Commentary & Deal Flow

Launched:
4NC3: €1.25bn @ MS+80bp - Books above €5.8bn excl. JLM (pre-rec)
8NC7: €1bn @ MS+120bp - Books above €6.4bn excl. JLM (pre-rec)
Spread set at: 4NC3: MS+80bp - Books above €5.2bn excl. JLM (pre-rec) 8NC7: MS+120bp - Books above €5.7bn excl. JLM (pre-rec)
Book Update: Books in excess of €5.75bn+ (excl. JLM)
IPTs: 4NC3: MS+110a 8NC7: MS+150a

• Issuer: Banque Fédérative du Crédit Mutuel ("BFCM")
• LEI: VBHFXSYT7OG62HNT8T76
• Status of Notes: The Notes are Senior Non-Preferred Notes (save for statutorily preferred exceptions)
• Format: Reg S, Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1 (Moody's) / A+ (S&P) / AA- (Fitch Ratings)
• Expected Notes Ratings: A3 (Moody's) / A- (S&P) / A+ (Fitch Ratings)
• Settlement Date: 28-Sep-26 (T+7)
• Optional Redemption Date:
  • 4NC3: 28-Sep-29
  • 8NC7: 28-Sep-33
• Maturity Date:
  • 4NC3: 28-Sep-30
  • 8NC7: 28-Sep-34
• Size:
  • 4NC3: €1.25bn
  • 8NC7: €1bn
• Coupon: [•]% Fixed, Annual
• Coupon Payment Date: Annually in arrear on 28 September in each year commencing on 28-Sep-27 up to and including the Maturity Date
• Day Count Fraction: Act/Act (ICMA), Unadjusted
• Business Day Convention: Following Business Day Convention
• Business Days for Payment: T2
• Specified Denominations: €100k + €100k
• Governing Law: French Law
• Listing: Euronext Paris
• Clearing System: Euroclear France
• Joint Lead Managers: CIC (B&D), Deutsche Bank, Societe Generale, UBS
• ISIN:
  • 4NC3: FR001401B4Q9
  • 8NC7: FR001401B4S5
• Books Subject: 11.45 UKT / 12.45 CET
• Documentation: Issued under the BFCM EMTN Programme's Base Prospectus dated 17-Jul-26 (as supplemented from time to time) and the Final Terms of the Notes
• Advertisement: The Base Prospectus, dated 17-Jul-26 (as supplemented on 18-Aug-26), as well as the Final Terms (when published) are available at https://investors.bfcm.creditmutuel.fr/bfcm-programs/standard-programs
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA and in the UK
• MiFID II Co-Manufacturers: Joint Lead Managers and Issuer
• UK MIFIR Manufacturer: Societe Generale
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Applicable
• Waiver of Set-Off: Applicable
• MREL or TLAC Disqualification Event in respect of Senior Non-Preferred Notes: Applicable (no redemption at the option of the Issuer will be permitted before one (1) year after the Issue Date of such Senior Non-Preferred Notes or such Senior Non-Preferred Notes, except in accordance with the Relevant Rules)
• Negative Pledge: None
• Cross Default: None
• Events of Default in respect of Senior Non-Preferred Notes: No Events of Default in respect of Senior Non-Preferred Notes
• Timing: Today's Business, books open