Bupa announces price of Fixed & Subordinated Notes

Bupa Finance PLCLEI Code: ZIMCVQHUFZ8GVHENP290

Bupa Finance plc announces the pricing of its offering of £300 million Fixed Rate Notes due 2027 and £350 million Fixed Rate Subordinated Notes due 2035

18 June 2020

Bupa (The British United Provident Association Limited), the international health insurer and provider, today announces that it has successfully launched and priced £300 million 1.750 per cent. fixed rate notes due 2027 (the "Senior Notes") and £350 million 4.125 per cent. fixed rate subordinated notes due 2035 (the "Tier 2 Notes") to be issued by its subsidiary, Bupa Finance plc. The Senior Notes are guaranteed by Bupa.

The Senior Notes are expected to be rated A3 and BBB+ by Moody's and Fitch respectively. The Tier 2 Notes are expected to be rated Baa1 (hyb) and BBB- by Moody's and Fitch respectively.

The Senior Notes were priced at a spread over gilts of 175 basis points and have a maturity date of 14 June 2027 and the Tier 2 Notes were priced at a spread over gilts of 375 basis points and have a maturity date of 14 June 2035. The transactions attracted strong demand from investors, with a combined orderbook at the final pricing of over £1.35bn and having peaked at over £1.65bn.

Bupa's Chief Financial Officer, Joy Linton said: "These bonds enable us to enhance Bupa's strong liquidity and capital positions and extend our debt maturity profile. We are very pleased with the continued demonstration of support from our fixed income investor base. We remain focused on continuing to improve our offer to our customers and growing sustainably over the long term in line with our Strategic Framework and Five-Year Vision."

For further information, please contact:

Investors

Investor Relations: ir@bupa.com

Media

Rupert Gowrley (Corporate Affairs): rupert.gowrley@bupa.com

DISCLAIMER

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Senior Notes and the Tier 2 Notes (together "the Notes") or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.

The Notes will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes will be only offered and sold to non-U.S. persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act.

Stabilisation in respect of the Notes may be conducted in accordance with FCA and International Capital Market Association Rules.

About Bupa

Bupa's purpose is helping people live longer, healthier, happier lives. With no shareholders, our customers are our focus. We reinvest profits into providing more and better healthcare for the benefit of current and future customers.

Health insurance accounts for the major part of our business with 17.5m customers and contributes 73% of revenue. We operate clinics, dental centres and hospitals in some markets, with 15.8m customers. We care for around 22,000 residents in our aged care businesses in the UK, Australia, New Zealand and Spain.

We directly employ around 83,000 people, principally in the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong, Turkey, Brazil, the US, Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.

For more information, visit www.bupa.com.

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