Prospectus UBI Banca Covered Bond Programme

Prospectus
(In thousand Euro) 31.12.2008 31.12.2007
Fair value changes of hedged financial assets................................................................................... 44,548 384
Equity investments............................................................................................................................ 5,065 —
Property, Plant and equipment .......................................................................................................... 33,505 18,260
Intangible assets................................................................................................................................ 42,145 42,145
of which goodwill: ............................................................................................................................ 42,145 42,145
Tax assets.......................................................................................................................................... 70,625 73,411
(a) current ....................................................................................................................................... 42,765 36,861
(b) deferred...................................................................................................................................... 27,859 36,550
Non-current assets and disposal groups held for sale ........................................................................ — 209,286
Other assets....................................................................................................................................... 309,826 403,420
Total assets............................................................................................................. 28,067,499 25,569,921
Liabilities and Shareholders' Equity
Due to banks ..................................................................................................................................... 144,082 2,046,009
Due to customers .............................................................................................................................. 13,171,258 12,915,760
Securities issued................................................................................................................................ 11,882,910 7,751,746
Financial liabilities held for trading .................................................................................................. 83,650 92,722
Hedging derivatives .......................................................................................................................... 79,295 10,958
Tax liabilities:................................................................................................................................... 88,063 110,723
(a) current ....................................................................................................................................... 52,432 45,258
(b) deferred...................................................................................................................................... 35,631 65,465
Liabilities associated with disposal groups held for sale................................................................... — 146,606
Other liabilities ................................................................................................................................. 684,951 587,260
Staff severance provisions ................................................................................................................ 90,583 96,102
Provisions for liabilities and charges: ............................................................................................... 30,710 52,251
(a) other provisions ......................................................................................................................... 30,710 52,251
Valuation reserve .............................................................................................................................. (11,381) 39
Reserves............................................................................................................................................ 194,231 94,640
Share capital ..................................................................................................................................... 1,256,300 1,256,300
Profit for the year.............................................................................................................................. 372,848 408,804
Total liabilities and shareholders' equity...................................................................... 28,067,499 25,569,921
INCOME STATEMENT
Figures in thousands of Euro 31.12.2008 31.12.2007
Interest and similar income.............................................................................................................. 1,514,606 1,275,758
Interest expense and similar............................................................................................................. (700,359) (534,476)
Net interest income ................................................................................................. 814,247 741,282
Commission income ........................................................................................................................ 329,060 351,480
Commission expenses...................................................................................................................... (23,973) (21,894)
Net commission income............................................................................................ 305,087 329,586
Net profit (loss) from trading........................................................................................................... 1,926 1,140
Net profit (loss) from hedging.......................................................................................................... (6,191) 1,682
Profit (losses) from disposal or repurchase of:................................................................................. (3,086) 14,200
(a) loans ......................................................................................................................................... (4,251) 390
(b) available-for-sale financial assets............................................................................................. — 12,176
(c) financial liabilities .................................................................................................................... 1,166 1,633
Gross income .................................................................................................................................. 1,111,983 1,087,890
Net impairment losses on................................................................................................................. (56,288) (49,187)
(a) loans ......................................................................................................................................... (58,053) (47,369)
(b) other financial transactions ...................................................................................................... 1,764 (1,818)
Net financial operating income ..................................................................................................... 1,055,695 1,038,703
Administrative expenses .................................................................................................................. (543,595) (543,612)
(a) staff costs .................................................................................................................................. (288,082) (287,720)
(b) other administrative expenses ................................................................................................... (255,513) (255,892)
Net provisions for liabilities and charges ......................................................................................... 3,874 (8,512)
Net impairment losses on property, plant and equipment................................................................. (2,502) (980)
Net impairment losses on intangible assets ...................................................................................... — (528)
Other operating income (expense) ................................................................................................... 55,344 65,337
Operating costs ...................................................................................................... (486,879) (488,296)
Profits (losses) on disposal of investments....................................................................................... (42) (25)
Profit (loss) on continuing operations before tax........................................................... 568,774 550,381
Taxes on income for the year for continuing operations .................................................................. (196,012) (228,642)
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