Commentary & Deal Flow

Launched: 5yr: €1bn @ MS+14bp - Books closed above €1.35bn (incl. €225m JLM)
Spread set at: 5yr: MS+14bp - Books above €1.05bn (incl. €225m JLM)
Guidance: 5yr: MS+14a

• 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: €1bn
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Maturity: 28-Oct-31 (5yr)
• Settlement: 28-Oct-26 (T+5)
• Final Spread: MS+14bp
• Law/Denom: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• ISIN/WKN: DE000A5H3DL7 / A5H3DL
• Bookrunners: BNP Paribas, Citi, Danske Bank, DekaBank, Helaba (B&D), HSBC
• Fees: The banks will be paid a fee in relation to this transaction
• Timing: Today's business
• Target Market (MiFID II): Retail, Professional and Eligible Counterparties (all distribution channels)