Commentary & Deal Flow

Bpifrance (ticker: "BPIFRA"), the French Agency entrusted with the permanent mission of promoting the financing and development of companies operating in France, and in particular of SMEs, rated Aa3/A+ by Moody's and Fitch, has mandated BofA Securities, HSBC, La Banque Postale, Morgan Stanley and Nomura to arrange a series of fixed-income investor calls starting 3 September. An electronic investor presentation will be made available.

An expected € benchmark, Reg S Bearer, Social Sr Unsec 4yr EUR offering maturing on 25 March 2031 will follow under Bpifrance's Social Financing Framework, subject to market conditions.

• Issuer: Bpifrance
• Ticker: BPIFRA
• Issuer Ratings: Aa3/A+ (Moody's/Fitch)
• HQLA: HQLA1
• Format: Reg S Bearer Dematerialised
• Size: € Benchmark
• Maturity: 25 March 2031 (4 years)
• Ranking: Senior Unsecured
• Type: Social Bond / Just Transition focused
• Guarantee: Irrevocable, first demand, unconditional and autonomous guarantee from EPIC Bpifrance
• Programme: EMTN Programme Base Prospectus dated 12 June 2026
• Joint Bookrunners: BofA Securities, HSBC, La Banque Postale, Morgan Stanley and Nomura
• Use of Proceeds: To finance and/or refinance, in whole or in part, new or existing medium and long-term loans aiming at financing eligible social projects that meet the Eligibility Criteria set out in Bpifrance's Social Financing Framework, with at least 50% of the proceeds allocated to the Eligible Social Projects Category related to Just Transition
• Target Market: Eligible counterparties and professional clients only (all distribution channels) (MIFID II product governance)
• Expected Launch: 7 September, subject to market conditions
• Investor Calls: Starting 3 September