Commentary & Deal Flow

Reoffer: 3yr: MS+2bp / 98.648 / 2.820% 20yr: EU 3.750% 10/45+5bp / 98.787 / 4.090%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.51 / B+19.5bp (HR 107%) 20yr: DBR 2.5 15-Aug-46 @ 85.20 / B+55.8bp (HR 105%)

3yr TAP: Final books > €54bn (incl. €9.5bn JLM)
20yr: Final books > €88bn (incl. €9.3bn JLM)

Launched:
3yr: €3bn @ MS+2bp - Books > €53bn (incl €9bn JLM)
20yr: €6bn @ EU 3.75% 10/45+5bp - Books > €88bn (incl €9bn JLM)
Guidance: 3yr: MS+5a 20yr: EU 3.75% 10/45+7a

• Issuer: European Union
• Ratings: Aaa/AA+/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 14-Apr-26
• Settlement: 21-Apr-26 (T+5)
• Maturity:
• • TAP: 12-Jul-29
  • New 20-year: 12-Oct-46
• Tranche Size:
• • TAP: €3bn (new outstanding €9bn)
  • New 20-year: €6bn
• Coupon:
• • TAP: 2.375%. Fixed, short first
  • New 20-year: 4.000%, fixed, short first
• Day Count: Ann, ACT/ACT ICMA
• Reoffer:
• • TAP: MS + 2 bps / 98.648 / 2.820%
  • New 20-year: EU 3.750% 10/45 + 5 bps / 98.787 / 4.090%
• Benchmark:
• • TAP: OBL 2.1 12-Apr-29 #189 +19.5bps (HR 107%) (98.51 / 2.625%)
  • New 20-year: DBR 2.5 15-Aug-46 +55.8bps (HR 105%) (85.20 / 3.532%)
• ISIN:
• • TAP: EU000A4ENP68 (immediately fungible)
  • New 20-year: EU000A4ES497
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: Citi, Deutsche Bank (B&D/DM), HSBC, Natixis and Nomura
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II
• Timing: Priced TOE 14.24 CET / 13.24 UKT - FTT Immediately