Commentary & Deal Flow

Reoffer: 8NC7: MS+112bp / 99.898 / 4.017%
Benchmark: 8NC7: DBR 2.3 15-Feb-33 TWIN @ 96.930% / B+121.00 / HR 101%

Final book above €1.275bn (excl. JLM). Peak book above €1.35bn (excl. JLM) pre-rec

Launched: 8NC7: €650m @ MS+112bp - Books above €1.35bn (excl. JLM) pre-rec
Spread set at: 8NC7: MS+112bp - Books north of €1.4bn (excl. JLM, pre-rec)
Book Update: Books over €1.25bn (excl. JLM interest)
IPTs: 8NC7: MS+135a

• Issuer: La Banque Postale
• Issuer LEI: 96950066U5XAAIRCPA78
• Issuer rating: A2 (Moody’s, Stable) / A (S&P, Stable) / A (Fitch, Stable)
• Exp. Issue ratings: Baa2 (Moody’s, Stable) / BBB (S&P, Stable) / A- (Fitch, Watch Negative)
• Format: Senior Non-Preferred, Reg S category 2, Bearer Dematerialized deemed Registered (au porteur)
• Use of Proceeds: General Corporate Purposes
• Settlement: 3-Jun-26 (T+6)
• Tranche: 8NC7 FXD-to-FRN
• Maturity Date: 3-Jun-34
• Optional Redemption Date: 3-Jun-33
• Size: €650m
• Reoffer: MS+112bps / 99.898% / 4.017%
• Benchmark: 121.00bps over DBR 2.3 15-Feb-33 TWIN (@96.930%), HR 101%
• Coupon: Fixed Annual, Actual/Actual. From the Issue Date to the Optional Redemption Date (excluded): 4.000% fixed rate, payable annually. From the Optional Redemption Date (included) to the Maturity Date: if not called on Optional Redemption Date: floating rate based on the 3-month EURIBOR plus [•] basis points, payable quarterly
• Waiver of Set-Off: No holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder. Each holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
• Clean-up Call: Applicable, if, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Denoms: €100k+100k
• Listing: Euronext Paris
• Law: French law
• Documentation: Issued off the La Banque Postale's €20,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 23-Apr-26, as supplemented on the 19-May-26
• Advertisement: Base Prospectus dated 23-Apr-26, as supplemented from time to time and available on https://www.labanquepostale.com/en/investors/dette/base-prospectus-and-supplements.html and Final Terms, when available on https://www.labanquepostale.com/en/investors/dette/bonds-and-final-terms.html
• Joint Lead Managers: Credit Agricole CIB, Citi, Deutsche Bank (B&D), ING, La Banque Postale, Santander
• ISIN: FR0014018T74
• Business Days: T2
• Target Market: EU MiFID product governance - Eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document has been prepared as not available to retail in EEA or the UK. No sales to retail clients in the EEA or the UK
• Timing: Priced, TOE: 15:54 CET, FTT 16:20 CET