The transaction is a static cash securitisation of an Italian non-performing loan (NPL) portfolio with a gross book value of around EUR 7,385m. The portfolio was originated by Banco BPM S.p.A. The portfolio is serviced by Special Gardant S.p.A. (formerly known as Credito Fondiario S.p.A.) as special servicer and Master Gardant S.p.A (formerly known as Credito Fondiario S.p.A) as master servicer. The transaction closed on 6 February 2019 and its final maturity is in July 2040.

Scope’s announcement addresses the credit impact of the amendments to certain transaction documents signed on 25 March 2025. The amendments include:

• Modified definitions for “Cumulative Collection Ratio”; “Net Expected Collections”; “Net Present Value Cumulative Profitability Ratio” and “Net Collections”.
   
• An extension of the ReoCo’s deadline for drawdown to 2029.
   
• A change in the ReoCo’s order of priority.

Scope’s analysis only covers the credit impact associated with the amendments described above. Scope has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said amendments.

This announcement note does not constitute a Credit Rating Action, nor does it indicate the likelihood that Scope will conduct a Credit Rating Action in the short term. Information about the latest Credit Rating Action connected with this announcement along with the associated rating history can be found on www.scoperatings.com.