Commentary & Deal Flow

Reoffer: 10yr: MS+180bp / 100 / 4.782%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ B+184.9

Final Books: Above €750m (excluding JLM interest). Peak book above €850m (excluding JLM interest)

Launched: 10yr: €200m @ MS+180bp - Books above €850m (excluding JLM interest)
IPTs: 10yr: MS+210a

• Issuer: Vittoria Assicurazioni SpA
• Ticker: VITTAS
• Issuer Rating: A (Stable) by Fitch
• Expected Issue Ratings: BBB by Fitch
• Format: Reg S CAT2, bearer, subordinated note, Tier 2
• Size: €200m
• Settlement: 25-Jun-26
• Maturity Date: 25-Jun-36
• Coupon: 4.782%, annual, act/act ICMA
• Use of Proceeds: General purposes (including to refinance existing indebtedness) and for an efficient management of the Company's regulatory capital requirements
• Calls: Tax changes call, regulatory / capital disqualification call
• Denominations: €100k+1k
• ISIN: XS3402829652
• Sole Bookrunner: MS (B&D)
• FTT: 1:45pm London