Commentary & Deal Flow

Reoffer: 6yr: UKT+100bp / 99.762 / 5.923%
Benchmark: 6yr: Benchmark UKT 4.25% 07-Jun-32 (Mid) 97.09% (Semi-annual yield 4.838%) (Bid) 97.07% , HR 104%

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 (negative outlook) by Moody's / A+ (stable outlook) by S&P / AA- (negative outlook) by Fitch Ratings
• Expected Issue rating: A1 (negative outlook) by Moody's) / A+ (stable outlook) by S&P / AA- (negative outlook) by Fitch Ratings
• 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: GBP 450m
• Settlement Date: 30-Sep-26 (T+7)
• Maturity Date: 30-Sep-32
• Reoffer: UKT 4.250% 07-Jun-32 + 100bps / 99.762% (Annual Yield 5.923%)
• Benchmark: Benchmark UKT 4.25% 07-Jun-32 (Mid) 97.09% (Semi-annual yield 4.838%) (Bid) 97.07% , HR 104%
• Coupon: 5.875% 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.
• Advertisement: The Base Prospectus, supplement, and the Final Terms (when published) are available at https://www.bfcm.creditmutuel.fr/en/programs/index.html
• Timing: PRICED, TOE 13.53 LDN / FTT 14.15 LDN
• Important Notice: PLEASE NOTE THAT REFERENCE GILT SPREAD IS VS MID GILTS MARK BUT HEDGES ARE EXECUTED VS THE DM TRADERS BID SIDE