Commentary & Deal Flow

Reoffer: 4yr: OAT Interp+33bp / 91.748 / 4.397%
Benchmark: 4yr: Interpolation FRTR 2.5% 25-May-30 @ 95.074 (MID) / FRTR 0% 25-Nov-30 @ 84.920 (MID)

Tranche 1 (4yr): Books above €930m (incl. €50m JLM Interest)

Launched: 4yr: €600m @ OAT+33bp - Books above €930m (incl. €50m JLM Interest)
Spread set at: 4yr: OAT+33bp - Books above €720m (incl. €25m JLM interest)
Guidance: 4yr: OAT+34a

• Issuer: Bpifrance (ticker: "BPIFRA")
• Guarantee: Autonomous, unconditional and irrevocable on-demand guarantee from EPIC Bpifrance
• Guarantor: EPIC Bpifrance - The Issuer's guarantor is likely to be considered as part of the "French public sector entities linked to the French State" (Government-Related Entities) within the meaning of the rating methodology applied by Fitch. A revision associated with the Issuer's guarantor's rating outlook by Fitch, from "stable" to "negative", could be notified to the Issuer's guarantor, as a result of the revision of the outlook associated with the sovereign rating occurring on 30-Oct-26.
• LEI: 969500STN7T9MRUMJ267
• Form of the Notes: Reg S, Dematerialised Notes – Bearer form
• Issue Ratings: Aa3/A+ (Moody's/Fitch)
• Settlement: 10-Nov-26 (T+5)
• Maturity: 02-Sep-30
• Size: €600m TAP (New size o/s €1.6bn)
• Spread: OAT Interp+33bp
• Reoffer: 91.748 / 4.397%
• Reference Bmk: Interpolation FRTR 2.5% 25-May-30 (95.074 MID) and FRTR 0% 25-Nov-30 (84.920 MID)
• Coupon: 2%, Annual, Act/Act ICMA, full first on 02-Sep-27
• ISIN: FR001400CHQ6 (immediately fungible)
• Listing: Euronext Paris
• Law: French Law
• Denoms: €100k + 100k
• Clearing: Euroclear France
• Joint Bookrunners: Credit Agricole CIB / J.P. Morgan / Santander (DM / B&D)
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available at https://www.bpifrance.fr/Investor-Relations
• Documentation: Issuer's Base Prospectus dated 12-Jun-26
• Timing: Priced. TOE 13.51 CET/12.51 UKT. FTT Immediately