Commentary & Deal Flow

Reoffer: 4NC3: MS+70bp / 99.936 / 4.148%
Benchmark: 4NC3: OBL 2.5 11-Oct-29 #190 @ 98.05 / B+95.4bp / HR 100%

Tranche 1 (4NC3): Final orderbooks above €3.3bn (excl. JLM).

Launched: 4NC3: €500m @ MS+70bp - Orderbooks above €3.3bn (excl. JLM)
Book Update: Orderbooks above €2.25bn (excl. JLM)
IPTs: 4NC3: MS+100a

• Issuer: Caixa Geral de Depósitos, S.A. (“Caixa Geral de Depósitos”)
• LEI Code: TO822O0VT80V06K0FH57
• Issuer Ratings: A (Positive) / Baa1 (Stable) / AH (Stable) by S&P / Moody’s / DBRS
• Instrument: Green Senior Preferred Fixed to Floating Rate Callable Notes
• Expected Issue Ratings: A / Baa1 / AH by S&P / Moody’s / DBRS
• Status of the Notes: The obligations of the Issuer under the Ordinary Senior Notes are direct, unconditional, unsecured and unguaranteed obligations of the Issuer and, subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), in the event of the insolvency or winding-up of the Issuer such obligations rank and will rank: (a) pari passu among themselves and with any other Senior Higher Priority Liabilities; and (b) senior to (i) Senior Non Preferred Liabilities and (ii) all present and future subordinated obligations of the Issuer (including, for the avoidance of doubt, all Subordinated Notes)
• Form of the Notes: Book Entry Notes, held through Interbolsa
• Principal Amount: €500m
• Format: 4NC3
• Settlement Date: 20-Oct-26 (T+5)
• Maturity Date: Interest Payment Date falling in 20-Oct-30
• Optional Redemption Date (Call): 20-Oct-29 (the "Optional Redemption Date") (3 years)
• Coupon: 4.125% per annum from (and including) the Settlement Date to (but excluding) the Optional Redemption Date, payable annually in arrear on 20-Oct-27 each year, commencing 20-Oct-27. If not redeemed on the Optional Redemption Date, 3-month EURIBOR + Margin subject to Benchmark Discontinuation as per Condition 4 (i), payable quarterly in arrear, Act/360, Following Business Day (Unadjusted)
• Coupon calculation: Fixed to Floating Rate, Act/Act (ICMA) (when fixed); Act/360 (when floating), Following Business Day, Unadjusted
• Denominations: €100,000
• Interest Payment Dates: Payable annually in arrear; on 20 October of each year, commencing on 20-Oct-27, to (and including) the Optional Redemption Date, payable quarterly in arrear, with the first Interest Payment Date falling on, subject to adjustment in accordance with the Business Day Convention, 20-Jan-30.
• Use of Proceeds: The net proceeds from the issue (or an amount equal thereto) will be separately identified and applied by the Issuer in financing and/or refinancing Green Eligible Projects (as further described in the Sustainable Funding Framework dated Sep-25, published on the CGD Group’s website) The Sustainable Funding Framework does not form part of the offering materials and any offer is made solely on the basis of the Base Prospectus as supplemented and as completed by the Final Terms (once available). Sustainable Funding Framework 2025: https://www.cgd.pt/English/Investor-Relations/Debt-Issuances/Prospectus/Documents/CGD-SustainableFinanceFramework.pdf
• Business Days: T2
• Negative Pledge: Condition 3(a) Not Applicable
• Optional redemption: The Issuer may, subject to Condition 5(l) (including the Issuer having obtained the prior consent or permission of the Competent Authority (if required at the time)), redeem the Notes (in whole, not in part) on the Optional Redemption Date at the nominal amount, together with accrued and unpaid interest
• Early redemption: If an MREL Disqualification Event (full or partial derecognition) occurs or for taxation reasons, the Notes may be redeemed at the option of the Issuer at any time in whole, but not in part, at their nominal amount, together with any accrued and unpaid interest, subject to Condition 5(l) (including the Issuer having obtained the prior consent or permission of the Competent Authority (if required at the time))
• Clean-up Call: The Issuer may, subject to Condition 5(l), redeem all (but not some only) of the Notes outstanding if 75% or more of the principal amount outstanding of the Notes originally issued has been redeemed or purchased.
• Substitution and Variation: Where the Issuer is satisfied that an MREL Disqualification Event has occurred and is continuing, or that substitution or variation is necessary to ensure the effectiveness or enforceability of the statutory loss absorption powers set out in Condition 14(e), then the Issuer may (without any requirement for the consent or approval of the Noteholders or the Agent) either substitute all (but not some only) of the Notes for, or vary the terms of the Notes such that they remain or, as appropriate, become, Compliant Securities
• Waiver of set-off rights: Condition 2(c)) Applicable
• Events of Default: Condition 9(a) Not Applicable. Limited to bankruptcy, insolvency proceedings or winding-up of the Issuer (Condition 9(b))
• Statutory Loss Absorption Power: By its acquisition of the Notes, each Noteholder acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of any Portuguese Bail-in Power by the Relevant Resolution Authority
• Clearing systems: Interbolsa, Clearstream Luxembourg and Euroclear
• Listing: Luxembourg Stock Exchange
• Governing Law: English law save that Condition 2 “Status” and Condition 14(e) “Statutory Loss Absorption Power” will be governed by, and construed in accordance with, Portuguese law
• Target Market: Manufacturer target market (MIFID II product governance/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA/UK
• Documentation: €15,000,000,000 EMTN programme Base Prospectus dated as of 12-May-26, together with the supplement dated 14-Sep-26
• Advertisement: The Base Prospectus and supplements thereafter are available at the website of the Issuer (https://www.cgd.pt/English/Investor-Relations/Debt-Issuances/Prospectus/Pages/EMTN-Programme.aspx). Final terms will be made available on the website of the Issuer when published.
• Joint Lead Managers: CaixaBI, Crédit Agricole CIB, Deutsche Bank AG, HSBC (B&D), Morgan Stanley Europe SE and NatWest
• ESG Coordinator: Deutsche Bank AG
• ISIN / Common Code: PTCGDAOM0005 /
• Timing: ToE 15:20 UKT / 16:20 CET | FTT 15:45 UKT / 16:45 CET