Commentary & Deal Flow

Reoffer: 7yr: MS+93bp / 99.36 / 3.856%
Benchmark: DBR 2.3 15-Feb-33 TWIN @ 96.67% (2.842%) HR 100%

Final Books: Over €3.25bn. Peak book over €3.5bn (pre-rec)

Spread set at: 7yr: MS+93bp
Guidance: 7yr: MS+100a - Books over €3.5bn (pre-rec)
IPTs: 7yr: MS+130a

• Issuer: Naver Corporation
• LEI: 988400ULUQYDB2HQYJ61
• Ticker: NHNCOR
• Issuer Ratings: A3 by Moody’s / A- by S&P
• Exp Issue Ratings: A3 by Moody’s / A- by S&P
• Status: Fixed Rate, Senior Unsecured
• Format: Reg S Only (Category 2); Registered
• Size: €500m
• Settlement Date: 21-Apr-26
• Maturity Date: 21-Apr-33
• Coupon: 3.75%, Annual Act/Act (ICMA)
• Price / Yield: 99.360% / 3.856%
• Spread: MS+93bps/ B+101.4Bps
• Reference Security: DBR 2.3 15-Feb-33 TWIN @ 96.67% (2.842%) HR 100%
• Business Day Convention: Following, unadjusted
• Listing: SGX-ST (Singapore Exchange) and Frankfurt Open Market Quotations Board (Frankfurt Stock Exchange)
• Terms: EUR100k/1k Denoms, New York Law
• Use of Proceeds: An amount equal to the net proceeds will be allocated toward the financing and/or refinancing, in whole or in part, of new and/or existing projects from the Eligible Green Categories in accordance with NAVER’s Sustainable Finance Framework published in April 2026
• Joint Bookrunners: Crédit Agricole CIB, HSBC (B&D), Morgan Stanley and Standard Chartered Bank
• Clearing: Euroclear/Clearstream
• Target Market: Manufacturer target market (EU MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• ISIN / Common Code: XS3324309049 / 332430904
• Timing: TOE 16:08 UKT, FTT 07:30 UKT / 08:30 CET 15-Apr-26