Commentary & Deal Flow

Launched: 12yr: £400m @ G+125bp - Books closed £840m (pre-rec)
Guidance: 12yr: G+125bp - Books north of £1bn
IPTs: 12yr: G+145a

• Issuer: Vonovia SE (Ticker: ANNGR, Country: DE)
• Issuer LEI: 5299005A2ZEP6AP7KM81
• Issuer Rating: Baa1 (stable) by Moody’s / BBB+ (stable) by S&P / BBB+ (stable) by Fitch / A- (negative) by Scope
• Exp. Issue Rating: Baa1 by Moody’s / BBB+ by Fitch
• Format: Senior, Unsecured, Reg S Bearer, TEFRA D
• Settlement: 18-May-26 (T+5)
• Size: £400m
• Maturity Date: 18-May-38 (12 year)
• Ref Benchmark: UKT 3.750% 22-Jan-38
• Hedge Ratio: 106%
• Hedge Deadline: 15.25 UKT
• Coupon Type: Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3349838204
• Docs: DIP / Lux. Listing (regulated market) / German Law / £100k + £100k / Tax Call / MWC (B+ [ ]) / CoC Put / 3m Par Call
• Selling Restrictions: General, U.S. (Reg S), EEA, UK, Singapore, Japan, Switzerland and Canada as set out in the Debt Issuance Programme, dated 23-Mar-26, and supplemented as of 08-May-26
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Covenants:
• Limitations on Incurrence of Debt:
• 1. Total Debt / Total Assets ≤ 60%
  2. Secured Debt / Total Assets ≤ 45%
• Maintenance of Consolidated Coverage Ratio and Total Unencumbered Assets:
• 3. Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Net Cash Interest) ≥ 1.8x
  4. Total Unencumbered Assets / Unsecured Debt ≥ 125%
• UoP: General Corporate Purposes including the refinancing of existing debt
• MiFID II and/or UK MiFIR Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail investors in the UK or the EEA or elsewhere
• Joint Active Books: BofA, GS (B&D), MS, SG
• Timing: Books open, today’s business.
• 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, its supplement and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (www.luxse.com).