Commentary & Deal Flow

***Corected sizes

3yr (Jul-29): Final book €3.5bn+ (excl. JLM). Peak book above €4bn (pre-rec)
7yr (Jul-33): Final book €3.25bn+ (excl. JLM). Peak book above €3.4bn (pre-rec)

Launched:
3yr: €1bn @ MS+19bp - Books above €4bn (incl. €190m JLM), pre-rec
7yr: €1.5bn @ MS+39bp - Books above €3.4bn (incl. €180m JLM), pre-rec
Book Update: Combined books above €6bn (including €375m JLMs)
Guidance: 3yr: MS+27a 7yr: MS+47a

• Issuer: UniCredit S.p.A.
• LEI: 549300TRUWO2CD2G5692
• Guarantor: UniCredit OBG S.r.l.
• Issue Type: Mortgage Covered Bond (Obbligazioni Bancarie Garantite), European Covered Bond label (Premium)
• Format: Reg S, Bearer and dematerialised
• Eligibility: ECB Eligible, LCR Level 1, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label Compliant
• Exp. Issue Rating: Aa2 (Moody's)
• Size:
• • 3yr: €1bn
  • 7yr: €1.5bn
• Maturity:
• • 3yr: 31-Jul-29 (soft bullet with 12months extension)
  • 7yr: 31-Jul-33 (soft bullet with 12months extension)
• Benchmark:
• • 3yr: OBL 2.1 12-Apr-29 / HR 110%
  • 7yr: DBR 2.3 15-Feb-33 / HR 106%
• Coupon:
• • 3yr: Annual, Fixed, Act/Act, long first
  • 7yr: Annual, Fixed, Act/Act, long first
• Settlement:
• • 3yr: 16-Jun-26 (T+5)
  • 7yr: 16-Jun-26 (T+5)
• ISIN:
• • 3yr: IT0005716805
  • 7yr: IT0005716797
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Denominations: €100,000 + €1,000
• Governing Law: Italian Law
• Documentation: Off the Issuer’s €35,000,000,000 Obbligazioni Bancarie Garantite programme guaranteed by UniCredit OBG S.r.l. dated 11-May-26
• Target Market: Manufacturer target market (MIFID II/UK DISC) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK DISC Regulation for offering or selling the Covered Bonds or otherwise making them available has been prepared as not available to retail in EEA or the UK
• Sole Global Coordinator: UniCredit
• Bookrunners: BBVA, BMO Capital Markets, Erste Group, ING, IMI-Intesa Sanpaolo, LBBW, Natixis, Raiffeisen Bank International, Santander, and UniCredit (B&D)
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus dated 11-May-26, as duly supplemented is available at Luxembourg Stock Exchange - Unicredit - EUR 35 000 000 000 Obbligazioni Bancarie Garantite Programme guaranted by UniCredit OBG S.r.l. | LuxSE and the Final Terms, when available, at www.bourse.lu
• Timing: Books open. Today's business
• Books Subject: Books to go subject at 12.25pm CET
• Hedge Deadline: 14.35 CET