Commentary & Deal Flow

Reoffer: 5yr: MS+150bp / 99.727 / 4.435%

Final Books: Books around €450m (excluding JLM). Peak book over €600m (excl JLM).

Launched: 5yr: €300m @ MS+150bp - Books around €450m (excluding JLM)
Guidance: 5yr: MS+150/155 (WPIR) - Books over €600m (excl JLM)
IPTs: 5yr: MS+175a

• Issuer: Tieto Oyj
• Ticker: TIEVFH
• Format: Reg S, Senior Unsecured
• Size: €300m
• Settlement:            28 May 2026 (T+5)
  Maturity:            28 May 2031 (5yr)
  Coupon:            4.375%, FXD, Annual, Act/Act (ICMA)
  Reoffer:             99.727 / 4.437% / MS+150 bps
  Benchmark:            OBL 2.5 04/31 #193 + 164.0bp (@98.64)
  Optional Redemption:    3m par call, Clean-up Call (75% / at par), MWC B+25
  General Undertakings:    Cross-default, Negative Pledge (capital markets only), Change of Control (investor put, at par)
  Use of Proceeds:        Refinancing of existing indebtedness and for general corporate purposes
  Docs:                Standalone documentation
  Governing Law:        Finnish Law
  Listing:            Nasdaq Helsinki
  Clearing:            Euroclear Finland
  Denominations:        EUR 100k x 100k
  Target Market:        Manufacturer target market (MiFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or CCI Product Summary has been prepared as not available to retail in EEA or the UK.
  ISIN:                FI4000599121
  Joint Lead Managers:    Danske Bank, Nordea and OP Corporate Bank (B&D)
  Advertisement:        The Prospectus, when published, will be available on the website of the Issuer and at the FIN-FSA's website at:https://www.finanssivalvonta.fi/en/registers/register-of-prospectuses/
  Timing:            PRICED, TOE 14:46 CEST / FTT 15:15 CEST