Post-Stabilisation Notice

Summary by AI ^BETAClose X

Deutsche Bank AG, Frankfurt has announced that no stabilisation activities were undertaken by the Stabilisation Manager(s) in relation to the offer of EUR 14,000,000,000 Republic of Italy 3.95% 15yr BTP Benchmark due 01 October 2041 securities. The securities were offered at an issue price of 99.990% and a spread of +8 bps versus the BTPS 3.85 10/01/2040 benchmark. This announcement follows a pre-stabilisation period announcement dated 21 January 2026 and confirms the conclusion of the post-stabilisation period without any market intervention.

Disclaimer*

Deutsche Bank AG, Frankfurt

04 March 2026

4. March 2026

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

Republic of Italy

(the Issuer)

Post-stabilisation Period Announcement

Further to the pre-stabilisation period announcement dated 21. January 2026, Deutsche Bank AG, Frankfurt (contact: Debt Syndicate, Phone No. +44 207 547 6885) hereby gives notice that no stabilisation (within the meaning of Article 3.2(d.) of the Market Abuse Regulation (EU/596/2014)), and also as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

The Securities:

Issuer:	Republic of Italy

Guarantor (if any):	none

Aggregate nominal amount:	EUR 14,000,000,000

Description:	Republic of Italy 3,95% 15yr BTP Benchmark due 01 October 2041
ISIN Code:	IT0005694630

Issue/offer price:	99.990%

Spread over benchmark:	+8 bps vs BTPS 3.85 10/01/2040


Stabilisation:

Stabilising Manager(s):	Deutsche Bank Aktiengesellschaft

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.

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