Commentary & Deal Flow

Launched: 5yr: €750m @ MS+37bp - Books in excess of €1.95bn (incl €150m JLM)
Books: in excess of €1.75bn (incl €150m JLM)
Guidance: 5yr: MS+42a

• Issuer: Bpifrance ESN Master FCT
• Ticker: BPIESN
• LEI: 984500BB9AGF50HFCF81
• 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: €750m
• 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 to close at 12.45pm CET
• 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