Commentary & Deal Flow

Tranche 1 (3.5yr): Final books at re-offer over €700mn (incl. €70mn JLM). Peak book in excess of €840mn (incl 70mn JLM interest)

Launched: 3.5yr: €500m @ MS+41bp - Book in excess of €840mn (incl 70mn JLM interest)
Spread set at: 3.5yr: MS+41bp
Book Update: Books in excess of €820mn (incl 70mn JLM interest)
Guidance: 3.5yr: MS+45a

• Issuer: Luminor Bank AS
• Ticker: LUMINO
• Issuer LEI: 213800JD2L89GGG7LF07
• Issuer Rating: A2, negative outlook (Moody's)
• Expected Issue Rating: Aaa (Moody's)
• Type: European Covered Bond (Premium), Estonian Covered Bond (100% residential mortgages)
• Format: Reg S, Bearer, New Global Note
• Issue Size: €500,000,000
• Pricing Date: 27-Oct-26
• Settlement Date: 3-Nov-26 (T+5)
• Maturity Date: 6-May-30 (Soft Bullet)
• Extended Maturity Date: 6-May-31 The maturity may be extended up to the Extended Maturity Date subject to Condition 9(n) of the Terms and Conditions in the Issuer's Base Prospectus dated 8-May-26, as supplemented.
• Coupon: [X]%, Fixed annual, Actual/Actual (ICMA), Following, Unadjusted
• Coupon for Extension Period: 1 month Euribor +[ ] bps per annum, payable monthly in arrear, from and including the Maturity Date to but excluding the earlier of the Extended Maturity Date or on such Interest Payment Date (in the period between the Maturity Date and the Extended Maturity Date) where the covered bonds are redeemed in full
• Interest Payment Dates: [6]-May annually in arrear, commencing on [6]-May-27 up to and including the Maturity Date. Short first coupon. Interest Payment Dates for extension period: [6th] day of each month from and excluding the Maturity Date, to and including the Extended Maturity date
• Business Days: T2, London
• Documentation: In accordance with the Issuer's EUR 5bn EMTN and Covered Bond Programme dated 8-May-26 as supplemented from time to time
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Listing: Application will be made for the Covered Bonds to be listed on the Irish Stock Exchange plc, trading as Euronext Dublin
• Governing Law: English law, except for Condition 4(d) (Status - Status of the Covered Bonds) and the provisions relating to the Covered Bonds where provisions of Estonian laws mandatorily apply to covered bonds issued by an issuer incorporated in Estonia, which shall be governed by Estonian law (as more fully set out in the Issuer's Base Prospectus)
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA and UK
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available on the Euronext Dublin Website: live.euronext.com
• Fees: The Joint Lead Managers will be paid a fee in connection to the issue of the Notes
• Joint Lead Managers: ABN AMRO, Erste Group (B&D), Luminor Markets, Nordea and NORD/LB
• Clearing: Euroclear / Clearstream
• ISIN / Common Code: XS3556889841 / [x]
• Timing: Books open, today's business
• Books Close: 13:00 CET / 12:00 UKT
• Hedge Deadline: 14:50 CET / 13:50 UKT
• Hedge Ratio: 101% vs OBL 2.4% Apr30