UBI Banca Group

Subsequent events and the business outlook
for consolidated operations
Part A, Section 4 of the Notes to the Financial Statements may be consulted for significant
events occurring after the end of the year.
***
With regard to the business outlook for operations, we report the forecasts given below on the
basis of information currently available.
The background environment (economic recession, low short-term interest rates, constraints
resulting from EBA recommendations, competitive pressure on the cost of retail funding) will
affect profits in the financial year 2012. The year will nevertheless benefit from commercial
action already undertaken in 2011 and also from the positive results expected from the active
management of the financial structure of the Group.
Operating expenses are forecast to fall further compared to 2011, as a result of continuing
action to contain them, which should make it possible to offset increases resulting from
automatic contract clause increases, inflation, the full application of the increases in indirect
taxation and from operations announced to streamline the Group.
Action undertaken to monitor credit quality should enable impairment losses to be contained
at levels close to those recorded in 2011.
Consequently, growth in profits on ordinary operations, although only slight, is forecast for
2012, other economic factors remaining unchanged.
The fundamental strategic lines of the 2011-2013/2015 Business Plan remain unchanged and
no update is planned unless greater stability in the context is seen.
Bergamo, 27 th March 2012
THE MANAGEMENT BOARD
221