UBI Banca Group

The UBI Lease Finance 5 Srl securitisation was performed by means of a number of
interconnected contracts, with the following structure:
• on 13.11.08, a contract was signed for the transfer without recourse by UBI Leasing Spa to
UBI Lease Finance 5 S.r.l. (“LF5”) of the principal of implicit performing loans recognised in
the financial statement as at 31.10.2008 and the related lease contracts, against payment of
the nominal amount of the loans transferred by the SPE (LF5);
• the amount of the loans transferred was €4,024,051,893.21;
• collection of the repayments was managed by the “originator” as the “servicer” of the
transaction, on specific mandate of the transferee;
• on 28.11.09, UBI LF5 issued notes with differing redemption characteristics;
• subscription of class A-B “senior and junior” notes by the originator. Following the action
described above, the senior notes were downgraded by Moody's from “Aaa” to “Aa3” and by
Fitch from “Aaa” to “A-”.
The securitisation Albenza 3 Società per la Cartolarizzazione Srl was performed in 2001 on
performing loans resulting from mortgages granted to private individuals resident in Italy. The
transfer contract was structured as follows:
• the transfer without recourse of the loans to the special purpose entity Albenza 3 Società per
la Cartolarizzazione S.r.l., in which the UBI Banca Group holds no interest, amounting to
€389,532,000;
• funding of the operation by the issue of a single Albenza 3 Società per la Cartolarizzazione
S.r.l. note (unrated);
• the note was purchased by BPB International Finance Plc (liquidated in 2004), and
securitised again with the assistance of the Irish registered SPV Orio Finance nr. 3 plc.
The Orio Finance nr 3 plc securitisation was performed in 2002 on the securities present in
the BPB International Finance plc portfolio amounting to 390,000,000 euro and on the
Albenza 3 notes already mentioned, together with other MBS securities (Holmes Funding nr 1
plc; Holmes Funding nr 2 plc).
The transfer contract was structured as follows:
• transfer of securities to the special purpose vehicle Orio Finance nr 3 plc, in which the UBI
Banca Group holds no interest;
• funding of the operation by the issue of notes divided into three classes:
- class A notes (senior notes): floating rate notes equal to the Euribor three month +
0.260% for an amount of €427,200,000;
- class B notes (mezzanine notes): floating rate notes equal to the Euribor three month
+ 0.70% for an amount of €17,800,000;
- class C notes (junior securities): floating rate notes equal to the Euribor three month
+ 1.00%, for an amount of €21,600,000;
• the different classes were assigned a different degree of subordination in the definition of
payment priorities for both the interest and principal components. The class C notes were
recognised within the trading portfolio of UBI Banca Scpa and were eliminated in the
consolidation against the junior securities recognised within liabilities in the balance sheet of
Orio Finance nr 3 plc.
The 24-7 Finance Srl securitisation was performed in 2008 on:
• performing loans resulting from mortgages granted to private individuals resident in Italy,
secured by a prime grade mortgages on residential properties located in Italy all fully built;
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