Book size: 157000; First Pay: 2026-04-01; Registration: 144A/Reg S; Comments: EUR14bn 15yr fxd cpn 3.95% at 99.99, yld 3.99%. Spread: BTPS 3.85 10/01/40 + 8 bps (Ref @ 99.74);

Reoffer: 15yr: BTPS+8bp / 99.99 / 3.990% Benchmark: BTPS 3.85% 10-Jan-40 @ 99.74% / Yld: 3.910% / HR: 104% Final Books: Orderbook in excess of €157bn (incl. €7.25bn JLM interest) Launched: 15yr: €14bn @ BTPS+8bp - Orderbook in excess of €157bn (incl. €7.25bn JLM interest) Issuer: Republic of Italy Ratings: Baa2/BBB+/BBB+/AL/BBB+ (Moody's/S&P/Fitch/DBRS/Scope) Format: Buoni del Tesoro Poliennali (Reg S in dematerialised book entry form), 144A eligible, CACs Size: €14bn Settlement: 10-Feb-26 (T+5) Maturity: 01-Oct-41 Coupon: 3.950% Yield: 3.990% Ann / 3.951% SA Price: 99.99% Spread: BTPS +8bps Benchmark: BTPS 3.85% 10-Jan-40 (Price: 99.74% / Yld: 3.910%) / HR: 104% ISIN: IT0005694630 Interest: Semi-Annual, ACT/ACT, short first coupon on 01-Apr-26 Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market), also trading on MTS Denominations: €1k + €1k Law: Italian Law Docs: Domestic, Standalone Bookrunners: BBVA, BofA, Citi (DM / B&D), Deutsche Bank, GSBE SE, J.P. Morgan Timing: Priced. TOE: 13:35 UKT / 14:35 CET. FTT immediately.