BMPS CB1 Issue Series 37 FTs Executed

PRlIPs / IMPORTANT - EEA RETAIL INVESTORS - The Covered Bonds are not intended to'be offered, sold or otherwise made available to and should noE be offered, sold or otherwise made available to any retail investor In the European Economic Area OEEAO. For these purposes, a retall investor means a person who Is one (or more) of: (I) a retail cllent as defined in point (I 1) of Article 4{J ) of Directive 2014/65/EU of the European Parliament and of che Council on markets In financial instruments {as amended, ”MIFID I)"); or {II) a customer within the meaning of Directive 2016/97/EU (as amended, tile "Insurance Dlstrlbudon Directive°), where that customer would not quallfy as a professional client as defined In point (10) of article 4(1) of MlFlD II; or (lit) not a quallfied Investor as defined In Regulation (EU) 2o17/ 1 29 (the "Prospectus Re9«!atlon"). Consequently, no key information document required by Regulation (EU) to I 286/20a 4 (as amended or superseded, the

*PRiIPs Regulatlon*) for offerlnq or se))ing the Covered Bonds or otherwise, making them available to retail Investors In the AEA has been prepared and therefore offering or selling the Covered Bonds or otherwise making them available to any retail Investor In the EEA may be unlawful under the PRlIPs Regulation.

FRIlPs / INPORTANT - UK RETAIL INVESTORS - ThC Covered Bqnds are not intended to be offered, sold, distributed or otherwlsa made available to and shuuld not be offered, sold, dlstributed or ocherwlse made available to any retail Investor in the United Klngdum {"UK”). For these purposes, a retail investor means a person who is elther one for both) of the following: (I) not a professional client, as defined In polnt (8) of Article 2(1) of Regulation (EU) No fi00/2014 as It forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended by the European Union (Mthdrawal Agreement) Act 2020) (*EtJWA"); or (il) not a qualifled Investor as defined In paragraph 15 of Schedule 1 to the Public Offers and Admlsslons to

Trading Regulations 2024. Consequently no dlsclosure document required by the FCA Product D!›‹! • * Sourcebook (-DISC") for offering, selling or dIstrIbiting the Covered Bonds or otherwise making them available

to retail Investors In the UIF has been prepare‹l and therefore offering, selling or dlstrlbucing the Covered Bonds or otherwise maI‹lng them avallable to any retail investor in the UK may be unlawful under the DISC and the Consumer Composite Investments (Oeslgnated Activities) Re9ulatlons 2034.

MIFID II product governance / Professional Investors and ECPs only target market - Solely for the purposes of each manufacturer's product approval process, the target marltet assessment In respect of the Covered Bunds has led to the conclusion that: (i) the target market for the Covered 8ond5 Is eligible counterparties and professional clients nnly, each as defined In the MiFID II; and (ii) all channels for distribution of tha Covered Bonds to eligible counterparties and professional clients are appropriate, Any person subsequently offering, telling or recommending the Cove red Bonds (a "dl3trlbutor") should take Into conslderat1on the manufacturrrr' target market assessment; however, a dlstrlbutor subject tu MiFID II Is responsible for undertaking Its own target market assessment in respect uf the Covered Bonds tby either adopting or refining the manufacturers' target market assessment] and determlnlng appropriate dfstrlbutlon channels.

Final Terms dated s Octobar 2026

Bancc leonte del Paschl dl Slana S.pA (the Issuer")

Issue ofC600,oo0,00o Fixed Rate Covered Bonds Obbllgezloni 6encarte caientIte dua 21 October 2030 Guaranteed by

MPS Covered Bond S.r.I. (the "Guarantor’} undar the € Z0,000,000,000 Programme

PART A - CONTRACTUAL TERKIS

Terms used herein shall be deemed to be deflned as such for thé purposes of the Terms and Conditions (the “Condlrtons”) set forth in the base prospeccus dated 29 May 2026 artd the supplements to the base prospectus dated 31 August 2026 and 21 September 2026, which together constitute a base prospectus (the "Basa Prospectuse for the purposes of the Regulation (EU) 2oI 7/ 1129 (as amended frum time to time, the “Prospectus Regulation’). This document constitutes the Fix al Terms of the Covered Bends descrlbed herein for the purposes of Article 8. I of the Prospectus Regulation. These Final Terms contaln the fina| tqrms of the

Covered Bonds and must be read in conjunction with the Base Prospectus, as so supplemented, in order to obtaln all the relevant informaETon, These Final Terms are available for viewing on the website of the Luxembourq Stocl‹ Exchange (https://www.luxse.cnm/). Full information on the Issuer, the Guarantor and the offer of the Covered Buljds described hercfri is only available un the basis of tile combination of these Final Terms and the Base Pi cspectus, as so supplemented. The Base Pruspectus, Including the supp(ements, is avallable for view1‹Jg an the website of the Luxembourg Stock Exchange ‹https'/laws/.Iuxñr.com/) and on the website of the Issuer at h s: i o s.its,

1. Specified Currency or Currencies:

2. Aggregate Nominal Amount ti› Series:

   (ii) Tranche:

3. Issue Price:

4. (I) Specified Denominations:

   (il) Calculation Amuunt:

   (iii) Rounding:

5. (i) Issue Date:

(ii) Interest Commencement Date: Maturity Date:

1. Extended Maturity Date of Guaranteed Amounu corresponding to Final Redemption Amount under the Guarantee:

2. Interest Basis:

E600,000.000 G600000,000

99.G 58 per cent. of the Aggregate Nominal Amount

€ 100,000 plus integral multiple.s nf €1 ,000 in addition to'the said sum of €100,000

Not applicable

2 t Octoher 2026 Issue Date

2) October 20ñg

2 I October 2068

For che period from (and includi/›g) the Issue Date and ending on (but excluding) the Maturity Date (the "Orlg)nal Maturity Period"), a fixed rate equal In 3.750 pri” cent. t er annum.

If payment of rile Final Redemption Amount is deferred pursuant to Condltion 9(b) (6xrens/on ol marur/rg for the period from (and Includlng) the Maturity Date up to (but excluding) the Extended kl4turity Date or, If enrller, the ctate on which the Covcied Bonds ”are redeemed in full (the "Extended Maturity Perlod*), a floating rate equal to 3-month EURIBOR plus + 0.3 5 per cent. per annum, payable in ai rear on each Interest Payment Oate and accruing from (and including) the Maturity Date to (but excluding) the end of

to. Rad«wpc»ninrme••sa•is:

I I . Change of Irñerest:

13. Put/Call Optlons:

1. Hedging through covered bond swaps i ‹. Dxte of Board approval for Issuance of

   Covered Bonds and Guarantee respeolvaly obtdned:

   PROVISIONS RELATING TO INTEREST $FAN¥} PAYABM

   i s. nx•d Rate Provislons

   1. Rate of. Interest:

(li) Interest Payment Date:

(Ili) Fixed Coupon Amount:

1. 8reken Amount:

2. Day Count Fraction!

COBgljg fiAt0 Pt’0VlSlOR5

the Extended Maturity Period.

(further particulars specified in Sections 15 and 16 belowT

Subject co ary purchase and cancellation or early redemption, the Covered Bonds will baredeemed on the Maturity Date or the Extended Maturity Date (If applicable) at the Final Redemption Amount (being 100g of their principal amount)

Applicable in respect of the Extended MaCurify Period, if pay'ment of the Final Redemption Amount is deferred pursuant ”to Condition 9(b) (Grrenr/on a/ matuñi/ tfurther particulars speclfled in Section 9 abovd and Sections 15 and 16 belowj

Not applicable Not applicable

26 February 202a with reference to the resolution of the Board of Directors of the Issuer approving the issue of the Covered Bonds by the Issuer, and C March 202fi with reference to the resolution of the Board of Directors of the Guarantor approvlng the granting of the Covered Bonds Guarantee by the Guarantor

Applicable (as referred ro in Condltlon 5) in respect of the Orlginal Maturity Period

3.750 per cent. per annuM payable in arrear on aach Interest Payment Date

in respect of the Original’ Maturity Period, 2t October in each yéar, adju”sted In accordance with the Following Business Day Convention, provided that the first Interest Payment Date will fall on 21 October 2037 and the last Interest Payment Date will fall on the Maturity D4te

.€37.50, per Calculation Amount Not Applicable

Actual/Actual tICMA), unadjusted

Applicable in respect of the Extended Maturity Perlod if payment of the Final Redemption Amount Is defer£Gd pursuant to Condition 9{b)

fii) fliiJ

Interest Perlod(s):

Specified Perlod:

Interest Payment Dates:

Each period from (and inciudlng) an Interest Payment Date to (but excludlng) the next succeeding Interest Payment Date

Not applicable

In respect of the Extended Maturity Period, the 21•* day pf January, April, July and October of each year, adjusted In accordance with the Following Business Day Convention, provlded that the first Interest Payment Date will fall on 2 T January 203 I and the last Interest Payment Date will fall at the end of the Extended Maturity Perlod

1. First Interest Payment Date:

2. Business Day Convention:

Additional Buslness Centre(s)

(v) Manner in whlch the Raters) of Interest is/are to be determined:

Party responsible for calculating the Rata(s) of Interest and/or Interest Amountfs) (if not the Principal Paying Agent):

1. Screen Rate Detern›inatlon:

   • Reference Rate:

   • Reference Banks:

     Interest Determination Date(s):

     Relevant Screen Page:

   • Relevant Time: Relevant.Financlal Centre:

2. ISDA Determination:

3. Margin(s):

(xl0 Minlmum Rate of Interest:

(Xiii) Maximum Rate of Interest:

(xiv) Day Count Fraction:

1. Zero Coupon Provisions

   PROVISIONS RELATING TO ItEDEMPTION

2. Call Option

The Interest Payment Date falling On 2 J January 203 I

Following Business Day Convention Not Appllcable

Streen Rate Determination Not applicable

3-month” EURIBOR Not applicable

The second TARGET Settlement Day priur to the commencement of the relevant Interest Period

Reuters EURIBOR 01

J 1.00 a.m. Luxembourg time

Euro-zone (where Euro-zone means the region comprised of the countrleswhoselawful currency Is the euro)

Not Applicable

-r 0.35 per cent. per annum

Not applicable

Not applicable Actuals 360, adjusted Not applicable

Not Applicable

Guarantor Event of Default:

22. Additional Financial Centre(s) or other special Not applicable piovisions relating tn payment dates:

Slpned n hehalf of Ba a Monte dei Pcschl dl Siena S.p.A.

Duly a thorlsed

5tpne.d on behalf of MPS Covered Dam S,r,I.

Duly authorised

1. LISTING AND ADMISSION TO TRADING

(() Listing

(ii) Admission to trading

Estimate of total expenses related to admisslon

to tt adinq:

Ratings:

Official list of the Luxe.mhnurg Stock Exchange

Apy |ication has been made by the Issuer (or on its Uehalf} for the Covered Bonds to be” admitted to trading on the regulated market of the Luxembourg Stock Exchange with effect from the Issue Date

The Covered 8onds (Ohbligazioni Bancarie Gar›yntite) to be Issued are expected to be rated on the Issue nate:

Fitch: AA r

According to tlje definitions published fry F1tch on

its website as or the date of these Final Terms, Fitch "AA° ratings rlenote expectations of very low default risk. The capacity for payment of financial commitments Is considered very stFOn9. This capacity Is not siqnIflcant|y 'vulnerable to foreseeable events. In addltlon, Fitch appends ’+/--' to each level from 'AA’ through 'CCC’ Indicating relative differences of probability of default or recovery for Issues. ’+’ indicates a lower . probabi! ity of default.

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1. USE OF PROCEEDS

   agencies on the ESMA websice hEtps,:y www.esma.eurnga.eu/credit_rntinq-agencies/era authorisation

   1. Use of proceeds General fun‹Ilng purposes of the Croup

   2. Estimated net amount of the proceeds , €597,948,000

2. INTERESTS OF NAYURAL AND LEGAL PERSDNS INVOLVED IN THE ISSUE

   In the context of the Issue of the Covered Bonds, Mediobanca - Banca di Credito Flnanziarlo S.p,A, acting as Sole Dealer in respect of such Covered Bonds, Is part of the Issuer's banking group.

   Save for the above, so far as rhc issuer is aware, no person involved in the Issue of the Covered Bonds has ztn Interest material to the offer. The Sole Dealer and Its affiliates leave engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, arid may perform ocher services for, the Issuer and its affiliates in the ordinary course of business.

3. /7yez/ Care Covered B'onds only - YIELD

   Indication of yield: 3.844 per cent. per annum up to (and including) the Maturity Date

4. F/oaffny Care 6orezed Bonds oc/y- HISYORIC INTEREST RATES Details of historic EURIBOR rates can be obtained from Reuters

5. EUROPEAN COVERED BOND (PREMIUM) LABEL

   European Covered Bond (Premium) Label In Applicable accordance with Article 129 of the CRR:

6. OPERATIONAL INFORMATION

   ISIN Code: Common Code CFR:

   ITOOOS 73867G ’

   35 5046028

   DTFSFB, as published on the webslte of the Association of National Numbering Agencies ("ANNA") or alternatively sourced from the responsible National Numbering Agency that asslgned the ISIN

   FISN:

   Any Relevanc Clearlng System(r) other than Euroclear Banlt S.A./N.V. and Clearstream Banking, soclété anonyme and the relevant idcntlflcatlon number(s):

   Names and Specified Offices of 8driitional Paylng A9ent(s) (If any):

   Deemed delivery of clearing system notices for the purposes of CondItlon 18 INozicefi:

   Intended to be held In a manner which would allow Eurosystem eligibility:

7. DISTRIBUTION

(A} Nethod of distribution:

‹s› ir syndlcated, names of the Joint Lead Managers:

(C) ”Stabilising Manager(s) (If any): If non-syndicated, name of Deale r:

U.S. Selllng Restrlctlons:

Prohibition of Sales to EEA Retail Investors:

PASCHI/CB 20301021 SR37, as published on the website of the ANNA or a|ternatively sourced from the responsible National Numbering Agency that assigned the ISIN

Euronext Securi(ies Milan

Delivery free of payment Not applicable

Any notice delivered to Bondholders through the clearing systems will be deemed to have been qlven on the second business day after the day on which It was given to Euroclear and Clearstream.

Yes

Noce that the designation “yes" simply means that the Covered Bonds are Intended upon Issue to be held In a form which would allow Eurasystem eligibility (i.e. issued In dematerlallsed form Iemesse in forma dematerializeataj and wholly and exclusively deposited with E irunext Securltles Milan in accordance with article 83-- bls of Italian LegisIj 998, as amended, through tfie authnrl.red InsEirutions IisteJ in article 83—puafer of such legislative Jecree) anJ does not neccssarlly mean that the Covered Bonds will be recognized as eligible collateral for Eurosystem monetary policy and intra day credlt operations by the Eurosystem either upon Issue or at any or all times during their |ife. Such recogttltlon will depend upon the ECB being satlsried that Eurosystem eligibility criteria have been met.

Non-syndicated Not.Applicable

Not Applicable

Mediobanca - Banca dl Credlto Finanziarla S.p.A.

Compliant witl› Regulation S under the U.S. Securities Act of 1933

App licab]e

Prohibition of Sales to UK Itetall Investors: Applicable