Banca Monte dei Paschi di Siena S p A : OBG 1° Programma Obbligazioni Bancarie Garantite 2024Payment Report – 1st Iuly 2024

BANCA MONTE DEI PASCHI DI SIENA S.P.A.

Euro 20.000.000.000,00 Covered Bond Programme

Thirteenth Series Issue Date: 20 February 2014	Eighteenth Series Issue Date: 26 November 2015
Euro 500.000.000	Euro 1.000.000.000
First Series RCB Issue Date: 13 May 2011	Twenty-Seventh Series Issue Date: 08 October 2019
Euro 75.000.000	Euro 1.000.000.000
Second Series RCB Issue Date: 13 May 2011	Twenty-Nineth Series Issue Date: 04/02/2022
Euro 75.000.000	Euro 750.000.000
Third Series RCB Issue Date: 13 May 2011	Thirtieth Series Issue Date: 05/07/2022
Euro 50.000.000	Euro 750.000.000
Sixteenth Series Issue Date: 17 July 2014	Thirty-First Series Issue Date: 23/04/2024
Euro 1.500.000.000	Euro 750.000.000
Twenty-Eighth Series Issue Date: 10/06/2021
Euro 1.000.000.000

Unconditionally and irrevocably guaranteed as to payments of interest and principal by

MPS Covered Bond S.r.l.

Principal Seller, Principal Servicer and Issuer

Banca Monte dei Paschi di Siena S.p.A.

Payments Report

Collection Period

from:

Guarantor Payment Date

01/03/2024

01/07/2024

to:

31/05/2024

In the context of a group reorganisation, with effective date from 28th October 2020, Securitisation Services S.p.A. has been merged by way of incorporation into Banca Finanziaria Internazionale S.p.A. (namely Banca Finint S.p.A)

This Payments Report is prepared by Banca Finint S.p.A. as Computation Agent in accordance with definitions and criteria described in the Transaction Documents. Certain information included in this report has been provided by the Parties. Please be advised that Banca Finint S.p.A. will have no liability for the completeness or accuracy of such information. Furthermore, be aware that some formula which lead to the relevant outcome could be the result of any assumptions and an appropriate understanding of the whole transaction and the Computation Agent shall not be liable for any liability suffered or incurred by any other Party or by any Other Issuer Creditors as a result of such, being understood that any specific request with regard to clarification or material error shall be served not later than 30 days after the delivery of this Report.

MPS Covered Bond

Terms and expressions used in this Payments Report have the respective meanings given to them in the Transaction Documents.

This Payment Report is based on the following information:

• Servicer's Report provided by the Servicer;
• Cash Manager Report provided by the Cash Manager;
• Italian Account Bank Report provided by the Italian Account Bank;
• English Account Bank Report provided by the English Account Bank;
• Expenses, fees and costs provided by the Guarantor Corporate Servicer;
• Any other information according to the Transaction Documents.

Banca Finint S.p.A. shall be entitled to, and may, rely upon the information and reports received by it and will not be required to verify the accuracy of such notice, reports or information received by it. Neither Banca Finint S.p.A. or their respective directors, managers, officers or employees shall have any responsibility or liability as to their fairness, accuracy, completeness or reliability or for any loss or damage howsoever arising from or otherwise in connection with the use of this document.

Calculations contained in this Payments Report are made in accordance with the criteria described in the Cash Management and Agency Agreement.

This document is provided for information purposes only and does not constitute or form part of, nor may it be construed so as to constitute or form part of, an offer, or the solicitation of any offer, to buy, sell or subscribe for any securities mentioned herein, nor it is intended to provide an evaluation of the risk related to an investment in such securities or for use by any person in making investment decisions. By accepting this document, you agree to be bound by the foregoing restrictions.

If this document has been sent to you in electronic form, you are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of Banca Finint S.p.A., its subsidiaries or affiliates, directors, officers or employees thereof, accepts any liability or responsibility whatsoever in respect of any difference between the documents distributed to you in electronic format and the hard copy version available to you on request from Banca Finint S.p.A..

Page 2

MPS Covered Bond

Collection Period from 01/03/2024 to 31/05/2024

Guarantor Payment Date 01/07/2024

1. Guarantor Available Funds

4.1 Principal Available Funds

Sum [(i):(viii)]

1. Principal amounts collected by the Servicer in respect of the Cover Pool and credited to the Main Programme Account*

1. Other principal recoveries received by the Principal Servicer (and any Additional Seller, if any) and credited to the Main Programme Account

1. Principal amounts received by the Guarantor from the Seller
2. Proceeds of any disposal of Eligible Assets and any disinvestment of Eligible Investments

1. Amounts granted by the Seller under the Subordinated Loan Agreement and not used to fund the payment of the Purchase Price for any Eligible Assets

(vi) Principal (if any) received under any Swap Agreements other than any Swap Collateral Excluded Amounts

1. Amounts paid out of item (ix) of the Pre-Issuer Default Interest Priority of Payments (viii) Principal amounts standing to the credit of the Programme Accounts*

*net of the amounts related to principal not due to the Guarantor and repaid to the Servicer

4.2 Interest Available Funds

Sum [(i):(xii)]

1. Interest amounts collected by the Servicer in respect of the Cover Pool and credited into the Main Programme Account*

(ii) Other interest recoveries received by the Servicer and credited to the Main Programme Account

1. Interest accrued and paid on the Programme Accounts
2. amounts standing to the credit of the Reserve Account in excess of the Required Reserve Amount and following the service of an Issuer Default Notice, on the Guarantor, any amounts standing to the credit of the Reserve Account

(v) Interest amounts standing to the credit of the Programme Accounts

(vi) Interest amounts received from the Eligible Investments

1. Subject to item (ix) below, any amounts received under the Asset Swap Agreement and the Covered Bond Swap Agreement

1. subject to item (ix) below, any amounts received under the Covered Bond Swap Agreements other than any Swap Collateral Excluded Amounts

(ix) Swap termination payments received from a Swap Provider under any Swap Agreement

1. Interest amounts received from the Principal Seller (or any Additional Seller, if any) by the Guarantor pursuant to the Master Assets Purchase Agreement

(xi) Amounts paid as Interest Shortfall Amount out of item (i) of the Pre-Issuer Default Principal Priority of Payments

(xii) Any other amounts received by the Guarantor from any party to the Programme Documents

*net of the amounts related to interest not due to the Guarantor and repaid to the Servicer

Guarantor Available Funds **

(4.1) + (4.2)

** Net of any Interest Shortfall Amount out of item (i) of the Pre-Issuer Default Principal Priority of Payments

443.809.190,22

337.994.379,20

-

-

-

-

-

105.814.811,02

110.822.006,98

105.287.638,62

-

5.534.368,36

-

-

-

-

-

-

-

-

554.631.197,20

Page 3

MPS Covered Bond

Collection Period from 01/03/2024 to 31/05/2024

Guarantor Payment Date 01/07/2024

• 2.1 Interest Priority of Payments

• Prior to the delivery of a Guarantee Enforcement Notice -

Interest Available Funds

1. (a) Expenses
2. 1. Retention Amount

(ii) Any amount due and payable to the Representative of the Bondholders

1. Fees, costs and expenses (pro rata and pari passu ) to the Servicers and the Agents
2. pro rata and pari passu :
3. 1. any interest amounts due to the Asset Swap Provider
   2. any interest amounts due to the Covered Bond Swap Provider(s)

(v) Required Reserve Amount

(vi) Loan Interest due and payable on each Term Loan to the Subordinated Lender(s)

1. Upon the occurrence of a Servicer Termination Event, to credit all remaining Interest Available Funds to the Main Programme Account

110.822.006,98

-

19.579,81

-

3.155.845,38

-

13.675.000,00

10.735.627,31

83.235.954,48

-

(viii) Any Excluded Swap Termination Amounts

(ix) Interest Shortfall Amount (if any) to be transferred to the Principal Available Funds

1. Any other amount due and payable to pay to the Principal Seller and to the Additional Seller(s) (if any) under the Programme Documents,

1. pro r pro rata and pari passu :
2. 1. any Premium on the Programme Term Loans
   2. Excess Term Loan Amount, provided that no Segregation Event has occurred

-

-

-

-

-

Final balance

-

Page 4

MPS Covered Bond

Collection Period from 01/03/2024 to 31/05/2024

Guarantor Payment Date 01/07/2024

• 2.2 Principal Priority of Payments

• Prior to the delivery of a Guarantee Enforcement Notice -

Principal Available Funds

(i) Interest Shortfall Amount

1. New Portfolios and/or Top-Up Assets and/or other Eligible Assets (other than those funded through the proceeds of a Term Loan

1. pro rata and pari passu :
2. 1. principal amounts due and payable to the relevant Swap Providers
   2. on each Guarantor Payment Date that falls on an Interest Payment Date, the principal amounts due and payable under the Term Loan, provided in any case no Segregation Event has occurred and is continuing and/or, where applicable, provided that no amounts shall be applied to make a payment in respect of a Term Loan if the principal amounts outstanding under the relevant Series or Tranche of Covered Bonds which have fallen Due for Payment on such relevant Guarantor Payment Date have not been repaid in full by the Issuer.

443.809.190,22

-

-

-

Final balance

443.809.190,22

Page 5

MPS Covered Bond

• 3. Priority of Payments

• Following the delivery of a Guarantee Enforcement Notice -

Guarantor Available Funds

1. (a) Expenses
2. 1. Retention Amount

(ii) Any amount due and payable to the Representative of the Bondholders

1. Fees, costs and expenses (pro rata and pari passu ) to: Principal Servicer
   Additional Servicer(s) (if any) Back-Up Servicer (if any) Italian Account Bank Guarantor Calculation Agent Guarantor Corporate Servicer Asset Monitor
   Principal Paying Agent Paying Agent(s) (if any) Portfolio Manager (if any)
   Pre-Issuer Default Test Calculation Agent Post-Issuer Default Test Calculation Agent Italian Back-Up Account Bank
   Cash Manager Payments Account Bank
2. pro rata and pari passu :
3. 1. any amounts due to the Asset Swap Provider
   2. any interest amounts due to the Covered Bond Swap Provider(s)
   3. interest due and payable in respect of each Series or Tranche of Covered Bonds (or that will become due and payable on the immediately succeeding Guarantor Payment Date) under the Guarantee in respect of each Pass Through Series, Series or Tranche of Covered Bonds pari passu and pro rata in respect of each such Pass Through Series, Series or Tranche of Covered Bonds

1. pro rata and pari passu :
2. 1. the amounts in respect of principal due or to become due and payable to the relevant Swap Provider pro rata and pari passu in respect of each relevant Swap Agreement
   2. among any Pass Through Series, Series or Tranche of Covered Bonds, in or towards payment or to make a provision for payment of principal amounts (that are payable on any Pass Through Series and due and payable in respect of any other Series or Tranche of Covered Bonds or that will become payable on any Pass Through Series and due and payable in respect of any other Series or Tranche of Covered Bonds up to the immediately succeeding Guarantor Payment Date under the Guarantee in respect of such Pass Through
      Series, Series or Tranche of Covered Bonds

1. Until each Series or Tranche of Covered Bonds has been fully repaid, to credit any remaining amounts to the Main Programme Account

(vii) Any Excluded Swap Termination Amounts

1. Any other amount due and payable to pay to the Principal Seller and to the Additional Seller(s) (if any) under the Programme Documents,

1. pro r pro rata and pari passu :
2. 1. Any interest and principal amount outstanding on each Term Loan under the Subordinated Loan Agreement(s)
   2. Any Premium (if any), on each Term Loan under the Subordinated Loan Agreement(s)

Final balance

Page 6

MPS Covered Bond

• 4. Priority of Payments

• Following a Guarantor Event of Default -

Guarantor Available Funds

(i) Expenses

(ii) Any amount due and payable to the Representative of the Bondholders

1. (a) Fees, costs and expenses (pro rata and pari passu ) to: Principal Servicer
   Additional Servicer(s) (if any) Back-Up Servicer (if any) Italian Account Bank Guarantor Calculation Agent Guarantor Corporate Servicer Asset Monitor
   Principal Paying Agent Paying Agent(s) (if any) Portfolio Manager (if any) Italian Back-Up Account Bank Cash Manager
   Payments Account Bank

1. Amounts (pro rata and pari passu ) to:

amounts due to the Covered Bond Swap Provider(s) (other than any Excluded Swap Termination Amount) amounts due to the Asset Swap Provider (other than any Excluded Swap Termination Amount)

(c ) Amounts (pro rata and pari passu ) due under the Guarantee in respect of each Pass Through Series, Series or Tranche of Covered Bonds

(iv) Any Excluded Swap Termination Amounts

1. Any other amount due and payable to pay to the Principal Seller and to the Additional Seller(s) (if any) under the Programme Documents,

1. Any amounts outstanding under the Subordinated Loan Agreement(s) Final balance

Page 7

MPS Covered Bond

	Collection Period from 01/03/2024 to 31/05/2024			Guarantor Payment Date 01/07/2024
				5.1 Covered Bonds
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 13 - 2014		20/02/2014	31/12/2025	500.000.000,00	IT0004999204
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	20/02/2014		31/03/2014	31/03/2014	39	2,2340%	1.210.083,33
	31/03/2014		01/07/2014	01/07/2014	92	2,3130%	2.955.500,00
	01/07/2014		29/09/2014	29/09/2014	90	2,2070%	2.758.750,00
	29/09/2014		31/12/2014	31/12/2014	93	2,0820%	2.689.250,00
	31/12/2014		30/03/2015	30/03/2015	89	2,0790%	2.569.875,00
	30/03/2015		30/06/2015	30/06/2015	92	2,0210%	2.582.388,89
	30/06/2015		29/09/2015	29/09/2015	91	1,9850%	2.508.819,44
	29/09/2015		31/12/2015	31/12/2015	93	1,9590%	2.530.375,00
	31/12/2015		31/03/2016	31/03/2016	91	1,8680%	2.360.944,44
	31/03/2016		30/06/2016	30/06/2016	91	1,7580%	2.221.916,67
	30/06/2016		29/09/2016	29/09/2016	91	1,7190%	2.172.625,00
	29/09/2016		03/01/2017	03/01/2017	96	1,6990%	2.265.333,33
	03/01/2017		29/03/2017	29/03/2017	85	1,6810%	1.984.513,89
	29/03/2017		30/06/2017	30/06/2017	93	1,6700%	2.157.083,33
	30/06/2017		29/09/2017	29/09/2017	91	1,6690%	2.109.430,56
	29/09/2017		03/01/2018	03/01/2018	96	1,6710%	2.228.000,00
	03/01/2018		29/03/2018	29/03/2018	85	1,6710%	1.972.708,33
	29/03/2018		29/06/2018	29/06/2018	92	1,6710%	2.135.166,67
	29/06/2018		01/10/2018	01/10/2018	94	1,6760%	2.188.111,11
	01/10/2018		03/01/2019	03/01/2019	94	1,6820%	2.195.944,44
	03/01/2019		29/03/2019	29/03/2019	85	1,6910%	1.996.319,44
	29/03/2019		01/07/2019	01/07/2019	94	1,6910%	2.207.694,44
	01/07/2019		30/09/2019	30/09/2019	91	1,6560%	2.093.000,00
	30/09/2019		02/01/2020	02/01/2020	94	1,5870%	2.071.916,67
	02/01/2020		30/03/2020	30/03/2020	88	1,6120%	1.970.222,22
	30/03/2020		30/06/2020	30/06/2020	92	1,6510%	2.109.611,11
	30/06/2020		29/09/2020	29/09/2020	91	1,5970%	2.018.430,56
	29/09/2020		31/12/2020	31/12/2020	93	1,5020%	1.940.083,33
	31/12/2020		29/03/2021	29/03/2021	88	1,4620%	1.786.888,89
	29/03/2021		30/06/2021	30/06/2021	93	1,4620%	1.888.416,67
	30/06/2021		29/09/2021	29/09/2021	91	1,4570%	1.841.486,11
	29/09/2021		31/12/2021	31/12/2021	93	1,4580%	1.883.250,00
	31/12/2021		29/03/2022	29/03/2022	88	1,4290%	1.746.555,56
	29/03/2022		30/06/2022	30/06/2022	93	1,5230%	1.967.208,33
	30/06/2022		29/09/2022	29/09/2022	91	1,7890%	2.261.097,22
	29/09/2022		03/01/2023	03/01/2023	96	3,2280%	4.304.000,00
	03/01/2023		29/03/2023	29/03/2023	85	4,1320%	4.878.055,56
	29/03/2023		30/06/2023	30/06/2023	93	5,0120%	6.473.833,33
	30/06/2023		29/09/2023	29/09/2023	91	5,5980%	7.075.250,00
	29/09/2023		03/01/2024	03/01/2024	96	5,9720%	7.962.666,67
	03/01/2024		02/04/2024	02/04/2024	90	5,9090%	7.386.250,00
	02/04/2024		01/07/2024	01/07/2024	90	5,9080%	7.385.000,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 16 - 2014		16/07/2014	16/07/2024	1.500.000.000,00	IT0005038283
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	16/07/2014		16/07/2015	16/07/2015	365	2,8750%	43.125.000,00
	16/07/2015		16/07/2016	16/07/2016	366	2,8750%	43.125.000,00
	16/07/2016		16/07/2017	17/07/2017	365	2,8750%	43.125.000,00
	16/07/2017		16/07/2018	16/07/2018	365	2,8750%	43.125.000,00
	16/07/2018		16/07/2019	16/07/2019	365	2,8750%	43.125.000,00
	16/07/2019		16/07/2020	16/07/2020	366	2,8750%	43.125.000,00
	16/07/2020		16/07/2021	16/07/2021	365	2,8750%	43.125.000,00
	16/07/2021		16/07/2022	16/07/2022	365	2,8750%	43.125.000,00
	16/07/2022		16/07/2023	16/07/2023	365	2,8750%	43.125.000,00
	16/07/2023		16/07/2024	16/07/2024	366	2,8750%	43.125.000,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 18 - 2015		26/11/2015	26/11/2025	1.000.000.000,00	IT0005151854
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	26/11/2015		26/11/2016	26/11/2016	366	2,1250%	21.250.000,00
	26/11/2016		26/11/2017	26/11/2017	365	2,1250%	21.250.000,00
	26/11/2017		26/11/2018	26/11/2018	365	2,1250%	21.250.000,00
	26/11/2018		26/11/2019	26/11/2019	365	2,1250%	21.250.000,00
	26/11/2019		26/11/2020	26/11/2020	366	2,1250%	21.250.000,00
	26/11/2020		26/11/2021	26/11/2021	365	2,1250%	21.250.000,00
	26/11/2021		26/11/2022	26/11/2022	365	2,1250%	21.250.000,00
	26/11/2022		26/11/2023	26/11/2023	365	2,1250%	21.250.000,00
	26/11/2023		26/11/2024	26/11/2024	366	2,1250%	21.250.000,00

Page 8

MPS Covered Bond

	Collection Period from 01/03/2024 to 31/05/2024			Guarantor Payment Date 01/07/2024
				5.1 Covered Bonds
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 27 - 2019		08/10/2019	08/10/2026	1.000.000.000,00	IT0005386922
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	08/10/2019		08/10/2020	08/10/2020	366	0,8750%	8.750.000,00
	08/10/2020		08/10/2021	08/10/2021	365	0,8750%	8.750.000,00
	08/10/2021		08/10/2022	08/10/2022	365	0,8750%	8.750.000,00
	08/10/2022		08/10/2023	08/10/2023	365	0,8750%	8.750.000,00
	08/10/2023		08/10/2024	08/10/2024	366	0,8750%	8.750.000,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 28 - 2021		10/06/2021	01/07/2025	1.000.000.000,00	IT0005447252
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	10/06/2021		30/06/2021	30/06/2021	20	0,0000%	-
	30/06/2021		29/09/2021	29/09/2021	91	0,0000%	-
	29/09/2021		31/12/2021	31/12/2021	93	0,0000%	-
	31/12/2021		29/03/2022	29/03/2022	88	0,0000%	-
	29/03/2022		30/06/2022	30/06/2022	93	0,0000%	-
	30/06/2022		29/09/2022	29/09/2022	91	0,0690%	174.416,67
	29/09/2022		03/01/2023	03/01/2023	96	1,5080%	4.021.333,33
	03/01/2023		29/03/2023	29/03/2023	85	2,4640%	5.817.777,78
	29/03/2023		30/06/2023	30/06/2023	93	3,2920%	8.504.333,33
	30/06/2023		29/09/2023	29/09/2023	91	3,8780%	9.802.722,22
	29/09/2023		03/01/2024	03/01/2024	96	4,2520%	11.338.666,67
	03/01/2024		02/04/2024	02/04/2024	90	4,1890%	10.472.500,00
	02/04/2024		01/07/2024	01/07/2024	90	4,1880%	10.470.000,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 29 - 2022		04/02/2022	31/03/2025	750.000.000,00	IT0005482606
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	04/02/2022		29/03/2022	29/03/2022	53	0,0000%	-
	29/03/2022		30/06/2022	30/06/2022	93	0,0000%	-
	30/06/2022		29/09/2022	29/09/2022	91	0,0190%	36.020,83
	29/09/2022		03/01/2023	03/01/2023	96	1,4580%	2.916.000,00
	03/01/2023		29/03/2023	29/03/2023	85	2,4140%	4.274.791,67
	29/03/2023		30/06/2023	30/06/2023	93	3,2420%	6.281.375,00
	30/06/2023		29/09/2023	29/09/2023	91	3,8280%	7.257.250,00
	29/09/2023		03/01/2024	03/01/2024	96	4,2020%	8.404.000,00
	03/01/2024		02/04/2024	02/04/2024	90	4,1390%	7.760.625,00
	02/04/2024		01/07/2024	01/07/2024	90	4,1380%	7.758.750,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 30 - 2022		05/07/2022	30/12/2026	750.000.000,00	IT0005499899
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	05/07/2022		29/09/2022	29/09/2022	86	0,3240%	580.500,00
	29/09/2022		03/01/2023	03/01/2023	96	1,7280%	3.456.000,00
	03/01/2023		29/03/2023	29/03/2023	85	2,6840%	4.752.916,67
	29/03/2023		30/06/2023	30/06/2023	93	3,5120%	6.804.500,00
	30/06/2023		29/09/2023	29/09/2023	91	4,0980%	7.769.125,00
	29/09/2023		03/01/2024	03/01/2024	96	4,4720%	8.944.000,00
	03/01/2024		02/04/2024	02/04/2024	90	4,4090%	8.266.875,00
	02/04/2024		01/07/2024	01/07/2024	90	4,4080%	8.265.000,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 31 - 2024		23/04/2024	23/04/2029	750.000.000,00	IT0005593212
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	23/04/2024		23/04/2025	23/04/2025	365	3,5000%	26.250.000,00

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MPS Covered Bond

	Collection Period from 01/03/2024 to 31/05/2024			Guarantor Payment Date 01/07/2024
				5.1 Covered Bonds
	REGISTERED COVERED BOND - GEDECKTE NAMENSSCHULDVERSCHREIBUNG
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 1 - 2011		13/05/2011	13/05/2026	75.000.000,00	IT0004721541
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	13/05/2011		12/05/2012	11/05/2012	365	5,3750%	4.087.500,00
	12/05/2012		13/05/2013	13/05/2013	366	5,3750%	4.031.250,00
	13/05/2013		13/05/2014	13/05/2014	365	5,3750%	4.031.250,00
	13/05/2014		13/05/2015	13/05/2015	365	5,3750%	4.031.250,00
	13/05/2015		13/05/2016	13/05/2016	366	5,3750%	4.042.500,00
	13/05/2016		13/05/2017	13/05/2017	365	5,3750%	4.031.250,00
	13/05/2017		13/05/2018	13/05/2018	365	5,3750%	4.031.250,00
	13/05/2018		13/05/2019	13/05/2019	365	5,3750%	4.031.250,00
	13/05/2019		13/05/2020	13/05/2020	366	5,3750%	4.031.250,00
	13/05/2020		13/05/2021	13/05/2021	365	5,3750%	4.031.250,00
	13/05/2021		13/05/2022	13/05/2022	365	5,3750%	4.031.250,00
	13/05/2022		13/05/2023	13/05/2023	365	5,3750%	4.031.250,00
	13/05/2023		13/05/2024	13/05/2024	366	5,3750%	4.031.250,00
	13/05/2024		13/05/2025	13/05/2025	365	5,3750%	4.031.250,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 2 - 2011		13/05/2011	13/05/2030	75.000.000,00	IT0004721558
	Interest Period		Payment Date	Days	Interet Rate	Amount payable
	13/05/2011		12/05/2012	12/05/2012	365	5,5000%	4.182.000,00
	12/05/2012		13/05/2013	13/05/2013	366	5,5000%	4.125.000,00
	13/05/2013		13/05/2014	13/05/2014	365	5,5000%	4.125.000,00
	13/05/2014		13/05/2015	13/05/2015	365	5,5000%	4.125.000,00
	13/05/2015		13/05/2016	13/05/2016	366	5,5000%	4.136.250,00
	13/05/2016		13/05/2017	13/05/2017	365	5,5000%	4.125.000,00
	13/05/2017		13/05/2018	13/05/2018	365	5,5000%	4.125.000,00
	13/05/2018		13/05/2019	13/05/2019	365	5,5000%	4.125.000,00
	13/05/2019		13/05/2020	13/05/2020	366	5,5000%	4.125.000,00
	13/05/2020		13/05/2021	13/05/2021	365	5,5000%	4.125.000,00
	13/05/2021		13/05/2022	13/05/2022	365	5,5000%	4.125.000,00
	13/05/2022		13/05/2023	13/05/2023	365	5,5000%	4.125.000,00
	13/05/2023		13/05/2024	13/05/2024	366	5,5000%	4.125.000,00
	13/05/2024		13/05/2025	13/05/2025	365	5,5000%	4.125.000,00
	Series		Issue Date	Maturity Date	Nominal Amount	Isin Code
	Series 3 - 2011		13/05/2011	13/05/2031	50.000.000,00	IT0004721566
	Period Start Date		Maturity Date	Payment Date	Interet Rate*	Amount payable**
	13/05/2011		13/05/2031	13/05/2031	5,7000%	101.519.926,32

* "Accrual Yield" means 5.70% per annum

• If the Bond is redeemed on the Maturity Date, one single payment of interest in the amount of EUR 101,519,926.32 shall be made for the period from and including the Issue Date to but excluding the Maturity Date. The interest amount reflects the Accrual Yield applied on the Initial Principal Amount

Period Start Date	Period End Date	Accrued interest at Period End	Relevant Determination Amount
		Date
13 May 2011	13 May 2012	2,850,000.00	50,000,000.00
13 May 2012	13 May 2013	5,862,450.00	52,850,000.00
13 May 2013	13 May 2014	9,046,609.65	55,862,450.00
13 May 2014	13 May 2015	12,412,266.40	59,046,609.65
13 May 2015	13 May 2016	15,969,765.58	62,412,266.40
13 May 2016	13 May 2017	19,730,042.22	65,969,765.58
13 May 2017	13 May 2018	23,704,654.63	69,730,042.22
13 May 2018	13 May 2019	27,905,819.94	73,704,654.63
13 May 2019	13 May 2020	32,346,451.68	77,905,819.94
13 May 2020	13 May 2021	37,040,199.43	82,346,451.68
13 May 2021	13 May 2022	42,001,490.79	87,040,199.43
13 May 2022	13 May 2023	47,245,575.77	92,001,490.79
13 May 2023	13 May 2024	52,788,573.59	97,245,575.77
13 May 2024	13 May 2025	58,647,522.28	102,788,573.59
13 May 2025	13 May 2026	64,840,431.05	108,647,522.28
13 May 2026	13 May 2027	71,386,335.62	114,840,431.05
13 May 2027	13 May 2028	78,305,356.75	121,386,335.62
13 May 2028	13 May 2029	85,618,762.09	128,305,356.75
13 May 2029	13 May 2030	93,349,031.53	135,618,762.09
13 May 2030	13 May 2031	101,519,926.32	143,349,031.53

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