Commentary & Deal Flow

Reoffer: 3yr: MS+155bp / 99.956 / 4.266%
Benchmark: 3yr: OBL 2.1 12-Apr-29 #189 @ 98.81 / B+171.8bp / HR 105%

Final Books: 3yr: Final Books over €680m (incl. €35m JLM interest). Peak book ~€900m (pre-rec)

Launched: 3yr: €500m @ MS+155bp - Books ~€900m (incl. €35m JLM, pre-rec)
Book Update: Books in excess of €775m (incl. €35m JLM interest)
IPTs: 3yr: MS+170a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• Legal Entity Identifier: DZZ47B9A52ZJ6LT6VV95
• Issuer Ratings: BBB- (Negative) by S&P
• Expected Issue Ratings: BBB- by S&P
• ESG: Green
• Status of the Notes: Senior Preferred Notes (MREL eligible)
• Size: €500,000,000
• Reoffer: MS+155bps / 4.266% / 99.956%
• Benchmark: OBL 2.1 12-Apr-29 #189 + 171.8bps @ 98.81, HR 105%
• Form: RegS Bearer
• Tenor: 3-year
• Status: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Early Redemption: Early Redemption for Regulatory Reasons upon occurence of a MREL Event
• Use of Proceeds: An amount equivalent to the net proceeds of the Green Bonds is intended to be allocated, in whole or in part, to Eligible Green Loans originated by the Issuer in relation to the financing or refinancing of the construction of new buildings, the renovation of existing buildings or the acquisition and ownership of buildings that meet the eligibility criteria as further specified in the Green Bond Framework of the Issuer.
• Pricing Date: 01-Jul-26
• Settlement Date: 08-Jul-26 (T+5)
• Maturity Date: 06-Jul-29
• Coupon: 4.250% Fixed, annual, Act/Act ICMA, unadjusted following, short first coupon
• Interest Payment Dates: 06-Jul of every year, commencing on 06-Jul-27
• Listing: Munich Stock Exchange (Regulated Market)
• Clearing System: Clearstream Europe AG
• Denomination: €1,000 x €1,000
• Governing Law: German law
• ECB Eligibility: Expected
• Selling Restrictions: U.S. (Reg. S Cat. 1, TEFRA C), European Economic Area (EEA),United Kingdom, Ireland, Austria, Italy, Norway, Switzerland, Japan and Canada as further set out in the Base Prospectus, dated 2nd April, 2026, as supplemented.
• Documentation: Deutsche Pfandbriefbank AG’s EUR 50bn Debt Issuance Programme (dated 02-Apr-26, supplemented 15-May-26). The Debt Issuance Programme and all supplements are available for viewing at: https://www.pfandbriefbank.com/en/investors/debt-investors/issuanceprogrammes/dip/ Terms, once published, will be available for viewing at: https://www.pfandbriefbank.com/en/investors/debt-investors/finalterms/ungedeckte-schuldverschreibungen.html
• ISIN / Common Code: DE000A3827B8 / A3827B
• Target Market/PRIIPs: Positive Target Market: Client Type: Professional Clients, Eligible Counterparties and Retail Clients (no public offering); Investment Objective: Asset Accumulation; Investment Horizon: Medium term; Ability to bear losses: No capital loss; Knowledge / Experience: Basic Knowledge; Distribution Strategy: non-advised, investment advised, execution only; Risk Indicator (SRI): 3. Sustain Preference: Product in accordance with Article 2 cf. 7c MiFID II; Sustain Main Focus: Environmental; Sustainability Label: ICMA Green Bonds Principles
• Advertisement: https://www.pfandbriefbank.com/fileadmin/user_upload/downloads/investor_relations/presentations/Debt_Investor_Update_2026Q1_final.pdf
• Joint Lead Managers: ABN AMRO, Barclays, Danske Bank (B&D), Erste Group, Jefferies
• Timing: TOE: 13:50 CET, 12:50 UKT | FTT: 14:15 CET, 13:15 UKT