LAUNCH: CoBank ACB $300m WNG PerpNC5 Pfd at 7.125%

Launch: $300 million at 7.125%. Expected to price today.

• Issuer: CoBank, ACB (COBKAC)
• Expected Ratings: BBB+ (S&P) / BBB (Fitch) (Stable/Stable)
• Security: Fixed-Rate Reset Series M Non-Cumulative Perpetual Preferred Stock
• Format: 3(a)2 Exempt
• Size: $300mm WNG
• Maturity: Perpetual
• Initial Price Talk: 6.875% area
• Par Amount: $1,000
• Dividends: Fixed-Rate Reset non-cumulative dividends payable when, as and if declared by the Board of Directors
• Dividend Rate: (i) from the date of original issue to, but excluding, January 1, 2030 at a fixed rate of [ • ]% per annum and (ii) from, and including, the First Reset Date for each Reset Period ...