Bond Mediocredito 1.25% ( IT0005315046 ) in EUR

Issuer Mediocredito
Market price 100 %  ▲ 
Country  Italy
ISIN code  IT0005315046 ( in EUR )
Interest rate 1.25% per year ( payment 1 time a year)
Maturity 24/11/2029 - Bond has expired



Prospectus brochure of the bond Mediobanca - Bca Cred.Fin. SpA IT0005315046 in EUR 1.25%, expired


Minimal amount 100 000 EUR
Total amount 750 000 000 EUR
Detailed description Mediobanca - Banca di Credito Finanziario SpA is an Italian investment bank providing a range of financial services including asset management, investment banking, and wealth management to corporate and private clients.

Mediobanca - Banca di Credito Finanziario SpA's EUR 750,000,000 1.25% bond (ISIN: IT0005315046), issued in Italy, with a minimum trading size of EUR 100,000, maturing on November 24, 2029, and paying interest annually, has reached maturity and been redeemed at 100%.








Ba s e Pr o sp ectu s d a ted 7 Ju n e 2 0 2 2


MEDI OB ANCA - B a n ca d i Cre d i to Fi n a n zi a ri o S.p .A.
(in co r p o r a ted w ith lim ited lia b ility as a "S ocietà p er Az ion i" u n d er t h e l aws of t h e Rep u blic of Italy)
Eu ro 1 0 ,0 0 0 ,0 0 0 ,0 0 0 Co v e re d B o n d Pro g ra m m e
u n co n di ti o n a l ly a n d i rre v o ca bl y g u a ra n tee d a s t o p a y m e n ts o f i n tere s t a n d p ri n ci p a l b y
Me d i o b a n ca Co v ere d B o n d S.r.l .
(i n cor por ated with lim ited liabilit y as a "Società a r esponsabilità lim itata" under t he laws of the R epublic of It aly)






Th e 10 ,0 0 0 ,0 0 0 ,0 0 0 Covered Bon d Programme (th e "P ro g ra m m e ") d escribed in th is base p rosp ectu s (th e "Ba s e P ro s pe ctus ") h as been establish ed in December
20 11 by Med ioban ca ­ Ban ca d i Cred ito Fin an ziario S.p .A. (in its cap acity as issu er of th e Covered Bon d s (as d efin ed below), "Me dio ba n ca " or th e "Ba n k" or th e
"I s s ue r") for th e issu an ce of covered bon d s (th e "Co v e re d Bo n ds ", wh ich term in clu d es, for th e avoid an ce of d ou bt an d as th e con text requ ires, Registered Covered
Bon d s, as d efin ed below) gu aran teed by Med ioban ca Covered Bon d S.r.l. (th e "Gua ra n to r") p u rsu an t to Article 7-bis of law 30 Ap ril 19 9 9 , No. 130 , as amen d ed an d
su p p lemen ted from time to time ("La w 13 0 / 9 9 "), Min isterial Decree No. 310 of th e Min istry for th e Econ omy an d Fin an ce of 14 December 20 0 6 (th e "MEF D e cre e ")
an d th e su p ervisory in stru ction s of th e Ban k of Italy relatin g to covered bon d s u n d er Part III, Ch ap ter 3, of th e circu lar n o. 28 5 of 17 December 20 13, con tain in g th e
"Disp osiz ion i d i vig ila n z a p er le ba n ch e" as fu rth er imp lemen ted an d amen d ed (th e "Bo I Re g ula tio n s " an d togeth er with Law 130 / 9 9 an d th e MEF Decree, th e
"Co v e re d Bo n ds La w "), as amen d ed an d imp lemen ted from time to time. Th e maximu m aggregate n omin al amou n t of all th e Covered Bon d s from time to time
ou tstan d in g u n d er th e Programme will n ot exceed 10 ,0 0 0 ,0 0 0 ,0 0 0 (or its equ ivalen t in oth er cu rren cies calcu lated as d escribed h erein ).
Th e Covered Bon d s con stitu te d irect, u n con d ition al, u n secu red an d u n su bord in ated obligation s of th e Issu er an d will ran k p a r i p a ssu with ou t p referen ce amon g
th emselves an d (save for an y ap p licable statu tory p rovision s) at least equ ally with all oth er p resen t an d fu tu re u n secu red an d u n su bord in ated obligation s of th e Issu er
from time to time ou tstan d in g. In th e even t of a comp u lsory win d in g-u p (liqu id a z ion e coa tta a m m in istr a tiva ) of th e Issu er, an y fu n d s realised an d p ayable to th e
h old ers of th e Covered Bon d s (th e "Bo n dho lde rs ") will be collected by th e Gu aran tor on th eir beh alf an d will be in clu d ed in th e Cover Pool, in accord an ce with th e
p rovision s of Article 4 , Paragrap h 3 of th e MEF Decree. Th e Gu aran tor issu ed a first d eman d (a p r im a r ich iesta ), au ton omou s, u n con d ition al an d irrevocable gu aran tee
secu rin g th e p aymen t obligation s of th e Issu er u n d er th e Covered Bon d s (th e "Gua ra n te e "), collateralised by a p ortfolio of resid en tial an d commercial mortgage loan s
assign ed an d to be assign ed to th e Gu aran tor by th e Seller (an d / or, as th e case may be, by an y Ad d ition al Seller) an d of oth er Eligible Assets an d In tegration Assets, in
accord an ce with th e Covered Bon d s Law. Th e recou rse of th e Bon d h old ers to th e Gu aran tor u n d er th e Gu aran tee will be limited to th e assets of th e Cover Pool su bject
to, an d in accord an ce with , th e relevan t Priority of Paymen ts p u rsu an t to wh ich sp ecified p aymen ts will be mad e to oth er p arties p rior to p aymen ts to th e Bon d h old ers.
Th is d ocu men t h as been ap p roved by th e Com m ission d e Su r veilla n ce d u Secteu r Fin a n cier ("CSSF"), in its cap acity as comp eten t au th ority u n d er Regu lation EU
20 17/ 1129 as from time to time amen d ed (th e "P ro s pe ctus Re g ula tio n ") in th e Gran d Du ch y of Lu xembou rg as a base p rosp ectu s, for th e p u rp oses of article 8 of th e
Prosp ectu s Regu lation . Th e CSSF on ly ap p roves th is Base Prosp ectu s as meetin g th e stan d ard s of comp leten ess, comp reh en sibility an d con sisten cy imp osed by th e
Prosp ectu s Regu lation . Ap p roval by th e CSSF sh ou ld n ot be con sid ered as an en d orsemen t of th e Issu er or th e Gu aran tor or th e qu ality of th e Covered Bon d s th at are
su bject to th is Base Prosp ectu s. In vestors sh ou ld make th eir own assessmen t as to th e su itability of in vestin g in Covered Bon d s. Ap p roval by th e CSSF relates on ly to th e
Covered Bon d s an d d oes n ot in clu d e th e Registered Covered Bon d s.
Ap p lication h as also been mad e for Covered Bon d s issu ed u n d er th e Programme (oth er th an th e Registered Covered Bon d s) d u rin g th e p eriod of 12 mon th s from th e
d ate of th is Base Prosp ectu s to be listed on th e official list of th e Lu xembou rg Stock Exch an ge (th e "Officia l Lis t") an d ad mitted to trad in g on th e regu lated market of
th e Lu xembou rg Stock Exch an ge. Th e Lu xembou rg Stock Exch an ge's regu lated market is a regu lated market for th e p u rp oses of Directive 20 14 / 6 5/ EU of th e Eu rop ean
Parliamen t an d of th e Cou n cil on markets in fin an cial in stru men ts as from time to time amen d ed . H owever, u n listed Covered Bon d s may be issu ed p u rsu an t to th e
Programme. Th e relevan t Fin al Terms in resp ect of th e issu e of an y Covered Bon d s will sp ecify wh eth er or n ot su ch Covered Bon d s will be listed on th e Official List an d
ad mitted to trad in g on th e Lu xembou rg Stock Exch an ge's regu lated market (or an y oth er stock exch an ge). Ap p lication may also be mad e for n otification to be given to
comp eten t au th orities in oth er Member States of th e Eu rop ean Econ omic Area in ord er to p ermit Covered Bon d s issu ed u n d er th e Programme to be offered to th e
p u blic an d ad mitted to trad in g on regu lated markets in su ch oth er Member States in accord an ce with th e p roced u res u n d er th e Prosp ectu s Regu lation .
Thi s Ba s e P ro s pe ctus i s v a l i d fo r 12 m o n ths fro m i ts da te i n re l a ti o n to Co v e re d Bo n ds w hi ch a re to be a dm i tte d to tra di n g o n a re g ul a te d m a rke t
i n the Euro pe a n Eco n o m i c Are a ( the "EEA") a n d the re fo re , un ti l 7 J un e 2 0 2 3 . The o bl i g a ti o n to s uppl e m e n t thi s Ba s e P ro s pe ctus i n the e v e n t o f
a s i g n i fi ca n t n e w fa cto r, m a te ri a l m i s ta ke o r m a te ri a l i n a ccura cy do e s n o t a ppl y w he n thi s Ba s e P ro s pe ctus i s n o l o n g e r v a l i d.
Th e terms of each Series or Tran ch e will be set ou t in a fin al terms d ocu men t (th e "Fin a l Te rm s ") relatin g to su ch Series or Tran ch e p rep ared in accord an ce with th e
p rovision s of th is Base Prosp ectu s an d , if listed , to be d elivered to th e regu lated market of th e Lu xembou rg Stock Exch an ge on or before th e d ate of issu e of su ch Series
or Tran ch e.
Amou n ts of in terests p ayable u n d er th e Floatin g Rate Covered Bon d s may be calcu lated by referen ce to EURIBOR, as sp ecified in th e relevan t Fin al Terms. As at th e
d ate of th is Base Prosp ectu s, EURIBOR is p rovid ed an d ad min istered by th e Eu rop ean Mon ey Markets In stitu te ("EMMI "). As at th e d ate of th is Base Prosp ectu s,
EMMI are both au th orised as ben ch mark ad min istrators an d in clu d ed on th e register of ad min istrators an d ben ch marks establish ed an d main tain ed by th e Eu rop ean
Secu rities an d Markets Au th ority p u rsu an t to article 36 of Regu lation (EU) 20 16 / 10 11 (th e "Be n chm a rks Re g ula tio n ").
Th e Covered Bon d s (oth er th an Registered Covered Bon d s) will be issu ed in d ematerialised form (em esse in for m a d em a ter ia liz z a ta ) on th e terms of, an d su bject to,
th e Terms an d Con d ition s of th e Covered Bon d s an d th e relevan t Fin al Terms an d will be h eld in su ch form on beh alf of th e ben eficial own ers, u n til red emp tion or
can cellation th ereof, by Mon te Titoli S.p .A. ("Mo n te Tito li") for th e accou n t of th e relevan t Mon te Titoli Accou n t H old ers. Th e exp ression "Mo n te Tito li Acco un t
H o l de rs " m ean s an y au t h orised in st it u t ion en t it led t o h old accou n t s on beh alf of t h eir cu st om ers wit h Mon t e Tit oli (an d in clu d es an y relevan t Clearin g Syst em ) wh ich
h old s accou n t with Mon te Titoli or an y d ep ository ban ks ap p oin ted by an y au th orised fin an cial in termed iary in stitu tion en titled to h old accou n ts on beh alf of th eir
cu stomers with Mon te Titoli an d in clu d es an y d ep ositary ban ks ap p oin ted by Eu roclear Ban k S.A. / N.V. ("Euro cle a r") an d Clearstream Ban kin g, société an on yme,
Lu xembou rg ("Cle a rs tre a m "). Each Series (or Tran ch e) is an d will be d ep osited with Mon te Titoli on th e relevan t Issu e Date (as d efin ed in th e "Ter m s a n d Con d ition s
of t h e Cover ed Bon d s" below). Covered Bon d s (ot h er t h an Regist ered Covered Bon d s) will at all t im e be evid en ced by, an d t it le t h eret o will be t ran sferrable by m ean s of,
book-en tries in accord an ce with th e p rovision s of (i) Article 8 3-bis an d ff. of th e Legislative Decree n o. 58 of 24 Febru ary 19 9 8 (as amen d ed , th e "Fin a n cia l Se rv ice s
Act") an d (ii) t h e J oin t Resolu t ion (as d efin ed below), as su bsequ en t ly am en d ed an d su p p lem en t ed from t im e t o t im e. Mon t e Tit oli sh all act as d ep osit ory for
Clearstream an d Eu roclear. No certificate or p h ysical d ocu men t of title will be issu ed in resp ect of th e Covered Bon d s (oth er th an th e Registered Covered Bon d s).
Th e Covered Bon d s may also be issu ed in registered form as German law govern ed registered covered bon d s (Na m en ssch u ld ver sch r eibu n g en ) (th e "Re g is te re d
Co v e re d Bo n ds "). Th e t erm s an d con d it ion s of t h e relevan t Regist ered Covered Bon d s (t h e "Re g i s te re d CB Co n di ti o n s ") will sp ecify t h e m in im u m d en om in at ion
for th e relevan t Registered Covered Bon d s, wh ich will n ot be listed .
Before th e Matu rity Date th e Covered Bon d s will be su bject to op tion al red emp tion in wh ole or in p art in certain circu mstan ces, as set ou t in Con d ition 8 (R ed em p tion
a n d Pu r ch a se).
Each Series (or Tran ch e) issu ed u n d er th e Programme sp ecified in th e relevan t Fin al Terms may be assign ed a ratin g by Fitch Ratin gs Irelan d Limited ("Fitch" or th e
"Ra tin g Ag e n cy "). Con d ition s p reced en t to th e issu an ce of an y Series or Tran ch e in clu d e th at th e Ratin g Agen cy con firms (wh ere ap p licable) th at th e issu an ce of su ch
Series or Tran ch es will n ot resu lt in a red u ction or with d rawal of th e th en cu rren t ratin gs of an y of th e th en ou tstan d in g Series or Tran ch e. Wh eth er or n ot th e cred it
ratin g ap p lied for in relation to relevan t Series of Covered Bon d s will be (i) issu ed or en d orsed by a cred it ratin g agen cy establish ed in th e Eu rop ean Un ion an d
registered u n d er Regu lation (EC) No. 10 6 0 / 20 0 9 of th e Eu rop ean Parliamen t an d of th e Cou n cil of 16 Sep tember 20 0 9 on cred it ratin g agen cies as from time to time
amen d ed (th e "EU CRA Re g ula tio n ") or by a cred it ratin g agen cy wh ich is certified u n d er th e EU CRA Regu lation an d / or (ii) issu ed or en d orsed by a cred it ratin g
agen cy establish ed in th e Un ited Kin gd om ("U K") an d registered u n d er th e CRA Regu lation as it forms p art of d omestic law of th e Un ited Kin gd om by virtu e of th e
Eu rop ean Un ion (With d rawal) Act 20 18 (as amen d ed ) (th e "U K CRA Re g ula tio n ") or by or by a cred it ratin g agen cy wh ich is certified u n d er th e UK CRA Regu lation ,
will be d isclosed in th e ap p licable Fin al Terms. In gen eral, Eu rop ean regu lated in vestors are restricted from u sin g a ratin g for regu latory p u rp oses if su ch ratin g is n ot


issu ed by a cred it ratin g agen cy establish ed in th e Eu rop ean Un ion an d registered u n d er th e CRA Regu lation u n less u n less (1) th e ratin g is p rovid ed by a cred it ratin g
agen cy n ot establish ed in th e Eu rop ean Un ion bu t en d orsed by a cred it ratin g agen cy establish ed in th e Eu rop ean Un ion an d registered u n d er th e EU CRA Regu lation
or (2) th e ratin g is p rovid ed by a cred it ratin g agen cy n ot establish ed in th e Eu rop ean Un ion wh ich is certified u n d er th e EU CRA Regu lation . In gen eral, UK regu lated
in vestors are restricted from u sin g a ratin g for regu latory p u rp oses if su ch ratin g is n ot issu ed by a cred it ratin g agen cy establish ed in th e UK an d registered u n d er th e
UK CRA Regu lation u n less (1) th e ratin g is p rovid ed by a cred it ratin g agen cy n ot establish ed in th e UK bu t is en d orsed by a cred it ratin g agen cy establish ed in th e UK
an d registered u n d er th e UK CRA Regu lation or (2) th e ratin g is p rovid ed by a cred it ratin g agen cy n ot establish ed in th e UK wh ich is certified u n d er th e UK CRA
Regu lation . Th e Eu rop ean Secu rities an d Markets Au th ority (th e ESMA) is obliged to main tain on its website, h ttp s:/ / www.esma.eu rop a.eu / p age/ List-registered -an d -
certified -CRAs, a list of cred it ratin g agen cies registered an d certified in accord an ce with th e EU CRA Regu lation . Th e Fin an cial Con d u ct Au th ority (th e FCA) is obliged
to main tain on its website, h ttp s:/ / register.fca.org.u k/ s/ search ?q=fitch &typ e=Comp an ies), a list of cred it ratin g agen cies registered an d certified in accord an ce with th e
UK CRA Regu lation .
All th e cred it ratin gs in clu d ed or referred to in th is Base Prosp ectu s h ave been issu ed by Fitch , wh ich is establish ed in th e Eu rop ean Un ion an d registered u n d er th e
CRA Regu lation . A cre dit ra tin g is n o t a re co m m e n da tio n to buy , s e ll o r ho ld Co v e re d Bo n ds a n d m a y be s ubje ct to s us pe n s io n , re ductio n , re v is io n
o r w i thdra w a l by the a s s i g n i n g Ra ti n g Ag e n cy a nd e a ch ra ti n g s ha l l be e v a l ua te d i n de pe n de ntl y o f a n y o the r.
An i n v es t m en t i n Co v e re d Bo n ds i s s ued un d er t he P r o g r a m m e i n v o l v es cer t a i n r i s k s . Fo r a d i s cus s i o n o f t hes e r i s k s , s ee "Ri s k Fa ct o r s "
b eg i n n i n g o n p a g e 4 1.

Arra n g e r o f the P ro g ra m m e
Me di o ba n ca ­ Ba n ca di Cre di to Fi n a n zi a ri o S. p. A.

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RE SPON SIBILITY ST ATEMENTS A ND N OTICE TO INVEST ORS
Th is d o cument constitutes a b ase p rospectus fo r th e I ssuer fo r th e p urposes o f Article 8 o f t h e P r o sp ectu s
Regu lation (th e "Ba se Pro spectu s") and for the p u rposes o f givin g in formation with r egard to t h e I ssu er ,
th e Seller, th e Gu arantor , th e Covered Bo nds an d the Asset Mon itor which , accor din g to th e p articular n ature
o f th e Cover ed Bo nds, is n ecessary to enable investors to m ake an in formed assessm en t o f t h e a ss ets a n d
liab ilities, fin ancial p osition, p rofit and losses an d p rosp ects o f the Issuer , o f the Seller, o f th e Gu ar a n to r , o f
th e Asset Mo nitor and of th e r igh ts attachin g to th e Covered Bo nds.
Th e I ssuer accepts r espon sibility fo r the in for mation con tained in this Base Pr ospectu s. To t h e b e st o f t h e
kn o wledge o f th e I ssu er (h aving taken all r eason able care to ensure th at su ch is th e case) the in formation and
d ata contain ed in the Base Pr ospectus ar e in accordance with th e facts and do n o t con tain any o mission likely
to affect the im port o f such in for mation an d d ata.
Th e Seller accepts r espon sibility fo r th e in formation contain ed in th is Base Prospectus u n d er t h e s ectio n s
h ead ed "Description o f the Seller", "Cred it a nd Co llection Policies" and "The Co ver Pool". To th e b est o f t h e
kn o wledge o f th e Seller (h avin g taken all r easonable care to en sur e that such is th e case) th e in formation an d
d ata in r elation to wh ich it is r esponsible as d escribed above ar e in accord an ce w ith t h e fa ct s a n d d o n o t
co n tain an y o m issio n likely to affect th e im p o r t o f su ch in fo r m atio n an d d ata. Th e Seller accep ts
r espon sibility fo r its r elevant section s o f th is Base Prospectus, b ut d oes n ot accept r esponsibility fo r any other
p ar ts o f th is Base Prospectus.
Th e Gu ar antor accepts r esponsibility fo r th e in formation co n t ain ed in t h is Ba s e P r o s p ectu s u n d er t h e
sections h eaded "Description o f the Gu a ran tor". To the b est o f the knowledge o f the Gu aran tor (h aving taken
all r easonable care to ensu re that such is the case) th e in fo r m at io n a n d d a ta in r e la tio n t o w h ich it is
r espon sible as d escribed above are in accordance with th e facts an d d o n ot contain a n y o m is sio n lik ely t o
affect th e im port o f such in formation an d d ata. Th e Gu aran tor accepts r esponsibility fo r its r elevan t s ectio n
o f th is Base Pr ospectu s, b u t d oes n ot accep t r espon sibility fo r any o ther p arts o f this Base Pr ospectu s.
Th e Asset Monitor accepts r espon sibility fo r th e in for mation con tained in this Base P r o sp ectu s u n d er t h e
sections h eaded "Description o f the Asset Monitor". To the b est o f t h e k n o w led g e o f t h e A ss et M o n ito r
(h avin g taken all r easonable care to en sure th at such is th e case) th e in for m atio n a n d d at a in r elat io n t o
wh ich it is r esponsible as d escribed above are in accordance with th e facts and d o n o t con tain an y o m issio n
likely to affect th e im por t o f such in formation and d ata. Th e Asset Monitor a ccep ts r esp o n sib ility fo r it s
r elevan t section o f th is Base Prospectus, b ut d oes n ot accept r esponsibility fo r any o th er p ar t o f t h is Ba s e
Pr o spectus.
Each o f th e I ssuer an d the Gu aran tor, h aving m ade all r eason able enqu ir ies, c o n fir m s t h at ( i) t h is Ba s e
Pr o spectus contains all in formation with r esp ect to the I ssuer an d th e Gu ar antor, the Covered Bo nds and the
Gu ar antee which is m aterial in th e con text o f the issue an d o ffering o f th e Covered Bo nd s, (ii) th e statemen ts
co n tained in this Base Pr ospectu s r elating to the Issuer and th e Gu arantor are in every m ater ial r espect t r u e
an d accurate and n o t m isleading, the o pinions and in tentions expressed in th is Base Pr ospectus with r eg ar d
to th e I ssu er and the Gu aran tor are h on estly h e ld , h ave b een r each ed a fter c o n s id er in g a ll r elev an t
cir cumstances an d are b ased o n r easonable assu mption s, (iii) th ere are n o o th er fa cts in r ela tio n t o t h e
I ssu er, th e Gu arantor , th e Covered Bo nds o r the Gu aran tee th e o mission o f which would, in th e context of the
issu e and offerin g o f Covered Bo n ds, m ake any statement in this Base Pr ospectus m isleading in any m aterial
r esp ect and (iv) all r easonable en quiries h ave b een m ad e by the I ssuer and th e Gu arantor to ascer t ain s u ch
facts and to verify th e accur acy of all such in for mation an d statemen ts.
Th is Base Pr ospectus should b e r ead and construed with any su pplement h ereto an d w ith a n y d o cu m en t s
in cor por ated b y r eference h er ein and , in r elation to any Series/ Tranch e o f Covered Bo n d s , s h o u ld b e r ead
an d con str ued together with the r elevant Fin al Terms. Co pies o f th e Final Terms will b e ava ilab le fr o m t h e

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r egistered o ffice of th e I ssuer an d th e specified o ffice set out b elow o f th e Lu x em b o u r g Lis tin g Age n t ( a s
d efin ed b elow) an d on the website o f th e Luxembourg Stock Exchan ge (www.bourse.lu ).
Fu ll in fo rmation o n th e I ssuer, th e Gu arantor, th e Seller an d any Series/ Tranche o f Cover ed Bo n d s is o n ly
av ailable o n th e b asis of th e combination o f the Base Pr ospectu s, any su pplements, th e r elevan t Final Te r m s
an d th e documen ts in corporated by r eference.
Cap italised terms u sed in th is Base Prospectus shall h ave the m eaning ascribed to th em in t h e "T er m s a n d
Co n d itions of t h e Cov ered Bo nds" b elow, u nless o t h e r w is e d e fi n e d i n t h e s i n g le s e c t io n o f t h i s Ba s e
Pr o spectus in which they are u sed.
No p er son h as b een author ised to give any in formation or to m ake an y r e p r esen tat io n o th er t h a n t h o se
co n tained in this Base Pr ospectu s in connection with the issue o r sale o f th e Covered Bo nds an d, if g iv en o r
m ad e, such in formation o r r epresentation m ust n ot b e r elied u pon as h avin g b een authorised by th e I ssu er ,
th e Gu arantor o r any o f the Dealers. Neith er the d elivery o f th is Base Prospectus o r any Fin al Terms n or a n y
sale m ade in con nection h erewith sh all, u n der any circu mstances, create any im plication th at th ere h as b een
n o ch an ge in th e affairs o f the I ssuer o r th e Gu ar antor sin ce the d ate h er eof o r t h e d at e u p o n w h ich t h is
d o cument h as b een m ost r ecen tly sup plemen ted o r th at th ere h as b een n o adverse chan ge in t h e fin an cial
p o sition o f either th e I ssuer o r th e Gu arantor since th e d ate h ereof o r th e d ate u p on which th is d ocu ment h as
b een m ost r ecently su pplemented o r that any other in formation supplied in con nection with the Pr ogram m e
is co r rect as o f any time su bsequen t to th e d ate on which it is su pplied o r, if d iffer ent, the d ate in d icated in
th e d ocumen t contain in g th e same.
T h e c o n tents o f th i s B a s e Pro s pectus s h o uld n o t b e co n stru e d a s p ro vi d i n g l e g a l , b u s i n e s s ,
a c c o un tin g o r t ax a dv ice. E ach p ro s pective i n vesto r s h o ul d d ete rm in e fo r i tse lf th e rel e v a n c e
o f t h e i n fo rm ati o n c o n tain ed i n th i s B a s e Pro s pectu s a n d i t s p u rc h a s e o f C o v e re d B o n d s
s h o u l d b e b a se d u p o n s u ch i n vesti gati o n a s i t d eem s n eces sa ry a n d s h o u l d c o n s u l t i t s o w n
l e g a l, b u s in ess , a cco un tin g a n d t ax a dv i s e r s p r i o r t o m a k i n g a d e c i s i o n t o i n v e s t i n t h e
Co v ered B o n d s.
Th e Ar ranger, th e Dealers and the Representative o f th e Bo n d h o ld er s h av e n o t s ep a r ately v er ified t h e
in fo r mation contain ed in th is Base Prospectus. Accor d in gly n o n e o f t h e Ar r a n ger , t h e De aler s o r t h e
Rep r esen tativ e o f th e Bo n d h o ld er s m akes an y r ep r esen tatio n , ex p r ess o r im p lied , o r accep ts an y
r espon sibility, with r espect to th e accur acy or completen ess o f any o f the in formation in th is Base Prosp ectus
o r an y other in formation p rovid ed by th e I ssu er , t h e Se ller , t h e Gu a r an to r o r t h e A sset M a n ag er in
co n nection with the Covered Bon ds o r th eir d istribution.
N e i t h er t h is B a se Pro spectu s n o r a n y o ther i n fo rm at i o n s u p p l i e d i n c o n n e c t i o n w i t h t h e
Pro g ram m e o r th e i s su e o f a n y Co vere d B o n ds c o ns titutes a n o ffer o f, o r a n i n v i t a t i o n b y o r
o n b eh a lf o f t h e I ssu er, th e Gu a ran to r o r a n y o f th e D ea lers t o s u bscribe fo r, o r pu rchas e, a n y
Co v ered B o n d s.
Th is Base Pr ospectus d oes n ot constitute an o ffer to sell o r the solicitation o f an o ffer t o b u y a n y Co v er ed
Bo n d s in any ju risdiction to any p erson to wh om it is u nlawfu l to m a ke t h e o ffer o r s o licitatio n in s u ch
ju r isdiction . Th e d istribu tion of th is Base Pr ospectus an d the o ffer o r s a le o f t h e Co v er ed Bo n d s m ay b e
r estricted by law in certain ju risdictions. Th e I ssuer, the Se ller , t h e Gu ar a n to r , t h e De a ler s, t h e A sset
Mo n itor , th e Arranger an d th e Representative o f the Bo n dholders d o n ot r epresen t th at th is Base Prospectu s
m ay b e lawfully d istributed, or that any Covered Bo nd m ay b e lawfu lly o ffe r ed , in c o m p lian ce w it h a n y
ap p licable r egistration o r other r equ iremen ts in any such ju risdiction , o r p ursuan t to an exemption availab le
th er eund er, o r assume any r esponsibility fo r facilitating any such d istribu tion or offerin g. No action h as b een
taken by th e Issuer , th e Seller, th e Gu arantor , th e Dealers, th e A r r an ger a n d t h e Re p r esen tat iv e o f t h e
Bo n d holders which is in ten ded to p er mit a p ublic o ffering of any Covered Bo n d s o u t sid e Lu x em b o u r g o r
d istr ib u tio n o f th is Base Pr o sp ectu s in an y ju r isd ictio n wh er e actio n fo r th at p u r p o se is r eq u ir ed .

4



Accor din gly, n o Cover ed Bo nds m ay b e o ffer ed o r s o ld , d ir ect ly o r in d ir ectly , a n d n e it h er t h is Ba s e
Pr o spectus n or any advertisement o r other o ffer in g m ater ial m ay b e d is tr ib u ted o r p u b lish ed in a n y
ju r isdiction , except u nder circumstances th at will r esu lt in c o m p lian ce w it h a n y a p p lica b le la ws a n d
r egu lation s. Person s in to wh ose p ossession th is Base Prospectus or a n y Co v er e d Bo n d s m ay co m e m u st
in fo r m th emselves abou t, an d o bserve, any such r estrictions o n th e d istribu tion o f this Base Pr ospectu s a n d
th e o fferin g an d sale o f Covered Bon ds. I n p ar ticular, ther e are r estriction s o n th e d istributio n o f t h is Ba s e
Pr o spectus and the o ffer o r sale o f Covered Bo nds in the Un ited States, th e Un ited Kingdom, J apan a n d t h e
Eu r o pean Economic Area (including, in ter a lia, th e Republic o f I taly, I relan d, Luxembourg, Fr ance a n d t h e
Neth erlan ds), see also section h eaded ``Su bscrip tion a nd Sa le''.
Th e lan guage of th e Base Prospectus is En glish . Certain legislative r eferences an d techn ical terms h ave b e en
cited in th eir o riginal language in o rder th at th e corr ect technical m eaning m ay b e ascrib ed t o t h em u n d er
ap p licable law. Wh er e a claim r elatin g to th e in formation con tain ed in this Base Pr ospectu s is b rought b efore
a co u rt in a m ember State o f the Eu r opean Economic Area (a M em ber St a te), the p laintiff m ay, u n d er t h e
n ation al legislation of th e Member State where the c laim is b r o u gh t , b e r eq u ir ed t o b ear t h e co s ts o f
tr an slatin g th e Base Prospectus b efore th e legal p roceedings are in itiated.
I n th is Base Prospectus, r eferences to o r eu ro o r Eu ro are to th e single currency in troduced at the star t o f
th e Th ird Stage of Eu r opean Economic and Monet ar y U n io n p u r s u an t t o t h e Tr e aty e s tab lish in g t h e
Eu r o pean Co mmunity, as amend ed; r eferences to U .S.$ or U .S. D o lla r ar e to the curr en cy o f t h e U n ites
States o f America; r eferences to £ o r U K St e rlin g are to the currency of th e Un ited Kin gdom; r eferen ces t o
I t a ly ar e t o t he Repu blic of I t aly; r eferences t o laws an d r egu lation s are, u nless o therwise s p eci fied , t o t h e
laws an d r egulations o f I taly; an d r eferences to b illions ar e to thousan ds o f m illion s.
Cer tain m onetary amoun ts an d currency conversions in cluded in th is Base Prospectus h ave b een s u b ject t o
r o u nd in g ad justmen ts; accordingly, figu res sh own as totals in cer tain t a b les m ay n o t b e a n a r ith m et ic
aggr egation o f the figu res wh ich p r eced ed them .
Th is Base Pr ospectus m ay o nly b e u sed fo r the p urpose fo r wh ich it h as b een p ublished.
Th is Base Pr ospectus and any Fin al Terms m ay n ot b e u sed fo r th e p urpose o f a n o ffer o r s o licitatio n b y
an y one in any ju risdiction in which such o ffer o r solicitation is n ot au thorised o r to any p er son to whom it is
u n lawful to m ake such an o ffer o r solicitation.
Each in itial an d subsequen t p urchaser o f a Covered Bo nd will b e d eemed, by its accep tance o f th e purchase of
su ch Covered Bo nd, to h ave m ade certain ackn owled gements, r epresen tation s an d agr eements in ten d ed t o
r estrict the r esale o r other tr ansfer th ereof as set fo rth therein an d d escribed in this Base Pr ospectu s a n d , in
co n nection th erewith, m ay b e r equ ired to p rovide con firmation o f its comp liance with such r es ale o r o t h er
tr an sfer r estrictions in cer tain cases.
Th e Ar ranger is acting fo r the I ssuer an d n o o ne else in conn ection with t h e P r o g r am m e a n d w ill n o t b e
r espon sible to any p erson o th er than th e I ssu er fo r p rovid in g t h e p r o tectio n a ffo r d e d t o clien ts o f t h e
Ar r anger o r fo r p rovidin g advice in r elation to the issue o f the Covered Bo nds.
I n c o n nectio n w ith th e i s sue o f a n y Se ries o r T ran ch e u n d er t h e Pro g ra m m e , t h e D e a l e r ( i f
a n y ) w h ich i s s p eci fied i n th e rel evan t Fin a l T erm s a s th e s ta bili sin g m an a ger ( th e St a bili s i n g
M a n ag er) o r a n y p erso n a ctin g fo r th e St abi lis in g M an a ger m ay o v er-a llo t a n y s u ch Se r i e s o r
T ran che o r e ffect t ran sactio n s w i th a v i ew t o s u ppo rtin g th e m a rket p ri c e o f s u ch S e r i e s o r
T ran che a t a l ev el h i gh er t h an t h at w h ic h m i g h t o t h e rw i s e p r e v a i l f o r a l i m i t e d p e r i o d .
H o w e v e r, t h e re m a y b e n o o b l i g a t i o n o n t h e St a b i l i s i n g M a n a g e r ( o r a n y a g e n t o f t h e
St a b i li sin g Man a ger) t o d o th i s. A n y s ta bili sa tio n a ctio n m ay b e g i n o n o r a f t e r t h e d a t e o n
w h ich a d equa te p u blic d i sclo su re o f t h e fi n al t erm s o f th e o ffe r o f t h e Co vered B o n d s i s m a d e
a n d , i f b e gu n , m ay b e en d ed a t a n y t im e, b u t i t m ust en d n o l ater t h an th e e a r l i e r o f 3 0 d a y s

5



a ft e r t h e i s su e d a te o f th e rel eva n t S e r i e s o r T r a n ch e a n d 6 0 d a y s a f t e r t h e d a t e o f t h e
a l l o tm ent o f a n y s u ch Se ries o r T ran ch e. Su ch s t abil i s i n g s h a l l b e i n c o m p l i a n c e w i t h a l l
a p p l ica ble l a w s, re gu la tio n s a n d ru les .
PRI I Ps / I M PORTANT ­ E EA RETAIL INVEST ORS - Th e Co v er ed Bo n d s a r e n o t i n t en d ed t o b e
o ffer ed, sold or o th erwise m ade available to an d should n ot b e offered, sold o r o ther wise m ad e a v aila b le t o
an y r etail investor in the Eu r opean Economic Area ("EEA"). For th ese p u rposes, a r etail in v esto r m ea n s a
p er so n wh o is o n e (o r m o r e) o f: (i) a r etail clien t as d efin ed in p o in t (11) o f Ar ticle 4 (1) o f Dir ectiv e
2 0 14/ 65/EU o f th e Eu ropean Parliamen t an d o f th e Co u n cil o n m ar k ets in fin an cial in st r u m en t s ( a s
am en ded, "MiFID I I"); o r (ii) a customer within th e m ean in g o f Dir ective 2 0 16/ 97 / EU ( a s a m en d ed , t h e
"I n su ran ce D istributio n D irective"), wh ere th at customer would n ot q ualify as a p rofessional c lien t a s
d efin ed in p oin t (10 ) o f ar ticle 4 (1) of MiFID I I. Con sequen tly n o key in for m at io n d o cu m en t r eq u ir ed b y
Regu lation (EU) No 128 6/20 14 (as amen ded, th e "PRIIPs Re gu latio n ") fo r offerin g o r sellin g th e Cover ed
Bo n d s o r o therwise m akin g th em available to r etail investors in th e EEA h as b een p rep a r ed a n d t h er efo r e
o ffer ing o r selling th e Covered Bo n ds o r o therwise m aking th em available to any r etail inves to r in t h e EEA
m ay b e u nlawful u n der th e PRIIPs Regulation.
PRI I Ps / I M PORTANT ­ U K RE T AIL I NVESTORS - Th e Co v er e d Bo n d s a r e n o t i n t en d ed t o b e
o ffer ed, sold or o th erwise m ade available to an d should n ot b e offered, sold o r o ther wise m ad e a v aila b le t o
an y r etail investor in the UK. For th ese p u rposes, a r etail in vestor m eans a p erson who is o ne (or more) o f: (i)
a r etail clien t, as d efined in p oin t (8 ) o f Article 2 o f Regu lation (EU) No 2 0 17/ 565 as it fo rms p art o f d omestic
law b y virtue o f the Eu r opean Un ion (Withdrawal) Act 2 0 18 (as amen ded) (the "EU WA"); o r (ii) a cu stom er
with in the m eaning o f th e p rovision s o f th e Financial Services an d M a r k ets Act 2 0 0 0 , a s a m en d ed ( t h e
"FSM A") and any r u les o r r egulations m ade u n der th e FSMA to im plem en t t h e I n su r a n ce Dis tr ib u t io n
Dir ective, wh ere th at customer would n ot q ualify as a p rofessional client, as d efined in p o in t ( 8 ) o f A r ticle
2 (1) of Regulation (EU) No 6 0 0 / 2014 as it fo rms p art of d omestic law by virtue o f th e EUWA. Co nseq u en tly
n o key in formation d ocumen t r equired b y the PRIIPs Regulation as it fo rms p art of d omestic law by virtue o f
th e EUWA (the "U K PRIIPs Re gu la tio n ") for offerin g o r sellin g th e Covered Bo nds o r other wis e m ak in g
th em available to r etail investor s in th e UK h as b een p r epared an d th erefore o ffering or selling t h e Co v er ed
Bo n d s o r o therwise m akin g th em available to any r etail investor in the UK m ay b e u n law fu l u n d er t h e U K
PRI I Ps Regu lation .
M i FID II PRODU CT GOVERNAN CE / T ARGET MARKET - Th e Final Terms in r espect o f any Covered
Bo n d s will in clud e a legend entitled "MiFI D I I p roduct g overn ance / Professiona l in vestors a nd ECPs o n ly
t a rg et m arket" wh ich will ou tlin e t he t a rget m arket a ssessmen t in r espect o f t he Covered Bo nd s a n d w h ic h
ch an nels fo r d istribu tion of th e Covered Bo n ds ar e appropr iate. Any p erson su bsequen tly offerin g, sellin g o r
r ecommending such Covered Bon ds (a "d is t ributo r") sh ould take in to con sid er a tio n t h e t ar g et m ar k et
assessment; h owever, a d istributor subject to MiFID I I is r espon sible fo r u n dertakin g its o wn target m a r ket
assessment in r espect of th e Covered Bo n ds (by either adopting or r efin ing th e target m a r k et a s sess m en t )
an d d eter min in g ap propriate d istribu tion ch ann els.
A d etermination will b e m ade at the time of issue about wheth er, fo r th e p urpose of th e p roduct gover n a n ce
r u les u n der EU Delegated Dir ective 2 0 17/593 (the "M iFID Pro du ct Go vern an c e R u le s ") , a n y De aler
su b scribin g fo r any Covered Bo nd s is a m anufacturer in r espect o f such Covered Bo nds, b ut o th erwise neither
th e Arranger n or the Dealers n or any o f th eir r espective affiliates will b e a m an ufactu rer fo r t h e p u r p o se o f
th e MiFID Pr oduct Go vernance Ru les.
U K M i FIR p ro du ct g o v ern an ce / t a rget m arket ­ Th e Fin al Ter ms in r espect o f a n y Co v er ed Bo n d s
will in clu de a legend entitled "UK MiFI R Produ ct Go v er n a n ce" w h ich w ill o u t lin e t h e t a r get m a r k et
assessment in r espect of th e Covered Bo n ds an d wh ich channels fo r d istribution o f the Co v er ed Bo n d s a r e
ap p r o p r iate. An y p er so n su b seq u en tly o ffer in g, sellin g o r r eco m m en d in g th e Co v er ed Bo n d s (a
"d is t ribu to r") sh ou ld take in to con sideration th e target m arket assessment; h owever, a d istribu tor s u b ject

6



to th e FCA Han dbook Prod uct I ntervention an d Pr oduct Govern ance So urcebook (the "U K M iFIR Pro duct
Go v ern an ce Ru les ") is r esponsible fo r u n dertaking it s o wn t arget m arket as s essm en t i n r es p ect o f t h e
Co v ered Bo n ds (by either adopting or r efin ing th e target m arket assessment) an d d eterminin g a p p r o p r iate
d istr ibu tion ch ann els.
A d etermination will b e m ade in r elation to each issue about wh ether , fo r t h e p u r p o se o f t h e U K M iFI R
Pr o d uct Governance Ru les, any Dealer subscribing fo r any Covered Bon ds is a m an ufactu r er in r esp ect o f
su ch Covered Bo nds, b ut otherwise n either th e Ar ranger n or th e Dealers n or any o f their r espective affiliat es
will b e a m anufacturer fo r th e p urpose of th e UK MI FIR Product Governan ce Ru les.
L E GAL INVE STMENT CON SIDERATIONS
Th e in vestmen t activities o f certain in vestors are su bject to legal in vestment laws and r egulations, o r r eview
o r r egu lation by cer tain au thorities. Each p oten tial investor sh ould con sult its legal a d v iser s t o d eter m in e
wh ether an d to wh at extent (a) Cover ed Bo nds are legal investmen ts fo r it, (b) Covered Bo n ds can b e u sed a s
co llateral fo r various types o f bor rowin g an d "repu rch ase" agreemen ts and (c) o ther r estrictions apply t o it s
p u r chase o r p ledge o f any Covered Bo n ds. Financial in stitutions should con sult th eir leg al a d viso r s o r t h e
ap p rop riate r egulators to d etermine th e appropriate treatment of Cover ed Bo nds u nder any applicable r isk -
b ased capital o r similar r ules.
T H E COVERED B ON DS M AY N OT B E A SU ITABLE I NVESTMENT FOR ALL I NVESTORS
Each p otential investor in the Covered Bo nds m ust d etermine the su itability o f th at in vestment in light of it s
o wn circu mstances. In p articular, each p oten tial in vestor sh ould:
(i)
h av e the r equisite kn owledge an d exp erience in fin ancial and b usiness m atters to evaluate t h e m er its
an d r isks o f an investment in th e Covered Bon ds;
(ii) h av e access to, and knowledge o f, ap propriate an alytical tools to evalu ate su ch m erits an d r isks in t h e
co n text o f their fin an cial situ ation;
(iii) b e capable o f b earing the economic r isk o f an investment in the Covered Bo nds; an d
(iv) r ecognise th at it m ay n ot b e p ossible to d ispose o f th e Covered Bo nd s fo r a su bstantial p eriod o f t im e,
if at all.
Pr o spective investors in th e Covered Bo n ds sh ould m ake their o wn in d ependent d ecision whether to invest in
th e Co vered Bo nds an d whether an investment in the Covered Bo nds is a p p r o p r iat e o r p r o p er fo r t h em ,
b ased u pon th eir o wn ju dgment an d u pon advice fr om such advisers as th ey m ay d eem n ecessary.
So m e Covered Bo nd s ar e complex fin an cial in strumen ts. Sop histicated in stitutional in vestor s g en er ally d o
n o t p u rchase complex fin ancial in strumen ts as stan d-alone in vestmen ts. Th ey p u rch ase co m p lex fin an cial
in str umen ts as a way to r educe r isk o r enh ance yield with an u n derstood, m easu red, ap propriate ad ditio n o f
r isk to th eir over all p ortfolios. A p oten tial investor should n ot in vest in Co vered Bo nds w h ich a r e c o m p lex
fin an cial in strumen ts u n less it h as th e exper tise (either alone o r with a fin ancial adviser) to evaluate h ow t h e
Co v ered Bo n ds will p er for m u nder changin g con dition s, th e r esultin g effects o n t h e v alu e o f t h e Co v er ed
Bo n d s an d the im pact this investmen t will h ave o n th e p otential investor's overall investment p ortfolio.
I N D U ST RY AN D M ARKET D ATA AN D T HIRD PA RTIES I NFORMATION
I n fo rmation r egar din g m ar kets, m arket size, m arket sh ar e, m arket p osition , growth r ates an d o ther in dust r y
d ata p ertaining to the I ssuer an d th e Gr oup's b usiness con tained in th is Base Pr ospectus con sists o f estimates
b ased o n d ata r eports com piled by p rofessional o rgan isations and analysts, o n d at a fr o m o th er e x ter n al
so u rces, an d o n th e Issuer's kn owledge o f its m arkets. I n m any cases, th ere is n o r ead ily av ailab le ex t er n a l
in fo r mation (wh ether fr om tr ade associations, govern ment b odies o r o th er or gan isations) to validate m arket-

7



r elated analyses an d estimates, r equiring th e I ssuer to r ely o n in ternally d eveloped est im a tes. Th er e a r e a
n u m b er o f factors th at could cause actual r esu lts an d d evelopments to d iffer m aterially fr om those expressed
o r im p lied by th is in formation. Wh ile the I ssuer h as compiled, extracted an d, to th e b est o f it s k n o wled ge,
co r rectly r eproduced m arket o r o th er in dustry d ata o r any o ther in formation fr om external sources, including
th ir d p arties or in d ustry o r gen eral p ublications, n eith er the Issuer n o r t h e De a ler s h av e in d ep en d en tly
v erified th at d ata. Th e I ssu er cannot assure investors o f th e accu racy an d co m p leten ess o f, a n d t ak es n o
r espon sibility fo r, such d ata o th er than th e r espon sibility fo r th e correct an d accurate r eproduction t h er eo f.
Th e in fo rmation in th is Base Pr ospectus h as b een accurately r eproduced an d n o facts h ave b een o mitted th at
wo u ld r end er the r eproduced in formation in accurate o r m isleading. Ho wever, in fo r m atio n r eg ar d in g t h e
sectors and m arkets in wh ich the Gr oup operates m ay n ot b e available for certain p eriods an d, acco r d in g ly ,
su ch in for mation m ay n o t b e current as of th e d ate o f this Base Pr ospectu s. All sources o f su ch in fo r m atio n
h av e b een id en tified where su ch in formation is u sed. Sim ilarly, while the I ssuer b elieves su ch in formation t o
b e r eliable an d b elieves its in tern al estimates to b e r easonable an d con fir ms all in formation to b e u p t o d a te
o n th e d ate of ap proval o f this Base Pr ospectu s, it h as n o t b een v erified b y any in d ependen t sources . U n d u e
r eliance should th erefore n ot b e p laced o n such in formation.



8



I N D E X
RESPONSI BI LI TY STATEMENTS AND NOTI CE TO I NVESTORS ......................................................... 3
LEGAL INVESTMENT CONSI DERATI ONS .......................................................................................7
THE COVERED BONDS MAY NOT BE A SUI TABLE I NVESTMENT FOR ALL INVESTORS .....................7
INDUSTRY AND MARKET DATA AND THI RD PARTI ES INFORMATI ON .............................................7
INDEX.......................................................................................................................................... 9
GENERAL DESCRI PTI ON OF THE PROGRAMME ........................................................................... 10
RI SK FACTORS............................................................................................................................ 4 1
STRUCTURE DIAGRAM ............................................................................................................... 6 8
DOCUMENTS I NCORPORATED BY REFERENCE ............................................................................ 6 9
DESCRI PTI ON OF THE I SSUER .................................................................................................... 7 3
DESCRI PTI ON OF THE SELLER .................................................................................................... 9 3
DESCRI PTI ON OF THE GUARANTOR........................................................................................... 111
DESCRI PTI ON OF THE ASSET MONI TOR ..................................................................................... 115
THE COVER POOL ......................................................................................................................116
CREDI T STRUCTURE................................................................................................................. 12 0
ACCOUNTS AND CASH FLOWS................................................................................................... 12 6
DESCRI PTI ON OF THE TRANSACTI ON DOCUMENTS .................................................................. 12 9
SELECTED ASPECTS OF I TALIAN LAW ....................................................................................... 14 9
TAXATI ON IN THE REPUBLI C OF I TALY ......................................................................................16 1
TAXATI ON IN LUXEMBOURG ..................................................................................................... 17 1
RULES OF THE ORGANI SATI ON OF THE BONDHOLDERS ........................................................... 2 17
FORM OF FI NAL TERMS ............................................................................................................ 2 4 3
KEY FEATURES OF REGI STERED COVERED BONDS (NAMENSSCHULD V ERSCHREI BUNGEN)...... 2 5 6
USE OF PROCEEDS ................................................................................................................... 2 5 8
SUBSCRI PTI ON AND SALE......................................................................................................... 2 5 9
GENERAL INFORMATI ON ......................................................................................................... 2 6 3
GLOSSARY................................................................................................................................ 2 6 6

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GE N E RAL D ESCRIPTION OF T HE PROGRAMME
Th e fo llow in g section con tains a g eneral d escrip tion of t h e Program m e a n d, a s such, d oes n ot p urport t o b e
c o m p lete a n d is q ualified in it s e n tiret y by t he rem a in der of t h is Ba se Prospectu s a n d , i n r e la t io n t o t h e
t e rm s a n d c onditions o f a n y Se ries o r Tra nche, t he a p plicable Fin al T e r m s. Pr o sp e c t i v e p u r c h a se r s o f
Co v ered Bo nd s should c arefully re ad t he in form at ion se t o ut e lsew here in t his Ba se Pr o s p e ct u s p r i o r t o
m a k in g a n inv estm ent d ecision in re sp ect of t h e Cov ered Bo nds. I n t h is section, re ferences t o a n u m b e re d
c o n dition a re t o such con dition in "Term s a nd Co nd it ions o f t he Cov ered Bo nd s" b elow .
1. PA RT IES
I s s u er
Med iobanca ­ Ban ca d i Cr edito Finanziar io S.p .A, a b an k in corporated u nd er t h e
laws o f Republic o f I taly an d h aving its r egistered o ffice at Piazzetta E. Cu ccia, 1 ,
2 0 121, Milan, I taly, Fiscal Co de, VAT n u mber an d r egistration with the companies'
r egister in Milan u nder No. 0 0714490 158 , enrolled in the r egister o f b anks h eld by
th e Ban k o f I taly p u rsuant to Article 13 o f th e Legislative Decree o f 1 Se p tem b er
19 93, No. 385 (th e "Ban kin g Act") u nder No. 7 4753.5.0 , an d which is th e p ar en t
co mp any o f th e group composed o f Mediobanca an d its consolidated subsidiar ies
(th e "Med io ban ca Gro up " o r the "Gro up ") (the "Is s u e r" o r t h e "B a n k " o r
"M e dio ban ca").
See "Description o f th e Issuer", b elow.
I s s u er Leg al En ti ty
PSNL19R2RXX5U3QWHI 44
I d e n tifier ( LEI):
A rra n ger
Med iobanca.
D e a l ers
Med io b an ca an d Med io b an ca I n ter n atio n al (Lu x em b o u r g) S.A., a so ciété
a n o n y m e su b je c t t o Lu x e m b o u r g la w a n d h a v in g it s r e gist e r e d o ffic e a t 14
Bo u levard Roosevelt L-2 450 Luxembourg, r egistered at the Luxembour g trade and
co m p an ies r egistr y u n d er r egistr atio n n u m b er B 112 8 8 5 ("M e d io b a n c a
I n tern a tio n al "), as well as any o t her d ealer a p p o in t ed fr o m t i m e t o t i m e i n
accor dance with the Pr ogramme Agreement.
Gu a ra n tor
Med iobanca Covered Bo n d S.r.l., a lim ited liability company in corpo r ated u n d er
th e laws o f th e Rep ublic of I taly, whose r egistered o ffice at Co rso d i Porta Romana,
No . 6 1, 20 122 Milan, I taly, Fiscal Co de a n d r eg is tr at io n w it h t h e Co m p an ies
Register in Milan, Monza-Brian za, Lodi No. 0 3915310969 ( t h e "Gu a ra n t o r ") .
Th e issu ed corporate capital o f th e Gu arantor is equal to Eu r o 10 0,0 0 0 and is h eld
b y Ch eBanca! S.p .A. 9 0 % an d SPV Ho ldin g S.r .l. 10 % (the "Quo tah o ld ers ").
See "Description o f th e Gu arantor", b elow.
Se l l e r
Ch eBan ca! S.p .A., a jo int stock company (società p er a zion i) in corpor ated u n d er
th e laws o f th e Rep ublic of I taly, h aving its r egistered o ffice at Viale Bo dio (p alazzo
4 ), No . 37, 2 0 158, Milan, I taly, Fiscal Co de an d VAT n umber and en rolmen t w ith
th e companies' r egister o f Milan, Monza-Brian za, Lodi No.10 3 59 3 6 0 15 2 , u n d er
th e d ir ection an d coor din ation (d irezion e e coo r d in a m en to ) o f M ed io b an ca ­
Ban ca d i Cr edito Finanziario S.p .A. ("Ch eBan ca " o r the "Se lle r").
See "Description o f th e Seller", b elow.

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