UBI Banca Group

With regard to aspects concerning the downgrade of the Parent’s rating, as already reported in subsection
C.1, the covered bond programme was also affected by the downgrade which required the
introduction of further guarantees. These included for example the increase in the level of
“overcollateralisation” of the portfolio, making security deposits with margin accounts on swap
contracts in which the Parent or the originator banks are the counterparty and the replacement of
UBI Banca International with Bank of New York Mellon as the account bank for the operation. The
Management Report, which may be consulted, provides further information on these aspects.
Furthermore, even if the rating for a covered bond programme – due to the specific structure of the
transactions – is not immediately and directly related to the rating of the issuer, following further
action taken by Fitch and Moodys in the first few months of 2012, the rating for the covered bond
issues was downgraded to the current level of AA+ negative watch for Fitch and Aa2 for Moodys.
To complete the information, on 1 st February 2012 a further transfer of assets was performed to back
the covered bond programme, amounting to approximately €1.2 billion. The originator banks were
Banco di Brescia, Banca Popolare di Bergamo, UBI Banca Private and Banca Carime.
Subsequently, on 22 nd February 2012, three further issuances of covered bonds were performed at a
floating rate, for €250 million each, details of which are given below. These bonds have been
repurchased by the Parent in order to use them as eligible collateral in operations with the central
bank.
Name Issue date Maturity date Nominal amount Coupon
UBI BANCA Floating CB due 17/02/2014 22/02/2012 17/02/2014 250,000,000.00 2,084,270.83
UBI BANCA Floating CB due 18/02/2014 22/02/2012 18/02/2014 250,000,000.00 2,108,791.67
UBI BANCA Floating CB due 19/02/2014 22/02/2012 19/02/2014 250,000,000.00 2,182,354.17
(*) The coupons are quarterly floating rate and the amount indicated relates to the coupon payable in May 2012
The issues were assigned an AA+ rating by Fitch and an Aa2 rating by Moody’s.
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