Book size: 850; Registration: Reg S Only; Comments: OBL 2 ½ 04/16/31 #193 (99.13 / B+71.2bps / HR: 99%). Tax Call: Yes; Regulatory Call: Yes. LEI: 213800M7T3CYVZ3ZRT12;

Comment from Danske Bank(Lead): Yesterday, Sparebanken Norge, as the new entity formed following the merger between Sparebanken Vest and Sør in May 2025, successfully launched its inaugural Senior Preferred (SP) benchmark, a EUR 500m WNG green 5‑year bond priced at MS+58bps, on the second busiest primary market day so far this year. Highlights: The issuer opted for a 2‑day approach, given the inaugural nature of the transaction, allowing for investor dialogue and flagging the transaction early amid a busy primary market to garner valuable feedback and indications of interest. The deal, launched with WNG language, opened with IPTs at MS+80-85bps and attracted solid, albeit slower, order inflows given primary market congestion. With a EUR 1bn book supported by high‑quality real‑money accounts and dedicated green demand, final terms were set in one step, around 30bps back of fair value the following day, successfully completing the issuer’s inaugural senior preferred issue. The transaction was priced flat to the issuer’s NOK curve, bringing Sparebanken Norge closer to local peer levels, with the chosen strategy underpinned by robust secondary market performance. The deal achieved a well‑diversified European distribution, with CB/OI accounting for an above‑average share, highlighting continued investor appetite for top‑tier Norwegian bank risk.

The issuer intends to allocate an amount equal to the net proceeds from the issue of the Notes to finance or re-finance, in whole or in part, Green Loans pursuant to the Issuer’s Green Bond Framework, which is available on the website of the Issuer alongside the second party opinion