Credit Rating

BCC:ISD:118:16:310 22.06.2026 The Vice-President, The Vice-President, B S E Ltd. National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 BSE CODE-532134 CODE-BANKBARODA Madam/Dear Sir, Re: Bank of Baroda – Credit Rating We advise that S&P Global Ratings today assigned its 'BBB' long-term issue rating to the U.S dollar-denominated senior unsecured notes that the GIFT City branch of Bank of Baroda, proposes to issue. The detailed report dated 22-06-2026 is enclosed. We request you to take note of the above pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 and upload the information on your website. Yours faithfully, S Balakumar Company Secretary बडौदा कॉप(cid:574)रेट स(cid:581)टर, सी-26, जी-(cid:222) लॉक, बा(cid:219)(cid:289)ा कुला(cid:91) कॉ(cid:224) (cid:220) ले(cid:200) स, मुंबई 400 051, भारत. Baroda Corporate Centre, Bandra Kurla Complex, Mumbai 400 051, India फोन / Ph : 91 22 6698 5812 ई मेल / E Mail : companysecretary.bcc@bankofbaroda.bank.in वेब / Web : www.bankofbaroda.bank.in Bank of Baroda's Proposed Senior Unsecured Notes Rated 'BBB' June 22, 2026 SINGAPORE (S&P Global Ratings) June 22, 2026--S&P Global Ratings today assigned its 'BBB' Primary Contact long-term issue rating to the U.S. dollar-denominated senior unsecured notes that the GIFT City Shinoy Varghese branch of Bank of Baroda Ltd. proposes to issue. The bank will draw down the issuance from its Singapore US$4 billion medium-term note program. 65-6597-6247 shinoy.varghese1 We equalize the rating on the proposed notes with the issuer credit rating on Bank of Baroda @spglobal.com (BBB/Stable/A-2). This reflects our expectation that the notes shall always rank equally with all the bank's other senior unsecured obligations. The notes will constitute direct, unconditional, Additional Contact unsecured, and unsubordinated obligations of the India-based bank. Ruchika Malhotra The rating on the proposed notes is subject to our review of the final terms and conditions. Singapore 65-6239-6362 ruchika.malhotra Related Criteria @spglobal.com • Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology, May 5, 2026 • General Criteria: Hybrid Capital: Methodology And Assumptions, Oct. 13, 2025 • Criteria | Financial Institutions | General: Financial Institutions Rating Methodology, Dec. 9, 2021 • Criteria | Financial Institutions | Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Dec. 9, 2021 • General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 • General Criteria: Group Rating Methodology, July 1, 2019 • General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 • General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015 • General Criteria: Principles Of Credit Ratings, Feb. 16, 2011 Related Research www.spglobal.com/ratingsdirect June 22, 2026 1 Bank of Baroda's Proposed Senior Unsecured Notes Rated 'BBB' • Bank of Baroda Assigned 'BBB/A-2' Ratings; Outlook Stable, Feb. 27, 2026 Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at https://disclosure.spglobal.com/ratings/en/regulatory/ratings-criteria for further information. A description of each of S&P Global Ratings' rating categories is contained in "S&P Global Ratings Definitions" at https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/504352. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings referenced herein can be found on S&P Global Ratings' public website at www.spglobal.com/ratings. www.spglobal.com/ratingsdirect June 22, 2026 2 Bank of Baroda's Proposed Senior Unsecured Notes Rated 'BBB' Copyright © 2026 by Standard & Poor's Financial Services LLC. All rights reserved. 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