Commentary & Deal Flow

5yr: Final Books €2.4bn. Peak book >€2.9bn
10yr: Final Books €1.7bn. Peak book >€3bn

Benchmark: 5yr: OBL 2.5% Apr-31 (HR 99%) | 10yr: DBR 2.9% Feb-36 (HR 98%)
Hedge Deadline: 15:30 UKT / 16:30 CET

Launched:
5yr: €500m @ MS+50bp - Books >€2.9bn (pre-rec, good at guidance)
10yr: €500m @ MS+75bp - Books >€3bn (pre-rec, good at guidance)

Guidance: 5yr: MS+55bp area (Books >€2.9bn) | 10yr: MS+80bp area (Books >€3.4bn)
IPTs: 5yr: MS+85/90bp 10yr: MS+115a

• Issuer: Alliander N.V. (Ticker: ALLRNV, Country: NL)
• Issuer LEI: 724500XBZ9QOPTI11U82
• Issuer Ratings: A1/A/A+ (Moody's/S&P/Scope)
• Exp. Notes Ratings: A1/A+ (Moody's/Scope)
• ESG Ratings: MSCI ESG rating AA, ISS ESG B (Prime), Sustainalytics 21.2 (medium risk)
• Format: Reg S Bearer, Category 2, TEFRA D, Fixed rate, Green, Senior, Unsecured, NGN form
• Settlement: 30-Apr-26 (T+5)
• Tenor:
• • 5-year
  • 10-year
• Currency & Size:
• • 5yr: €500m
  • 10yr: €500m
• Maturity:
• • 5yr: 30-Apr-31
  • 10yr: 30-Apr-36
• Coupon:
• • 5yr: Fixed; Annual; Actual/Actual (ICMA)
  • 10yr: Fixed; Annual; Actual/Actual (ICMA)
• Call Features:
• • 5yr: MWC, 3m Par Call, Clean-Up (75%)
  • 10yr: MWC, 3m Par Call, Clean-Up (75%)
• ISIN:
• • 5yr: XS3359749481
  • 10yr: XS3359749564
• Use of Proceeds: To finance and/or refinance, in whole or in part, eligible assets (“Eligible Green Assets”) as outlined in the Issuer’s Green Finance Framework dated April 2025
• Documentation: DIP Base Prospectus dated 22-Sep-25 / 100k+1k / Euronext Amsterdam / Dutch Law
• Green Financing Framework: The Green Finance Framework and Second Party Opinion are available on https://www.alliander.com/nl/green-finance-framework/
• Joint Lead Managers: ING, NatWest, Rabobank, RBC Capital Markets (B&D)
• Selling Restrictions: As per Base Prospectus dated 22-Sep-25
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs CCI product summary has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements and the Final Terms, when published, will be available on the website of the Issuer https://www.alliander.com/en/investors/financing/green-bonds/
• Books Subject: 12:00 UKT / 13:00 CET
• Timing: Books open, today’s business