Commentary & Deal Flow

Reoffer: 5yr: MS+150bp / 99.353 / 4.397% 12yr: MS+200bp / 97.384 / 5.173% 10yr: T+145bp / 97.644 / 5.814%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 98.75 / B+162.8 12yr: DBR 4 04-Jan-37 @ 107.9 / B+205.5 10yr: T 4.125 15-Feb-36 @ 98-03+ / HR 95%

Final Books: 5yr: > €2.4bn (pre-rec) 12yr: > €2.5bn (pre-rec) 10yr: > US$3.2bn (pre-rec)

Launched:
5yr: €1bn @ MS+150bp - Book > €2.4bn pre-rec
12yr: €900m @ MS+200bp - Book > €2.5bn pre-rec
10yr: US$1.25bn @ T+145bp - Book > US$3.2bn pre-rec
Spread set at: 5yr EUR: MS+150bp - Book > €2.35bn 12yr EUR: MS+200bp - Book > €2.4bn 10yr USD: T+145bp - Book > US$3.1bn
Book Update: Books > €6.4bn (evenly split, ex JLM)
IPTs: 5yr EUR: MS+180a 12yr EUR: MS+230a 10yr USD: T+175a

• Issuer: The Republic of Serbia (represented by the Government of the Republic of Serbia, acting by and through the Ministry of Finance)
• Issuer Ratings / Outlook: Ba2 (Stable) by Moody's, BBB- (Stable) by S&P and BB+ (Positive) by Fitch
• Expected Issue Ratings: Ba2 by Moody's, BBB- by S&P and BB+ by Fitch
• Ranking: Senior Unsecured
• Documentation: Drawdown under the GMTN Programme, dated 27-Apr-26, as supplemented by the relevant Final Terms prepared in relation to each series of Notes
• Currency:
• • 5yr: €
  • 12yr: €
  • 10yr: US$
• Format:
• • 5yr: 144A/Reg S, Conventional
  • 12yr: 144A/Reg S, Green
  • 10yr: 144A/Reg S, Conventional
• Issue Size:
• • 5yr: €1bn
  • 12yr: €900m
  • 10yr: US$1.25bn
• Tenor:
• • 5-Year
  • 12-Year
  • 10-Year
• Maturity Date:
• • 5yr: 06-May-31
  • 12yr: 06-May-38
  • 10yr: 06-May-36
• Settlement Date: 06-May-26
• Coupon:
• • 5yr: 4.250%, fixed, annual act/act
  • 12yr: 4.875%, fixed, annual act/act
  • 10yr: 5.500%, fixed, semi-annual, 30/360
• ISIN RegS:
• • 5yr: XS3363425383
  • 12yr: XS3363425466
  • 10yr: XS3363387351
• ISIN 144a:
• • 5yr: XS3363425201
  • 12yr: XS3363430201
  • 10yr: US817477AK80
• Denominations:
• • 5yr & 12yr: €100,000 and €1,000 in excess thereof
  • 10yr: US$200,000 and US$1,000 in excess thereof
• Use of Proceeds:
• • 5yr & 10yr: Finance the concurrent tender offer of the EUR 2027 notes, with the remaining proceeds (if any) used for general budgetary purposes.
  • 12yr: In addition, the Issuer intends to allocate an amount equivalent to the net proceeds to finance and/or re-finance new and existing Eligible Green Expenditures in accordance with the Sustainable Finance Framework. https://www.javnidug.gov.rs/en/zeleneobveznice
• Clearing System:
• • 5yr & 12yr: Euroclear / Clearstream, Luxembourg
  • 10yr: Euroclear / Clearstream, Luxembourg / DTC
• Governing Law: English Law
• Listing: London Stock Exchange (Official List – Main Market)
• Joint Lead Managers: BNP Paribas, BofA Securities, Deutsche Bank (B&D), Morgan Stanley, UniCredit
• Sole ESG Coordinator: Deutsche Bank
• TOE: 18.18 UKT
• FTT: 8am UKT 29-Apr
• Stabilisation: ICMA/FCA stabilisation applies
• Target Market: MiFID II / UK MiFIR eligible counterparties and professional clients only (all distribution channels)