Commentary & Deal Flow

The Republic of Serbia (represented by the Government of the Republic of Serbia, acting by and through the Ministry of Finance), rated Ba2 (stable) / BB+ (stable) / BB+ (stable) by Moody's / S&P / Fitch, US$ benchmark 144A/Reg S 10y sustainable bond due 6/12/34. BNP/BofA/DB (B&D / ESG Structuring Coordinator)/MUFG/Raiffeisen joint books. List LSE. English Law. UOP: In accordance with the Sustainable Finance Framework, the Issuer intends to apply an amount equivalent to the net proceeds to finance and /or re finance new and existing expenditures aimed at promoting Serbia’s transition to a low carbon, climate resilient and ecological economy as well as contributing to United Nations Sustainable Development Goals (“Eligible Green or Social Expenditures”). Sustainable Finance Framework and SPO: https://javnidug.gov.rs/en/zeleneobveznice. DealRoadshow: URL: https://dealroadshow.com Entry Code: SERBIA2024 Direct Link: : https://dealroadshow.com/e/SERBIA2024. Pricing 6/5. Settle 6/12 (T+5).

IPTs: T+240 area.

FINAL PRICE GUIDANCE: T+205 area (+/- 5).