Commentary & Deal Flow

Reoffer: 10yr: MS+51bp / 99.358 / 3.703%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 97.82 / B+54.1bp / HR 1.00

Final Books €2.4bn (incl. €200m JLM). Peak book over €2.7bn (pre-reconciliation).

Launched: 10yr: €750m @ MS+51bp - Books pre-rec over €2.7bn (incl. €200m JLM)
Guidance: 10yr: MS+57a - Books above €2bn (incl. €200m JLM)

• Issuer: Caisse Française de Financement Local (CAFFIL)
• LEI: 549300E6W08778I4OW85
• Type: Public Sector Obligations Foncieres - ECBC Covered Bond labelled / CRD IV-compliant - EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer Dematerialised
• Expected ratings: Aaa/AAA (Moody's/DBRS)
• ESG Ratings: AA by MSCI / Prime C by ISS ESG
• Issue size: €750m
• Settlement: 27-May-26 (T+6)
• Maturity: 27-May-36 (Hard Bullet)
• Coupon: 3.625% Fixed, Annual on each May 27, Act/Act ICMA
• Reoffer: 99.358% / 3.703% / MS+51bp
• Benchmark: DBR 2.9 15-Feb-36 + 54.1 bp (97.82%), 1.00 HR
• Listing/Denoms: Paris and Luxembourg / €100k + €100k
• Governing Law: French
• Target market: MIFID II / UK MiFIR professionals/ECPs-Only/No PRIIPs KID – Manufacturer target market (MIFID II and MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Use of proceeds: Finance and/or refinance, in whole or in part Eligible Green Loans as defined in the Sfil Group Green, Social and Sustainability Bond Framework
• Joint Lead Managers: Barclays, BBVA, BNP Paribas, LBBW, Natixis (B&D)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities.
• ISIN: FR0014018ML8
• Documentation: Off EMTN Programme - Base Prospectus dated 10-Jun-25
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://sfil.fr/en/issuance-programs/?entite=caffil Investor Presentation: https://sfil.fr/wp-content/uploads/2025/03/20260210-Sfil-Group-Investor-Presentation.pdf GSS Framework: https://sfil.fr/wp-content/uploads/2025/03/Green-Social-and-Sustainability-Bond-Framework-2024.pdf Press Releases for Sfil's 2025 results (English): https://sfil.fr/wp-content/uploads/2026/02/Sfil-2025-Results.pdf
• Timing: PRICED. TOE: 13:49 CET, FTT: 14:10 CET