Commentary & Deal Flow

Final Books above €2.25bn (incl €120m JLM)
Launched: 7yr: €1bn @ OAT+18bp - Books above €1.85bn (incl €120m JLM)
Guidance: 7yr: OAT+21a

• Issuer: SFIL
• Ticker: SFILFR Govt
• LEI: 549300HFEHJOXGE4ZE63
• ISIN: FR0014018BH9
• Ratings: Aa3 (neg.) /A+ (stab.) /AA (stab.) (Moody's/S&P/DBRS)
• Format: Senior Unsecured Notes, Reg S Bearer Dematerialised form
• LCR Treatment: HQLA Level 1
• Size: €1bn
• Coupon: Fixed, Annual, ACT/ACT, short first coupon
• Maturity: 07-Mar-33
• Settlement: 07-May-26 (T+5)
• Ref. Bonds: FRTR 2% 25-Nov-32 & FRTR 3% 25-May-33
• Hedge Ratio: 108% vs FRTR 11/32
• Hedge Deadline: 11:20 UKT / 12:20 CET
• Denominations: €100k + 100k
• Listing: Euronext Paris Regulated Market
• Law: French law
• Bookrunners: Citi, Crédit Agricole CIB, HSBC, La Banque Postale, Morgan Stanley and Societe Generale (B&D)
• Documentation: The Issuer’s €20bn EMTN Programme (Base Prospectus dated 10-Jun-25 and first supplement dated 10-Oct-25 and its second supplemental dated 31-Oct-25)
• Timing: Books to close at 10.30 UKT / 11.30 CET
• Target Market: MIFID II / MIFIR professionals/ECPs-Only/No PRIIPs KID – Manufacturer target market (MIFID II / MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA (or in the UK).
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, supplements and the final terms will be available on the website of the AMF http://www.amf-france.org) and of the Issuer (https://sfil.fr/en/sfil-group-investors/)