Commentary & Deal Flow

Kutxabank S.A. (ticker: "KUTXAB"), expected to be rated Aaa/AAA (Moody's/DBRS), has mandated BBVA, Commerzbank, HSBC Continental Europe, J.P. Morgan, Kutxabank Investment and Natixis as joint lead managers to arrange 1-on-1 investor calls upon request.

An expected € benchmark, Reg S, hard-bullet Cédulas Hipotecarias / Mortgage Covered Bonds (European Covered Bond Premium) 7yr € offering will follow in the near future, subject to market conditions.

• Format: Reg S Dematerialised book-entry form (anotaciones en cuenta)
• Regulatory Status: Expected to be ECB eligible, LCR Level 1, beneficial treatment under CRR Art.129 and Solvency II and is ECBC Covered Bond Label Compliant
• Stabilisation: FCA/ICMA stabilisation
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• PRIIPs / KIDs: No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or the United Kingdom
• Documentation: The Base Prospectus is and any applicable Supplements and the Final Terms, when published, will be available on the CNMV (www.cnmv.es)