Commentary & Deal Flow

Reoffer:
5NC2: 7.250% / 100
7NC3: 6.750% / 100
10NC5: 7.125% / 100

Benchmark:
5NC2: UST 3.875% 30-Apr-31 @ 99-05¾ / 4.059% / +319.1bp
7NC3: 7yr EUR Mid-Swap @ 2.943% / +380.7bp
10NC5: 10yr EUR Mid-Swap @ 3.066% / +405.9bp

Launched:
5NC2: US$1.35bn @ 7.25% (Books over US$4.7bn ex JLM)
7NC3: €500m @ 6.75% (Books over €4.2bn ex JLM)
10NC5: €300m @ 7.125% (Books over €3.6bn ex JLM)
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) (all stable)
• 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)
• Final Size:
• • 5NC2: US$1,350,000,000
  • 7NC3: €500,000,000
  • 10NC5: €300,000,000
• Maturity Date:
• • 5NC2: 18-May-31
  • 7NC3: 18-May-33
  • 10NC5: 18-May-36
• Coupon:
• • 5NC2: 7.250%
  • 7NC3: 6.750%
  • 10NC5: 7.125%
• Issue Price: 100
• Yield to Maturity:
• • 5NC2: 7.250%
  • 7NC3: 6.750%
  • 10NC5: 7.125%
• Pricing Benchmark:
• • 5NC2: UST 3.875% due 30-Apr-31
  • 7NC3: 7-year EUR Mid-Swap Rate
  • 10NC5: 10-year EUR Mid-Swap Rate
• Mid-Swap Rate / Benchmark:
• • 5NC2: 99-05¾ - 4.059%
  • 7NC3: 2.943%
  • 10NC5: 3.066%
• Spread to Mid-Swap / Benchmark:
• • 5NC2: +319.1bp
  • 7NC3: +380.7bp
  • 10NC5: +405.9bp
• Call Schedule:
• • 5NC2:
  • • Non-callable for 2 years until 18-May-28
    • Commencing 18-May-28, callable at 103.6250%
    • Commencing 18-May-29, callable at 101.8125%
    • Commencing 18-May-30 and thereafter: 100.0000%
  • 7NC3:
  • • Non-callable for 3 years until 18-May-29
    • Commencing 18-May-29, callable at 103.3750%
    • Commencing 18-May-30, callable at 101.6875%
    • Commencing 18-May-31 and thereafter: 100.0000%
  • 10NC5:
  • • Non-callable for 5 years until 18-May-31
    • Commencing 18-May-31, callable at 103.5625%
    • Commencing 18-May-32, callable at 101.7813%
    • Commencing 18-May-33 and thereafter: 100.0000%
• Interest Payment Dates: 18 May and 18 November, commencing 18-Nov-26
• 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: Reg S: XS3370281795 / 144A: US87945BAB62
  • 7NC3: Reg S: XS3370281878 / 144A: XS3370281951
  • 10NC5: Reg S: XS3370282090 / 144A: XS3370282173
• Common Codes:
• • 5NC2: Reg S: 337028179 / 144A: 337977944
  • 7NC3: Reg S: 337028187 / 144A: 337028195
  • 10NC5: Reg S: 337028209 / 144A: 337028217
• CUSIP: 87945BAB6
• 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
• TOE: 19:14 UKT 11-May-26
• FTT: 12-May-26 8am UKT subject to final Term Sheet