Commentary & Deal Flow

Tranche 1 (10yr): Final books over €2.6bn. Peak book over €2.6bn (incl. €525m JLM)

Launched: 10yr: €1.25bn @ MS+24bp - Books closed above €2.6bn (incl. €525m JLM)
Spread set at: 10yr: MS+24bp - Books above €2.35bn (incl. €450m JLM)
Book Update: 10yr: Books above €2bn (incl. €400m JLM)
Guidance: 10yr: MS+25a

• Issuer: Land Berlin
• BBG Ticker: BERGER
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
• Size: €1.25bn
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Maturity: 01-Sep-36 (10yr)
• Settlement: 01-Sep-26 (T+5)
• Law/Denom: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• ISIN: DE000A5H3DJ1
• WKN: A5H3DJ
• Bookrunners: BNPP, BofA, DB, DZ (B&D), LBBW, RBI
• Fees: The banks will be paid a fee in relation to this transaction
• Timing: Books to close at 11:00 CET / 10:00 Ldn time
• Target Market (MiFID II): Retail, Professional and Eligible Counterparties (all distribution channels)
• Benchmark: DBR 3 15-Aug-36 / HR 99%
• Hedge Deadline: 13:15 CET / 12:15 LDN