Commentary & Deal Flow

Launched: 6NC5: €500m @ MS+88bp - Books €2.2bn+ (pre-rec, incl. €50m JLM)
Book Update: Books above €1.5bn
IPTs: 6NC5:MS+115/120bp

• Issuer: SpareBank 1 Sor-Norge ASA
• LEI: 549300Q3OIWRHQUQM052
• Issuer Rating: Aa3 (stable) by Moody's
• Expected Issue Rating: A3 by Moody’s
• Status: Senior Non-Preferred Notes
• Format: Reg S, Bearer, NGN
• Size: €500m
• ISIN: XS3349826373
• Settlement Date: 21-Apr-26 (T+6)
• Maturity Date: 21-Apr-32
• Optional Redemption Date: 21-Apr-31
• Final Spread: MS+88bps
• Initial Rate of Interest: [•]%, Fixed, Annual, ACT/ACT (ICMA)
• Early Redemption Event: Applicable at par as per Condition 5(c) Redemption for Taxation Reasons and per Condition 5(k) MREL Disqualification Event
• Events of Default: Senior Non-Preferred Notes will contain only limited event of default provisions and will not contain any cross-default provisions
• Substitution & Variation: Applicable as per Condition 5(m) of the Base Prospectus
• Documentation: Issuer's €20bn Euro Medium Term Note Programme dated 2-Jul-25 (the "Base Prospectus")
• Governing Law: English law except for Condition 2 which will be governed by and construed in accordance with Norwegian law
• Use of Proceeds: The issuer intends to allocate an amount equal to the net proceeds from the issue of the Notes to Eligible Assets as described in the Issuer’s Green Bond Framework
• Listing: Luxembourg Stock Exchange Regulated Market
• Clearing: Euroclear / Clearstream, Luxembourg
• Set-Off: No right of Set-Off
• Denominations: €100k + €1k
• Business Days: T2
• Selling Restrictions: UK, EEA, Japan, Norway, Italy, Singapore and US and as further set out in the Base Prospectus
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID / CCI product summary has been prepared as not available to retail in the EEA or the UK
• Fees: The Banks will be paid a fee by the Issuer in connection with the transaction
• Advertisement: The Base Prospectus dated 2-Jul-25 is available and the Final Terms, when published, will be available on the website of the issuer and of the website of Luxemburg Stock Exchange https://www.bourse.lu/issuer/Sparebank1SRBk/48189
• Joint Lead Managers: Barclays, Danske Bank, HSBC Continental Europe, J.P. Morgan, UBS
• Timing: Books open, today's business. Books close at 12:30 CET