FNM S p A : Fitch upgrades ’s rating to BBB; outlook remains stable

PRESS RELEASE

FNM: FITCH UPGRADES FNM'S RATING TO BBB; OUTLOOK REMAINS STABLE

Milan, 20 December 2021 - FNM informs that Fitch Ratings ("Fitch") has raised FNM S.p.A. ("FNM" or the "Company") Long-Term Issuer Default Rating to BBB from BBB-. The uplift reflects the improvement of the counterparty risk and follows the upgrade of Italy's rating to BBB from BBB- on December 3, 2021. The sovereign rating, along with Fitch's internal assessment of Regione Lombardia, cap FNM's rating as the Company is evaluated according to Fitch's government related entity criteria.

The stable outlook mirrors that of the sovereign and Fitch's internal assessment of Regione Lombardia.

FNM's Short Term rating is confirmed F3.

The upgrade of the Long-Term Issuer Default Rating of FNM, is automatically reflected on the ratings of the one billion euros EMTN Programme and Bond - as from the press release dated October 13, 2021 - for a total amount of 650 mln euros issued on 20 October 2021.

This press release is available on the Company's website at the address www.fnmgroup.it(Investor section), and on the authorised storage mechanism EMARKET STORAGE at www.emarketstorage.comand EURONEXT DOUBLIN atwww.direct.euronext.com.

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For further information:
Investor Relations contacts	Media Relations contacts
Valeria Minazzi	Simone Carriero
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Company website
www.fnmgroup.it