Obligation Intesa Sanpaolo SpA 0% ( IT0005435216 ) en EUR

Intesa Sanpaolo SpA

100 % ⇌

Italie

IT0005435216 ( en EUR )

06/10/2026

Prospectus brochure de l'obligation Intesa Sanpaolo S.p.A IT0005435216 en EUR 0%, échéance 06/10/2026

Intesa Sanpaolo S.p.A. est une banque italienne multinationale, l'une des plus grandes d'Europe, offrant une large gamme de services bancaires et financiers aux particuliers, aux entreprises et aux institutions.

L'obligation IT0005435216 émise par Intesa Sanpaolo S.p.A. en euros, échéant le 06/10/2026, affiche un prix de marché actuel de 100%, un taux d'intérêt de 0% et une fréquence de paiement annuelle.

BASE PROSPECTUS DATED 22 DECEMBER 2020

Intesa Sanpaolo S.p.A.
(incorporated as a joint stock company under the laws of the Republic of Italy)
Euro 20,000,000,000 Covered Bond (Obbligazioni Bancarie Garantite) Programme
unsecured and unconditionally and irrevocably guaranteed as to payments of interest and principal
by
ISP CB Pubblico S.r.l.
(incorporated as a limited liability company under the laws of the Republic of Italy)
The Euro 20,000,000,000 Covered Bond (Obbligazioni Bancarie Garantite) Programme (the
Programme) described in this base prospectus (the Base Prospectus) has been established by Intesa
Sanpaolo S.p.A. (in its capacity as issuer of the Covered Bonds, as herein defined below, Intesa
Sanpaolo, the Bank or the Issuer) for the issuance of obbligazioni bancarie garantite (Covered Bonds
which term includes, for avoidance of doubt the Registered Covered Bonds as defined below)
guaranteed by ISP CB Pubblico S.r.l. pursuant to Article 7-bis of Law no. 130 of 30 April 1999 (as
subsequently amended, the Law 130) and regulated by the Decree of the Ministry of Economy and
Finance no. 310 of 14 December 2006 (the MEF Decree) and the supervisory instructions of the Bank
of Italy relating to covered bonds under Part III, Chapter 3, of the circular no. 285 of 17 December
2013, containing the "Disposizioni di vigilanza per le banche" as further implemented and amended
(the BoI OBG Regulations).
ISP CB Pubblico S.r.l. (the Covered Bonds Guarantor) issued a first demand (a prima richiesta),
autonomous, unconditional and irrevocable (irrevocabile) guarantee (garanzia autonoma) securing the
payment obligations of the Issuer under the Covered Bonds (the Covered Bonds Guarantee), in
accordance with the provisions of Law 130 and of the MEF Decree. The obligation of payment under
the Covered Bonds Guarantee shall be limited recourse to the Portfolio and the Available Funds (as
defined herein).
This Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the
CSSF), which is the competent authority under Regulation EU 2017/1129 (the Prospectus Regulation)
in the Grand Duchy of Luxembourg, as a base prospectus for the purpose of article 8 of the Prospectus
Regulation.
The CSSF only approves this Base Prospectus as meeting the standards of completeness,
comprehensibility and consistency imposed by the Prospectus Regulation. Approval by the CSSF
should not be considered as an endorsement of the Issuer or the Guarantor or the quality of the Covered
Bonds that are subject to this Base Prospectus. Potential investors should make their own assessment
as to the suitability of investing in Covered Bonds.
Capitalised terms used in this Base Prospectus shall have the meaning ascribed to them in the
"Glossary" included herein, unless otherwise defined in the single section of this Base Prospectus in
which they are used.

Where Covered Bonds (other than Registered Covered Bonds) issued under the Programme are
admitted to trading on a regulated market within the European Economic Area or offered to the public
in a Member State of the European Economic Area in circumstances which require the publication of a
prospectus under the Prospectus Regulation, such Covered Bonds will not have a denomination of less
than Euro 100,000 (or, where the Covered Bonds are issued in a currency other than Euro, the equivalent
amount in such other currency).
Under the Programme, the Issuer may issue Covered Bonds denominated in any currencies, including
Euro, US Dollar, Japanese Yen, Swiss Franc and UK Sterling. Interest on the Covered Bonds shall
accrue monthly, quarterly, semi-annually, annually or on such other basis as specified in the relevant
Final Terms (as defined in the "Terms and Conditions of the Covered Bonds" below), in arrear at fixed
or floating rate, increased or decreased by a margin. The Issuer may also issue Covered Bonds at a
discounted price with no interest accruing and repayable at nominal value (zero-coupon Covered
Bonds).
The terms of each Series will be set forth in the Final Terms relating to such Series prepared in
accordance with the provisions of this Base Prospectus and, if listed, to be delivered to the CSSF and
the Luxembourg Stock Exchange on or before the date of issue of such Series.
Application has been made for Covered Bonds (other than Registered Covered Bonds) issued under the
Programme during the period of 12 (twelve) months from the date of this Base Prospectus to be listed
on the official list of the Luxembourg Stock Exchange and admitted to trading on the regulated market
of the Luxembourg Stock Exchange, which is a regulated market for the purposes of Directive
2014/65/EU. In addition, the Issuer and each Relevant Dealer (as defined in the "Terms and Conditions
of the Covered Bonds") named under "Subscription and Sale" may agree to make an application to list
a Series on any other stock exchange as specified in the relevant Final Terms. The Programme also
permits Covered Bonds to be issued on an unlisted basis.
As referred to in Article 6(4) of the Luxembourg law on prospectuses for securities of 16 July 2019, by
approving this Base Prospectus, in accordance with Article 20 of the Prospectus Regulation, the CSSF
does not engage in respect of the economic or financial opportunity of the operation or the quality and
solvency of the Issuer.
This Base Prospectus is valid for 12 months from the date of approval in relation to Covered
Bonds (until 22 December 2021) which are to be admitted to trading on a regulated market in the
European Economic Area (the EEA). The obligation to supplement this Base Prospectus in the
event of a significant new factor, material mistake or material inaccuracy does not apply when
this Base Prospectus is no longer valid.
Covered bonds may be issued in dematerialised form or in registered form also as German governed
registered covered bonds (Gedeckte Namensschuldverschreibung) (the Registered Covered Bonds).
The terms and conditions of the Registered Covered Bonds (the Registered Covered Bond
Conditions), which will differ from the terms and conditions set out in the section headed Terms and
Conditions of the Covered Bonds, will specify the minimum denomination for Registered Covered
Bonds, which might not be listed. This Base Prospectus does not relate to the Registered Covered
Bonds, which may be issued by the Issuer under the Programme pursuant to either separate
documentation or the documents described in this Base Prospectus after having made the necessary
amendments. The approval of this Base Prospectus by the CSSF does not cover any Registered
Covered Bonds which may be issued by the Issuer under the Programme.
Amounts payable under the Covered Bonds may be calculated by reference to EURIBOR, or to LIBOR,
in each case as specified in the relevant Final Terms. As at the date of this Base Prospectus, the ICE
Benchmark Administration (as administrator of LIBOR) and the European Money Markets Institute
(EMMI as administrator of EURIBOR) are included in the register of administrators and benchmarks

established and maintained by the European Securities and Markets Authority pursuant to article 36 of
Regulation (EU) 2016/1011 (the BMR).
The Covered Bonds issued in dematerialised form to be issued on or after the date hereof will be held
on behalf of their ultimate owners, until redemption or cancellation thereof, by Monte Titoli S.p.A.
(Monte Titoli) for the account of the relevant Monte Titoli Account Holders. The expression Monte
Titoli Account Holders means any authorised financial intermediary institution entitled to hold
accounts on behalf of their customers with Monte Titoli and includes any depositary banks appointed
by Euroclear Bank S.A. / N.V. as operator of the Euroclear Bank S.A./N.V., 1 Boulevard du Roi Albert
II, B-1210 Bruxelles (Euroclear) and Clearstream Banking, société anonyme, 42 Avenue JF Kennedy,
1855, Luxembourg (Clearstream). Each Series of Covered Bonds issued in dematerialised form is and
will be deposited with Monte Titoli on the relevant Issue Date (as defined in the "Terms and Conditions
of the Covered Bonds" below). Monte Titoli shall act as depositary for Clearstream and Euroclear. The
Covered Bonds will at all times be held in book entry form and title to the Covered Bonds will be
evidenced by book entries in accordance with the provisions of Italian Legislative Decree no. 58 of 24
February 1998 (Financial Law) and implementing regulation and with the joint regulation of the
Commissione Nazionale per le Società e la Borsa (CONSOB) and the Bank of Italy dated 13 August
2018and published in the Official Gazette of the Republic of Italy (Gazzetta Ufficiale della Repubblica
Italiana) No. 201 of 30 August 2018, as subsequently amended and supplemented. No physical
document of title is and will be issued in respect of the Covered Bonds.
Before the Maturity Date the Covered Bonds will be subject to mandatory and optional redemption in
whole or in part in certain circumstances, as set out in Condition 8 (Redemption and Purchase).
Each Series may, upon the relevant issue, be assigned a rating as specified in the relevant Final Terms
by Moody's France S.A.S. (Moody's or the Rating Agency) and/or any other rating agency which may
be appointed from time to time by the Issuer in relation to any issuance of Covered Bonds or for the
remaining duration of the Programme, to the extent that any of them at the relevant time provides ratings
in respect of any series of Covered Bonds. Conditions precedent to the issuance of any Series include
that the rating letter assigning the rating to such Series of Covered Bonds is issued by the Rating
Agency. Whether or not the credit rating applied for in relation to relevant Series of Covered Bonds
will be issued by a credit rating agency established in the European Union or in the United Kingdom
(UK) and registered under Regulation (EC) No. 1060/2009 (as amended, the CRA Regulation) will be
disclosed in the Final Terms. In general, European regulated investors are restricted from using a rating
for regulatory purposes if such rating is not issued by a credit rating agency established in the European
Union or the UK and registered under the CRA Regulation (or is endorsed and published or distributed
by subscription by such a credit rating agency in accordance with the CRA Regulation) unless (1) the
rating is provided by a credit rating agency not established in the EEA or the UK but endorsed by a
credit rating agency established in the EEA or the UK and registered under the CRA Regulation or (2)
the rating is provided by a credit rating agency not established in the EEA or the UK which is certified
under the CRA Regulation. The European Securities and Markets Authority (the ESMA) is obliged to
maintain on its website, https://www.esma.europa.eu/page/List-registered-and-certified-CRAs, a list of
credit rating agencies registered and certified in accordance with the CRA Regulation.
A credit rating is not a recommendation to buy, sell or hold Covered Bonds and may be subject
to revision or withdrawal by the Rating Agency.
For a discussion of certain risks and other factors that should be considered in connection with
an investment in the Covered Bonds, see the section entitled "Risk Factors" of this Base
Prospectus.
Other than in relation to the documents which are deemed to be incorporated by reference (see
the section headed "Documents Incorporated by Reference"), the information on the websites to

which this Base Prospectus refers does not form part of this Base Prospectus and has not been
scrutinised or approved by the CSSF.
Arranger and Dealer
IMI Intesa Sanpaolo
The date of this Base Prospectus is 22 December 2020.

RESPONSIBILITY STATEMENTS
The Issuer accepts responsibility for the information contained in this Base Prospectus. To the best of
the knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the
information containted in this Base Prospectus is in accordance with the facts and this Base Prospectus
makes no omission likely to affect the importance of such information.
The Covered Bonds Guarantor accepts responsibility for the information included in this Base
Prospectus in the section headed "Description of the Covered Bonds Guarantor" and any other
information contained in this Base Prospectus relating to itself. To the best of the knowledge of the
Covered Bonds Guarantor those parts of this Base Prospectus for which the Covered Bonds Guarantor
is responsible are in accordance with the facts and makes no omission likely to affect the importance of
such information.
NOTICE
This Base Prospectus is a base prospectus for the purposes of Article 8 of the Prospectus Regulation
and for the purposes of giving information which, according to the particular nature of the Covered
Bonds, is necessary to enable investors to make an informed assessment of the assets and liabilities,
financial position, profit and losses and prospects of the Issuer and of the Covered Bonds Guarantor
and of the rights attaching to the Covered Bonds.
This Base Prospectus should be read and understood in conjunction with any supplement thereto along
with any document incorporated herein by reference (see section "Documents incorporated by
reference") and in relation to any Series of Covered Bonds, with the combination of the Base Prospectus
and the relevant Final Terms.
Other than in relation to the documents which are deemed to be incorporated by reference (see
Documents Incorporated by Reference), the information on the websites to which this Base Prospectus
refers does not form part of this Base Prospectus and has not been scrutinised or approved by the CSSF.
Capitalised terms used in this Base Prospectus shall have the meaning ascribed to them in the
section headed "Glossary", unless otherwise defined in the single section of this Base Prospectus
in which they are used.
The Issuer and, with respect to the information relating to itself only, the Covered Bond Guarantor,
have confirmed to the Dealer (as defined herein) that this Base Prospectus contains all information with
regard to the Issuer and the Covered Bonds which is material in the context of the Programme and the
issue and offering of Covered Bonds thereunder; that the information contained herein is accurate in all
material respects and is not misleading; that any opinions and intentions expressed by it herein are
honestly held and based on reasonable assumptions; that there are no other facts with respect to the
Issuer, the omission of which would make this Base Prospectus as a whole or any statement therein or
opinions or intentions expressed therein misleading in any material respect; and that all reasonable
enquiries have been made to verify the foregoing.
Third Party Information Certain information and statistics presented in this Base Prospectus regarding
markets and market share of the Issuer or the Group are either derived from, or are based on, internal
data or publicly available data from external sources. In addition, the sources for the rating information
set out in the sections headed "Ratings" of this Base Prospectus are the following rating agencies: Fitch
Ratings Limited, Moody's France S.A.S., S&P Global Ratings Europe Limited and DBRS Rating
GmbH (each as defined below). In respect of information in this Base Prospectus that has been extracted
from a third party, the Issuer confirms that such information has been accurately reproduced and that,
so far as it is aware, and is able to ascertain from information published by third parties, no facts have
been omitted which would render the reproduced information inaccurate or misleading. Although the

Issuer believes that the external sources used are reliable, the Issuer has not independently verified the
information provided by such sources.
No person is or has been authorised by the Issuer or the Covered Bonds Guarantor to disclose any
information or to make any representation which is not contained in or not consistent with this Base
Prospectus or any other document entered into in relation to the Programme or any information supplied
by the Issuer or such other information as in the public domain and, if given or made, such information
or representation must not be relied upon as having been authorised by the Issuer, the Dealer or any
party to the Transaction Documents (as defined in the Conditions).
This Base Prospectus is valid for twelve months following its date of approval and it and any supplement
hereto as well as any Final Terms filed within these twelve months reflects the status as of their
respective dates of issue. The offering, sale or delivery of any Covered Bonds may not be taken as an
implication that the information contained in such documents is accurate and complete subsequent to
their respective dates of issue or that there has been no adverse change in the financial condition of the
Issuer since such date or that any other information supplied in connection with the Programme is
accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in
the document containing the same.
The Issuer has undertaken with the Dealer to supplement this Base Prospectus or publish a new Base
Prospectus if and when the information herein should become materially inaccurate or incomplete and
has further agreed with the Dealer to furnish a supplement to the Base Prospectus in the event of any
significant new factor, material mistake or material inaccuracy relating to the information included in
this Base Prospectus which is capable of affecting the assessment of the Covered Bonds and which
arises or is noted between the time when this Base Prospectus has been approved and the final closing
of any Series or Tranche of Covered Bonds offered to the public or, as the case may be, when trading
of any Series or Tranche of Covered Bonds on a regulated market begins, in respect of Covered Bonds
issued on the basis of this Base Prospectus.
Neither the Arranger nor the Dealer nor any person mentioned in this Base Prospectus, with exception
of the Issuer, the Covered Bonds Guarantor and the Asset Monitor (only with respect to the section
"Description of the Asset Monitor"), is responsible for the information contained in this Base
Prospectus, any document incorporated herein by reference, or any supplement thereof, or any Final
Terms or any document incorporated herein by reference, and accordingly, and to the extent permitted
by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy
and completeness of the information contained in any of these documents.
Neither the Dealer, nor the Arranger have separately verified the information contained in this Base
Prospectus. None of the Dealer or the Arranger makes any representation, express or implied, or accepts
any responsibility, with respect to the accuracy or completeness of any of the information in this Base
Prospectus. Neither this Base Prospectus nor any other financial statements are intended to provide the
basis of any credit or other evaluation and should not be considered as a recommendation by any of the
Issuer, the Covered Bonds Guarantor, the Arranger or the Dealer that any recipient of this Base
Prospectus or any other financial statements should purchase the Covered Bonds. Each potential
purchaser of Covered Bonds should determine for itself the relevance of the information contained in
this Base Prospectus and its purchase of Covered Bonds should be based upon such investigation as it
deems necessary. None of the Dealer or the Arranger undertakes to review the financial condition or
affairs of the Issuer, the Covered Bonds Guarantor during the life of the arrangements contemplated by
this Base Prospectus nor to advise any investor or potential investor in Covered Bonds of any
information coming to the attention of any of the Dealer or the Arranger.
The distribution of this Base Prospectus, any document incorporated herein by reference and any Final
Terms and the offering, sale and delivery of the Covered Bonds in certain jurisdictions may be restricted

by law. Any persons into possession of this Base Prospectus or any Final Terms come are required by
the Issuer and the Dealer to inform themselves about and to observe any such restrictions.
For a description of certain restrictions on offers, sales and deliveries of Covered Bonds and on the
distribution of the Base Prospectus or any Final Terms and other offering material relating to the
Covered Bonds, see the section headed "Subscription and Sale" of this Base Prospectus. In particular,
the Covered Bonds have not been and will not be registered under the United States Securities Act of
1933, as amended. Subject to certain exceptions, Covered Bonds may not be offered, sold or delivered
within the United States of America or to U.S. persons.
Intesa Sanpaolo may offer and sell the Covered Bonds to or through one or more underwriters, dealers
and agents, including Intesa Sanpaolo, or directly to purchasers.
Neither this Base Prospectus, any supplement thereto, nor any Final Terms (or any part thereof)
constitutes an offer, nor may they be used for the purpose of an offer to sell any of the Covered Bonds,
or a solicitation of an offer to buy any of the Covered Bonds, by anyone in any jurisdiction or in any
circumstances in which such offer or solicitation is not authorised or is unlawful. Each recipient of this
Base Prospectus or any Final Terms is required and shall be taken to have made its own investigation
and appraisal of the condition (financial or otherwise) of the Issuer.
The language of the Base Prospectus is English. Where a claim relating to the information contained in
this Base Prospectus is brought before a court in a member State of the European Economic Area (a
Member State), the plaintiff may, under the national legislation of the Member State where the claim
is brought, be required to bear the costs of translating the Base Prospectus before the legal proceedings
are initiated.
This Base Prospectus may only be used for the purpose for which it has been published.
This Base Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation
by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation.
In this Base Prospectus, references to or euro or Euro are to the single currency introduced at the
start of the Third Stage of European Economic and Monetary Union pursuant to the Treaty establishing
the European Union, as amended; references to U.S.$ or U.S. Dollar are to the currency of the Unites
States of America; references to £ or UK Sterling are to the currency of the United Kingdom; reference
to Japanese Yen is to the currency of Japan; reference to Swiss Franc or CHF are to the currency of
the Swiss Confederation; references to Italy are to the Republic of Italy; references to laws and
regulations are, unless otherwise specified, to the laws and regulations of Italy; and references to
billions are to thousands of millions.
Certain monetary amounts and currency conversions included in this Base Prospectus have been subject
to rounding adjustments; accordingly, figures shown as totals in certain tables may not be an arithmetic
aggregation of the figures which preceded them.
Each initial and subsequent purchaser of a Covered Bond will be deemed, by its acceptance of the
purchase of such Covered Bond, to have made certain acknowledgements, representations and
agreements intended to restrict the resale or other transfer thereof as set forth therein and described in
this Base Prospectus and, in connection therewith, may be required to provide confirmation of its
compliance with such resale or other transfer restrictions in certain cases.
The Arranger is acting for the Issuer and no one else in connection with the Programme and will not be
responsible to any person other than the Issuer for providing the protection afforded to clients of the
Arranger or for providing advice in relation to the issue of the Covered Bonds.

In connection with the issue of any Series under the Programme, the Dealer or the Dealers (if
any) which is specified in the relevant Final Terms as the stabilising manager (the Stabilising
Manager) or any person acting for the Stabilising Manager may over-allot any such Series or
effect transactions with a view to supporting the market price such Series at a level higher than
that which might otherwise prevail for a limited period. However, there may be no obligation on
the Stabilising Manager (or any agent of the Stabilising Manager) to do this. Any stabilisation
action may begin on or after the date on which adequate public disclosure of the final terms of
the offer of the Covered Bonds is made and, if begun, may be ended at any time, but it must end
no later than the earlier of 30 days after the issue date of the relevant Series and 60 days after the
date of the allotment of any such Series. Such stabilising shall be in compliance with all applicable
laws, regulations and rules.
IMPORTANT EEA AND UK RETAIL INVESTORS  If the Final Terms in respect of any Cover
Bonds include a legend entitled Prohibition of Sales to EEA and UK Retail Investors, the Covered
Bonds are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the European Economic Area (EEA) or in the
United Kingdom (UK). For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (MiFID II); or (ii) a
customer within the meaning of Directive (UE) 2016/97 (IDD), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key
information document required by Regulation (EU) No 1286/2014 (the PRIIPs Regulation) for
offering or selling the Covered Bonds or otherwise making them available to retail investors in the EEA
or the UK has been prepared and therefore offering or selling the Covered Bonds or otherwise making
them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs
Regulation.
MIFID II product governance / target market The Final Terms in respect of any Covered Bonds
will include a legend entitled "MiFID II Product Governance" which will outline the target market
assessment in respect of the Covered Bonds and which channels for distribution of the Covered Bonds
are appropriate. Any person subsequently offering, selling or recommending the Covered Bonds (a
"distributor") should take into consideration the target market assessment; however, a distributor subject
to MiFID II is responsible for undertaking its own target market assessment in respect of the Covered
Bonds (by either adopting or refining the target market assessment) and determining appropriate
distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance rules under EU Delegated Directive 2017/593 (the MiFID Product Governance
Rules), any Dealer subscribing for any Covered Bonds is a manufacturer in respect of such Covered
Bonds, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be
a manufacturer for the purpose of the MIFID Product Governance Rules.

TABLE OF CONTENTS
General Description of the Programme ................................................................................................ 10
Risk Factors .......................................................................................................................................... 54
Documents Incorporated by Reference ................................................................................................. 82
Supplement to the Base Prospectus ...................................................................................................... 87
Description of the Issuer ....................................................................................................................... 88
Regulatory Section .............................................................................................................................. 139
Description of the Covered Bonds Guarantor ..................................................................................... 156
Description of the Asset Monitor ........................................................................................................ 162
Description of the Portfolio ................................................................................................................ 163
Collection and Recovery Procedures .................................................................................................. 166
Credit Structure ................................................................................................................................... 179
Accounts and Cash Flows ................................................................................................................... 189
Cash Flows .......................................................................................................................................... 195
Use of Proceeds................................................................................................................................... 200
Description of the Transaction Documents ......................................................................................... 201
Selected Aspects of Italian Law .......................................................................................................... 219
Terms and Conditions of the Covered Bonds ..................................................................................... 228
Form of Final Terms ........................................................................................................................... 296
Responsibility for Third Party Information ........................................................................................ 303
Taxation in the Republic of Italy ........................................................................................................ 310
Subscription and Sale .......................................................................................................................... 318
General Information ............................................................................................................................ 323
Glossary .............................................................................................................................................. 328

GENERAL DESCRIPTION OF THE PROGRAMME
The following section contains a general description of the Programme pursuant to Article 25 of
Commission Delegated Regulation (EU) 2019/980 and, as such, does not purport to be complete and
is qualified in its entirety by the remainder of this Base Prospectus and, in relation to the terms and
conditions of any Series or Tranche, the applicable Final Terms. Prospective purchasers of Covered
Bonds should carefully read the information set out elsewhere in this Base Prospectus prior to making
an investment decision in respect of the Covered Bonds. In this section, references to a numbered
condition are to such condition in "Terms and Conditions of the Covered Bonds" below.
Structure Diagram

Document Outline

#10">General Description of the Programme
#54">Risk Factors
#61">

ð·
#61">

ð·
#61">

ð·
#61">

ð·
#61">

ð·
#82">Documents Incorporated by Reference
#87">Supplement to the Base Prospectus
#88">Description of the Issuer
#89">Share Capital
#91">The Group has a strategic international presence, with approximately 1,000 branches and 7.2 million customers. It is among the top players in several countries in Central Eastern Europe and in the Middle East and North Africa, through its local subsid...
#108">(4) The shareholder holds an aggregate investment equal to 6.580% as per form 120 B dated 24 June 2020 which has been recalculated in 6.010% due to the changes in Intesa Sanpaolos share capital of 5 August 2020, 17 September 2020 and 5 October 2020 ...
#139">Regulatory Section
#140">

ð·
#156">Description of the Covered Bonds Guarantor
#162">Description of the Asset Monitor
#163">Description of the Portfolio
#166">Collection and Recovery Procedures
#179">Credit Structure
#189">Accounts and Cash Flows
#195">Cash Flows
#200">Use of Proceeds
#201">Description of the Transaction Documents
#219">Selected Aspects of Italian Law
#228">Terms and Conditions of the Covered Bonds
#296">Form of Final Terms
#303">Responsibility for Third Party Information
#310">Taxation in the Republic of Italy
#318">Subscription and Sale
#323">General Information
#328">Glossary