Commentary & Deal Flow

NEW Oct-2033: Final books > €85bn (incl €4.45bn JLM)
TAP Oct-2055: Final books > €75bn (incl €3.8bn JLM)

Launched:
NEW Oct-2033: €6bn @ EU 2.750% 12/32 +9bp - Books > €70bn (incl €5.45bn JLM)
TAP Oct-2055: €4bn @ EU 3.375% 10/54 +3bp - Books > €72bn (incl €3.8bn JLM)

Guidance: NEW Oct-2033: EU 2.750% 12/32 + 11bp area | TAP Oct-2055: EU 3.375% 10/54 + 5bp area

• Issuer: European Union (EU)
• LEI: 529900FZRK8FGMPEOM08
• Ratings: Aaa/AA+/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Risk Weighting: 0%
• Format & Type: RegS (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 12-May-26
• Settlement: 19-May-26 (T+5)
• Maturity:
• • NEW Oct-2033: 12-Oct-33
  • TAP Oct-2055: 12-Oct-55
• Tranche Size:
• • NEW Oct-2033: €6bn
  • TAP Oct-2055: €4bn (bringing new outstanding to €15bn)
• Coupon:
• • NEW Oct-2033: TBC, Fixed, short first, Ann, ACT/ACT ICMA
  • TAP Oct-2055: 4.000%, fixed, incl. 245 days accrued, Ann, ACT/ACT ICMA
• Spread:
• • NEW Oct-2033: EU 2.750% 12/32 +9 bps
  • TAP Oct-2055: EU 3.375% 10/54 +3 bps
• Hedge Ratio:
• • NEW Oct-2033: 112% vs EU 2.75% 13-Dec-32 (EU000A4ED0K0)
  • TAP Oct-2055: 109% vs EU 3.375% 05-Oct-54 (EU000A3K4EY2)
• ISIN:
• • NEW Oct-2033: EU000A4EUY43
  • TAP Oct-2055: EU000A4EG039 (immediately fungible)
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: CACIB / GSBE SE (DM/B&D) / JPM / NATWEST / SG
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR
• Hedge Deadline: 13:10 UK / 14:10 CET
• Timing: Books close at 10:00 UKT / 11:00 CET. Pricing to follow