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Republic of France - 25th May-52 -...........>

FRANCE
FRANCE: Republic of France - 25th May-52 - Guidance at OAT 2050+7 bps area 
Issuer : Republic of France
Ratings : Aa2 (Moody's Positive)/AA (S&P Stab)/AA (Fitch Stab)/AAA (DBRS Stab)
Format : OAT (in dematerialised book entry form), RegS Cat 1, 144A
eligible, CACs.  Size : EUR benchmark.  Maturity : 25-May-2052.   Settlement :
04-February-2020 (T+5)
Coupon : 0.75%, annual ACT/ACT, payable each 25 May, full first coupon on 25 May
2020
Guidance : OAT 1.5% 05/2050 + 7 bps area.   Listing/Law : Euronext-Paris, French
Law
Denoms : EUR 1.00/1.00.   ISIN : FR0013480613
Bookrunners : BNPP(DM & B&D)/CACIB/GSIB/HSBC/JPM
Timing : Books open, today's business. IOIs well above E18.5bn (including E1.6bn
JLM interest). Target Market :The target market for the Bonds is professionals,
retail and eligible counterparties (all channels for distribution), each as
defined in MIFID II.

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