15
  • 10yr: Yes (vs Bund) - B+15
• Clean-up Call:
  • 5yr: Yes (75%)
  • 10yr: Yes (75%)
• Redemption Price:
  • 2yr: 100%
  • 5yr: 100%
  • 10yr: 100%
• ISIN:
  • 2yr: FR001401BIN1
  • 5yr: FR001401BIO9
  • 10yr: FR001401BIP6
• Benchmark References:
  • 5yr: OBL 2.9 08-Oct-31 (98.340 bid) +86bps | HR 98%
  • 10yr: DBR 3 15-Aug-36 (96.000 bid) + 103.3bps | HR 98%
• Documentation: €15bn EMTN programme base prospectus dated 21-May-26 (as supplemented on 18-Jun-26 and on 05-Oct-26) / Luxembourg Stock Exchange (Regulated Market) / French Law / Change of control
• Denominations: €100k+100k
• Use of Proceeds: General Corporate Purposes
• Clearing System: Euroclear France, Clearstream
• Target Market: The manufacturer target market (MiFID II and UK MiFIR product governance as applicable) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs or UK PRIIPs key information document (“KID”) has been prepared as the Notes are not available to retail in EEA or the United Kingdom
• Advertisement Language: The Base Prospectus and its Supplements along with the final Terms, when published, will be available on the website of the Air Liquide Group (www.airliquide.com) and on the Luxembourg Stock Exchange website (http://www.luxse.com)
• Selling Restrictions: As per EMTN Programme Prospectus
• Timing:
  • 2yr: 15h49 UKT
  • 5yr: 15h49 UKT
  • 10yr: 15h51 UKT
• FTT: 16h20 UKT / 17h20 CET