Commentary & Deal Flow

Reoffer: 6yr: MS+75bp / 99.962 / 3.885%
Benchmark: 6yr: DBR 2.3 15-Feb-33 TWIN @ 95.80 / B+86.2bp

6yr: Final books > €1.3bn. Peak book above €2.2bn (pre rec)

Launched: 6yr: €500m @ MS+75bp - Book above €2bn (pre rec) at guidance
Spread set at: 6yr: MS+75bp - Book above €2bn (pre rec) at guidance
Guidance: 6yr: MS+80a - Book above €2.2bn (pre rec)
IPTs: 6yr: MS+110a

• Issuer: Cofiroute (Ticker: DGFP, Country: FR)
• Issuer LEI: 213800CP8292W9E8LJ69
• Issuer Rating: A- (Stable) by S&P
• Expected Issue Rating: A- by S&P
• Pricing Date: 26-Aug-26
• Settlement: 2-Sep-26 (T+5)
• Format: Senior Unsecured, Reg S Bearer Cat 2, Dematerialised Notes
• Maturity: 2-Feb-33 (long 6-year)
• Size: €500m
• Reoffer: 99.962 / MS+75 / 3.885%
• Coupon: 3.875% Fixed, Annual, Act/Act ICMA, Short First
• Benchmark: DBR 2.3 15-Feb-33 TWIN @ 95.80 / 3.023% (DBR+86.2bp / HR: 99%)
• Make-Whole Call: B+15bp
• ISIN: FR001401AO88
• Docs: EMTN Programme / CoC (Put) / 3m Par Call / Clean-Up call (75%) / Luxembourg Listing / French law / MWC
• Clearing: Euroclear / Clearstream
• Denoms: €100k + 100k
• UoP: General corporate purposes
• Global Coordinators: Crédit Agricole CIB, HSBC
• Active Bookrunners: Crédit Agricole CIB, HSBC (B&D), IMI-Intesa Sanpaolo, ING, J.P. Morgan, SMBC, UniCredit
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As set out in the Base Prospectus dated 16-Jul-26
• Advertisement: The Base Prospectus and the Final Terms, when available, will be published on the website of the Luxembourg Stock Exchange (www.luxse.com)
• TOE / FTT: 15.02 UKT / 15.30 UKT