Commentary & Deal Flow

Reoffer: 7yr: MS+82bp / 99.288 / 3.617%
Benchmark: 7yr: DBR 2.3% Feb-33 @ 97.61% / B+92.0bp / HR 102%

Final Books: €3bn+

Launched: 7yr: €750m @ MS+82bp - Book in excess of €3bn
Book Update: Book in excess of €2bn
IPTs: 7yr: MS+110a

• Issuer: Banque Fédérative du Crédit Mutuel (“BFCM”)
• LEI: VBHFXSYT7OG62HNT8T76
• Status of Notes: The Notes are Senior Preferred Notes (save for statutorily preferred exceptions)
• Format: Reg S, Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Notes Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Settlement Date: 07-Jul-26 (T+6)
• Maturity Date: 07-Jul-33
• Size: €750m
• Reoffer: MS+82bp, Yld 3.617%, Px 99.288%
• Underlying Bund: DBR 2.3% Feb-33 + 92.00 bps (@97.61%), HR 102%
• Coupon: 3.50% Fixed, Annual
• Coupon Payment Date: Annually in arrear on 07-Jul in each year commencing on 07-Jul-27 up to and including the Maturity Date
• Day Count Fraction: Act/Act (ICMA), Unadjusted
• Business Day Convention: Following Business Day Convention
• Business Days for Payment: T2
• Specified Denominations: €100k + €100k
• Governing Law: French Law
• Listing: Euronext-Paris
• Clearing System: Euroclear France
• Joint Lead Managers: CIC (B&D), Danske Bank, Deutsche Bank, Société Générale
• ISIN: FR0014019O29
• Use of Proceeds: To finance or refinance loans in the Green Eligible Categories, as further described in the Issuer’s 2022 Green, Social and Sustainability Bond Framework
• Documentation: Issued under the BFCM EMTN Programme’s Base Prospectus dated 18-Jul-25 (as supplemented from time to time) and the Final Terms of the Notes
• Advertisement: The Base Prospectus, dated 18-Jul-25 (as supplemented on 17-Feb-26, 15-Apr-26 and 15-Jun-26), as well as the Final Terms (when published) are available at https://investors.bfcm.creditmutuel.fr/bfcm-programs/standard-programs
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA and in the UK
• MiFID II Co-Manufacturers: Joint Lead Managers and Issuer
• UK MIFIR Manufacturer: Société Générale
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Applicable
• Waiver of Set-Off: Applicable
• MREL or TLAC Disqualification Event in respect of Senior Preferred Notes: Applicable
• Negative Pledge: None
• Cross Default: None
• Events of Default in respect of Senior Preferred Notes: No Events of Default in respect of Senior Preferred Notes
• Timing: PRICED, T.O.E. 14.02 ukt, FTT 14.25 ukt
• BFCM’s Green, Social and Sustainability Bond Framework: https://investors.bfcm.creditmutuel.fr/static-files/6af15e91-359f-44cf-aa8f-ee075dc1838f
• Second Party Opinion: https://investors.bfcm.creditmutuel.fr/static-files/9c6a74de-cd53-4458-babf-7b163b03f69b