Commentary & Deal Flow

Reoffer: 6yr: MS+35bp / 99.464 / 3.601%
Benchmark: 6yr: DBR 1.7 15-Aug-32 @ 92.542 / B+50.7bp / HR 104%

Tranche 1 (6yr): Peak book above €1.25bn (incl. €140m JLM interest) - pre-rec

Launched: 6yr: €500m @ MS+35bp - Books above €1.25bn (incl. €140m JLM interest) - pre-rec
Book update: Books above €1.2bn (incl. 40mn JLM interest)
Guidance: 6yr: MS+40a

• Issuer: Crédit Agricole Public Sector SCF
• LEI: 969500CN2FOU71HFHW51
• Type: Obligations Foncières- ECB Eligible –ECBC Covered Bond Label (Premium)/European Covered Bond (Premium) -10% RW
• Exp. Ratings: Aaa/AAA (Moody's/S&P)
• Form of the Covered Bonds: Reg S Bearer Dematerialised Covered Bonds
• Issue Size: €500m
• Maturity: 14-Sep-32 – 6Y soft bullet
• Settlement: 14-Sep-26 (T+7)
• Coupon: 3.5% Fixed Annual, Act/Act ICMA
• Reoffer: MS+35bp / 99.464 / 3.601%
• Benchmark: DBR 1.7 15-Aug-32 @ 92.542 / B+50.7bp / HR 104%
• List/Law/Denoms: Paris / French / €100k+100k
• ISIN: FR001401ATK6
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the "Final Terms") and the base prospectus dated 3-Jul-26 and any supplement thereto, in connection with the Euro 10,000,000,000 EMTN Programme for the issue of Obligations Foncières (the "Base Prospectus", together with the Final Terms, the "Covered Bonds Documentation").
• EU MiFID II / UK MiFIR Target Market: Professional clients/ECPs-Only (each as defined according to EU MiFID II and/or in the COBS and the UK MiFIR as applicable).
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction.
• Global Coordinator: Crédit Agricole CIB
• Joint Bookrunners: Crédit Agricole CIB, DZ Bank AG, KBC, Nord/LB, Raiffeisen Bank International, Santander and Swedbank
• Timing: Priced TOE: 15:20 CET | FTT: 15:45 CET
• Advertisement: Base Prospectus dated 3-Jul-26 as supplemented is available on the following https://www.credit-agricole.com/en/pdfPreview/210828