Commentary & Deal Flow

Tranche 1 (6yr SP): Final Books £890m (incl. £50m JLM). Peak book above £1bn (incl. £50m JLM)

Launched: 6yr: £450m @ UKT+100bp - Books now subject above £960m (incl. £50m JLM, pre-reconciliation)
Spread set at: 6yr: UKT+100bp - Books above £1bn (incl. £50m JLM)
IPTs: 6yr: UKT+115a

• Issuer name: Banque Fédérative du Crédit Mutuel ("BFCM")
• Issuer LEI: VBHFXSYT7OG62HNT8T76
• Currency: GBP
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Issue rating: A1/A+/AA- (Moody's/S&P/Fitch)
• Programme: Issuer's €90,000,000,000 Euro Medium Term Note Programme described in the Base Prospectus dated 17-Jul-26 as supplemented from time to time
• Status of Notes: The Notes are Senior Preferred Notes (save for statutorily preferred exceptions). See Condition 2(a)(i)
• Form of the Notes: Dematerialised Notes in Bearer form (au porteur)
• Tenor: 6-year
• Size: £450m
• Settlement Date: 30-Sep-26 (T+7)
• Maturity Date: 30-Sep-32
• Benchmark: UKT 4.250% 07-Jun-32
• Hedge Ratio: 104% versus UKT 4.250% 07-Jun-32
• Hedge Deadline: Hedges into DB by 1345 LDN / 1445 CET
• Coupon: Fixed, Annual ACT/ACT ICMA
• Use of Proceeds: General corporate purposes
• ISIN: FR001401AW47
• Joint Lead Managers: Barclays, Deutsche Bank (B&D), RBC Capital Markets
• Denominations: £100k+£1k
• Governing Law: French Law
• Listing: Euronext Paris
• Target Market: Co-Manufacturers target market (UK MIFIR/MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and/or CCI Product Summary has been prepared as not available to retail in UK/EEA.
• Timing: Books open now. Today's business.
• Advertisement: The Base Prospectus, supplement, and the Final Terms (when published) are available at https://www.bfcm.creditmutuel.fr/en/programs/index.html
• Books Subject Deadline: 1200 LDN / 1300 CET