Expected Issue Ratings: BBB+ / BBBH by Fitch / DBRS
Form of the Notes: Reg S, Bearer, Dematerialised, TEFRA not applicable
Issue Size: €500m WNG
Maturity Date: 27-May-30
Settlement Date: 27-May-26 (T+5)
IPTs: MS+110bps area
Coupon: [●]% Fixed, Annual, Act/Act (ICMA) payable in arrear in accordance with the Business Day Convention
Interest Payment Dates: Annually every 27 May, starting from 27-May-27 (First Interest Payment Date) until the Maturity Date
Docs: EMTN Programme dated 21-Jan-26, including full set of condition precedents and due diligence
Denoms: €100,000 + integral multiples of €1,000
Listing: Euronext Dublin (Regulated Market)
Governing Law: Italian Law
Use of Proceeds: General funding purposes
Clearing: Euronext Securities Milan (Monte Titoli)
MIFID II Target Market: Manufacturer target market (EU MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in the EEA or the UK
Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
Joint Bookrunners: BBVA, BNP Paribas, IMI-Intesa Sanpaolo (B&D), Mediobanca, Raiffeisen Bank International