Book size: 435; Registration: Reg S Only; Comments: EUR250 NG 8yr, fxd cpn 2.75% at 99.329, yld 2.845%. Spread: MS+24. +28.4 bps vs DBR 2.2 02/15/34@ 97.43 - HR: 100%. LEI: 2Z7LGN9CRR5I5UEPSJ79;

Reoffer: 8yr: MS+24bp / 99.329 / 2.845% Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 97.43 / B+28.4 / HR 100% Spread set at: 8yr: MS+24bp - Books above €375m (incl. €45m JLM) Book Update #1: Books above €340m (incl. €45m JLM) Guidance: 8yr: MS+24bp area Issuer: Sächsische Aufbaubank - Förderbank Ticker: SABFOE LEI: 2Z7LGN9CRR5I5UEPSJ79 Guarantor: Free State of Saxony (rated AAA by S&P, outlook neg.) Issuer Rating: AAA by S&P (outlook neg.) Expected Issue Rating: AAA (S&P) Format: Reg S Bearer (0% rw, senior unsecured, LCR Level 1) Size: €250m Settlement: 06-Mar-26 (T+6) Maturity: 06-Mar-34 (8yr) Coupon: 2.75%, annual, act/act ICMA Reoffer: MS +24 bps / 99.329 / 2.845% Benchmark: +28.4 bps vs DBR 2.2 15-Feb-34 @ 97.43 - HR: 100% ISIN: DE000A3MQT97 Governing Law: German Listing: Frankfurt Denominations: €100k+100k Joint Leads: Commerzbank, DZ Bank (B&D), Helaba, LBBW, Nord/LB Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II) Timing: Priced, TOE: 13.18 CET, FTT: 13.35 CET Target Market: The target market for the bonds is professional and eligible counterparties, each as defined in MiFID II (Distribution channel: Non-advised services, execution-only)

Free State of Saxony