10.25 yr: Book size: 500; First Pay: 2024-01-04; Redemption: 2028-10-04; Registration: Reg S Only; Comments: EUR300m WNG 10.25NC5.25 Tier 2 green RegS. Baa2/ISS ESG C+ Prime/Moody's ESG 52/CS 23.6/MSCI A. BayernLB/ING(B&D)/Natx/UBS. Feedback MS+350/+400. IPTs MS+400 area, guidance MS+400 area, launch MS+375. Final books 500m @reoffer (peak 625m+). HR 97% vs DBR 0% 11/2028, B+440.1. FTT 1:45pm. Reset Date: 2028-10-04. Par Call: 3m. Distribution: Ger 47%, UK/Ire 19%, Aus/Switz 12%, Benelux 5%, S.Eur 8%, Fr 3%, Other 6%. Bks 14%, AM 61%, CB 2%, Ins/PF 16%, Other 7%. LEI: VDYMYTQGZZ6DU0912C88;

Tier 2 Green Bond