Rating Adjustment in Caisse des Dépôts EMTN Programme

Caisse des Dépôts has updated its €25 billion Euro Medium Term Notes Programme with a Third Supplement dated 28 October 2025. The document received approval number 25-409 from the AMF. The updates reflect a downgrade in the issuer's rating by S&P Global Ratings Europe Limited from AA- to A+, now aligned with the ratings by Fitch Ratings and Moody's. The Fitch rating remains A+ with a stable outlook, while Moody's maintains an Aa3 rating with a negative outlook.

This adjustment is incorporated into various sections of the programme documentation, ensuring consistency across all references. Despite the downgrade, other notable aspects of the programme and issuer ratings remain unchanged. The supplements to the prospectus can be accessed on the issuer's and AMF’s websites. Adjustments were made to ensure the accuracy and completeness of the information provided.