Banca Monte dei Paschi di Siena S.p.A. Covered Bonds (OBG - Mortgages - Programme 1)

BMPS CB1 is the publicly placed CB Programme of Monte dei Paschi, which has been restructured with the implementation of a conditional pass-through structure. If the issuer is not able to repay the principal on the bonds on its Maturity Date or if it is insolvent following the service of a Guarantor Enforcement Notice, the maturity of the relevant series of covered bonds will be extended to the Extended Maturity Date (which falls after the maturity of all mortgages in the cover pool) and the series will become a Pass Through Series.