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Investor Presentaiton

34 NEU CP Programme Yield Management In spring 2020, the liquidity crisis and investors' risk aversion forced Unédic to issue at higher rates to face its funding needs. Unédic NEU CP issuance yields have followed the ECB deposit facility rate hiking trend and are correlated to market expectation (€STR swap). 4% 3.5% 3% 2.5% 2.0% 1.5% 1.0% 0.5% 0% 0.5% -1.0% 2020 Rate outstanding NEU CP 2021 Source: Unédic, as of December 31st, 2023 INVESTOR PRESENTATION JANUARY 2024 0% -0.1% -0.2% -0.3%. -0.4%. Lockdown period in France Average rate Mar Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun 01 08 15 22 29 05 12 19 26 03 10 17 24 31 07 14 21 28 -0.5%- 2022 2023 5 FUNDING STRATEGY Unédic

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