Book size: 2400; Registration: Reg S Only; Comments: EUR1bn 6yr fxd-to-frn cpn 2.75% at 99.504, yld 2.841%. Spread: MS+34. +43.9bp vs DBR 0% 02/32 (px 86.755% - HR 107%. Extended Maturity: 2033-02-25. LEI: 815600E4E6DCD2D25E30 ;

Reoffer: 6yr: MS+34bp / 99.504 / 2.841% Benchmark: 6yr: DBR 0% 02/32 @ 86.755% / B+43.9bp / HR 107% Final Books: €2.4bn+ (incl. €340m JLM) Peak Book: €2.6bn+ (incl. €340m JLM / pre-rec) Launched: 6yr: €1bn @ MS+34bp Guidance: 6yr: MS+42bp area Issuer: Banco BPM S.p.A. Ticker: BAMIIM LEI: 815600E4E6DCD2D25E30 Guarantor: BPM Covered Bond 2 S.r.l Issue Type: European Covered Bonds (Premium) / Obbligazioni Bancarie Garantite Europee (Premium) Format: Reg S, Bearer and dematerialised Eligibility: ECB Eligible, LCR Level 1, CRR Art.129 & Solvency II & ECBC Covered Bond Label Compliant Exp. Issue Rating: Aa2 (Moody's) Size: €1bn ISIN: IT0005696668 Settlement: 25-Feb-26 (T+5) Maturity: 25th February 2032 (6yr), soft bullet with 12 months extension Extended Maturity: 25th February 2033 Coupon: 2.75% per annum payable annually in arrear, from (and including) the Settlement Date to (but excluding) the Maturity Date 3-month EURIBOR + 34bps per annum, from (and including) the Maturity Date to (but excluding) the Extended Maturity Date, Act/Act (ICMA) Reoffer: MS+34bps, 99.504%, 2.841% and +43.9bp vs DBR 0% 02/32 (px 86.755% - HR 107%) Use of Proceeds: General Corporate Purposes Listing: Luxembourg Stock Exchange Denominations: €100,000 + €1,000 Governing Law: Italian Documentation: Off the Issuer's €10bn Obbligazioni Bancarie Garantite (OBG) programme dated 21 May 2025 and supplemented on 17 September 2025 and 9 February 2026 Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK Joint Bookrunners: ABN AMRO, Banca Akros, Barclays, DZ BANK, IMI-Intesa Sanpaolo (B&D-DM), Natixis, NORD/LB and Raiffeisen Bank International Timing: Priced - TOE 3.36pm CET / FTT 3.50pm CET Advertisement: Base Prospectus, Supplements and, when available, Final Terms: https://www.luxse.com

BPM Covered Bond 2 Srl

General Corporate Purposes