Commentary & Deal Flow

Telekom Srbija A.D. Beograd ("Telekom Srbija") (SBRIJA), one of the largest integrated telecommunication services provider in Southeast Europe and the largest operator in Serbia by subscribers in fixed telephony, mobile telephony, internet and multimedia services, 58.1% owned by the Republic of Serbia (rated BBB- stable by S&P, Ba2 positive by Moody’s, BB+ positive by Fitch) acting as a strategic and long-term majority shareholder, has mandated BNP Paribas, BofA Securities, Deutsche Bank, Erste Group, MUFG, Raiffeisen Bank International and UniCredit as Joint Lead Managers to arrange a series of physical and virtual fixed-income investor meetings commencing today, October 16.

An inaugural USD750m Reg S / Rule 144A Senior Unsecured 5NC2 notes offering, will follow subject to market conditions. MWC T+50bp. Equity claw: 2y 35%. List Dublin. English law. Semi pay. CoC at 101. Rated NR/BB-/B+ (stable/positive).

The proceeds of the Notes, along with a EUR383.1m term loan, will be used by Telekom Srbija to refinance certain existing indebtedness (foreign and domestic term loans and revolvers).

BNP Paribas is coordinating roadshow logistics.

Roadshow Schedule Summary:

Wed 16 October – Virtual Calls (afternoon only)

Thu 17 October – London Physical & Virtual Meetings (Rosewood Hotel)

Friday 18 October – London Physical & Virtual Meetings (Corinthia Hotel)

DealRoadshow Presentation (Voiceover) - Access Details: URL: https://dealroadshow.com; Entry Code: TELSERB; Direct Link: https://dealroadshow.com/e/TELSERB

The company will be represented by:

Mr Vladimir Lucic - Chief Executive Officer

Ms Marija Spasic - Chief Financial Officer

Ms Olivera Papic - Head of Treasury Department

Ms Dragana Drakulic - Head of Accounting