Book size: 1200; Registration: Reg S Only; Comments: EUR600m 6yr fxd cpn 2.875% at 99.902, yld 2.893%. Spread: MS+15bps. 28.4 bps vs. DBR 0% 15/2/2032 @ 85.883%; HR 109%;

Reoffer: 6yr: MS+15bp / 99.902 / 2.893% Benchmark: 6yr: DBR 0 15-Feb-32 @ 85.883% / B+28.4bp / HR 109% Final Book: Above €1.2bn (incl. €150m JLM) Launched: 6yr: €600m @ MS+15bp - Books in excess of €1bn (incl. €150m JLM interest) Guidance: 6yr: MS+15a - Books above €810mn (excl. JLM) Issuer: The Federal State of Brandenburg (Ticker: BRABUR) Rating: Aaa (Moody's) Format: Landesschatzanweisung, 0% RW, Senior unsecured Size: €600m Coupon: 2.875% Fixed, annual, act/act ICMA, unadjusted following Settlement: 25-Mar-26 (T+5) Maturity: 25-Mar-32 (6yr) Reoffer: MS +15bps / 99.902% / 2.893% Benchmark: 28.4 bps vs. DBR 0% 15-Feb-32 @ 85.883%; HR 109% Joint Leads: DekaBank, Deutsche Bank, NORD/LB, TD Securities and UniCredit (B&D) Law: German Listing: Berlin Denominations: €1,000+€1,000 Fees: The Joint Bookrunners will be paid a fee in connection to the transaction Target Market: Professional, retail and eligible counterparties each as defined in MiFID II / UK MiFIR (all channels for distribution of the bonds are appropriate) ISIN/WKN: DE000A351US7 / A351US Timing: Priced. TOE: 12.50 CET / 11.50 UK, FTT:13.05 CET, / 12.05 UK