Commentary & Deal Flow

Reoffer: Long 7yr: MS+108bp / 99.327 / 4.363%
Benchmark: Long 7yr: DBR 2.6 15-Aug-33 @ 96.44 / B+118.4bp / HR 101%

Final Books: In excess of €1.4bn. Peak book in excess of €2.3bn

Launched: Long 7yr: €750m @ MS+108bp - Books > €1.7bn good at final spread
Spread set at: Long 7yr: MS+108bp - Books > €2.3bn
IPTs: Long 7yr: MS+135/140bp

• Issuer: Autostrade per l'Italia S.p.A. (ASPI)
• Ticker: ATOSTR
• Country: Italy
• Issuer LEI code: 815600149448CEB9B230
• Issuer Rating (S/F): BBB (positive) / BBB (stable)
• Exp. Issue Rating (M/S/F): Baa3 / BBB / BBB
• Format: Senior, Unsecured, Reg S Bearer (TEFRA rules may apply. No communications with or into the U.S. or Canada (excluding Ontario)
• Size: €750m
• Settlement: 8-Sep-26 (T+5)
• Maturity: 10-Dec-33
• Reoffer: MS+108bp / 99.327 / 4.363%
• Benchmark: DBR 2.6 15-Aug-33 @ 96.44 / B+118.4bp / HR 101%
• Coupon: 4.25% Fixed (Annual), Act/Act, Short First
• UoP: General Corporate Purposes
• Listing: Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Clearing: Euroclear/Clearstream
• Documentation: EMTN programme dated 17-Dec-25 and supplemented on 4-Aug-26
• Governing Law: English Law
• Optional Redemption: Relevant Event Put / MWC B+20bp / Clean-up Call (80%) / 3m par call
• Denomination: €100k + €1k
• ISIN: XS3496775985
• Joint Bookrunners: Barclays, BNP Paribas, CaixaBank, Crédit Agricole CIB, Goldman Sachs International, IMI-Intesa Sanpaolo, ING, J.P. Morgan (B&D), Mediobanca, Morgan Stanley, MUFG, Santander, UniCredit
• Selling Restrictions: As per Base Prospectus dated 17-Dec-25
• Target Market: Manufacturer target market (EU MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document and/or CCI disclosure document has been prepared as not available to retail in EEA or in the UK
• 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 any Supplements are available and the Final Terms, when published, will be available on the website of Borsa Italiana S.p.A. at https://www.borsaitaliana.it
• Timing: TOE: 16:58 CET / FTT: 17:15 CET
• HR: 101% vs DBR 2.6 15-Aug-33
• Hedge Deadline: 15:45 UKT / 16:45 CET