Commentary & Deal Flow

Reoffer: 5.5yr: Interpolated BTP+50bp (equiv. to MS+87bp) / 3.816% / 99.695
Benchmark: BTPS 3.15 01-Jun-31 (Price: 99.730% / Yield: 3.234% / HR: 110%) & BTPS 3.25 15-Jul-32 (Price: 99.450% / Yield: 3.380%)

Final Books > €1bn (excl. JLM). Peak book €1.2bn (pre-rec, incl. €50m JLM)

Launched: 5.5yr: €500m @ BTP+50bp (equiv. to ~MS+87bp) - Books at €1.2bn (pre-rec, incl. €50m JLM)
Book Update: Books above €1.1bn (incl. €25m JLM)
IPTs: 5.5yr: BTP+70a

• Issuer: Mediocredito Centrale – Banca Del Mezzogiorno S.p.A. (Ticker: BNCMCC)
• LEI Code: 81560064085A02B2B297
• Issuer Rating: BBB (stable) / BBBH (stable) (S&P/ DBRS)
• Expected Issue Rating: BBB / BBBH (S&P/ DBRS)
• Status of the Notes: Senior Preferred Notes. Unsecured Unsubordinated. Eligible liabilities instruments according to Article 72b CRR2
• Form of Notes: Reg S (Cat 2), Dematerialised Note
• Principal Amount: €500m
• Reference Benchmark: BTPS 3.15 01-Jun-31 (Price: 99.730% / Yield: 3.234%) / HR: 110%) & BTPS 3.25 15-Jul-32 (Price: 99.450% / Yield: 3.380%)
• Reoffer: Interpolated BTP+50bps (equiv. to MS+87bps) / 3.816% / 99.695
• Pricing Date: 09-Jul-26
• Settlement Date: 16-Jul-26 (T+5)
• Maturity Date: 16-Jan-32
• Coupon: 3.75% Fixed, Short First, payable in arrear
• Interest Payment Dates: Annually every 16 January, starting from 16-Jan-27 (First Interest Payment Date) up to and including the Maturity Date
• Redemption: 100% of the Principal Amount
• Day Count Fraction and Business Day Convention: ACT/ACT ICMA, Unadjusted and Following Business Day Convention
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes will be allocated to finance and/or re-finance, in whole or in part, Eligible Social Assets, as defined within the Issuer's Social Financing Framework dated March 2026 available on the Issuer's website at www.mcc.it/wp-content/uploads/2024/07/MCC_Social_Financing_Framework-2026_02.03.26-clean.pdf
• SPO: from ISS-Corporate available at www.mcc.it/wp-content/uploads/2024/07/MCC_Social_Financing_Framework-2026_02.03.26-clean.pdf
• Statutory Bail-in Power: The Notes are subject to the exercise of the Italian Bail-in Power by the Relevant Authority
• Redemption for Tax Reasons: Applicable
• Clean-up Redemption Option: Applicable (75%)
• Redemption for MREL Disqualification Event: If, at any time, the Issuer determines that a MREL Disqualification Event has occurred, the Notes may be redeemed at the option of the Issuer, in whole, but not in part, at par
• Variation following a MREL Disqualification Event or an Alignment Event or in order to ensure the effectiveness and enforceability of Condition 23 (Acknowledgment of Statutory Bail-in Power): Applicable
• Waiver of Set-off Rights: Applicable
• Clearing: Euronext Securities Milano (Monte Titoli)
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Min. Denominations: €100k and integral multiples of €1k in excess thereof
• Sustainability Coordinator: IMI-Intesa Sanpaolo
• Joint Lead Managers: Banca Akros, BNP Paribas, IMI-Intesa Sanpaolo (B&D), Morgan Stanley and UniCredit
• Governing law: Italian Law
• ISIN: IT0005723066
• Documentation: EUR 2bn EMTN Programme dated 20-Mar-26 and supplemented on 08-Jul-26, with standard conditions precedent as per EMTN programme, including auditor’s comfort letters, legal opinions delivered by the legal advisers to the issuer and the joint lead managers, closing certificate
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As per the Base Prospectus (Reg S, TEFRA rules not applicable. No communications with or into the U.S.)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the supplement and the Final Terms, when published, will be available at Luxembourg Stock Exchange - MEDIOCREDITO CENTRALE - BANCA DEL MEZZOGIORNO S.P.A. | LuxSE and on the Issuer’s website at https://www.mcc.it/emissioni/aggiornamento-programma-emtn-2026/
• Timing: Priced. TOE: 15.16 UKT / 16.16 CET | FTT: 15.50 UKT / 16.50 CET