Book size: 650; Comments: EUR250m 4yr fxd cpn 2.50% at 99.643, yld 2.595%. Spread: MS+15. DBR 0 02/15/30 + 30.0bps (91.288%), HR 104.5%. LEI: 529900JB2S6CH38UQ526;;

Reoffer: 4yr: MS+15bp / 99.643 / 2.595% Benchmark: 4yr: DBR 0 15-Feb-30 @ 91.288% / B+30.0bp / HR 104.5% Final Books: Final books above €650mn (incl. €150mn JLM). Peak book above €1.1bn (incl. €150mn JLM). Launched: 4yr: €250m @ MS+15bp - Orderbook above €1.1bn (incl.150mn JLM-Interest) Guidance: 4yr: MS+22a Issuer: Sparkasse Pforzheim Calw (Ticker: SKPPFO) LEI: 529900JB2S6CH38UQ526 Issuer Rating: A+ (stable) Fitch / A (stable) DBRS (each based on Sparkassen-Finanzgruppe Verbundrating) Exp. Issue Rating: AAA by Fitch Status: Hypothekenpfandbrief (German Mortgage Covered Bond) Issue Size: €250m Settlement: 11-Feb-26 (T+4) Maturity: 11-Feb-30 (4Y) Coupon: 2.5%, annual, act/act ICMA, unadjusted ReOffer: MS+15bp / 99.643% / 2.595% Benchmark: DBR 0 15-Feb-30 + 30.0bps (91.288%), HR 104.5% Denominations: 100k + 100k Listing/Law: Stuttgart, unregulated market (Freiverkehr) / German Joint Bookrunners: Erste Group (B&D), J.P. Morgan, LBBW and NORD/LB MIFID II: Manufacturer target markets (MIFID II product governance) are eligible counterparties and professional clients only. (Distribution Channel: Non-adviced services, Execution-only). Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities. ISIN/WKN: DE000A460QE4 / A460QE Timing: Priced, TOE: 12:50 CET, FTT: 13:05 CET