Commentary & Deal Flow

Reoffer: 7yr: EU 2.75% 12/32+9bp / 99.317 / 3.232% 29yr: EU 3.375% 10/54+3bp / 96.406 / 4.214%
Benchmark: 7yr: EU 2.750% 12-Dec-32 spot @ 97.690; HR 112% 29yr: EU 3.375% 05-Oct-54 spot @ 86.690; HR 109%

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 (new OS: €15bn)
• Coupon:
• • NEW Oct-2033: 3.125%, Fixed, short first, Ann, ACT/ACT ICMA
  • TAP Oct-2055: 4.000%, fixed, incl. 245 days accrued, Ann, ACT/ACT ICMA
• Reoffer:
• • NEW Oct-2033: EU 2.750% 12/32 + 9 bps
  • TAP Oct-2055: EU 3.375% 10/54 + 3 bps
• Price/yield:
• • NEW Oct-2033: 99.317 price / 3.232%
  • TAP Oct-2055: 96.406 price / 4.214% yield
• EU ref:
• • NEW Oct-2033: EU 2.750% 12/32 spot @ 97.690; HR 112%
  • TAP Oct-2055: EU 3.375% 10/54 spot @ 86.690; HR 109%
• Bund ref:
• • NEW Oct-2033: DBR 08/2033 + 29.5bps
  • TAP Oct-2055: DBR 08/2054 + 59.9bps
• DBR spot:
• • NEW Oct-2033: 97.816
  • TAP Oct-2055: 80.462
• 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
• Timing: PRICED. TOE NEW Oct-2033: 14:48 CET. TOE TAP Oct-2055: 14:48 CET. FTT: Immediately for both tranches.