Obbligazione Mediocredito 1.25% ( IT0005315046 ) in EUR

Mediocredito

100 EUR ▲

Italia

IT0005315046 ( in EUR )

1.25% per anno ( pagato 1 volta l'anno)

24/11/2029 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Mediobanca - Bca Cred.Fin. SpA IT0005315046 in EUR 1.25%, scaduta

100 000 EUR

750 000 000 EUR

Mediobanca - Banca di Credito Finanziario SpA è una banca d'investimento italiana che offre servizi di consulenza finanziaria, gestione patrimoniale e intermediazione finanziaria a clienti istituzionali e privati.

Mediobanca - Banca di Credito Finanziario S.p.A. ha rimborsato integralmente l'obbligazione IT0005315046, emessa in Italia per un ammontare totale di ?750.000.000, con scadenza il 24/11/2029, cedola del 1,25% pagata annualmente e taglio minimo di ?100.000, al prezzo del 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

9

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.

10

Document Outline

#3">RESPONSIBILITY STATEMENTS AND NOTICE TO INVESTORS
#7">LEGAL INvestmenT CONSIDERATIONS
#7">The Covered Bonds may not be a suitable investment for all investors
#7">INDUSTRY AND MARKET DATA AND THIRD PARTIES INFORMATION
#9">INDEX
#9">GENERAL DESCRIPTION OF THE PROGRAMME
#41">RISK FACTORS
#41">The risks below have been classified into the following categories:
#48">

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#48">

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#48">

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#48">

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#48">At national level, the legal acts of the EU Banking Reform have been implemented through the adoption of Legislative Decree No. 182/2021, implementing CRD V and CRR II and Legislative Decree No. 193/2021 transposing BRRD II and SRMR II.
#49">Recently, in response to the Covid-19 pandemic, CRR and CRR II have also been amended by Regulation (EU) No. 2020/873 of the European Parliament and of the Council of 24 June 2020 (the CRR Quick FixŽ). with the aim to introduce adjustments to mitigat...
#49">These recently introduced reforms as well as other laws and regulations that may be adopted in the future could adversely affect the Issuers business, financial condition, results of operations and cash flow.
#49">In such a context, on 27 October 2021, the European Commission published, as part of a legislative package that includes also amendments to CRD IV, the proposal to amend the CRR II (the CRR IIIŽ). In particular, the CRR III legislative initiative aim...
#49">

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#49">

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#49">

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#49">

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#49">

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#49">These further regulatory changes could impact, inter alia, the entire banking system and consequently could determine changes in the capital calculation and increase capital requirements of the Issuer.
#50">The risks below have been classified into the following categories:
#50">(A) Risks which are material for assessing the market risks associated with the Covered Bonds;
#50">(B) Risks related to the Guarantor;
#50">(C) Risks related to the underlying; and
#50">(D) Risks related to the market.
#50">(A) Risks which are material for assessing the market risks associated with the Covered Bonds
#50">Obligations to make payments when due on the Covered Bonds
#50">The Issuer is liable to make payments when due on the Covered Bonds. The obligations of the Issuer under the Covered Bonds are direct, unsecured, unconditional and unsubordinated obligations, ranking pari passu without any preference amongst themselve...
#51">The Covered Bonds will not represent an obligation or be the responsibility of any of the Arranger, Dealers, the Representative of the Bondholders or any other party to the Transaction Documents, their officers, members, directors, employees, security...
#51">Extendable obligations under the Guarantee
#51">With respect to the Series (or Tranche) of Covered Bonds in respect of which the Extended Maturity Date is specified as applicable in the relevant Final Terms, if the Guarantor is obliged under the Guarantee to pay a Guaranteed Amount and has insuffic...
#57">(B) Risks related to the Guarantor
#59">(C) Risks related to the underlying
#66">(D) Risks related to the market
#68">STRUCTURE DIAGRAM
#69">DOCUMENTS INCORPORATED BY REFERENCE
#73">DESCRIPTION OF THE ISSUER
#73">History and development of Mediobanca
- #73">Legal status and information
#73">Mediobanca … Banca di Credito Finanziario S.p.A. was set up on 10 April 1946 by virtue of a notarial deed drawn up by Notary public Arturo Lovato, file no. 3041/52378. Mediobanca is a joint stock company incorporated under Italian law registered in th...
#73">The legal entity identifier (LEI) of Mediobanca is PSNL19R2RXX5U3QWHI44.
- #73">Important events in Mediobancas recent history
#73">To the knowledge of Mediobanca, each of S&P, Fitch and Moodys is a credit rating agency which is established in the European Union and has been registered in accordance with Regulation 1060/2009/EC on credit rating agencies (as amended from time to t...
#73">Business Overview
#80">The Groups Treasury and ALM units are centralized at Mediobanca level with the objective of optimizing funding and liquidity management. The Group Funding unit is responsible for the Groups funding through all available means (deposits, securitizati...
#86">As at the date of this Base Prospectus, Mediobancas share capital, fully subscribed and paid up, is equal to 443,640,006.50 made up of 864,698,552 without par value.
- #87">Information on ownership structure
#87">Treasury Shares Buy-Back Programme
#87">At an annual general meeting held on 28 October 2021, the shareholders of Mediobanca approved:
#87">o a resolution concerning a share buyback programme up to 3% of the Issuers share capital (equal to No. 25,871,097 shares), and to use such shares, with no limits or restrictions on timing, for possible acquisitions, for the implementation of share-b...
#87">o to cancel a maximum total of No. 48,452,558 treasury shares (up to No. 22,581,461 Mediobanca shares already owned as treasury shares, and up to No. 25,871,097 Mediobanca shares that may be bought back), also in tranches, by and no later than 28 Apri...
#88">On 1 December 2021 No. 22,581,461 treasury shares in the Issuers portfolio were cancelled without reducing the share capital.
#88">The share buyback programme commenced on 6 December 2021 and will be completed within twelve months of the ECB authorization obtained on 11 November 2021.
#88">As at 30 April 2022, under the terms of the programme, Mediobanca had acquired a total of 18,445,561 shares, equal to 2.13% of the companys share capital, for a total outlay of approximately 170 million.
- #88">External auditors and auditors responsible for auditing the financial statements
- #88">Information regarding resignations, dismissals or failures to renew the appointment of the external auditors or the auditors responsible for auditing the financial statements
- #88">At the date of this Base Prospectus, there is no information about any resignation, revocation or non-renewal of the engagement of the external auditors or the auditors responsible for auditing the financial statements.
- #88">Litigation pending and tax disputes
- #88">
  
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- #88">Among the most significant legal proceedings still pending against Mediobanca there are the following two claims for damages made respectively by:
- #88">o Monte dei Paschi di Siena (FMPSŽ) against … inter alia … Mediobanca, in respect of participation with criminal intent by virtue of an alleged non-contractual liability, jointly with the other thirteen lender banks, for alleged damages to FMPS in co...
- #89">o Lucchini S.p.A. in A.S. (LucchiniŽ) against 12 banks (including Mediobanca) claiming that the banks would have contributed to the economic and financial distress of the company for having drawn up and executed an industrial and financial plan of th...
- #89">
  
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- #89">With regard to the dispute pending with the tax authorities, it should note that there were no significant changes with respect to the previous year.
- #89">With reference to the alleged non-application of transparency taxation (tassazione per trasparenza), provided for by the Controlled Foreign Company (CFC) regulations, of the income produced by CMB Monaco (formerly called Compagnie Monégasque de Banque...
- #89">With reference to the alleged failure to apply withholding taxes by Mediobanca on interest paid as part of a secured financing transaction in addition to the dispute of the year 2014 (tax of 2.3 million, plus interest and penalties) and of which the...
- #89">With reference to the three disputes regarding the failure to reimburse interest accrued on VAT credits claimed by SelmaBipiemme, relating to various years (totaling 9.4 million in interest), on 14 June 2021, the Lombardy Regional Tax Court accepted...
- #89">
  
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- #89">In addition to those listed above, eleven additional disputes are pending, including:
- #89">one relating to the alleged failure by the former Banca Esperia S.p.A. to report a transfer of money to foreign countries as part of the tax monitoring communication, against which penalties were imposed for 5.9 million. The Company was unsuccessful...
- #89">one relating to VAT overpaid by SelmaBipiemme in relation to nautical leasing transactions in 2004, 2005 and 2006 (tax refund requested of 1.7 million). The company has appealed the Revenue Office's decision to reject the request for reimbursement a...
- #89">nine relating to direct and indirect taxes, of minor importance and with different levels of judgment, for a total of 1.4 million in taxes assessed.
- #89">Mediobanca SGR was also sued as manager of the real estate fund "Marsupio" in relation to the alleged failure to pay substitute tax on 3 transactions for a higher assessed tax of 746.000 (charged to the fund). The Company was victorious in the first...
- #90">On 17 December 2020, Compass was served two invitations to contradictory proceedings containing findings for IRES and IRAP purposes for the 2015/16 financial year relating to income generated by the insurance brokerage activity carried out with regard...
- #90">
  
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- #90">Mediobanca has no ongoing proceedings with any supervisory authority.
- #90">The effects of the "Lexitor" sentence on retail operations are contained and limited to any disputes on early repayments of consumer credit practices (above all assignment of one-fifth of salary), which occurred before 5 December 2019 (date of the let...
- #90">
  
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- #90">As far as the Group is concerned, Compass, following proceedings with the Italian Antitrust Authority, in relation to the alleged forced combination of financing and insurance products not related to loan, had two proceedings pending before the Lazio ...
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- #90">As part of the ordinary supervisory activities by the ECB, it should be noted that an OSI (on-site inspection) on the subject of market riskŽ was launched in September 2019. The final report of the inspection was delivered on 22 March 2021; the Issue...
- #90">In November 2021, an additional inspection was launched in parallel, which will focus specifically on market risk issues relating to calculation and monitoring of trading P&L, independent price verification and fair value measurement on a small sample...
- #90">Material Agreements
#90">Neither Mediobanca nor any of the companies controlled by Mediobanca has entered into or participates in agreements outside of their normal course of business which could result an obligation or entitlement for Group members that would impact signific...
#91">Recent developments
#91">Mediobanca approved the consolidated quarterly report as at 31 March 2022
#91">On 11 May 2022, the Board of Directors of Mediobanca examined and approved the consolidated quarterly report as at and for the three-month period ended 31 March 2022. For further information see the press release headed Financial statements as at 31 ...
#93">DESCRIPTION OF THE SELLER
#111">DESCRIPTION OF THE GUARANTOR
#114">DESCRIPTION OF THE ASSET MONITOR
#114">DESCRIPTION OF THE ASSET MONITOR
#116">THE COVER POOL
#120">CREDIT STRUCTURE
#126">ACCOUNTS AND CASH FLOWS
#129">DESCRIPTION OF THE TRANSACTION DOCUMENTS
#149">SELECTED ASPECTS OF ITALIAN LAW
#161">TAXATION IN THE REPUBLIC OF ITALY
#161">1. Interest on the Covered Bonds
- #161">Covered Bonds qualifying as bonds or securities similar to bonds
  - #161">Italian resident Bondholders
- #164">Covered Bonds qualifying as atypical securities (titoli atipici)
- #165">Payments by the Guarantor
#165">Capital Gains
- #165">Italian resident Bondholders
- #167">Non Italian resident Bondholders
#167">Transfer taxes
#167">Inheritance and gift tax
#168">The mortis causa transfer of financial instruments included in a long-term savings account (piano di risparmio a lungo termine) … that meets the requirements set forth in Article 13-bis, paragraphs 2 or 2-bis, of Law Decree 124/2019 and, as applicable...
#168">Stamp duty
#168">Wealth tax on securities deposited abroad
#168">Tax monitoring
#171">TAXATION IN LUXEMBOURG
#172">1. Introduction
- #172">1.1 Programme: Mediobanca - Banca di Credito Finanziario S.p.A. (the IssuerŽ) has established a covered bond programme in December 2011 (the ProgrammeŽ) for the issuance of up to 10,000,000,000 in aggregate principal amount of obbligazioni bancari...
- #172">1.2 Final Terms: Covered Bonds are issued in series (each a SeriesŽ) and each Series may comprise one or more tranches (each a TrancheŽ) of Covered Bonds. Each Series or Tranche is the subject of final terms (the Final TermsŽ) which complete these ...
- #173">1.3 Guarantee: Each Series of Covered Bonds is the subject of a guarantee executed on or about the First Issue Date (the GuaranteeŽ) entered into between the Guarantor and the Representative of the Bondholders (as defined below) for the purpose of gu...
- #173">1.4 Programme Agreement and Subscription Agreement: In respect of each Series or Tranche of Covered Bonds issued under the Programme, the Dealer(s) (as defined below) has/have agreed to subscribe for the Covered Bonds and pay the relevant Issue Price ...
- #173">1.5 Monte Titoli Mandate Agreement: In a mandate agreement with Monte Titoli S.p.A. (Monte TitoliŽ) (the Monte Titoli Mandate AgreementŽ), Monte Titoli has agreed to provide the Issuer with certain depository and administration services in relation ...
- #173">1.6 The Covered Bonds: Except where stated otherwise, all subsequent references in these Conditions to Covered BondsŽ are to the Covered Bonds which are the subject of the relevant Final Terms, but all references to each Series or Tranche of Covered...
- #173">1.7 Rules of the Organisation of the Bondholders: The rules of the Organisation of the Bondholders (the RulesŽ) are attached to, and form an integral part of, these Conditions. References in these Conditions to the Rules include such rules as from ti...
- #173">1.8 Rights of the Bondholders: The rights and powers of the Bondholders and of the Representative of the Bondholders shall be exercised in accordance with these Conditions, the Rules and the Intercreditor Agreement.
- #173">1.9 Summaries: Certain provisions of these Conditions are summaries of the Transaction Documents (as defined below) and are subject to their detailed provisions. Bondholders are deemed to have notice of, are entitled to the benefit of and are bound by...
#174">2. Definitions and interpretation
- #174">2.1 Definitions: In these Conditions the following expressions have the following meanings.
- #200">2.2 Interpretation
#201">3. Denomination, Form and Title
- #201">3.1 The minimum denomination of each Covered Bond 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 ...
- #201">3.2 The Covered Bonds are and will be issued in dematerialised form (forma dematerializzata) and will be wholly and exclusively deposited with Monte Titoli in accordance with the provisions of (i) Article 83-bis and ff. of the Legislative Decree no. 5...
- #201">3.3 Covered Bond will at all time be evidenced by, and title thereto will be transferable by means of, book-entries in accordance with the provisions of (i) Article 83-bis and ff. of the Legislative Decree no. 58 of 24 February 1998 and (ii) the Joint...
- #201">3.4 No certificate or physical document of title will be issued in respect of the Covered Bonds.
#201">4. Status and Guarantee
- #201">4.1 Status of the Covered Bonds: The Covered Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and will rank pari passu without preference among themselves and (save for any applicable statutory provisions)...
- #201">4.2 Status of the Guarantee: The payment of Guaranteed Amounts in respect of each Series or Tranche of Covered Bonds when due for payment pursuant to the Conditions will be unconditionally and irrevocably guaranteed by the Guarantor in accordance with...
- #202">4.3 The obligations of the Guarantor under the Guarantee constitute direct and unconditional, unsubordinated and limited recourse obligations of the Guarantor, collateralised by the Cover Pool as provided under the Covered Bonds Law. The recourse of t...
#202">5. Fixed Rate Provisions
#202">6. Floating Rate Provisions
#206">7. Zero Coupon Provisions
#206">8. Redemption and Purchase
#209">9. Payments
#210">10. Taxation
#211">11. Segregation Event
- #211">11.1 Segregation Event
#211">12. Events of Default
- #211">12.1 Issuer Events of Default
- #212">12.2 Effect of the service of an Issuer Default Notice
- #213">12.3 Guarantor Events of Default
- #214">12.4 Effect of the service of a Guarantor Default Notice
- #214">12.5 Determinations, etc:
#214">13. Prescription
#214">14. Representative of the Bondholders
#215">15. Agents
#216">16. Further Issues
#216">17. Notices
#216">18. Rounding
#216">19. Governing Law and Jurisdiction
#217">RULES OF THE ORGANISATION OF THE BONDHOLDERS
#217">1. GENERAL
- #217">1.1 The Organisation of the Bondholders in respect of each Series or Tranche of Covered Bonds issued under the Programme by Mediobanca … Banca di Credito Finanziario S.p.A. is created concurrently with the issue and subscription of the Covered Bonds o...
- #217">1.2 These Rules shall remain in force and effect until full repayment or cancellation of all the Covered Bonds of whatever Series or Tranche.
- #217">1.3 The contents of these Rules are deemed to be an integral part of the Terms and Conditions of the Covered Bonds of each Series or Tranche issued by the Issuer.
#217">2. DEFINITIONS AND INTERPRETATION
- #217">2.1 Definitions
- #220">2.2 Interpretation
- #220">2.3 Separate Series
#220">3. PURPOSE OF THE ORGANISATION OF THE BONDHOLDERS
- #220">3.1 Each Covered Bondholder is a member of the Organisation of the Bondholders.
- #220">3.2 The purpose of the Organisation of the Bondholders is to co-ordinate the exercise of the rights of the Bondholders and, more generally, to take any action necessary or desirable to protect the interest of the Bondholders.
#220">4. CONVENING A MEETING
- #220">4.1 Convening a Meeting
- #221">4.2 Meetings convened by Issuer
- #221">4.3 Time and place of Meetings
#221">5. NOTICE
- #221">5.1 Notice of Meeting
- #221">5.2 Content of notice
- #222">5.3 Validity notwithstanding lack of notice
#222">6. CHAIRMAN OF THE MEETING
- #222">6.1 Appointment of Chairman
- #222">6.2 Duties of Chairman
- #222">6.3 Assistance to Chairman
#222">7. QUORUM
#223">8. ADJOURNMENT FOR WANT OF QUORUM
- #223">8.1 If a quorum is not present for the transaction of any particular business within 15 minutes after the time fixed for any Meeting, then, without prejudice to the transaction of the business (if any) for which a quorum is present:
- #224">8.2 If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction of any particular business, then, subject and without p...
#224">9. ADJOURNED MEETING
#224">10. NOTICE FOLLOWING ADJOURNMENT
- #224">10.1 Notice required
- #224">10.2 Notice not required
#224">11. PARTICIPATION
#225">12. VOTING CERTIFICATES AND BLOCK VOTING INSTRUCTIONS
- #225">12.1 A Covered Bondholder may obtain a Voting Certificate in respect of a Meeting by requesting its Monte Titoli Account Holder to issue a certificate in accordance with the Joint Resolution.
- #225">12.2 A Covered Bondholder may also obtain from the Paying Agent or require the Paying Agent to issue a Block Voting Instruction by arranging for such Covered Bonds to be (to the satisfaction of the Paying Agent) held to its order or under its control ...
- #225">12.3 A Voting Certificate or Block Voting Instruction shall be valid until the release of the Blocked Covered Bonds to which it relates.
- #225">12.4 So long as a Voting Certificate or Block Voting Instruction is valid, the named therein as Holder or Proxy (in the case of a Voting Certificate issued by a Monte Titoli Account Holder), the bearer thereof (in the case of a Voting Certificate issu...
- #225">12.5 A Voting Certificate and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Covered Bonds.
- #225">12.6 References to the blocking or release of Covered Bonds shall be construed in accordance with the usual practices (including blocking the relevant account) of any Relevant Clearing System.
- #225">12.7 Any registered Holder may require the Registrar to issue a Block Voting Instruction by arranging (to the satisfaction of the Registrar) for the related Covered Bonds issued in registered form to be blocked with the Registrar not later than 48 hou...
#225">13. VALIDITY OF BLOCK VOTING INSTRUCTIONS
- #225">13.1 A Block Voting Instruction or a Voting Certificate issued by a Monte Titoli Account Holder shall be valid for the purpose of the relevant Meeting only if it is deposited at the Specified Offices of the Paying Agent or the Registrar, or at any oth...
#226">14. VOTING BY SHOW OF HANDS
- #226">14.1 Every question submitted to a Meeting shall be decided in the first instance by a vote by a show of hands.
- #226">14.2 Unless a poll is validly demanded before or at the time that the result is declared, the Chairman's declaration that on a show of hands a resolution has been passed or passed by a particular majority or rejected, or rejected by a particular major...
#226">15. VOTING BY POLL
- #226">15.1 Demand for a poll
- #226">15.2 The Chairman and a poll
#226">16. VOTES
- #226">16.1 Voting
- #226">16.2 Block Voting Instruction
- #227">16.3 Voting tie
#227">17. VOTING BY PROXY
- #227">17.1 Validity
- #227">17.2 Adjournment
#227">18. RESOLUTIONS
- #227">18.1 Ordinary Resolutions
- #227">18.2 Extraordinary Resolutions
- #228">18.3 Programme Resolutions
- #228">18.4 Other Series of Covered Bonds
#229">19. EFFECT OF RESOLUTIONS
- #229">19.1 Binding nature
- #229">19.2 Notice of voting results
- #229">19.3 Challenge to resolutions
#229">20. MINUTES
#229">21. WRITTEN RESOLUTION
#229">22. INDIVIDUAL ACTIONS AND REMEDIES
#230">23. MEETINGS AND SEPARATE SERIES
- #230">23.1 Choice of Meeting
- #230">23.2 Denominations other than euro
#231">24. FURTHER REGULATIONS
#231">25. APPOINTMENT, REMOVAL AND REMUNERATION
- #231">25.1 Appointment
- #231">25.2 Identity of the Representative of the Bondholders
- #231">25.3 Duration of appointment
- #231">25.4 After termination
- #232">25.5 Remuneration
#232">26. RESIGNATION OF THE REPRESENTATIVE OF THE BONDHOLDERS
#232">27. DUTIES AND POWERS OF THE REPRESENTATIVE OF THE BONDHOLDERS
- #232">27.1 Representative of the Bondholders as legal representative
- #232">27.2 Meetings and resolutions
- #232">27.3 Delegation
- #233">27.4 Judicial proceedings
- #233">27.5 Consents given by Representative of Bondholders
- #233">27.6 Discretions
- #233">27.7 Obtaining instructions
- #233">27.8 Remedy
#234">28. EXONERATION OF THE REPRESENTATIVE OF THE BONDHOLDERS
- #234">28.1 Limited obligations
- #234">28.2 Specific limitations
- #237">28.3 Security
- #237">28.4 Illegality
#237">29. RELIANCE ON INFORMATION
- #237">29.1 Advice
- #238">29.2 Certificates of Issuer and/or Guarantor
- #238">29.3 Resolution or direction of Bondholders
- #238">29.4 Certificates of Monte Titoli Account Holders
- #238">29.5 Clearing Systems or Registrar
- #238">29.6 Rating Agency
- #239">29.7 Certificates of Parties to Transaction Document
- #239">29.8 Auditors
#239">30. AMENDMENTS AND MODIFICATIONS
- #239">30.1 The Representative of the Bondholders may from time to time and without the consent or sanction of the Bondholders concur with the Issuer and/or the Guarantor and any other relevant parties in making any modification (and for this purpose the Rep...
- #239">30.2 Any such modification shall be binding upon the Bondholders and, unless the Representative of the Bondholders otherwise agrees, shall be notified by the Issuer or the Guarantor (as the case may be) to the Bondholders in accordance with Condition ...
- #240">30.3 The Representative of the Bondholders shall be bound to concur with the Issuer and the Guarantor and any other party in making any of the above-mentioned modifications if it is so directed by an Extraordinary Resolution or and if it is indemnifie...
- #240">30.4 Establishing an error
#240">31. WAIVER
- #240">31.1 Waiver of Breach
- #240">31.2 Binding Nature
- #240">31.3 Restriction on powers
- #241">31.4 Notice of waiver
#241">32. INDEMNITY
#241">33. LIABILITY
#241">34. POWERS TO ACT ON BEHALF OF THE GUARANTOR
#242">35. GOVERNING LAW
#242">36. JURISDICTION
#243">FORM OF FINAL TERMS
#256">KEY FEATURES OF REGISTERED COVERED BONDS (NAMENSSCHULD VERSCHREIBUNGEN)
#258">USE OF PROCEEDS
#259">SUBSCRIPTION AND SALE
#263">GENERAL INFORMATION
#266">GLOSSARY
Group structure - Mediobanca Group_NEW.pdf
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Grafici chebanca.pdf
- #1">RESPONSIBILITY STATEMENTS AND NOTICE TO INVESTORS
- #1">INDEX
- #1">GENERAL DESCRIPTION OF THE PROGRAMME
- #1">RISK FACTORS
- #1">The risks below have been classified into the following categories:
- #1">In addition, the Russia-Ukrainian war, which started in February 2022 with the invasion of Ukraine by Russia, and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the Europe...
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- #1">At national level, the legal acts of the EU Banking Reform have been implemented through the adoption of Legislative Decree No. 182/2021, implementing CRD V and CRR II and Legislative Decree No. 193/2021 transposing BRRD II and SRMR II.
- #1">Recently, in response to the Covid-19 pandemic, CRR and CRR II have also been amended by Regulation (EU) No. 2020/873 of the European Parliament and of the Council of 24 June 2020 (the CRR Quick FixŽ). with the aim to introduce adjustments to mitigat...
- #1">These recently introduced reforms as well as other laws and regulations that may be adopted in the future could adversely affect the Issuers business, financial condition, results of operations and cash flow.
- #1">In such a context, on 27 October 2021, the European Commission published, as part of a legislative package that includes also amendments to CRD IV, the proposal to amend the CRR II (the CRR IIIŽ). In particular, the CRR III legislative initiative aim...
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- #1">These further regulatory changes could impact, inter alia, the entire banking system and consequently could determine changes in the capital calculation and increase capital requirements of the Issuer.
- #1">The risks below have been classified into the following categories:
- #1">(A) Risks which are material for assessing the market risks associated with the Covered Bonds;
- #1">(B) Risks related to the Guarantor;
- #1">(C) Risks related to the underlying; and
- #1">(D) Risks related to the market.
- #1">(A) Risks which are material for assessing the market risks associated with the Covered Bonds
- #1">Obligations to make payments when due on the Covered Bonds
- #1">The Issuer is liable to make payments when due on the Covered Bonds. The obligations of the Issuer under the Covered Bonds are direct, unsecured, unconditional and unsubordinated obligations, ranking pari passu without any preference amongst themselve...
- #1">The Covered Bonds will not represent an obligation or be the responsibility of any of the Arranger, Dealers, the Representative of the Bondholders or any other party to the Transaction Documents, their officers, members, directors, employees, security...
- #1">Extendable obligations under the Guarantee
- #1">With respect to the Series (or Tranche) of Covered Bonds in respect of which the Extended Maturity Date is specified as applicable in the relevant Final Terms, if the Guarantor is obliged under the Guarantee to pay a Guaranteed Amount and has insuffic...
- #1">(B) Risks related to the Guarantor
- #1">(C) Risks related to the underlying
- #1">(D) Risks related to the market
- #1">STRUCTURE DIAGRAM
- #1">DOCUMENTS INCORPORATED BY REFERENCE
- #1">*Page numbers refer to the e-document.
- #1">*Page numbers refer to the e-document.
- #1">*Page numbers refer to the e-document.
- #1">DESCRIPTION OF THE ISSUER
- #1">History and development of Mediobanca
  - #1">Legal status and information
- #1">Mediobanca … Banca di Credito Finanziario S.p.A. was set up on 10 April 1946 by virtue of a notarial deed drawn up by Notary public Arturo Lovato, file no. 3041/52378. Mediobanca is a joint stock company incorporated under Italian law registered in th...
- #1">The legal entity identifier (LEI) of Mediobanca is PSNL19R2RXX5U3QWHI44.
  - #1">Important events in Mediobancas recent history
- #1">To the knowledge of Mediobanca, each of S&P, Fitch and Moodys is a credit rating agency which is established in the European Union and has been registered in accordance with Regulation 1060/2009/EC on credit rating agencies (as amended from time to t...
- #1">Business Overview
- #1">The Groups Treasury and ALM units are centralized at Mediobanca level with the objective of optimizing funding and liquidity management. The Group Funding unit is responsible for the Groups funding through all available means (deposits, securitizati...
- #1">As at the date of this Base Prospectus, Mediobancas share capital, fully subscribed and paid up, is equal to 443,640,006.50 made up of 864,698,552 without par value.
  - #1">Information on ownership structure
- #1">Treasury Shares Buy-Back Programme
- #1">At an annual general meeting held on 28 October 2021, the shareholders of Mediobanca approved:
- #1">o a resolution concerning a share buyback programme up to 3% of the Issuers share capital (equal to No. 25,871,097 shares), and to use such shares, with no limits or restrictions on timing, for possible acquisitions, for the implementation of share-b...
- #1">o to cancel a maximum total of No. 48,452,558 treasury shares (up to No. 22,581,461 Mediobanca shares already owned as treasury shares, and up to No. 25,871,097 Mediobanca shares that may be bought back), also in tranches, by and no later than 28 Apri...
- #1">On 1 December 2021 No. 22,581,461 treasury shares in the Issuers portfolio were cancelled without reducing the share capital.
- #1">The share buyback programme commenced on 6 December 2021 and will be completed within twelve months of the ECB authorization obtained on 11 November 2021.
- #1">As at 30 April 2022, under the terms of the programme, Mediobanca had acquired a total of 18,445,561 shares, equal to 2.13% of the companys share capital, for a total outlay of approximately 170 million.
  - #1">External auditors and auditors responsible for auditing the financial statements
  - #1">Information regarding resignations, dismissals or failures to renew the appointment of the external auditors or the auditors responsible for auditing the financial statements
  - #1">At the date of this Base Prospectus, there is no information about any resignation, revocation or non-renewal of the engagement of the external auditors or the auditors responsible for auditing the financial statements.
  - #1">Litigation pending and tax disputes
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  - #1">Among the most significant legal proceedings still pending against Mediobanca there are the following two claims for damages made respectively by:
  - #1">o Monte dei Paschi di Siena (FMPSŽ) against … inter alia … Mediobanca, in respect of participation with criminal intent by virtue of an alleged non-contractual liability, jointly with the other thirteen lender banks, for alleged damages to FMPS in co...
  - #1">o Lucchini S.p.A. in A.S. (LucchiniŽ) against 12 banks (including Mediobanca) claiming that the banks would have contributed to the economic and financial distress of the company for having drawn up and executed an industrial and financial plan of th...
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  - #1">With regard to the dispute pending with the tax authorities, it should note that there were no significant changes with respect to the previous year.
  - #1">With reference to the alleged non-application of transparency taxation (tassazione per trasparenza), provided for by the Controlled Foreign Company (CFC) regulations, of the income produced by CMB Monaco (formerly called Compagnie Monégasque de Banque...
  - #1">With reference to the alleged failure to apply withholding taxes by Mediobanca on interest paid as part of a secured financing transaction in addition to the dispute of the year 2014 (tax of 2.3 million, plus interest and penalties) and of which the...
  - #1">With reference to the three disputes regarding the failure to reimburse interest accrued on VAT credits claimed by SelmaBipiemme, relating to various years (totaling 9.4 million in interest), on 14 June 2021, the Lombardy Regional Tax Court accepted...
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  - #1">In addition to those listed above, eleven additional disputes are pending, including:
  - #1">one relating to the alleged failure by the former Banca Esperia S.p.A. to report a transfer of money to foreign countries as part of the tax monitoring communication, against which penalties were imposed for 5.9 million. The Company was unsuccessful...
  - #1">one relating to VAT overpaid by SelmaBipiemme in relation to nautical leasing transactions in 2004, 2005 and 2006 (tax refund requested of 1.7 million). The company has appealed the Revenue Office's decision to reject the request for reimbursement a...
  - #1">nine relating to direct and indirect taxes, of minor importance and with different levels of judgment, for a total of 1.4 million in taxes assessed.
  - #1">Mediobanca SGR was also sued as manager of the real estate fund "Marsupio" in relation to the alleged failure to pay substitute tax on 3 transactions for a higher assessed tax of 746.000 (charged to the fund). The Company was victorious in the first...
  - #1">On 17 December 2020, Compass was served two invitations to contradictory proceedings containing findings for IRES and IRAP purposes for the 2015/16 financial year relating to income generated by the insurance brokerage activity carried out with regard...
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  - #1">Mediobanca has no ongoing proceedings with any supervisory authority.
  - #1">The effects of the "Lexitor" sentence on retail operations are contained and limited to any disputes on early repayments of consumer credit practices (above all assignment of one-fifth of salary), which occurred before 5 December 2019 (date of the let...
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  - #1">As far as the Group is concerned, Compass, following proceedings with the Italian Antitrust Authority, in relation to the alleged forced combination of financing and insurance products not related to loan, had two proceedings pending before the Lazio ...
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  - #1">As part of the ordinary supervisory activities by the ECB, it should be noted that an OSI (on-site inspection) on the subject of market riskŽ was launched in September 2019. The final report of the inspection was delivered on 22 March 2021; the Issue...
  - #1">In November 2021, an additional inspection was launched in parallel, which will focus specifically on market risk issues relating to calculation and monitoring of trading P&L, independent price verification and fair value measurement on a small sample...
  - #1">Material Agreements
- #1">Neither Mediobanca nor any of the companies controlled by Mediobanca has entered into or participates in agreements outside of their normal course of business which could result an obligation or entitlement for Group members that would impact signific...
- #1">Recent developments
- #1">Mediobanca approved the consolidated quarterly report as at 31 March 2022
- #1">On 11 May 2022, the Board of Directors of Mediobanca examined and approved the consolidated quarterly report as at and for the three-month period ended 31 March 2022. For further information see the press release headed Financial statements as at 31 ...
- #1">DESCRIPTION OF THE SELLER
- #1">DESCRIPTION OF THE GUARANTOR
- #1">DESCRIPTION OF THE ASSET MONITOR
- #1">DESCRIPTION OF THE ASSET MONITOR
- #1">THE COVER POOL
- #1">CREDIT STRUCTURE
- #1">ACCOUNTS AND CASH FLOWS
- #1">DESCRIPTION OF THE TRANSACTION DOCUMENTS
- #1">SELECTED ASPECTS OF ITALIAN LAW
- #1">TAXATION IN THE REPUBLIC OF ITALY
- #1">1. Interest on the Covered Bonds
  - #1">Covered Bonds qualifying as bonds or securities similar to bonds
    - #1">Italian resident Bondholders
  - #1">Covered Bonds qualifying as atypical securities (titoli atipici)
  - #1">Payments by the Guarantor
- #1">Capital Gains
  - #1">Italian resident Bondholders
  - #1">Non Italian resident Bondholders
- #1">Transfer taxes
- #1">Inheritance and gift tax
- #1">The mortis causa transfer of financial instruments included in a long-term savings account (piano di risparmio a lungo termine) … that meets the requirements set forth in Article 13-bis, paragraphs 2 or 2-bis, of Law Decree 124/2019 and, as applicable...
- #1">Stamp duty
- #1">Wealth tax on securities deposited abroad
- #1">Tax monitoring
- #1">TAXATION IN LUXEMBOURG
- #1">1. Introduction
  - #1">1.1 Programme: Mediobanca - Banca di Credito Finanziario S.p.A. (the IssuerŽ) has established a covered bond programme in December 2011 (the ProgrammeŽ) for the issuance of up to 10,000,000,000 in aggregate principal amount of obbligazioni bancari...
  - #1">1.2 Final Terms: Covered Bonds are issued in series (each a SeriesŽ) and each Series may comprise one or more tranches (each a TrancheŽ) of Covered Bonds. Each Series or Tranche is the subject of final terms (the Final TermsŽ) which complete these ...
  - #1">1.3 Guarantee: Each Series of Covered Bonds is the subject of a guarantee executed on or about the First Issue Date (the GuaranteeŽ) entered into between the Guarantor and the Representative of the Bondholders (as defined below) for the purpose of gu...
  - #1">1.4 Programme Agreement and Subscription Agreement: In respect of each Series or Tranche of Covered Bonds issued under the Programme, the Dealer(s) (as defined below) has/have agreed to subscribe for the Covered Bonds and pay the relevant Issue Price ...
  - #1">1.5 Monte Titoli Mandate Agreement: In a mandate agreement with Monte Titoli S.p.A. (Monte TitoliŽ) (the Monte Titoli Mandate AgreementŽ), Monte Titoli has agreed to provide the Issuer with certain depository and administration services in relation ...
  - #1">1.6 The Covered Bonds: Except where stated otherwise, all subsequent references in these Conditions to Covered BondsŽ are to the Covered Bonds which are the subject of the relevant Final Terms, but all references to each Series or Tranche of Covered...
  - #1">1.7 Rules of the Organisation of the Bondholders: The rules of the Organisation of the Bondholders (the RulesŽ) are attached to, and form an integral part of, these Conditions. References in these Conditions to the Rules include such rules as from ti...
  - #1">1.8 Rights of the Bondholders: The rights and powers of the Bondholders and of the Representative of the Bondholders shall be exercised in accordance with these Conditions, the Rules and the Intercreditor Agreement.
  - #1">1.9 Summaries: Certain provisions of these Conditions are summaries of the Transaction Documents (as defined below) and are subject to their detailed provisions. Bondholders are deemed to have notice of, are entitled to the benefit of and are bound by...
- #1">2. Definitions and interpretation
  - #1">2.1 Definitions: In these Conditions the following expressions have the following meanings.
  - #1">2.2 Interpretation
- #1">3. Denomination, Form and Title
  - #1">3.1 The minimum denomination of each Covered Bond 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 ...
  - #1">3.2 The Covered Bonds are and will be issued in dematerialised form (forma dematerializzata) and will be wholly and exclusively deposited with Monte Titoli in accordance with the provisions of (i) Article 83-bis and ff. of the Legislative Decree no. 5...
  - #1">3.3 Covered Bond will at all time be evidenced by, and title thereto will be transferable by means of, book-entries in accordance with the provisions of (i) Article 83-bis and ff. of the Legislative Decree no. 58 of 24 February 1998 and (ii) the Joint...
  - #1">3.4 No certificate or physical document of title will be issued in respect of the Covered Bonds.
- #1">4. Status and Guarantee
  - #1">4.1 Status of the Covered Bonds: The Covered Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and will rank pari passu without preference among themselves and (save for any applicable statutory provisions)...
  - #1">4.2 Status of the Guarantee: The payment of Guaranteed Amounts in respect of each Series or Tranche of Covered Bonds when due for payment pursuant to the Conditions will be unconditionally and irrevocably guaranteed by the Guarantor in accordance with...
  - #1">4.3 The obligations of the Guarantor under the Guarantee constitute direct and unconditional, unsubordinated and limited recourse obligations of the Guarantor, collateralised by the Cover Pool as provided under the Covered Bonds Law. The recourse of t...
- #1">5. Fixed Rate Provisions
- #1">6. Floating Rate Provisions
- #1">7. Zero Coupon Provisions
- #1">8. Redemption and Purchase
- #1">9. Payments
- #1">10. Taxation
- #1">11. Segregation Event
  - #1">11.1 Segregation Event
- #1">12. Events of Default
  - #1">12.1 Issuer Events of Default
  - #1">12.2 Effect of the service of an Issuer Default Notice
  - #1">12.3 Guarantor Events of Default
  - #1">12.4 Effect of the service of a Guarantor Default Notice
  - #1">12.5 Determinations, etc:
- #1">13. Prescription
- #1">14. Representative of the Bondholders
- #1">15. Agents
- #1">16. Further Issues
- #1">17. Notices
- #1">18. Rounding
- #1">19. Governing Law and Jurisdiction
- #1">RULES OF THE ORGANISATION OF THE BONDHOLDERS
- #1">1. GENERAL
  - #1">1.1 The Organisation of the Bondholders in respect of each Series or Tranche of Covered Bonds issued under the Programme by Mediobanca … Banca di Credito Finanziario S.p.A. is created concurrently with the issue and subscription of the Covered Bonds o...
  - #1">1.2 These Rules shall remain in force and effect until full repayment or cancellation of all the Covered Bonds of whatever Series or Tranche.
  - #1">1.3 The contents of these Rules are deemed to be an integral part of the Terms and Conditions of the Covered Bonds of each Series or Tranche issued by the Issuer.
- #1">2. DEFINITIONS AND INTERPRETATION
  - #1">2.1 Definitions
  - #1">2.2 Interpretation
  - #1">2.3 Separate Series
- #1">3. PURPOSE OF THE ORGANISATION OF THE BONDHOLDERS
  - #1">3.1 Each Covered Bondholder is a member of the Organisation of the Bondholders.
  - #1">3.2 The purpose of the Organisation of the Bondholders is to co-ordinate the exercise of the rights of the Bondholders and, more generally, to take any action necessary or desirable to protect the interest of the Bondholders.
- #1">4. CONVENING A MEETING
  - #1">4.1 Convening a Meeting
  - #1">4.2 Meetings convened by Issuer
  - #1">4.3 Time and place of Meetings
- #1">5. NOTICE
  - #1">5.1 Notice of Meeting
  - #1">5.2 Content of notice
  - #1">5.3 Validity notwithstanding lack of notice
- #1">6. CHAIRMAN OF THE MEETING
  - #1">6.1 Appointment of Chairman
  - #1">6.2 Duties of Chairman
  - #1">6.3 Assistance to Chairman
- #1">7. QUORUM
- #1">8. ADJOURNMENT FOR WANT OF QUORUM
  - #1">8.1 If a quorum is not present for the transaction of any particular business within 15 minutes after the time fixed for any Meeting, then, without prejudice to the transaction of the business (if any) for which a quorum is present:
  - #1">8.2 If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction of any particular business, then, subject and without p...
- #1">9. ADJOURNED MEETING
- #1">10. NOTICE FOLLOWING ADJOURNMENT
  - #1">10.1 Notice required
  - #1">10.2 Notice not required
- #1">11. PARTICIPATION
- #1">12. VOTING CERTIFICATES AND BLOCK VOTING INSTRUCTIONS
  - #1">12.1 A Covered Bondholder may obtain a Voting Certificate in respect of a Meeting by requesting its Monte Titoli Account Holder to issue a certificate in accordance with the Joint Resolution.
  - #1">12.2 A Covered Bondholder may also obtain from the Paying Agent or require the Paying Agent to issue a Block Voting Instruction by arranging for such Covered Bonds to be (to the satisfaction of the Paying Agent) held to its order or under its control ...
  - #1">12.3 A Voting Certificate or Block Voting Instruction shall be valid until the release of the Blocked Covered Bonds to which it relates.
  - #1">12.4 So long as a Voting Certificate or Block Voting Instruction is valid, the named therein as Holder or Proxy (in the case of a Voting Certificate issued by a Monte Titoli Account Holder), the bearer thereof (in the case of a Voting Certificate issu...
  - #1">12.5 A Voting Certificate and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Covered Bonds.
  - #1">12.6 References to the blocking or release of Covered Bonds shall be construed in accordance with the usual practices (including blocking the relevant account) of any Relevant Clearing System.
  - #1">12.7 Any registered Holder may require the Registrar to issue a Block Voting Instruction by arranging (to the satisfaction of the Registrar) for the related Covered Bonds issued in registered form to be blocked with the Registrar not later than 48 hou...
- #1">13. VALIDITY OF BLOCK VOTING INSTRUCTIONS
  - #1">13.1 A Block Voting Instruction or a Voting Certificate issued by a Monte Titoli Account Holder shall be valid for the purpose of the relevant Meeting only if it is deposited at the Specified Offices of the Paying Agent or the Registrar, or at any oth...
- #1">14. VOTING BY SHOW OF HANDS
  - #1">14.1 Every question submitted to a Meeting shall be decided in the first instance by a vote by a show of hands.
  - #1">14.2 Unless a poll is validly demanded before or at the time that the result is declared, the Chairman's declaration that on a show of hands a resolution has been passed or passed by a particular majority or rejected, or rejected by a particular major...
- #1">15. VOTING BY POLL
  - #1">15.1 Demand for a poll
  - #1">15.2 The Chairman and a poll
- #1">16. VOTES
  - #1">16.1 Voting
  - #1">16.2 Block Voting Instruction
  - #1">16.3 Voting tie
- #1">17. VOTING BY PROXY
  - #1">17.1 Validity
  - #1">17.2 Adjournment
- #1">18. RESOLUTIONS
  - #1">18.1 Ordinary Resolutions
  - #1">18.2 Extraordinary Resolutions
  - #1">18.3 Programme Resolutions
  - #1">18.4 Other Series of Covered Bonds
- #1">19. EFFECT OF RESOLUTIONS
  - #1">19.1 Binding nature
  - #1">19.2 Notice of voting results
  - #1">19.3 Challenge to resolutions
- #1">20. MINUTES
- #1">21. WRITTEN RESOLUTION
- #1">22. INDIVIDUAL ACTIONS AND REMEDIES
- #1">23. MEETINGS AND SEPARATE SERIES
  - #1">23.1 Choice of Meeting
  - #1">23.2 Denominations other than euro
- #1">24. FURTHER REGULATIONS
- #1">25. APPOINTMENT, REMOVAL AND REMUNERATION
  - #1">25.1 Appointment
  - #1">25.2 Identity of the Representative of the Bondholders
  - #1">25.3 Duration of appointment
  - #1">25.4 After termination
  - #1">25.5 Remuneration
- #1">26. RESIGNATION OF THE REPRESENTATIVE OF THE BONDHOLDERS
- #1">27. DUTIES AND POWERS OF THE REPRESENTATIVE OF THE BONDHOLDERS
  - #1">27.1 Representative of the Bondholders as legal representative
  - #1">27.2 Meetings and resolutions
  - #1">27.3 Delegation
  - #1">27.4 Judicial proceedings
  - #1">27.5 Consents given by Representative of Bondholders
  - #1">27.6 Discretions
  - #1">27.7 Obtaining instructions
  - #1">27.8 Remedy
- #1">28. EXONERATION OF THE REPRESENTATIVE OF THE BONDHOLDERS
  - #1">28.1 Limited obligations
  - #1">28.2 Specific limitations
  - #1">28.3 Security
  - #1">28.4 Illegality
- #1">29. RELIANCE ON INFORMATION
  - #1">29.1 Advice
  - #1">29.2 Certificates of Issuer and/or Guarantor
  - #1">29.3 Resolution or direction of Bondholders
  - #1">29.4 Certificates of Monte Titoli Account Holders
  - #1">29.5 Clearing Systems or Registrar
  - #1">29.6 Rating Agency
  - #1">29.7 Certificates of Parties to Transaction Document
  - #1">29.8 Auditors
- #1">30. AMENDMENTS AND MODIFICATIONS
  - #1">30.1 The Representative of the Bondholders may from time to time and without the consent or sanction of the Bondholders concur with the Issuer and/or the Guarantor and any other relevant parties in making any modification (and for this purpose the Rep...
  - #1">30.2 Any such modification shall be binding upon the Bondholders and, unless the Representative of the Bondholders otherwise agrees, shall be notified by the Issuer or the Guarantor (as the case may be) to the Bondholders in accordance with Condition ...
  - #1">30.3 The Representative of the Bondholders shall be bound to concur with the Issuer and the Guarantor and any other party in making any of the above-mentioned modifications if it is so directed by an Extraordinary Resolution or and if it is indemnifie...
  - #1">30.4 Establishing an error
- #1">31. WAIVER
  - #1">31.1 Waiver of Breach
  - #1">31.2 Binding Nature
  - #1">31.3 Restriction on powers
  - #1">31.4 Notice of waiver
- #1">32. INDEMNITY
- #1">33. LIABILITY
- #1">34. POWERS TO ACT ON BEHALF OF THE GUARANTOR
- #1">35. GOVERNING LAW
- #1">36. JURISDICTION
- #1">FORM OF FINAL TERMS
- #1">KEY FEATURES OF REGISTERED COVERED BONDS (NAMENSSCHULD VERSCHREIBUNGEN)
- #1">USE OF PROCEEDS
- #1">SUBSCRIPTION AND SALE
- #1">GENERAL INFORMATION
- #1">GLOSSARY
- Description_of_the_Seller.pdf
  - #1">DESCRIPTION OF THE SELLER
- Group structure - Mediobanca Group_NEW.pdf
  - #1">