Book size: 1600; First Pay: 2027-03-15; Registration: Reg S Only; Comments: EUR1bn 3yr fxd cpn 2.60% at 99.949, yld 2.618%, Spread: MS+5bps. OBL 2.4 10/19/28 +23.7bps (100.040%) 114% HR;

Reoffer: 3yr: MS+5bp / 99.949 / 2.618% Benchmark: 3yr: OBL 2.4 19-Oct-28 @ 100.04 / B+23.7bp / HR 114% Final Book: above €1.6bn (incl. €175mn JLM) Launched: 3yr: €1bn @ MS+5bp - Orderbook above €1.25bn (incl. €125mn JLM) Spread set at: 3yr: MS+5bp - orderbook above €900mn (incl. €125mn JLM) Guidance: 3yr: MS+5a Issuer: Federal State of Lower Saxony (NIESA) Issuer Rating: AAA (Fitch) Format: Landesschatzanweisung (0% rw, senior unsecured) Size: €1bn Maturity: 15-Mar-29 (3y) Settlement: 18-Feb-26 (T+5) Coupon: 2.60% Fixed, Annual, ACT/ACT ICMA, first short coupon on 15-Mar-27 Reoffer: MS+5bps/ 99.949%/ 2.618% Benchmark: OBL 2.4 19-Oct-28 +23.7bps (100.040%) 114% HR Law/List/Denoms: German Law / Hannover / 1k ISIN/WKN/Series: DE000A460H51/A460H5/933 Target Market: Manufacturer target market (MiFID II / UK MIFIR 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: BayernLB (B&D), Goldman Sachs Bank Europe SE, HSBC, NORD/LB and UniCredit Timing: Priced - TOE 14.00 CET / 13.00 UKT, FTT 14.15 CET / 13.15 UKT