Prospectus UBI Banca Covered Bond Programme

Prospectus
(d)
asset backed securities for which a risk weight not exceeding 20 per cent. is applicable in accordance
with the Bank of Italy's prudential regulations for Banks — standardised approach — provided that at
least 95 per cent. of the relevant securitised assets are:
(i)
(ii)
(iii)
residential mortgage loans that have an LTV that does not exceed 80 per cent. and for which
the hardening period with respect to the perfection of the relevant mortgage has elapsed;
commercial mortgage loans that have an LTV that does not exceed 60 per cent. and for which
the hardening period with respect to the perfection of the relevant mortgage has elapsed;
receivables or securities satisfying the requirements indicated under item (c) above;
provided that the assets described under item (d)(ii) above may not amount to more than 10 per cent. of the
aggregate nominal value of the Cover Pool.
Eligibility Criteria for Residential Mortgage Loans
Under the Master Loans Purchase Agreements, the relevant Sellers and the Guarantor have agreed the following
Common Criteria and Specific Criteria (see "Summary of the Transaction Documents — Master Loans Purchase
Agreements" above) that will be applied in selecting the Residential Mortgage Loans that will be transferred
thereunder to the Guarantor.
Common Criteria
Receivables arising from loans:
• which are residential mortgage receivables, in respect of which the relevant principal amount
outstanding added to the principal amount outstanding of any higher ranking mortgage loans secured by
the same property, does not exceed 80 per cent of the value of the property, in accordance with Decree
310;
• in respect of which the hardening period (periodo di consolidamento) applicable to the relevant
mortgage has elapsed and the relevant mortgage is not capable of being challenged pursuant to Article
67 of the Bankruptcy Law and, if applicable, of article 39, fourth paragraph of the Consolidated Banking
Act;
• loans granted by the relevant Seller;
• which are governed by Italian law;
• which are performing and in respect of which no instalments are due but not paid since more than one
day from the relevant payment date;
• which do not include any clauses limiting the possibility for the relevant Seller to assign the receivables
arising thereunder or providing the Debtor's consent for such assignment and the relevant Seller has
obtained such consent;
• in respect of which at least one instalment has been paid by the Debtor prior to 1 July 2008;
• which provide for the payment by the Debtor of monthly, quarterly or semi-annual instalments;
• which provide for all payments due by the Debtor thereunder to be made in Euro;
• which are fully disbursed;
• which have not been granted to employees of any company of the UBI Banca Group;
• which have been granted to one or more individuals (persone fisiche o cointestatari);
• which did not provide at the time of disbursement for any subsidy or other benefit in relation to principal
or interest (mutui agevolati);
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