Book size: 1950; Comments: EUR500m 5.5yr cpn fxd 2.625% at 99.491, yld 2.728%. Spread: MS +15 bps. OBL 2.5% 04/2031, +26.7 bps @ spot 100.17% (HR 101%);

Reoffer: 5yr: MS+15bp / 99.491 / 2.728% Benchmark: 5yr: OBL 2.5% Apr-31 @ 100.17 / B+26.7bp (HR 101%) Launched: 5yr: €500m @ MS+15bp - Books above €1.6bn (incl. €300m JLM) IPTs: 5yr: MS+17bp area Issuer: LfA Foerderbank Bayern (BAYLAN) Guarantor: Free State of Bavaria (AAA by S&P) Expected Rating: Aaa/AAA (Moody's/Scope) Format: Senior Unsecured, 0% rw, ECB and PSPP eligible, LCR Level 1 Size: €500m (n/g) Coupon: 2.625%, annual, Act/Act ICMA, 1st long coupon Maturity: 12-Jun-31 Settlement: 12-Mar-26 (T+5) Reoffer: 99.491% / MS+15bp / 2.728% Benchmark: OBL 2.5% Apr-31, +26.7bp @ spot 100.17% (HR 101%) Listing: Munich Governing Law: German Law Denominations: €1k+1k Docs: Stand alone ISIN: DE000LFA2535 WKN: LFA253 Joint Leads: BayernLB, Commerzbank (B&D), DekaBank, LBBW, NORD/LB Target Market: Eligible, professional and retail counterparties, each as defined in MiFID II (all channels for distribution of the Bonds are appropriate) Timing: Priced, TOE 14:18 CET / FTT 14:25 CET

Free State of Bavaria