Book size: 1600; First Pay: 2027-02-24; Registration: Reg S Only; Comments: EUR1bn 8yr cpn 2.75% at 99.435, yld 2.83%. Spread: MS+19. DBR 2.20% 02/15/34 +22.9bps (97.140%) 100% HR;

Reoffer: 8yr: MS+19bp / 99.435 / 2.830% Benchmark: 8yr: DBR 2.20% 15-Feb-34 @ 97.140 / B+22.9bp / HR 100% Launched: 8yr: €1bn @ MS+19bp (books above €1.6bn incl. €405m JLM) Spread set at: 8yr: MS+19bp (books above €1.25bn incl. €350m JLM) IPTs: 8yr: MS+19bp area Issuer: Federal State of Lower Saxony (NIESA) Issuer Rating: AAA (Fitch) Format: Landesschatzanweisung (0% rw, senior unsecured) Size: €1bn Maturity: 24 February 2034 (8y) Settlement: 25-Feb-26 (T+5) Coupon: 2.75% Fixed, Annual, ACT/ACT ICMA, first short coupon on February 24th 2027 Reoffer: MS+19bp / 99.435% / 2.830% Benchmark: DBR 2.20% 15-Feb-34 @ 97.140 / B+22.9bp / HR 100% Law: German Law Listing: Hannover Denominations: €1k ISIN: DE000A460GQ9 WKN: A460GQ Target Market: Manufacturer target market (MiFID II product governance) is retail, eligible counterparties and professional clients (all distribution channels) Fees: The banks will be paid a fee in relation to this transaction Bookrunners: Barclays, DB (B&D), DZ, NORD/LB, Rabobank Timing: Priced - TOE 13:10 CET, FTT immediately