Commentary & Deal Flow

Reoffer: 5yr: MS+100bp / 99.884 / 3.901%
Benchmark: 5yr: OBL 2.5 30-Apr-31 @ 98.78 / B+113.3bp / HR 100%

5yr: Final Books in excess of €1.5bn. Peak book in excess of €1.65bn (pre-rec)

Launched: 5yr: €500m @ MS+100bp - Orderbook in excess of €1.65bn (pre-rec)
Book Update: Books in excess of €1.25bn
IPTs: 5yr: MS+130a

• Issuer of Loan Notes: Julius Baer Group Ltd., a limited liability company incorporated in Zürich, Switzerland (Ticker: BAERVX)
• Loan Notes Issuer LEI: 5299007MF0604ZGJER92
• Issuer of ELM Notes: ELM B.V., a limited liability company incorporated in Amsterdam, the Netherlands
• ELM Notes Issuer LEI: 724500DHUNQ9NF3A7D24
• Rating of Loan Notes Issuer: Baa1 (Moody’s), stable outlook
• Expected ELM Notes / Loan Notes Rating: Baa1 (Moody’s)
• Form of Instruments: Reg S Registered Notes
• Status: Senior Unsecured
• Issue Type: 5-year Fixed Rate Notes
• Title of the ELM Notes: EUR 500m 3.875 per cent. Senior Unsecured Fixed Rate Notes due 2031 secured by Fixed Rate Senior Unsecured Loan Notes due 2031 by Julius Baer Group Ltd.
• Issue Size: €500,000,000
• Pricing Date: 09-Jun-26
• Settlement Date: 16-Jun-26 (T+5)
• Maturity Date (Loan Notes): 16-Jun-31 (the Maturity Date of the ELM Notes is two Business Days thereafter)
• Reoffer: MS+100bps / 99.884 / 3.901%
• Benchmark: OBL 2.5% Apr-31 +113.3bps (Spot : 98.78 / HR : 100%)
• Interest Payment Dates (Loan Notes): Payable annually in arrear on 16 June in each year, commencing on 16-Jun-27. The Interest Payment Dates for the ELM Notes are one Business Day thereafter.
• Day Count Fraction: Act/Act ICMA
• Business Day Convention: Following unadjusted
• Business Days: T2, London and Zurich Business Days
• Final Redemption: 100% of the aggregate principal amount of the Notes
• Documentation: Final Series Memorandum – Preliminary Series Memorandum dated 09-Jun-26
• Use of proceeds: General corporate purposes
• Denomination: €100,000
• Governing Law (Loan Notes): Swiss Law (Zurich 1)
• Governing Law (ELM Notes): English Law
• Listing: Euronext Dublin for the ELM Notes; the Loan Notes will not be listed
• ISIN: XS3397091573
• Product Governance: The manufacturer target market (EU MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK
• Selling Restrictions: US (Reg S only. Not 144A eligible), EEA, UK, The Netherlands, Switzerland (no public offer), Hong Kong, Italy, Belgium, Singapore. The ELM Notes may only ever be sold, re-sold or otherwise transferred to non-US Persons under Reg S., in each case as further described in the Final Series Memorandum.
• Stabilisation: FCA/ICMA
• Joint Bookrunners: BNP Paribas, BofA Securities, Deutsche Bank and UBS Investment Bank (B&D)
• Final Series Memorandum: The Final Series Memorandum, when published, will be available on the website of Euronext Dublin (https://www.euronext.com/en/markets/dublin)
• Timing: Priced: TOE 1542CET / FTT 1600CET