Commentary & Deal Flow

Reoffer: 7yr TAP: EU 12/32 +9bp / 96.076 / 3.775% 15yr: EU 12/40 +7bp / 98.886 / 4.353%
EU ref: 7yr TAP: EU 2.75% Dec-32 @ 94.92 / 3.685%; HR 112% 15yr: EU 3.625% Dec-40 @ 93.11 / 4.283%; HR 108%
Bund ref: 7yr TAP: DBR 2.6% Aug-33 @ 95.64 / +45.2bp 15yr: DBR 2.6% May-41 @ 87.72 / +64.9bp

Tranche 1 (7yr TAP): Final books > €73bn (incl. €3.75bn JLM)
Tranche 2 (15yr): Final books > €87bn (incl. €3.75bn JLM)

Launched:
7yr TAP: €5bn @ EU 12/32 +9bp - Books > €61bn (incl. €3.75bn JLM)
15yr: €5bn @ EU 12/40 +7bp - Books > €76bn (incl. €3.75bn JLM)
Guidance: 7yr TAP: EU 2.75% 12/32 +11a 15yr: EU 3.625% 12/40 +10a

• Issuer: European Union (EU)
• LEI: 529900FZRK8FGMPEOM08
• Ratings: AAA/st (Fitch) / Aaa/st (Moody's) / AA+/st (S&P) / AAA/st (Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 13-Oct-26
• Settlement: 20-Oct-26 (T+5)
• Maturity:
  • 7yr TAP: 12-Oct-33
  • 15yr: 12-Dec-41
• Tranche Size:
  • 7yr TAP: €5bn (new OS: €13.915bn)
  • 15yr: €5bn
• Coupon:
  • 7yr TAP: 3.125%, fixed, incl. 8 days accrued
  • 15yr: 4.25%, fixed, short first
• Day Count:
  • 7yr TAP: Ann, ACT/ACT ICMA
  • 15yr: Ann, ACT/ACT ICMA
• Spread:
  • 7yr TAP: EU 2.75% 12/32 + 9bp
  • 15yr: EU 3.625% 12/40 + 7bp
• Reoffer:
  • 7yr TAP: 96.076 / 3.775%
  • 15yr: 98.886 / 4.353%
• EU ref:
  • 7yr TAP: EU 2.75% Dec-32 spot @ 94.92 / 3.685%; HR 112%
  • 15yr: EU 3.625% Dec-40 spot @ 93.11 / 4.283%; HR 108%
• Bund ref:
  • 7yr TAP: DBR 2.6% Aug-33 spot @ 95.64 +45.2bp
  • 15yr: DBR 2.6% May-41 spot @ 87.72 +64.9bp
• ISIN:
  • 7yr TAP: EU000A4EUY43 (immediately fungible)
  • 15yr: EU000A4E2KT0
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: BofA Securities, Goldman Sachs Bank Europe SE (DM/B&D), LBBW, Morgan Stanley and Santander
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR.
• Timing: PRICED. TOE TAP Oct-33: 15:44 CET. TOE NEW Dec-41: 15:44 CET. FTT: Immediately for both tranches.