Unione di Banche Italiane SPA Covered Bonds Programme 1: Rating Report

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  14-Dec-15	MTG OBG 1-IT0004533896	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 12-IT0004966195	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 14-IT0004992878	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 15-IT0005002677	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 17-IT0005067076	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 18-IT0005140030	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 19-IT0005155673	AA (low)	--	New Rating	UK U
  14-Dec-15	MTG OBG 2-IT0004558794	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 3-IT0004599491	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 4-IT0004619109	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 6-IT0004682305	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 7-IT0004692346	AA (low)	--	Confirmed	UK U
  14-Dec-15	MTG OBG 8-IT0004777444	AA (low)	--	Confirmed	UK U

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