Core Viewpoint - BPCE has experienced a Rating Methodology Event due to a change in S&P's interpretation of its hybrid methodology, resulting in no equity content being assigned to the Notes [4]. Group 1: Notes Issuance - BPCE issued EUR 900 million Contingent Tier 2 Capital Subordinated Fixed Rate Resettable Notes due January 2042 and EUR 850 million Notes due October 2046 [2][3]. - The issuance was approved by the Autorité des marchés financiers with a prospectus dated 11 October 2021 [3]. Group 2: Impact of Rating Methodology Event - Following the Rating Methodology Event, the Fixed Rate for the 2042 Notes will be reduced by 25 basis points from 1.500% to 1.250% starting from the Interest Payment Date on 13 January 2026 [5]. - The Margin for the 2042 Notes will also be reduced by 25 basis points from 1.750% to 1.500% [5]. - For the 2046 Notes, the Fixed Rate will decrease by 25 basis points from 2.125% to 1.875% starting from the Interest Payment Date on 13 October 2026 [5]. - The Margin for the 2046 Notes will be reduced by 25 basis points from 2.050% to 1.800% [5]. Group 3: Conditions and Definitions - The occurrence of a Rating Methodology Event has been formally notified by BPCE to the noteholders, affecting the terms and conditions of both the 2042 and 2046 Notes [4][6]. - A Trigger Event in relation to the Notes will not occur for the purposes of the write-down condition prior to the First Reset Date [6].