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Prospectus BANCO BPM SPA (Incorporated As a Joint Stock Company (Società Per Azioni) in the Republic of Italy)

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Prospectus BANCO BPM SPA (Incorporated As a Joint Stock Company (Società Per Azioni) in the Republic of Italy) Prospectus BANCO BPM S.P.A. (incorporated as a joint stock company (società per azioni) in the Republic of Italy) €10,000,000,000 Covered Bond Programme unconditionally and irrevocably guaranteed as to payments of interest and principal by BPM Covered Bond S.r.l. (incorporated as a limited liability company in the Republic of Italy) Except where specified otherwise, capitalised words and expressions in this Prospectus have the meaning given to them in the Section entitled "Glossary". Under this €10,000,000,000 covered bond programme (the "Programme"), Banco BPM S.p.A. ("Banco BPM" or the "Issuer" or the "Bank") may from time to time issue covered bonds (the "Covered Bonds") denominated in any currency agreed between the Issuer and the relevant Dealer(s). The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €10,000,000,000 (or its equivalent in other currencies calculated as described herein). The Covered Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and will rank pari passu without preference among themselves and (save for any applicable statutory provisions) at least equally with all other present and future unsecured and unsubordinated obligations of the Issuer from time to time outstanding. In the event of a compulsory winding-up of the Issuer, any funds realised and payable to the Bondholders will be collected by the Guarantor on their behalf. BPM Covered Bond S.r.l. (the "Guarantor") has guaranteed payments of interest and principal under the Covered Bonds pursuant to a guarantee (the "Guarantee") which is backed by a pool of assets (the "Cover Pool") made up of a portfolio of residential and commercial mortgage loans assigned and to be assigned to the Guarantor by the Sellers (and/or, as the case may be, by any Additional Seller) and of other Eligible Assets and Substitution Assets. Recourse against the Guarantor under the Guarantee is limited to the Cover Pool. This document has been approved as a base prospectus issued in compliance with the Prospectus Directive 2003/71/EC and the amendments thereto, including the Directive 2010/73/EU (the "Prospectus Directive") by the Commission de Surveillance du Secteur Financier (the "CSSF"), which is the competent authority in the Grand Duchy of Luxembourg for the purposes of the Prospectus Directive (the "Prospectus"). By approving the Prospectus the CSSF assumes no responsibility as to the economic and financial soundness of any transactions under the Programme or the quality or solvency of the Issuer, in line with the provisions of article 7 (7) of the Luxembourg Law of 10 July 2005 on prospectuses for securities. Application has been made for Covered Bonds to be admitted during the period of 12 months from the date of this Prospectus to listing on the official list and trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market for the purposes of Directive 2014/65/EU (as amended, "MiFID II"). The Programme also permits Covered Bonds to be issued on the basis that (i) they will be admitted to listing, trading and/or quotation by such other or further competent authorities, stock exchanges and/or quotation systems as may be agreed with the Issuer or (ii) they will not be admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system. An investment in Covered Bonds issued under the Programme involves certain risks. See "Risk Factors" for a discussion of certain factors to be considered in connection with an investment in the Covered Bonds. From their relevant issue dates, the Covered Bonds will be issued in dematerialised form or in any other form as set out in the relevant Conditions and/or Final Terms. The Covered Bond issued in dematerialised form will be held on behalf of their ultimate owners by Monte Titoli S.p.A. ("Monte Titoli") for the account of the relevant Monte Titoli account holders. Monte Titoli will also act as depository for Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream"). The Covered Bonds issued in dematerialised form will at all times be evidenced by book-entries in accordance with the Financial Laws Consolidation Act and with the joint regulation of the Commissione Nazionale per le Società e la Borsa ("CONSOB") and the Bank of Italy dated 22 February 2008 and published in the Official Gazette No. 54 of 4 March 2008, as subsequently amended and supplemented. No physical document of title will be issued in respect of the 32857-3- 47-40480361 5210-v4.0 Covered Bonds issued in dematerialised form. This Prospectus does not relate to the Covered Bonds which may be issued under the Programme in any form other than dematerialised form pursuant to either separate documentation or the documents described in this Prospectus after having made the necessary amendments. The Covered Bonds of each Series will be subject to mandatory and/or optional redemption in whole or in part in certain circumstances (as set out in Condition 8 (Redemption and Purchase)). Unless previously redeemed in full in accordance with the Terms and Conditions, the Covered Bonds of each Series will be redeemed at their Final Redemption Amount on the relevant Maturity Date (or, as applicable, the Extended Maturity Date), subject as provided in the relevant Final Terms. As at the date of this Prospectus, payments of interest and other proceeds in respect of the Covered Bonds may be subject to withholding or deduction for or on account of Italian substitute tax, in accordance with Italian Legislative Decree No. 239 of 1 April 1996, as amended and supplemented from time to time, and any related regulations. Upon the occurrence of any withholding or deduction for or on account of tax from any payments under any Series of Covered Bonds, neither the Issuer nor any other person shall have any obligation to pay any additional amount(s) to any holder of Covered Bonds of any Series. For further details see the Section entitled "Taxation". Amounts payable under the Covered Bonds may be calculated by reference to EURIBOR, which is provided by the European Money Markets Institute and to LIBOR, which is provided by ICE Benchmark Administration, in each case as specified in the relevant Final Terms. As at the date of this Base Prospectus, the European Money Markets Institute and ICE Benchmark Administration do not appear on the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority ("ESMA") pursuant to article 36 of Regulation (EU) 2016/1011 (the "Benchmarks Regulation"). As far as the Issuer is aware, the transitional provisions in Article 51 of the Benchmarks Regulation apply, such that the administrators of LIBOR and EURIBOR are not currently required to obtain authorisation/registration (or, if located outside the European Union, recognition, endorsement or equivalence). The Covered Bonds issued under the Programme, if rated, are expected to be assigned the following credit rating: A2 by Moody's Investors Service Ltd. ("Moody's") (the "Rating Agency"). The credit rating applied for in relation to the Covered Bonds will be issued by the Rating Agency which is established in the European Union and has been registered under Regulation (EU) No 1060/2009 (the "CRA Regulation"), as resulting from the list of registered credited rating agencies (reference number 2015/1127) published on 10 July 2015 by the European Securities and Markets Authority (ESMA). A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Please refer to the ESMA webpage http://www.esma.europa.eu/page/List-registeredand- certified-CRAs in order to consult the updated list of registered credit rating agencies. JOINT ARRANGERS FOR THE PROGRAMME BARCLAYS UBS INVESTMENT BANK DEALERS BANCA AKROS BARCLAYS UBS INVESTMENT BANK The date of this Prospectus is 24 April 2018. 32857-3-5210-v4.0 - 2- 47-40480361 This Prospectus is a base prospectus for the purposes of Article 5.4 of the Prospectus Directive and for the purposes of giving information which, according to the particular nature of the Covered Bonds, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuer and of the Guarantor and of the rights attaching to the Covered Bonds. The Issuer and the Guarantor accept responsibility for the information contained in this Prospectus and the Final Terms for each Tranche of Covered Bonds issued under the Programme. To the best of the knowledge of the Issuer and Guarantor (having taken all reasonable care to ensure that such is the case), the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. This Prospectus is to be read and construed in conjunction with any supplements hereto, with all documents which are incorporated herein by reference (see "Documents Incorporated by Reference") and, in relation to any Series of Covered Bonds (as defined herein), with the relevant Final Terms (as defined herein). No person has been authorised to give any information or to make any representation other than those contained in this Prospectus in connection with the issue or sale of the Covered Bonds and, if given or made, such information or
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