REDEMPTION OF CREDITO EMILIANO S.P.A. Issue of €500,000,000 Fixed to Floating Rate Callable Senior Non-Preferred Notes due October 2025

NOTICE TO THE FISCAL AGENT AND THE NOTEHOLDERS OF REDEMPTION OF CREDITO EMILIANO S.P.A.

"Issue of €500,000,000 Fixed to Floating Rate Callable Senior Non-Preferred Notes due October 2025"

On 23 October 2019, Credito Emiliano S.p.A. (the Issuer) issued Euro 500,000,000 Fixed to Floating Rate Callable Senior Non-Preferred Notes due October 2025 admitted to listing on Global Exchange Market (ISIN: XS2068978050 and Common Code: 206897805) (the Notes) of which Euro 337,961,000 are currently outstanding following the repurchase of Euro 162,039,000 by the Issuer in the Tender Offer completed in September 2023.

In accordance with Condition 6.8 (Conditions to Early Redemption and Purchase of the Notes), the Issuer is in compliance with any conditions or permission by the Competent Authority (as applicable) to such redemption or repurchase prescribed by the Relevant Regulations at the relevant time (including any requirements applicable to such redemption or repurchase due to the qualification of such Notes at such time as eligible liabilities available to meet MREL Requirements) and is otherwise in compliance with the requirements of the Conditions.

By this notice and in light of the above, Credito Emiliano S.p.A. (the Issuer) hereby notifies that has elected to redeem all outstanding Notes on the Interest Payment Date falling on 25 October 2024 (the Call Date), in accordance with Condition

6.3 (Redemption at the Option of the Issuer (Issuer Call)) of the terms and conditions applicable to the Notes (the Conditions) contained in the Listing Particulars dated 23 October 2019 published in the context of the issue of the Notes.

BNP Paribas Securities Services, Luxembourg Branch (The Fiscal Agent) and the Noteholders are hereby informed that all outstanding Notes will be redeemed in whole but not in part on the Call Date at 100% of their nominal value together with any accrued interest to but excluding the date fixed for redemption. Finally, in accordance with Condition 6.6 (Cancellation), all Notes so redeemed will be cancelled.

Unless the context otherwise requires, capital terms used in this notice but not defined herein shall have the meaning given to them in the Conditions and/or in the Listing Particulars.