Commentary & Deal Flow

Reoffer: 7yr: MS+33bp / 99.364 / 3.479% Benchmark: 7yr: DBR 2.6% 15-Aug-33 + 43.1 bps (3.048% , HR: 100%)

7yr: Final books closed in excess of €7bn (incl. €400m JLM interest)

Launched: 7yr: €1.25bn @ MS+33bp - Orderbooks in excess of €6bn (incl. €400m JLM interest) Guidance: 7yr: MS+36a

• Issuer: CDP Financial Inc.
• Ticker: CADEPO
• Guarantor: Caisse de dépôt et placement du Québec ("La Caisse")
• Issuer's LEI: 549300OXMGVYFCBFV096
• Issuer Ratings: Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/DBRS)
• Format: 144A / 3c7 / Reg S
• Size: €1.25bn
• Ranking: Sr Unsec
• Settlement: 02-Sep-26 (T+5)
• Maturity: 02-Sep-33 (7 years)
• Coupon: 3.375%, Fixed, Annual, Act/Act ICMA
• Spread: MS + 33 bps
• Reoffer: 99.364, 3.479%
• Benchmark: DBR 2.6% 15-Aug-33 + 43.1 bps (3.048% , HR: 100%)
• Law: State of New York
• Listing: Irish Stock Exchange plc trading as Euronext Dublin, unregulated market (GEM)
• Docs: Issuer's Senior Notes Programme
• ISIN: XS3487744172 (Reg S) / XS3487744339 (144A)
• Denoms: Euro 250K + 1K
• Bookrunners: Barclays, BofA Securities, Natixis, RBC Capital Markets (B&D) and Scotiabank
• Timing: TOE 14:33 UKT / 15:33 CET, FTT immediately
• Target Market: The manufacturer target market (MIFID II/MIFIR product governance) is eligible counterparties and professionals
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The final terms will be available onhttps://live.euronext.com/en/product/bonds-detail/23894/overview