Commentary & Deal Flow

Spread set at: 4yr: MS+19bp - Books above €4bn (pre-rec, incl. €495m JLM)
Book Update: Books above €2.7bn (incl. €495m JLM)
Guidance: 4yr: MS+26a

• Issuer: DBS Bank Ltd. (acting through its registered office in Singapore)
• Issuer LEI: ATUEL7OJR5057F2PV266
• Covered Bond Guarantor: Bayfront Covered Bonds Pte. Ltd.
• Type: Covered Bond backed by Singaporean residential mortgage loans, regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant
• Format: Reg S, Registered, Global Covered Bond
• Expected Ratings: Aaa (Moody's) / AAA (Fitch)
• Currency / Size: € Benchmark
• Coupon: Fixed, Annual, Act/Act (ICMA), Unadjusted
• Settlement: 26-Aug-26 (T+7)
• Maturity: 26-Aug-30 (4yr) Soft Bullet Maturity
• Denoms: €100k + €1k
• Target Market: MiFID II and UK MiFIR product governance: Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document or UK CCI product summary has been prepared as not available to retail in EEA or the UK
• Documentation: Issued under the DBS Bank Ltd. US$20bn Global Covered Bond Programme with Offering Circular dated 13-Mar-26, as supplemented by the Preliminary Pricing Supplement dated 17-Aug-26
• ISIN/Common Code: XS3479188222 / 347918822
• Listing: SGX-ST
• Governing Law: English Law (bond and swap documents) & Singapore law (asset documents)
• Joint Lead Managers: DBS Bank Ltd., Crédit Agricole CIB, Helaba, ING (B&D), LBBW, Natixis, NORD/LB
• Advertisement: The Offering Circular, any Supplements and Final Terms, when published, are available on the website of the www.sgx.com
• Timing: Books open, today's business. Books subject at 11.45 CET.