Commentary & Deal Flow

Guidance: 5NC2: 7.5%a (Books over US$3.6bn ex JLM) 7NC3: 7%a (Books over €3bn ex JLM) 10NC5: 7.5%a (Books over €2.5bn ex JLM)

IPTs: 5NC2: 7.875-8.000% 7NC3: 7.250-7.375% 10NC5: 7.875%a

• Issuer: Telekom Srbija a.d. BEOGRAD
• Issuer Ratings: B1/BB-/BB- (Moody's/S&P/Fitch)
• Expected Issue Ratings: B1/BB-/BB- (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Issuance Format: Reg S / 144A
• Pricing Date: 11-May-26
• Settlement Date: 18-May-26 (T+5)
• Target Size:
• • 5NC2: US$ Benchmark
  • 7NC3: € Benchmark
  • 10NC5: €300m
• Tenor:
• • 5NC2
  • 7NC3
  • 10NC5
• Maturity Date:
• • 5NC2: 18-May-31
  • 7NC3: 18-May-33
  • 10NC5: 18-May-36
• Guidance:
• • 5NC2: 7.5% area
  • 7NC3: 7.0% area
  • 10NC5: 7.5% area
• Denominations:
• • 5NC2: US$200k and integral multiples of US$1k in excess thereof
  • 7NC3: €100k and integral multiples of €1k in excess thereof
  • 10NC5: €100k and integral multiples of €1k in excess thereof
• ISINs:
• • 5NC2: RegS: XS3370281795 / 144A: US87945BAB62
  • 7NC3: RegS: XS3370281878 / 144A: XS3370281951
  • 10NC5: RegS: XS3370282090 / 144A: XS3370282173
• Use of Proceeds: Refinancing of certain debt and payment of the transaction related fees and expenses
• Change of Control: Put option at 101 % of the principal amount then outstanding plus accrued and unpaid interest (if any) to the date of redemption, upon certain events defined as constituting a Change of Control
• Covenants: Customary incurrence-based high yield covenants
• Listing: Global Exchange Market of the Irish Stock Exchange, trading as Euronext Dublin
• Documentation: Standalone
• Governing Law: English law
• Joint Lead Managers: BNP Paribas, BofA Securities (B&D), Citi, Deutsche Bank, Eurobank, J.P. Morgan, OTP Bank, Raiffeisen Bank International, UniCredit
• Stabilisation: ICMA/FCA stabilisation applies
• Timing: Books open, today’s business
• Books Subject: 2pm UKT / 9am EST