Securitisation of residential mortgage Receivables originated by the UBI Group
Euro 2.085.600.000 Class A Asset Backed Floating Rate Notes due October 2070
Euro 113.800.000 Class B1 Asset Backed Additional Return Notes due October 2070
Euro 62.700.000 Class B2 Asset Backed Additional Return Notes due October 2070
Euro 133.900.000 Class B3 Asset Backed Additional Return Notes due October 2070
Euro 95.400.000 Class B4 Asset Backed Additional Return Notes due October 2070
Euro 244.400.000 Class B5 Asset Backed Additional Return Notes due October 2070
Euro 51.000.000 Class B6 Asset Backed Additional Return Notes due October 2070
Euro 59.100.000 Class B7 Asset Backed Additional Return Notes due October 2070
CONTACTS UBI Securitisation Administrative Department: [email protected]
UBI Funding Department: [email protected]
DATES Collection Period 01/12/2016 - 28/02/2017
Interest Period 09/01/2017 - 07/04/2017
Payment Date 07/04/2017
This Investors Report is prepared by Calculation Agent in accordance with the criteria described in the Transaction
Documents. Certain information included in this report is provided by the Parties.
UBI SPV GROUP 2016 - INVESTOR REPORT
UBI Group SPV RMBS - Investors Report_28022017 - 1. Transaction overview
Principal Parties Issuer UBI SPV GROUP 2016 Srl
Originators (*) Unione di Banche Italiane
Banca Carime
Banca Popolare Commercio e Industria
Banca Popolare di Ancona
Banca Popolare di Bergamo
Banca Regionale Europea
Banco di Brescia
Master Servicer Unione di Banche Italiane
Arranger Société Générale
Representative of the Noteholders Zenith Service SpA
Calculation Agent Unione di Banche Italiane
Cash Manager Unione di Banche Italiane
Corporate Services Provider TMF Management Italy Srl
Account Bank Unione di Banche Italiane
Paying Agent The Bank of New York Mellon SA/NV, Italian Branch
Listing Agent The Bank of New York Mellon SA/NV, Dublin Branch
Back-Up Servicer Facilitator Zenith Service SpA
(*) Please be informed that on the 21st November 2016 Banca Regionale Europea S.p.A. ("BRE") and Banca Popolare Commercio e Industria S.p.A. ("BPCI") and afterwards on the
20th February 2017 Banco di Brescia S.p.A. ("BBS"), Banca Popolare di Bergamo S.p.A. ("BPB"), Banca Popolare di Ancona S.p.A. ("BPA") and Banca Carime S.p.A. ("CARIME")
were merged into Unione di Banche Italiane S.p.A. ("UBI BANCA"); consequently, in the tables reported below all data related to the merged Originators are included in the
UBI BANCA figures and the data related to each of these Originators are null.
TRANSACTION OVERVIEW
UBI Group SPV RMBS - Investors Report_28022017 - 1. Transaction overview
RETENTION ECONOMIC INTEREST
MAIN DEFINITIONS
Payment Date
Interest Period
Business Day
Cumulative Default Ratio
Defaulted Receivables
Delinquent Receivables
Cash Trapping condition
means the Receivables in relation to which certain amounts are due but not paid by the relevant Borrower (importi scaduti
e/o sconfinanti) for at least 90 (ninety) days after the relevant due date but which have not been classified as Defaulted
Receivables.
Each Originator confirms, as at the date of this report, it continues to maintain a material net economic interest of at least 5% in the Transaction in accordance with option
(1)article 405 of the CRR, the Bank of Italy Instructions, article 51 of the AIFMR and article 254 of the Solvency II Regulation, and that such interest comprises, in
accordance with option (1) (d) of Article 405, option (1) (d) of Article 51 and option 2(d) of Article 254, an interest in the Junior Notes which is not less than 5 per cent. of the
nominal value of the securitised exposures for which it is the relevant Originator.
means, with reference to any Calculation Date, the event which occurs when the Cumulative Default Ratio exceeds 9%.
means the 7th day of January, April, July and October, in each year (or, if such day is not a Business Day, the immediately succeeding
Business Day). The First Payment Date was 7 October 2016
The Notes will bear interest from (and including) a Payment Date to (but excluding) the next following Payment Date (each an “Interest
Period”) provided that the first Interest Period (the “Initial Interest Period”) shall begin on (and include) the Issue Date and end on (but
exclude) the First Payment Date.
means any day (other than a Saturday or Sunday) on which banks are generally open for business in Milan, London and Dublin and on
which the Trans-European Automated Real Time Gross Transfer System (TARGET2) (or any successor thereto) is open.
means, with reference to any Calculation Date the ratio between:
(i) the aggregate of the Outstanding Principal of the Receivables of the Aggregate Portfolio or the Portfolio assigned by each
Originator, as the case may be, classified as Defaulted Receivables during all the Collections Periods preceding such Calculation Date,
calculated as at the Collection Date immediately following the date on which such Receivables have been classified as Defaulted
Receivables ; and
(ii) the aggregate of (a) the Purchase Price of the Initial Portfolios or, as the case maybe, each Initial Portfolio and (b) the sum of all the
Purchase Price of any Subsequent Portfolio transferred to the Issuer by the Originators, or, as the case maybe, each Originator before 3
months preceding such Calculation Date,
provided that the Receivables repurchased by the Originator pursuant to Clause 14 (Opzione di Riacquisto Parziale) of the Master
Transfer Agreements (but only to the extent not yet classified as Defaulted Receivables) will be excluded from the computation of such
ratio.
means the Receivables which have been classified as “sofferenze” (“bad loans”) or “inadempienze probabili (“unlikely to
pay”) pursuant to the Bank of Italy Circular no. 272 of 30 July 2008 on the “Matrice dei Conti”, as subsequently amended
and supplemented and the Collection Policy.
UBI Group SPV RMBS - Investors Report_28022017 - 2. Notes Overview
The Notes
Issue Date 11/08/2016
Classes Class A Class B1 Class B2 Class B3 Class B4 Class B5 Class B6 Class B7
Principal Amount Outstanding on
Issue 2.085.600.000,00 113.800.000,00 62.700.000,00 133.900.000,00 95.400.000,00 244.400.000,00 51.000.000,00 59.100.000,00
Currency EUR EUR EUR EUR EUR EUR EUR EUR
Issue Date 11-Aug-16 11-Aug-16 11-Aug-16 11-Aug-16 11-Aug-16 11-Aug-16 11-Aug-16 11-Aug-16
Final Maturity Date Oct-70 Oct-70 Oct-70 Oct-70 Oct-70 Oct-70 Oct-70 Oct-70
ListingIrish Stock
ExchangeNot listed Not listed Not listed Not listed Not listed Not listed Not listed
ISIN code IT0005209967 IT0005209983 IT0005209975 IT0005209991 IT0005210007 IT0005210015 IT0005210130 IT0005210148
Common code 146211470 146324215 146324231 146324614 146324304 146325521 146325955 146326293
Denomination 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00
Type of amortisation Pass-through Pass-through Pass-through Pass-through Pass-through Pass-through Pass-through Pass-through
Indexation Euribor 3M NA NA NA NA NA NA NA
Relevant Margin 0,750% NA NA NA NA NA NA NA
Payment frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly
1st
Payment Date 07-Oct-16 07-Oct-16 07-Oct-16 07-Oct-16 07-Oct-16 07-Oct-16 07-Oct-16 07-Oct-16
Rating Moody's on Issue Date A1(sf) NR NR NR NR NR NR NR
Rating Moody's up to date A1(sf) NR NR NR NR NR NR NR
Rating DBRS on Issue Date A(low)(sf) NR NR NR NR NR NR NR
Rating DBRS up to date A(low)(sf) NR NR NR NR NR NR NR
THE NOTES - OVERVIEW
UBI Group SPV RMBS - Investors Report_28022017 - 2.1 Class A Notes
Accrued Interest
Principal Amount
Outstanding Unpaid InterestMargin
Euribor
3mDays Interest Principal Interest
Principal Amount
Outstanding Unpaid Interest
9-Jan-17 7-Apr-17 7-Apr-17 2.085.600.000,00 - 0,750% -0,320% 88 2.192.174,16 - 2.192.174,16 2.085.600.000,00 -
7-Oct-16 9-Jan-17 9-Jan-17 2.085.600.000,00 - 0,750% -0,302% 94 2.439.734,88 - 2.439.734,88 2.085.600.000,00 -
11-Aug-16 7-Oct-16 7-Oct-16 2.085.600.000,00 - 0,750% -0,334% 57 1.373.784,72 - 1.373.784,72 2.085.600.000,00 -
Interest Period Payment Date
Before payments Payments After payments
CLASS A NOTES
UBI Group SPV RMBS - Investors Report_28022017 - 2.2 Class B notes
B1 B2 B3 B4 B5 B6 B7
Principal Amount Outstanding Principal Amount Outstanding Principal Amount Outstanding Principal Amount Outstanding Principal Amount Outstanding Principal Amount Outstanding Principal Amount Outstanding
Before payments Payments After payments Before payments Payments After payments Before payments Payments After payments Before payments Payments After payments Before payments Payments After payments Before payments Payments After payments Before payments Payments After payments
9-Jan-17 7-Apr-17 7-Apr-17 113.800.000,00 - 113.800.000,00 62.700.000,00 - 62.700.000,00 133.900.000,00 - 133.900.000,00 95.400.000,00 - 95.400.000,00 244.400.000,00 - 244.400.000,00 51.000.000,00 - 51.000.000,00 59.100.000,00 - 59.100.000,00 -
7-Oct-16 9-Jan-17 9-Jan-17 113.800.000,00 - 113.800.000,00 62.700.000,00 - 62.700.000,00 133.900.000,00 - 133.900.000,00 95.400.000,00 - 95.400.000,00 244.400.000,00 - 244.400.000,00 51.000.000,00 - 51.000.000,00 59.100.000,00 - 59.100.000,00
11-Aug-16 7-Oct-16 7-Oct-16 113.800.000,00 - 113.800.000,00 62.700.000,00 - 62.700.000,00 133.900.000,00 - 133.900.000,00 95.400.000,00 - 95.400.000,00 244.400.000,00 - 244.400.000,00 51.000.000,00 - 51.000.000,00 59.100.000,00 - 59.100.000,00
Interest Period Payment Date
CLASS B NOTES
UBI Group SPV RMBS - Investors Report_28022017 - 3. Collections and Recoveries
Principal Interest Principal Interest
1-Dec-16 28-Feb-17 28.755.550,62 12.631.665,34 25.285.833,93 63.924,99 18.867,06 - 119.965,07 - 66.875.807,01 -
1-Sep-16 30-Nov-16 28.623.050,15 13.347.049,96 34.123.640,51 100.538,29 20.370,02 - 346.249,42 - 76.560.898,35
13-Jun-16 31-Aug-16 27.075.439,80 13.008.811,12 22.059.289,73 74.654,25 20.090,69 - 190.642,49 - 62.428.928,08
AdjustmentsCollections and
RecoveriesCollection Period
Scheduled UnscheduledOther
Payments due by
the Originators to
the SPV
Recoveries
COLLECTIONS AND RECOVERIES
UBI Group SPV RMBS - Investors Report_28022017 - 4.1 IAF - int
Issuer Interest Available Funds
Payment
Date
Interest
Collections
Amount credited into the
Cash Reserve Account
All amounts of interest
accrued and availableRecoveries
Any other
amount
Residual amount to the
Payment Account
Issuer Interest
Available Funds
ISSUER AVAILABLE
FUNDS
7-Apr-17 12.714.457,39 83.424.000,00 (288.682,54) 119.965,07 487.567,19 - 96.457.307,11 330.541.770,49 - -
9-Jan-17 13.467.958,29 83.424.000,00 (854,08) 346.249,42 - - 97.237.353,63 227.177.608,97
7-Oct-16 13.103.556,06 83.424.000,00 - 190.642,49 - - 96.718.198,55 152.927.437,11
IAF - Interest
UBI Group SPV RMBS - Investors Report_28022017 - 4.2 IAF - princ
Issuer Principal Available Funds
Payment
Date Principal Collections
Principal
Allocation
Amount
Principal Deficiency
Amount
Amount credited
into the Cash
Reserve Account
Relevant Collateral
Integration Amount
Principal proceeds arising
from the disposal of the
Receivables
Any amount credited (and not
used) in the Payment Account
and in the Principal Collection
Accounts
Issuer Principal
Available Funds
7-Apr-17 54.041.384,55 - 6.029.554,95 - 129.940.255,34 44.073.268,54 - 234.084.463,38 -
9-Jan-17 62.746.690,64 - 10.984.326,14 - 56.209.238,55 - 0,01 129.940.255,34
7-Oct-16 49.134.729,53 - 7.068.815,43 - - - 5.693,60 56.209.238,56
IAF - Principal
UBI Group SPV RMBS - Investors Report_28022017 - 5.1 Pre-Enf PoP Int
Interest Priority of Payments
During Amortisation Period
Payment
DateExpenses
Any amount to the
Representative of the
Noteholders
Any amounts due to the
Parties below *
Interest due and payable
on the Senior Notes
Required Cash Reserve
Amount
Principal Deficiency
Amount
Principal Allocation
Amount
Any amounts due and
payable to the
Originators
Pre-Enforcement Junior
Notes Additional Return
Any residual amounts due in
accordance to the Relevant
Proportion
7-Apr-17 49.694,72 947,60 328.056,41 2.192.174,16 83.424.000,00 6.029.554,95 - - 4.432.879,27 -
9-Jan-17 33.954,59 968,64 354.369,38 2.439.734,88 83.424.000,00 10.984.326,14 - - - -
7-Oct-16 3.325,55 1.526,67 267.691,19 1.373.784,72 83.424.000,00 7.068.815,43 - - 4.579.054,99 -
* Account Bank, Back-Up Servicer Facilitator, Calculation Agent, Paying Agent, Cash Manager, Corporate Servicer, Listing Agent, Master Servicer, Sub-Servicers
Pre-Enforcement Priority of Payments - Interest
UBI Group SPV RMBS - Investors Report_28022017 - 5.2 Pre-Enf PoP Princ
Principal Priority of Payments - Revolving Period
Payment
Date
Any amount payable under
items First to Fourth of the Int
PoP
Purchase Price for any Subsequent PortfolioPrincipal due in respect of the
Senior Notes
Relevant Collateral Integration
Amount
Any price adjustment to the relevant
Purchase Price
Residual amount to the
Payment Account
7-Apr-17 - - - 234.084.463,38 - -
9-Jan-17 - - - 129.940.255,34 - -
7-Oct-16 - - - 56.209.238,56 - -
Principal Priority of Payments - Amortising Period
Payment
Date
Any amount payable under
items First to Fourth of the Int
PoP
Principal due in respect of the Senior Notes Any price adjustment to the
relevant Purchase Price
Any Purchase Price due but not
already paid
If Senior Notes fully reimbursed, Junior
Notes Principal Amount
Residual amount to the
Payment Account
Pre-Enforcement Priority of Payments - Principal
UBI Group SPV RMBS - Investors Report_28022017 - 6.1 RCR Amount
During Revolving
Period
During Amortising
Period
Required Cash
Reserve Amount of
the relevant PD
Payment
Date
Initial Cash
Reserve Amount
a) Aggregate Portfolio
Breach of Ratio
a) Cash Trapping
condition
b) Cash Reserve Amount lower than
Required Cash Reserve Amount *
Required Cash Reserve
Amount of the previous PDIf a) or b) occurs Else
7-Apr-17 83.424.000,00 - -
9-Jan-17 83.424.000,00 - -
7-Oct-16 83.424.000,00 - -
* As of the immediately preceding Payment Date
REQUIRED CASH RESERVE AMOUNT
UBI Group SPV RMBS - Investors Report_28022017 - 6.2 Released CR Amount
Payment
Date
a) Cash Reserve
Amount1 b) the aggregate of:
(i) the Required
Cash Reserve
Amount 2
(ii) any amount of the Cash Reserve to be
drawn 3Released Cash Reserve
Amount
7-Apr-17 - -
9-Jan-17 - -
7-Oct-16
1 as at the immediately preceding Payment Date
2 with reference to such Payment Date
3 towards payment of items (First) to (Fourth) of the Pre-Enforcement Interest Priority of Payments during the Amortisation Period
RELEASED CASH RESERVE AMOUNT
PURCHASE TERMINATION EVENT OCCURRED N
1. Breach of ratios ACTUAL LIMIT TRIGGERED
Cumulative Default Ratio 0,55% 2% N
Deliquency Ratio 0,03% 6% N
Uncured Principal Deficiency Amount ACTUAL LIMIT TRIGGERED
Last payment date 2.926.762,61 N
Current payment date -
Outstanding Principal 2.747.838.461,82 2%
2. Cash Reserve ACTUAL TARGET TRIGGERED
83.424.000,00 83.424.000,00 N
3. Occurrence of an Insolvency Event upon one or more Seller FINE TRIGGERED
X N
4. Breach of Representations and Warranties given by UBI FINE TRIGGERED
(not remedied within 10 BD) X N
5. Revocation of the appointment of the Servicer FINE TRIGGERED
X N
6. Minimum rating for UBI of B2 by Moody's or B by DBRS FINE TRIGGERED
X N
PURCHASE TERMINATION NOTICE DELIVERED N
ENFORCEMENT NOTICE DELIVERED N
Payment Date (included) falling 36 months after the Issue Date ELASPED N
REVOLVING PERIOD TERMINATION DATE OCCURED N
PURCHASE TERMINATION EVENTS
Defaults
Collection Period New Defaults Cumulative Defaulted Amount Ratio
From To # Outstanding Principal # Outstanding Principal CGD%
1-Dec-16 28-Feb-17 3 321.540,18 95 15.126.333,09 0,55%
1-Sep-16 30-Nov-16 71 12.091.734,07 92 14.804.792,91 0,54%
13-Jun-16 31-Aug-16 21 2.713.058,84 21 2.713.058,84 0,10%
- - - - -
Recoveries
Collection Period Ratio
From To
CND%
1-Dec-16 28-Feb-17 13.902.534,68 14.393.635,35 732.697,74 0,03%
1-Sep-16 30-Nov-16 310.211,67 491.100,67 14.313.692,24 0,52%
13-Jun-16 31-Aug-16 180.889,00 180.889,00 2.532.169,84 0,09%
- - - -
(*) Please note that for the Collection Period 1/12/2016-28/02/2017 this amount includes the Repurchase Price of the Defaulted Receivables
repurchased with effective date 26/2/2017.
Other Triggers
Cash Trapping Condition N Y/N
Cumulative Default Ratio 0,55%
exceeds 9,00%
BUS Rating Event N Y/N
Recoveries of the PeriodCumulative
Recoveries (*)
Cumulative Net Defaulted
Amount
PORTFOLIO PERFORMANCE & TRIGGERS
UBI Group SPV RMBS - Investors Report_28022017 - 9. Portfolio Description
Please note that on the 21st November 2016 Banca Regionale Europea S.p.A. ("BRE") and Banca Popolare Commercio e Industria S.p.A. ("BPCI") and afterwards on the
20th February 2017 Banco di Brescia S.p.A. ("BBS"), Banca Popolare di Bergamo S.p.A. ("BPB"), Banca Popolare di Ancona S.p.A. ("BPA") and Banca Carime S.p.A. ("CARIME")
were merged into Unione di Banche Italiane S.p.A. ("UBI BANCA"); consequently, in the tables reported below all data related to the merged Originators are included in the
UBI BANCA figures and the data related to each of these Originators are null.
Overview
Aggregate current Principal Outstanding Balance 2.537.036.533,95
Number of Debtors 21.161,00
Total number of Loans 21.613,00
WA seasoning (in years) 6,68
WA time to maturity (in years) 20,93
WA interest rate (%) 1,94
Maximum spread on the Loans 6,00
Minimum spread on the Loans (1,00)
Geographical Distribution Borrower Number of loans % Outstanding Principal %
Abruzzo 210 0,97% 20.935.673,52 0,83%
Basilicata 148 0,68% 9.624.644,57 0,38%
Calabria 708 3,28% 60.695.146,32 2,39%
Campania 774 3,58% 94.255.631,42 3,72%
Emilia Romagna 857 3,97% 107.196.217,86 4,23%
Friuli Venezia Giulia 124 0,57% 12.934.664,63 0,51%
Lazio 1.397 6,46% 200.749.694,10 7,91%
Liguria 591 2,73% 77.886.297,68 3,07%
Lombardia 12.126 56,11% 1.410.522.628,43 55,60%
Marche 694 3,21% 85.387.863,56 3,37%
Molise 57 0,26% 4.652.168,93 0,18%
Piemonte 1.623 7,51% 183.628.243,30 7,24%
Puglia 872 4,03% 88.651.864,90 3,49%
Sardegna 329 1,52% 41.122.796,27 1,62%
Sicilia 233 1,08% 28.219.821,75 1,11%
Toscana 138 0,64% 20.810.659,14 0,82%
Trentino Alto Adige 12 0,06% 1.750.904,25 0,07%
Umbria 190 0,88% 21.277.759,68 0,84%
Val d'Aosta 12 0,06% 3.886.561,19 0,15%
Veneto 518 2,40% 62.847.292,45 2,48%
Total 21.613 100,00% 2.537.036.533,95 100,00%
PORTFOLIO DESCRIPTION
UBI Group SPV RMBS - Investors Report_28022017 - 9. Portfolio Description
PORTFOLIO DESCRIPTION
- -
Current LTV (CLTV) buckets Number of loans % Current balance %
0%-60% 4.518 20,90% 375.900.924 14,82%
60%-80% 4.618 21,37% 547.159.687 21,57%
80%-100% 8.749 40,48% 1.118.931.133 44,10%
100%-110% 1.452 6,72% 189.726.954 7,48%
110%-120% 882 4,08% 117.214.713 4,62%
>120% 1.394 6,45% 188.103.124 7,41%
Total 21.613 100,00% 2.537.036.533,95 100,00%
- -
Arrears Number of loans % Current balance %
Current 20.194 93,43% 2.361.855.102 93,10%
Current+ <= 1m 1.256 5,81% 153.619.395 6,06%
1<=2m 115 0,53% 14.912.053 0,59%
2<=3m 43 0,20% 5.999.989 0,24%
3<=6m 4 0,02% 530.013 0,02%
6<=9m 1 0,00% 119.982 0,00%
>=9m 0 0,00% 0 0,00%
Total 21.613 100,00% 2.537.036.533,95 100,00%
- -
Seasoning (in years) Number of loans % Current balance %
0 - 1 29 0,13% 3.547.635 0,14%
1 - 2 2.685 12,42% 318.973.790 12,57%
2 - 3 1.532 7,09% 194.893.274 7,68%
3 - 4 1.287 5,95% 161.872.639 6,38%
4 - 5 941 4,35% 119.544.602 4,71%
5 - 6 1.219 5,64% 162.478.466 6,40%
6 - 7 1.657 7,67% 225.225.059 8,88%
7 - 8 2.034 9,41% 258.164.605 10,18%
8 - 9 3.425 15,85% 413.648.738 16,30%
9 - 10 2.847 13,17% 332.301.951 13,10%
10 - 11 1.713 7,93% 187.354.222 7,38%
> 11 2.244 10,38% 159.031.554 6,27%
Total 21.613 100,00% 2.537.036.534 100,00%
- -
UBI Group SPV RMBS - Investors Report_28022017 - 9. Portfolio Description
PORTFOLIO DESCRIPTION
ORIGINATORS Number of loans % Current balance %
UBI BANCA SPA 21.613 100,00% 2.537.036.534 100,00%
BANCA CARIME 0 0,00% 0,00 0,00%
BANCO DI BRESCIA 0 0,00% 0,00 0,00%
BANCA POPOLARE COMMERCIO E INDUSTRIA 0 0,00% 0,00 0,00%
BANCA POPOLARE DI ANCONA 0 0,00% 0,00 0,00%
BANCA REGIONALE EUROPEA 0 0,00% 0,00 0,00%
BANCA POPOLARE DI BERGAMO 0 0,00% 0,00 0,00%
Total 21.613 100,00% 2.537.036.533,95 100,00%
- -
Current interest rate type Number of loans % Outstanding Principal %
Fixed 4.124 19,08% 434.536.200,47 17,13%
Floating 17.489 80,92% 2.102.500.333,48 82,87%
Total 21.613 100,00% 2.537.036.533,95 100,00%
UBI Group SPV RMBS - Investors Report_28022017 - 10. Disclaimer
With reference to the transaction specified above , this report is prepared by Unione di Banche Italiane S.p.A. acting as calculation agent (the “Calculation Agent” or “UBI”) in accordance with the criteria described in the relevant transaction documents (the “Transaction Documents”). Terms and expressions used in this report have the respective meanings given to them in the Transaction Documents. Certain information included in this report may be provided by other agents appointed under the Transaction Documents. The Calculation Agent shall be entitled to, and may, rely upon the information and reports received by such agents and will not be required to verify the accuracy or completeness of such notice, reports or information received by them. Calculations contained in this report are made in accordance with the criteria described in the Transaction Documents. This document is provided for information purposes only and does not constitute or form part of, nor may it be construed so as to constitute or form part of, an offer, or the solicitation of any offer, to buy, sell or subscribe for any securities mentioned herein, nor is it intended to provide an evaluation of the risk related to an investment in such securities or for use by any person in making investment decisions. The information provided in the report cannot substitute the obtaining of independent financial advice. If this document has been sent to you in electronic form, you are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither UBI nor its subsidiaries or affiliates, or any of their respective directors, managers, officers or employees, accepts any liability or responsibility whatsoever in respect of any difference between the documents distributed to you in electronic format and the copy made available on UBI’s website. Neither UBI nor its subsidiaries or affiliates, or any of their respective directors, managers, officers or employees shall have any responsibility or liability as to their fairness, accuracy, completeness or reliability or for any loss or damage howsoever arising from or otherwise in connection with the use of this document.
DISCLAIMER
Pag. 19