Commentary & Deal Flow

Empresa de Transporte de Pasajeros Metro S.A. (Ticker: BMETR), (issuer rating A3/A/A- (s/s/s); instrument rating exp A/A-), CHF205m Sr unsecured green bond due 10/07/2033. UBS/BNPP as lead managers. 100% owned by the Republic of Chile. Sales Restrictions: In particular, United States of America, U.S. persons, EEA, the United Kingdom, Chile and general selling restrictions as per the preliminary prospectus. Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions. SNB Repo-eligibility: At the discretion of the SNB, expected no. Documentation: Standalone. FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 para. 2 FinSA. Governing Law: Swiss Law. Covenants: PP, NP, XD. SIX Listing: 03.10.2025. Denomination: CHF 5'000 and integral multiples thereof.

Use of Proceeds: An amount equal to the net proceeds of the Bonds will be used to fund or refinance, in whole or in part, new or existing Eligible Projects as defined in the Issuer’s Green Financing Framework dated February 2024, duly reviewed by SPO provider Sustainalytics dated 20 February 2024 [Both documents are available on the Issuer’s website, and the Issuer shall report proceeds’ allocation on an annual basis.]. ISIN / Security Number: CH1450810234 / 145081023. Price 09/10.

IPTs: 8y @ Saron MS+105bp-115bp

LAUNCH: CHF205m 8y @ Saron MS+110bp

PRICED: CHF205m 1.3975% 10/07/2033 @ 100 to yld 1.3975%. Saron MS+110bp. Govt+128bp.