Commentary & Deal Flow

Final Books: >€1.1bn. Peak book in excess of €1.275bn+ (pre-rec)

Launched: 7yr: €750m @ MS+70bp - Books in excess of €1.275bn+ (pre-rec)
Spread set at: 7yr: MS+70bp - Books in excess of €1.25bn+
Book Update: Books €1bn+
IPTs: 7yr: MS+90/95bp

• Issuer: Belfius Bank SA/NV
• LEI: A5GWLFH3KM7YV2SFQL84
• ISIN: BE637679616
• Rating Split: Issuer: A1/A/A- (Moody's/S&P/Fitch), Issue: A1/A (Moody's/S&P)
• Status of the Notes: Fixed rate Senior Preferred, Unsecured and Unsubordinated notes, eligible liabilities instruments according to Article 72b CRR2
• Form of the Notes: Dematerialised form
• Size: €750m
• Ranking: Senior Preferred
• Coupon: [•]% Annual fixed, Act/Act ICMA, Following, Unadjusted
• Coupon Payment Dates: Interest on the Senior Preferred Notes will be payable annually in arrears on 25 August in each year, commencing on 25-Aug-27
• Maturity: 25-Aug-33 (7-year bullet)
• Redemption Amount: 100% of the principal amount ("Par Redemption")
• UoP: An amount equivalent to the net proceeds of the issue of the Notes is intended to be applied exclusively to finance and/or refinance, in whole or in part, loans and investments realised by the Issuer to finance projects and/or assets (the "Eligible Social Assets"), as described in the Base Prospectus dated 6 May 2026, the applicable Final Terms and the Social Bond Framework (as amended and/or supplemented from time to time, the "Social Bond Framework"). The Social Bond Framework is available at https://www.belfius.be/about-us/fr/investisseurs/debt-issuance/green-social-bonds/social-bonds
• Denomination: €100,000 plus €100,000
• Listing: Luxembourg Stock Exchange
• Documentation: Belfius EMTN Base Prospectus dated 6-May-26
• Negative Pledge: No
• Events of Default: If default is made in the payment of any principal or interest due in respect of the Senior Preferred Notes and such default continues for a period of 30 days or more after the due date, any holder of the Senior Preferred Notes may institute proceedings for the dissolution or liquidation of the Issuer in Belgium. Each holder of Senior Preferred Notes may give written notice to the Paying Agent at its specified office that its Senior Preferred Notes are immediately repayable, whereupon the Event of Default Redemption Amount of the Senior Preferred Notes together (if applicable) with accrued interest to the date of payment shall become immediately due and payable. No remedy against the Issuer other than as referred to in Condition 11 shall be available to the holders of the Senior Preferred Notes, whether for recovery of amounts owing in respect of the Senior Preferred Notes or in respect of any breach by the Issuer of any of its obligations under or in respect of the Senior Preferred Notes
• Early Redemption: The Senior Preferred Notes may be redeemed prior to their Maturity Date, in whole but not in part, at the Redemption Amount together with accrued and unpaid interest, at the option of the Issuer upon the occurrence of (a) a Tax Event or (b) a MREL/TLAC Disqualification Event, subject to (i) in the case of a Tax Event Condition 3 (i) (Conditions to redemption) and (ii) in the case of a MREL/TLAC Disqualification Event, subject to such redemption being permitted by the Applicable MREL/TLAC Regulations and to Condition 3 (i) (Conditions to redemption) or (c) a Substantial Repurchase Event (75%) (with Applicable Percentage being equal to 75%)
• Substitution and Variation: The Issuer may, at its sole discretion and without the consent of the Noteholders, by giving not less than 30 nor more than 60 days' notice to the Noteholders substitute or vary the terms of all, but not some only, of the Senior Preferred Notes so that they become or remain Qualifying Securities upon a MREL/TLAC Disqualification Event, subject to compliance with any conditions prescribed under the Applicable Banking Regulation, including the prior approval of the Lead Regulator (if required)
• Acknowledgment of Bail-in Power: Each Noteholder (which includes any current or future holder of the Notes) acknowledges and accepts that the Notes may be subject to the Bail-in Power by the Relevant Resolution Authority as further described under Condition 14(c) of the EMTN Base Prospectus dated 6-May-26
• Waiver of Set-off: No Noteholder may exercise or claim any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Issuer arising under or in connection with the Senior Preferred Notes
• Governing Law: Belgian law
• Clearing: Securities Settlement System of the NBB, Eligible Investors only (X-accounts)
• Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared as not available to EEA and UK retail investors
• Bookrunners: BofA Securities (B&D), BBVA, Belfius, Rabobank, Societe Generale, UBS
• Fees: The Banks will be paid a fee by the Issuer in connection with the transaction
• Benchmark: DBR 2.6% Aug-33 / HR 99%
• Hedge Deadline: 14:00 UKT
• Timing: Today's business
• Settlement: 25-Aug-26 (T+5)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the Final Terms relating to the securities when published will be available on the website of the Issuer (https://www.belfius.be/about-us/en/investors/debt-issuance)