Commentary & Deal Flow

Reoffer: 6yr: MS+32bp / 99.655 / 3.189%
Benchmark: 6yr: DBR 0 15-Feb-32 @ 85.4 / B+44.6 / HR 111%

Final Books: Above €1bn (incl. €85m JLM)

Launched: 6yr: €500m @ MS+32bp - Books above €1bn (incl. €85m JLM)
Spread set at: 6yr: MS+32bp
Book Update: Books above €1bn (incl. €85m JLM)
Guidance: 6yr: MS+36a

• Issuer: Banco BPI S.A.
• LEI: 3DM5DPGI3W6OU6GJ4N92
• Issuer Ratings: A2/A/A- (Moody's/S&P/Fitch)
• Exp. Issue Ratings: Aaa/AA(high) (Moody's/DBRS)
• Notes: Obrigações Cobertas – European Covered Bond (Premium)
• Form of Securities: Reg S, Dematerialised Nominative book entry form
• Issue Size: €500m
• Coupon: 3.125% Fixed, Act/Act (ICMA) Following Unadjusted. Annually paid on each 22 April, commencing on 22-Apr-27
• Maturity Date: 22-Apr-32, soft bullet
• Extended Maturity: 22-Apr-33
• Settlement Date: 22-Apr-26 (T+5)
• Re-Offer: MS+32bp / 3.189% / 99.655
• Benchmark: +44.6 vs. DBR 0 15-Feb-32 @ 85.4; HR 111%
• Denominations: €100k + €100k
• Listing: Euronext Lisbon
• Governing Law: Portuguese law
• Documentation: Banco BPI, S.A.’s €9bn Covered Bonds Programme base prospectus approved by the CMVM on 09-May-25, as supplemented on 25-Sep-25, on 26-Feb-26 and on 01-Apr-26, is available, and the Final Terms, when published, will be available, on https://www.cmvm.pt and https://bpi.bancobpi.pt
• Joint Lead Managers: CaixaBank, Commerzbank, DZ BANK, Erste Group, NORD/LB and Societe Generale (B&D)
• ISIN: PTBBRHOM0032
• Timing: TOE: 15:09 CET | FTT: 15:30 CET
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction
• Target Market: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investor only (all distribution channels). No EU PRIIPs or FCA Product Disclosure Sourcebook (DISC) key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. An Investor Presentation is also available on https://www.bancobpi.pt/contentservice/getContent?documentName=OWQ4NTC3MJU0Y2IZNDAX