Prospectus UBI Banca Covered Bond Programme

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Prospectus Loans to customers as at 31 December 2008 Figures in thousands of Euro Gross exposure % Total net impairment losses Net exposure % of which: Unguaranteed loans to countries at risk.................... 6,040 0.01 (294) 5,746 0.01 TOTAL ........................................................................ 98,094,459 100.00 (1,726,007) 96,368,452 100.00 The following table shows a breakdown of the Group's loans as at 31 December 2007. Loans to customers as at 31 December 2007 Figures in thousands of Euro Gross exposure % Total net impairment losses Net exposure % Deteriorated loans....................................................................... 2,672,596 2.83 (1,000,869) 1.671,727 1.80 Non-performing loans................................................................... 1,519,694 1.61 (820,541) 699,153 0.75 Impaired loans .............................................................................. 905,690 0.96 (150,900) 754,790 0.81 Restructured loans......................................................................... 97,597 0.10 (16,023) 81,574 0.09 Past due loans ............................................................................... 149,615 0.16 (13,405) 136,210 0.15 Performing loans......................................................................... 91,626,172 97.17 (325,421) 91,300,751 98.20 of which: Unguaranteed loans to countries at risk................... 10,086 0.01 (269) 9,817 0.01 TOTAL ....................................................................... 94,298,768 100.00 (1,326,290) 92,972,478 100.00 Funding (consolidated) The following table presents the sources of the Groups' funding from customers as at 31 December 2008. Direct funding from customers Figures in thousands of Euro 31.12.2008 % Due to customers ............................................................................................................................................ 54,150,681 55.5 Securities in issue............................................................................................................................................ 43,440,556 44.5 of which: EMTN .................................................................................................................. 12,339,600 12.6 Total Direct Funding........................................................................................................... 97,591,237 100.0 Financial assets/liabilities of the Group The book value of securities portfolios of the UBI Banca Group amounted to approx Euro 8 billion. The securities portfolios have been classified into IFRS categories as follows: Figures in thousands of Euro 31.12.2008 Financial assets held for trading.................................................................................................................................. 2,326,654 Financial assets at fair value ....................................................................................................................................... 460,157 Available-for-sale financial assets .............................................................................................................................. 4,351,838 Held-to-maturity financial assets ................................................................................................................................ 1,630,844 TOTAL ...................................................................................................................................... 8,769,493 Financial liabilities held for trading ............................................................................................................................ 799,254 Total net of financial liabilities........................................................................................................ 7,970,239 Net interbank position of the Group As at 31 December 2008 the Group had a net interbank position negative by Euro 927.2 million. - 116 -
Prospectus Introduction THE GUARANTOR The Guarantor, UBI Finance S.r.l., is a limited liability company (società a responsabilità limitata) incorporated on 18 March 2008 under the laws of the Republic of Italy pursuant to the Securitisation and Covered Bonds Law, having its registered office at Foro Buonaparte 70, 20121 Milan, Italy, fiscal code and enrolment with the companies register of Milan No. 06132280964, enrolled under No. 40685 in the general register of financial intermediaries held by the Bank of Italy pursuant to article 106 of the Consolidated Banking Act, part of the Unione di Banche Italiane Group enrolled under No. 3111.2 with the register held by the Bank of Italy in accordance with article 64 of the Consolidated Banking Act. The Guarantor has no employees and no subsidiaries. The Guarantor commenced operations following its entry into the Transaction Documents to which it is a party. Principal Activities The duration of the company is up to 31 December 2050 and may be extended. The sole purpose of the Guarantor under the objects clause in its by-laws is the ownership of the Covered Pool and the granting to, inter alios, the Covered Bondholders of the Covered Bond Guarantee. Quota Capital The outstanding capital of the Guarantor is Euro10.000, fully paid-up and divided into quotas as described below. The quotaholders of the Guarantor are as follows: Quotaholder Unione di Banche Italiane S.c.p.a. ........................................................................ Stichting Mara ...................................................................................................... Quota 6,000 (60% of the capital) 4,000 (40% of capital) The Guarantor has not declared or paid any dividends or, save as otherwise described in this Prospectus, incurred any indebtedness. Quotaholders' Agreement Under the Quotaholders' Agreement, each Quotaholder has agreed and undertaken to and with each other and the Representative of the Covered Bondholders, for the period necessary in order to exercise the call option and the put option granted thereunder, to keep its quota free and clear of any liens, claims, burdens, encumbrances, security interests or any other rights of any third parties whatsoever and not to sell, charge, pledge or otherwise dispose in any manner whatsoever of its quota. The Quotaholders' Agreement contains put and call options granted pursuant to article 1331 of the Italian Civil Code in respect of the entire quota of Mara Stichting in the Guarantor's quota capital. In detail, Stichting Mara has granted UBI Banca an option to purchase the whole of Stichting Mara's quota and UBI Banca has granted Stichting Mara an option to sell such quota, in each case at a price equal to the nominal value of the quota. In both cases, the option is exercisable exclusively from the later of the Expiry Date and the date falling five years after the Issue Date of the first Tranche of Covered Bonds issued under the Programme. Any purchase by UBI Banca may be effected either directly or through another company of the UBI Banca Group selected by UBI Banca. Management Board of Directors The following table sets out certain information regarding the current members of the Board of Directors. Name Position Principal activities performed outside the Guarantor Renzo Parisotto Chairman — Andrea Di Cola Independent Director Chartered accountant Giuseppe Sciarrotta Director — The business address of the Board of Directors is the Guarantor's registered office at Foro Buonaparte 70, 20121 Milan, Italy. - 117 -
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Prospectus UNIONE DI BANCHE ITALIAN
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Prospectus Figures included in this
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Prospectus INFORMATION INCORPORATED
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Prospectus SUPPLEMENTS, FINAL TERMS
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Prospectus Structure Overview • P
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Prospectus on any Interest Payment
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Prospectus the Conditions and the D
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Prospectus deferral will occur auto
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Prospectus AAA Aaa AAA Governing La
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Prospectus Guarantee in respect of
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Prospectus Securitisation and Cover
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Prospectus securities. Generally, t
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Prospectus Catastrophic events, ter
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Prospectus Reliance on Swap Provide
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Prospectus There is no guarantee th
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Prospectus • the right to request
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Prospectus (e) Monte Titoli Mandate
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Prospectus (ii) (iii) (iv) (v) an a
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Prospectus "Optional Redemption Dat
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Prospectus "Relevant Dealer(s) " me
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Prospectus 4. Status and Guarantee
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Prospectus (d) ISDA Determination I
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Prospectus (b) Extension of maturit
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Prospectus Bondholder. Once deposit
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Prospectus withheld or assessed by
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Prospectus (v) Invalidity of the Co
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Prospectus all respects except for
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Prospectus 1. GENERAL RULES OF THE
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Prospectus "Voter" means, in relati
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Page 125 and 126: Prospectus Name Franco Bossoni( * )
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Prospectus notice substantially in
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Prospectus price reasonably availab
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Prospectus Rating Downgrade Event U
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Prospectus in the name and on behal
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Prospectus CREDIT STRUCTURE The Cov
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Prospectus "Z" stands for the weigh
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Prospectus Pre-Issuer Event of Defa
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Prospectus (f) (g) (h) (i) Sixth, t
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Prospectus • the payment of which
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Prospectus DESCRIPTION OF CERTAIN R
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Prospectus The issuing bank The Ban
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Prospectus and the Covered Bond Gua
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Prospectus Finally the Prepayment P
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Prospectus authorised intermediary,
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Prospectus Where an Italian residen
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Prospectus terminate at the end of
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Prospectus Listing and Admission to
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Prospectus GLOSSARY "Accounts" mean
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Prospectus "Commercial Mortgage Loa
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Prospectus guarantee) by an entity
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Prospectus "Initial Portfolio" mean
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Prospectus "Luxembourg BdB Interest
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Prospectus "Transfer Date" means: (
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Prospectus PRINCIPAL PAYING AGENT T
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Prospectus UBI Banca Covered Bond Programme

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