Commentary & Deal Flow

Reoffer: 3yr: MS+50bp / 99.558 / 3.909% 7yr: MS+88bp / 99.02 / 4.29%
Benchmark: 3yr: OBL 2.5% Oct-29 @ 98.39 / B+82.8bp / HR 101% 7yr: DBR 2.6% Aug-33 @ 96.34 / B+108.2bp / HR 100%

Tranche 1 (3yr): Final Books >€2.5bn
Tranche 2 (7yr): Final Books >€2.6bn. Peak book >€2.8bn

Launched:
3yr: €500m @ MS+50bp - Books >€2.3bn
7yr: €500m @ MS+88bp - Books >€2.8bn
IPTs: 3yr: MS+80a 7yr: MS+120a

• Issuer: Heineken NV
• Ticker: HEIANA
• Country: NL
• Issuer LEI: 724500K5PTPSST86UQ23
• Issuer Ratings: A3 (stable) / BBB+ (positive) (Moody's/S&P)
• Expected Issue Ratings: A3 (Moody's)
• Format: Senior, unsecured, Reg S, Bearer, NGN
• Settlement Date: 10-Nov-26 (T+7)
• Tenor:
  • 3yr: 3-year Fixed
  • 7yr: 7-year Fixed
• Maturity Date:
  • 3yr: 10-Nov-29
  • 7yr: 10-Nov-33
• Size:
  • 3yr: EUR 500mn
  • 7yr: EUR 500mn
• Coupon:
  • 3yr: 3.75% Ann, ACT/ACT (ICMA)
  • 7yr: 4.125% Ann, ACT/ACT (ICMA)
• Reoffer:
  • 3yr: MS+50bp 99.558%, 3.909% yld, B+82.8bp
  • 7yr: MS+88bp, 99.020%, 4.29% Yld, B+108.2bp
• Benchmark:
  • 3yr: OBL 2.5% Oct-29 @98.39%, HR101%
  • 7yr: DBR2.6% Aug-33 @96.34%, HR100%
• Calls:
  • 3yr: 1-month, MWC @ B+15bp
  • 7yr: 3-month, MWC @ B+20bp
• ISIN:
  • 3yr: XS3562283914
  • 7yr: XS3562284136
• B&D: Goldman Sachs Bank Europe SE, Santander
• Issuer Calls: MWC, Clean-up Call (75%), Tax Call (at Par), Par call
• Use of Proceeds: General corporate purposes
• Docs/Denoms: EMTN Programme / Luxembourg Listing (regulated market) / Dutch Law / Change of Control (Put, at Par) / €100k+1k
• Active Bookrunners: Goldman Sachs Bank Europe SE, ING, IMI-Intesa Sanpaolo, Santander, Societe Generale
• Target Market: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Selling restrictions: As per the Base Prospectus dated 2-Apr-26
• Clearing: Clearstream / Euroclear
• Timing: TOE 14:51 UK / FTT 15:20 UK (3yr), TOE 14:48 UK / FTT 15:20 UK (7yr)