Form of the notes: Reg S, Dematerialised Notes – Bearer form
Type: Fixed Rate Soft bullet with a 12-month extension period
Status: Structured notes offering a dual recourse against Bpifrance, and against a portfolio of SME loans receivables originated by Bpifrance
Security Package: The Issuer holds a loan to Bpifrance collateralised by SME loans receivables originated by Bpifrance (the "Cover Pool")
Expected Issue Rating: Aaa (Moody’s)
Use of Proceeds: The aggregate net proceeds will be applied to the payment to Bpifrance S.A. as described in the Secured Notes program dated 21-May-26 and in accordance with the provisions of Article L. 214-169 paragraph VI of the French Monetary and Financial Code
Settlement Date: 17-Jun-26 (T+6)
Maturity Date: 25-Jun-31
Extended Maturity Date: 25-Jun-32, if a Maturity Extension Trigger Event occurs. See condition 4(a)
Size: € Benchmark
Guidance: MS+42bps area
Coupon: [Ÿ]% quarterly, Actual/Actual ICMA, long first to 25-Sep-26, unadjusted thereafter
ISIN: FR0014019410
Listing: Euronext Paris
Governing Law: French
Denominations: €100k + 100k
Business Days: T2
Documentation: Issuer’s €2bn Secured Notes program dated 21-May-26
Joint Bookrunners: BNP Paribas, Deutsche Bank, Natixis
Clearing: Euroclear Bank SA/NV, Clearstream Banking SA
Target Market: Manufacturers target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
Selling Restrictions: US Sales Restrictions: TEFRA C / TEDRA D: Applicable Prohibition of Sales to EEA Retail Investors: Applicable Prohibition of Sales to UK Retail Investors: Applicable
Timing: Books open, today’s business
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available at https://www.bpifrance.fr/Investor-Relations