Commentary & Deal Flow

Reoffer: 4yr: MS+38bp / 99.865 / 3.787% 8yr: MS+70bp / 99.859 / 4.121% 12yr: MS+90bp / 98.87 / 4.373% 20yr: MS+120bp / 99.564 / 4.659%

Launched:
4yr: €750m @ MS+38bp
8yr: €1bn @ MS+70bp
12yr: €750m @ MS+90bp
20yr: €750m @ MS+120bp
IPTs: 4yr: MS+65a 8yr: MS+95a 12yr: MS+115a 20yr: MS+145a

• Issuer: The Procter & Gamble Company
• Ticker: PG
• LEI: 2572IBTT8CCZW6AU4I41
• Expected Ratings: Aa3 (Positive) / AA- (Stable) (Moody's/S&P)
• Format: Senior Unsecured Notes
• Pricing Date: 27-Oct-26
• Settlement: 03-Nov-26 (T+5)
• Size:
  • 4yr: €750m
  • 8yr: €1bn
  • 12yr: €750m
  • 20yr: €750m
• Maturity:
  • 4yr: 03-Nov-30
  • 8yr: 03-Nov-34
  • 12yr: 03-Nov-38
  • 20yr: 03-Nov-46
• Coupon:
  • 4yr: 3.75%
  • 8yr: 4.1%
  • 12yr: 4.25%
  • 20yr: 4.625%
• Interest: Fixed, Annual, ACT/ACT (ICMA) for all tranches
• Reoffer:
  • 4yr: MS+38bp / 99.865
  • 8yr: MS+70bp / 99.859
  • 12yr: MS+90bp / 98.87
  • 20yr: MS+120bp / 99.564
• Benchmark:
  • 4yr: OBL 2.2 10-Oct-30 / B+65.9bp
  • 8yr: DBR 2.6 15-Aug-34 / B+85.3bp
  • 12yr: DBR 1 15-May-38 / B+90.7bp
  • 20yr: DBR 2.5 15-Aug-46 / B+99bp
• Optional Redemption: MWC for all tranches
• ISIN / Common Code:
  • 4yr: XS3553990360 / 355399036
  • 8yr: XS3553990444 / 355399044
  • 12yr: XS3553990527 / 355399052
  • 20yr: XS3553990790 / 355399079
• Hedge Details:
  • 4yr: EUR 4yr vs. OBL 2.2 10-Oct-30 (HR: 102%)
  • 8yr: EUR 8yr vs. DBR 2.6 15-Aug-34 (HR: 102%)
  • 12yr: EUR 12yr vs. DBR 1 15-May-38 (HR: 114%)
  • 20yr: EUR 20yr vs. DBR 2.5 15-Aug-46 (HR: 103%)
• Hedge Deadline: 15.00 UKT
• B&D: DB for all tranches
• Timing: Books open, Today's business
• Books Subject: 12.50 UKT
• Joint Book-Running Managers: Citi / DB (B&D) / GS / HSBC / MS
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Stabilization: FCA / ICMA
• Selling Restrictions: As per The Procter & Gamble Companys Preliminary Prospectus Supplement
• Clearing: Euroclear and Clearstream
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law
• Denominations: €100,000 x €1,000
• UoP: General Corporate Purposes