The cover pool assets comprise residential mortgages across Italy. There is a commitment to maintaining an overcollateralization level commensurate with the current rating and to addressing liquidity requirements for 12 months. The available credit enhancement exceeds our required credit enhancement for the maximum achievable rating. This program is being wind down, and the asset-liability mismatch will increase as the July 2026 final bond maturity approaches. The excess spread for the program is currently negative, thereby increasing credit enhancement results. S&P Global Ratings' stable outlook on the mortgage covered bonds ("Obbligazioni Bancarie Garantite"; [OBGs]) issued by Italy-based UniCredit SpA (BBB/Stable/A-2) reflects the stable outlook on Italy, as any rating action on the sovereign would result in a rating action on the
