UBI PRAMERICA Asset Management Company S.p.A.

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1 UBI PRAMERICA Asset Management Company S.p.A. Financial Statement 2011.

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3 Financial Statement as of December 31, 2011 UBI PRAMERICA Asset Management Company S.p.A. Registered Office in Bergamo P.zza Vittorio Veneto, 8 Administrative Office in Milan Via Monte di Pietà, 5 Company Capital Fully paid up Vat Number Fiscal Code and registration number in E.R. of Bergamo Recorded in the SGR Register cod. 106 UBI Banca Group Group Register n Subject to management and coordination actitvity of UBI Banca

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5 Table of contents Composition of Company Boards pag. 6 Board of Directors Report on operations of fiscal year 2011 pag. 7 Financial Statement Statement of Assets and Liabilities pag. 24 Income Statement pag. 26 Total Return Statement pag. 27 Statement Of Net Equity Variations pag. 28 Financial Statement pag. 30 Notes to Financial Statements Part A Accounting policies pag. 34 Part B Information on Statement of Assets and Liabilities pag. 60 Part C Information on Income Statement pag. 85 Part D Additional Information pag. 97 Enclosures in the Financial Statements pag. 113 Table amounts due to Auditing Company Report by the Auditing Company Shareholders Meeting Resolution Report by the Board of Auditors Bilancio

6 UBI Pramerica UBI Pramerica: Composition of company bodies Board of Directors Dott. Giorgio Frigeri Dott.ssa Suzanne Rohe Dott. Diego Paolo Cavrioli Dott. Glenwyn P. Baptist Prof.ssa Marina Brogi Avv. Aldo Maugeri Prof. Sergio Paci Dott. Marco Pedussia Dott. Christopher David Sciglitano Chairman Director Director Director Director Director Director Director Director Board of Auditors Dott. Giuseppe Deiure Dott. Fulvio Albini Dott. Giovanni Napodano Dott. Roberto Perego Dott.ssa Patrizia Ferrari Chairman Acting Auditor Acting Auditor Deputy Auditor Deputy Auditor General Board Dott. Andrea Pennacchia Dott. Emilio Franco Dott.ssa Suzanne Rohe General Manager Vice General Manager Vice General Manager Auditing Company KPMG S.p.A 6 Financial Statement 2011

7 REPORT ON OPERATIONS Financial Statement

8 UBI Pramerica Report of the Board of Directors on the management of fiscal year 2011 Macroeconomic scenario During the first quarter of 2011, the recovery of the world economy continued to advance, becoming less dependent on stimulus spending. At the same time, growth remained characterized by a marked dispersion of rates in developed countries and in emerging countries. The recovery rate in developed countries continued to be curbed by the consequences of the financial crisis, especially by the necessity to rebalance financial statements in the private and public sectors, as well as by the persisting weakness of the job and real estate markets. Furthermore, the recovery of the economy in Japan, which began in the first quarter of the year, stopped suddenly, due to the damage to the infrastructure caused by the earthquake which struck the country on March 11 th. Instead, emerging countries recorded considerable expansion rates, which involved full utilization of their productive capacity. In the first half, the consolidation of world growth was followed by higher inflationary pressures, due to the significant increase in the prices of commodities and energy materials at an international level. Boosts on prices were particularly marked in emerging economies, with a higher impact of raw materials on consumer baskets and growth rates, which were close to their potential. Starting in the second quarter, we witnessed an economic slowdown on an international scale, which mostly reflected the impact of external shocks: increases in raw materials, which worsened due to the political fighting in North Africa, and interruptions in production chains caused by the tsunami which struck Japan. The European economy showed considerable slackening, after an exceptionally strong growth in the first quarter; while in Japan production continued to drop, but at a more contained rate, thanks to a reduction of bottlenecks along production chains. The recovery continued in the US, although at modest rates. Finally, growth in emerging countries remained strong, despite a gradual restraint, still being exposed to risks of overheating. In the second half, the macroeconomic scenario became more complex due to a relapse of the crisis of sovereign debt in the Euro area, spreading concerns on sustainability of national debt in some of the bigger countries, including Italy. Uncertainties increased and were followed by doubts on the process of consolidation of public finance in the US, due to the difficulties which emerged in the negotiations between Democrats and Republicans for the achievement of an agreement concerning the increase of the debt ceiling. The consequent impact caused by the deterioration of confidence climate by companies and consumers at an international level contributed to compound the loss of momentum of the world economy, partly offsetting the positive impulses after the interruptions of supply caused by the earthquake in Japan and by the containment of prices of raw materials. Growth showed a slowdown at a global level, except for the US, where recovery picked up. Instead, in the Euro area the activity reached stagnation levels, with some of the PIIGS countries entering into recession. The slowdown of the activity was especially caused by the austerity measures introduced with the purpose of coping with tensions on sovereign debts, as well as the reduction of credit by the banks and the loss of confidence by companies and families. Conversely, the Japanese economy posted a significant recovery in the third quarter, boosted by the building activity after the earthquake; however, the data regarding the fourth quarter suggest a new slowdown of recovery. Finally, growth in emerging countries became moderate, due to the negative effect of restriction of monetary conditions introduced in previous months and the slowdown of the cycle at a global level. In the second half, the weak international demand and the contained prices of raw materials allowed for a gradual loosening of inflationary pressures. 8 Financial Statement 2011

9 The lower tensions on prices in emerging countries were also fostered by the restrictive measures which were previously implemented by the monetary policy. In the course of 2011, the Central Banks of advanced countries maintained, in general, exceptionally expansive monetary policies. The Federal Reserve confirmed the intervalobjective for interest rates on federal funds between % and announced its intention to keep reference rates at minimum levels until at least the end of the first half of Furthermore, the institution dropped the hint that there would be the possibility of a third phase of quantitative easing (QE3), should the economy get considerably worse. The Bank of Japan still left unchanged the monetary policy s reference rate between 0.0%-0.1% and set-up a fund directed to support bank loans to companies based in the area struck by the earthquake. Furthermore, the Bank of Japan extended the program for direct purchase of shares on the market. Also the Bank of England maintained the monetary policy s reference rate unchanged at 0.5% and improved the program for purchase of financial assets. Unlike the other Central Banks of advanced countries, considering the increase in prices of raw materials as an inflationary factor, in April and July the European Central Bank increased the minimum rate on the main refinancing operations, each time by 25 basis points, bringing it to 1.5%. At the same time, the institution continued to implement a series of exceptional measures directed to ensure liquidity to financial institutions. In addition, due to the considerable slowdown of growth and the reduction of the inflationary trend, in the fourth quarter of the year the ECB brought the reference rate back to 1%, through two cuts equal of 25 basis points. Furthermore, the ECB improved the supports to the bank liquidity, introducing refinancing operations with longer term (LTRO), loosening of criteria for acceptance of collaterals and halving of the compulsory reserve s requirement. At different timeframes compared to the monetary policies of advanced countries, in the first half, the Central Banks of the main emerging countries, such as China, India, Brazil and Russia, carried out interventions directed to make the monetary conditions less relaxed, in order to contain risks of overheating. However, starting in the summer, the signs of slowdown of the international cycle led the Central Banks of the aforementioned countries, except for India, to implement monetary policies directed to support growth, fostering a gradual loosening of monetary policies. Market trend 1 Equity Markets In the course of 2011 the financial markets showed a significant volatility, being impacted by the different prospects on the evolution of the growth outline and the tensions on sovereign debt, which also got worse due to the uncertainty in the definition of final solutions to the crisis. The phases of highest risk aversion boosted demand for public securities issued by countries which are considered as the most stable, as well as demand for safe haven assets and currencies; this damaged assets deemed as less safe, such as shares, corporate bonds and securities issued by countries which were mostly impacted by the sovereign debt crisis. 1 All percentage variations of indices are expressed in local currency. Report on Operations 9

10 UBI Pramerica Equity Markets In the first half, the markets benefitted from a higher appetite for risk by investors, especially after the publication of economic results higher than expectations and due to the temporary easing of tensions in the different markets of sovereign debt. The devastating earthquake in Japan, with risks of a nuclear crisis which would involve incalculable consequences, as well as the considerable geopolitical tensions especially in North Africa and Middle East, made a contained and rather temporary impact on the confidence climate. The situations on the markets changed in a significant manner in May and in the following summer months, when the appetite for risk by investors decreased considerably in a framework characterized by a downward revision of expectations on world growth and by new tensions associated with the crisis of sovereign debt. The crisis showed a negative escalation following the reduction of credit worthiness of the US sovereign debt by a rating agency and failing the agreement between the European policy makers for the definition of a plan directed to support Greece and, in general, for a full solution of the crisis. During the fourth quarter of 2011 the tensions on sovereign debt of the Euro area got worse and expanded to many countries of the area, assuming major importance in the banking sector, which negatively affected the confidence climate on the markets, especially European markets. As far as concerns individual markets, the US, after the considerable drops recorded during the summer, showed some moderate recovery phases in the second half. Standard & Poors 500 (index composed of the 500 companies with the highest capitalization in the US market) closed the fiscal year with an increase compared to the minimum amounts of the reporting period, with a positive change of 0.13% versus the levels recorded as of the end of December In the second half, equity prices probably benefitted from the publication of some macroeconomic data, which softened fears of a recessionary scenario for the US, and from a trend of corporate profits higher than investors expectations. At a sectoral level, sales focused on Financial instruments, Commodities and Industrials, while the most significant purchases were made on sectors related to Utilities, Pharmaceuticals and non Cyclical Consumption. The performance of European markets was strictly associated with sovereign debt tensions in the markets and with the difficult definition of an approach, in agreement with the institutions of the area, in order to reach a structural and final solution to the crisis. In this climate of persisting uncertainty, the performance of European markets was definitely more negative compared to the US markets, and the Euro Stoxx index closed the reference period with a heavy downturn of 17.78%). The escalation of tensions related to sovereign debt impacted the banks in a significant manner, which were forced to also operate in a very difficult framework, and affected in a more negative manner the share prices of countries which were more involved in this crisis. Therefore said countries adopted strong recovery policies, which involved recessionary repercussions on the evolution of the cyclical framework. In this framework, the German DAX index showed an annual decline of 14.71%, while the FTSEMIB index posted a deeper bearish trend, with a loss of 25.04%. The Italian index was impacted by the relevant weight of the banking sector, by the negative prospects on growth and by the tensions in the political system, which reached their peak with the set-up of a technical committee directed to adopt the necessary measures for recovery of public accounts and relaunch of the economy. In the first half, the confidence climate in Japan was impacted by the earthquake and by the consequent nuclear crisis, even if the following measures concerning monetary and tax policy implemented by the government contributed to partly soften the uncertainties of investors concerning the capacity of recovery for the Japanese economy. In the second half, the market dropped again, in a framework marked by a higher crisis of sovereign debts, the weakness of Asian demand and the persistent strength of the Yen; as of the end of the year the Nikkei index showed a decline of 18.77% compared to the data recorded as of the end of Financial Statement 2011

11 The investors attention in emerging economies first focused on the impact of monetary tightening, as a reaction to the pickup of the inflationary trend in different countries. In this phase the markets showed a choppy performance, then, in the summer, the significant increase of risk aversion by investors caused a marked outflow of capitals from the equity markets of this area to safer assets. This situation of strong uncertainty impacted the MSCI Emerging Markets index expressed in US Dollars, which posted a negative change of 19.98%. Bond Markets In the first half, the consolidation of recovery in the main advanced economies and a partial loosening of tensions in different markets of sovereign debt contributed to increase appetite for risk by investors. The aforementioned factors, along with the growing expectations of inflation and a consequent acceleration of timeframes estimated for the monetary tightening in certain areas (ECB firstly), involved an increase of returns on public securities, especially in the US and in the countries of the Euro area with higher credit worthiness. The uptrend of rates in advanced countries with higher credit worthiness stopped in the spring, when less optimistic assessment on the evolution of the US economy and the relapse of tensions on PIIGS markets of the Euro area triggered reallocations to safer investments. In the course of the summer, the situation on European PIIGS markets, which was already complicated due to the downgrading of debt in the above mentioned countries by the rating agencies and to uncertainties in the set-up and extent of the European Financial Stability Facility (EFSF), got worse with the increase of investors concerns regarding a possible restructuring of Greek debt. The decisions adopted by the European Union Board meeting held on July 21 st concerning a new financial support program to Greece, as well as measures directed to prevent risk of financial contagion to other countries, did not ease tensions, which affected the trend of spreads compared to German government bonds. In this climate of growing risk aversion, the yield differentials in Italy began to increase, also being impacted by the uncertainties of the political system in defining a consistent strategy for rebalancing of public finance and relaunch of growth. During the fourth quarter of the year, tensions on sovereign debt of the Euro area increased and assumed major importance in the banking sector. Despite the decisions adopted in the course of the European Board meetings held on October 26 th and December 9 th, the crisis got worse at intervals, due to the deterioration of the economic framework, the several downgrades of sovereign debt and banks in certain countries, as well as the growing doubts of investors concerning the adequacy of measures implemented by the European authorities with the purpose of facing the situation. In this framework, despite the considerable purchases made by the ECB in the framework of the Securities Markets Program, compared to the German Bund the spreads reached new all-time peaks in different countries since the introduction of the Euro, such as Greece, Portugal, Italy, Spain and France. The preference, by investors, for safer assets involved a continuous reduction of yields of public securities in the US, in Germany and in the United Kingdom. As far as concerns recorded changes, the US market showed a significant reduction of yields which principally affected the long term end of the yield curve, as the two-year rate closed the fiscal year at 0.24%, versus 0.60% recorded as of the end of 2010, while the tenyear rate decreased from 3.29% to 1.87%. After a recovery phase in the first half of the year, German rates showed a bearish trend which affected the different terms of the yield curve in a constant manner; the 2-year term closed the reference period at 0.14%, versus 0.86% of the previous year, and the ten-year term went from 2.96% to1.82%. The reduction of rates on the English yield curve especially impacted the long term of the curve, as the two-year term recorded a decline from 1.09% to 0.32% and the ten-year term went from 3,39% to 1.97%. The significant increase of rates on the Italian market occurred in the second half of the year, when the tensions deriving from the crisis of the Euro area followed the points of Report on Operations 11

12 UBI Pramerica weakness of the internal political system. In this phase, the spread versus the German tenyear term exceeded the 570 basis points and the rates on the short term of the yield curve exceeded the rates of the long term of the curve, where the spread on the 2-10 year term posted negative results for the first time since The situation showed slight improvement during the month of December, when the two-year rate, after coming close to 8%, dropped to 5%. The upward movement of rates which involved the Italian yield curve was quite regular on all rates; the two-year yield went from 2.87% to 5.11% and the ten-year yield from 4.81% to 7.10%. In the first quarter, the increased appetite for risk by investors fostered a reduction of credit spreads in the main advanced economies. During this first phase, the performance of corporate bonds, both in the US and in Europe, was positively affected by the continuous process of stabilization/improvement of company fundamentals, as well as by the considerable demand by investors. From mid May the tensions on yields of government bonds issued by PIIGS countries also impacted the corporate bond market, starting from financials; at the end of the first half, the yield differentials on bonds issued by non financial companies were close to those recorded before the crisis, while the yield differentials related to financial companies were still at considerably higher levels. In the second half, the sudden drop of demand for risky financial assets damaged the corporate sector, involving a considerable increase of risk premiums, especially for financial companies which were more exposed to sovereign risk due to the amount of public securities included in the portfolio. Also risk premiums on non financial corporate bonds, which decreased awaiting new European plans directed to support the banking sector and the government bond sector of countries which were meeting more difficulties, began to increase again in the last part of the year. The government bond debt issued by emerging countries posted a quite stable performance in the first half, then the increase of risk aversion contributed to subside valuations in a very volatile framework. In the second half of the reference period, the yield differentials between long-term sovereign debt issued by emerging countries, denominated in US Dollars, and the US Treasury bonds showed a slight widening; at the end of December the spread measured by the JP Morgan Embi Global index was 415 basis points compared to 288 recorded at the beginning of the year. Currency Markets and Commodities During the first four months of the year, the Euro showed an appreciation compared to the main currencies, mostly benefitting from the progressive widening of interest spreads in favor of the European currency and from a partial reduction of fears for sustainability of public funds. In May, the scenario changed and the higher concerns on Greek, Irish and Portuguese debt impacted the whole area, bringing about a depreciation of the Euro. The Euro became weaker after the end of August, when tensions on markets of sovereign debt got worse also failing common and full solutions to the crisis. At the end of the year the Euro lost 3.25% versus the Dollar, closing the reference period at 1.296, after going above 1.45 in the first quarter. The movement of the Euro versus the Yen was quite similar, even if the depreciation as of the end of the year was equal to 8.01%. In a climate of growing fears that the political conflicts in Libya may extend to other productive countries and upset the world production, during the first quarter the prices of crude oil maintained a bullish trend and reached a peak of Dollars a barrel (Brent crude) at the beginning of May. Also uncertainties on the future of nuclear energy, following the earthquake in Japan, probably contributed to exert pressure for increase in prices. At the beginning of May oil prices showed considerable decrease and during the following months stayed within a wide range between Dollars, being affected by the persistent geopolitical tensions in the Middle East on one hand, and by the slowdown of the world economy on the other hand. Oil prices closed the reporting year at 107 Dollars, with 12 Financial Statement 2011

13 an increase of 13.65% compared to the value recorded at the beginning of the year. Within a scenario of higher risk aversion, gold prices maintained a bullish trend until they reached levels which were slightly higher than 1900 Dollars per ounce, then in September they diminished and closed the fiscal year at 1574, recording an increase of 11.60%. Reference framework of the managed asset industry General Savings Investment Bodies (O.I.C.R.) The data representing the assets of mutual Funds and Sicav, both Italian and foreign, related to Italia System, reached 413 billion Euros as of the end of December As far as regards UBI Pramerica SGR S.p.A. (hereafter, briefly, UBI Pramerica SGR) the assets were over 16.5 billion Euros, including values of products relating to the Sicav of Luxembourg UBI Sicav. MANAGED ASSETS MARKET VALUES BASED ON ASSOGESTIONI REPORT 2011 Final Balance comp% 2010 Final Balance comp% var var % EQUITIES ,9% ,4% (12.843) -12,0% BALANCED ,4% ,6% (3.028) -14,2% BONDS ,6% ,1% (9.172) -4,8% LIQUIDITAY FUNDS ,8% ,5% (13.613) -21,8% FLEXIBLE ,0% ,6% (5.036) -7,5% HEDGE FUNDS ,3% ,8% (3.336) -26,3% TOTAL ,0% ,0% (47.027) -10,2% Report on Operations 13

14 UBI Pramerica MANAGED ASSETS UBI BANCA GROUP 2011 Final Balance comp% 2010 Final Balance comp% var var % EQUITIES ,3% ,5% (372) -13,6% BALANCED ,8% ,1% (218) -14,4% BONDS ,9% ,1% (2.398) -20,3% LIQUIDITAY FUNDS ,9% ,7% (933) -25,1% FLEXIBLE 612 3,7% 840 4,7% (228) -27,1% HEDGE FUNDS 68 0,4% 378 1,9% (310) -82,0% TOTAL * ,0% ,0% (4.459) -21,3% * Of which 2.5 billion euros belonging to UBI Company. Data regarding assets managed by UBI Pramerica SGR General Savings Investment Bodies (O.I.C.R.) As far as regards balance sheet data as of December 31 st, 2011, the assets of mutual funds and Sicavs promoted by UBI Pramerica the subsidiary company UBI Management Company SA reached over 16.5 billion Euros, showing a decrease of approximately 4.4 billion Euros compared to the assets managed by UBI Pramerica SGR as of the end of This decrease (of 0.3 billion euros) is partly attributable to the operation of transfer of the business consists of the three Funds of Hedge Funds in Tages. SGR S.p.A.. Individual asset managements directed to Retail and Private Clients As of the end of December 2011, the assets invested in individual asset managements pertaining to the company, both in equities and in funds, directly managed by the SGR, reached approximately 6.8 billion Euros. A negative balance of 942 million Euros was recorded compared to the assets as of the end of Managed accounts as of the end of the fiscal year were approximately 25,800. Management events concerning fiscal year 2011 The main management events which characterized fiscal year 2011 are described hereunder was characterized by the difficult international global framework, whose actions were described in the first pages of this report. The aforementioned difficulties also impacted the managed asset industry and the network banks which place industrial products. The Company and the main placement networks belonging to the group were also negatively affected by the difficulties which concerned the sector. In particular, as far as regards the trend of net subscriptions-redemptions related to retail and private clients (excluding therefore the institutional client sector), outflows equal to approximately 4.4 billion Euros were recorded in 2011, as well as a depreciation of assets under management, equal to approximately 0.5 billion Euros, due to the effect of financial market trends. 14 Financial Statement 2011

15 Among the most important management events regarding fiscal year 2011, we underline the appointment of Dr. Andrea Pennacchia as General Manager, effective March 1 st, following the resignation of Dr. Diego Paolo Cavrioli, who was charged with new assignments within the UBI Banca Group. This function was covered without interruption. The operation entailing contribution of the company branch composed of the three Funds of Hedge Funds (Capitalgest Alternative Conservative, Capitalgest Alternative Dynamic, Capitalgest Alternative Equity Hedge) to Tages SGR S.p.A. was concluded with effective date October 1 st, The aforementioned operation, which started at the beginning of April 2011 with the agreement signed by the parties and the following authorization granted by the relevant Supervisory Authorities, produced for the Company an equity investment corresponding to 10% of the corporate capital of the contributing company Tages SGR S.p.A., as well as a capital gain, net of the relevant charge, equal to approximately 0.2 million. The aforementioned equity investment was recorded in the financial statement among financial assets available for sale at a loading value of 0.45 million, as there were no conditions for its entry under equity investments. The aforementioned amount was calculated in accordance with the total company value established through relevant assessment by an independent professional firm, carried out in compliance with art ter, second paragraph, letter b) of the Italian Civil Code. As of December 31 st, 2011, due to capital transactions carried out by Tages SGR S.p.A. following the aforementioned contribution, the Company s equity investment percentage in the capital of the aforementioned company was equal to 7.74%. The LD which amended LD n. 225 dated 12/29/2010, introducing the reform of taxation on Italian investment mutual funds, was approved in February The aforementioned reform enforced the replacement of taxation on accrued income with the taxation applied directly at the time of sell-off, effective starting on July 1 st Therefore, the Company took steps in the course of the first half of 2011, in cooperation with its outsourcer, RBC-Dexia, in order to introduce appropriate changes in its IT, organizational and placement procedures, with the purpose of making them compliant with the new regulations, according to set terms. Furthermore, an additional decree which introduced the reform of the so-called financial income was approved in August. In particular, the taxation rate for the above mentioned income was increased from 12.5% to 20%, except for income generated by certain types of securities (generally government bonds issued by countries belonging to the so-called white list), effective January 1 st, The aforementioned reform involved some additional significant changes in the administrative, organizational and IT procedures, both regarding collective managements and portfolio individual managements. Finally, LD 201/11 was issued in December 2011, introducing some changes regarding stamp duty, which also concerned the managed asset industry. We are still awaiting a thorough description of the actual operating impact made by the aforementioned most recent changes, pursuant to the forthcoming implementation decrees. In March we carried out a general repricing of collective and individual management products. The above mentioned operation was required due to the progressive increases in operating costs, in the last previous years, and investments, made and forecasted, with the purpose of maintaining and possibly further improving the high qualitative standards of management services rendered. Regarding the management of the company liquid assets, in the course of the first half we completed the operation entailing divestment of proprietary mutual fund shares resulting from the contribution of the Capitalgest SGR S.p.A. company branch, which was carried out in January The above mentioned operation started in the course of the fourth quarter of 2010 with the purpose of further reducing the risk profile of the Company s investments. In detail, we point out that through the aforementioned sales the Company collected liquidity equal to approximately 18.5 million, making a gross profit of about 2 million Euros. The Report on Operations 15

16 UBI Pramerica Company liquid assets, including those resulting from the aforementioned sales, were invested in a time deposit opened c/o Banca Popolare Commercio & Industria, with a considerable higher remuneration compared to a demand investment. As far as regards the new products, we point out the activity carried out by the Company as the main distributor of the subsidiary company UBI Management Company S.A.. In particular, we underline the placement of the new UBI Sicav sub-fund called UBI Sicav Guaranteed Coupon, which was closed in December 2011, for which UBI Pramerica SGR is both the manager and the main distributor. The amount subscribed by clients for the aforementioned product was equal to approximately 323 million Euros. We point out that the operation entailing contribution of the company branch to Tages SGR, which was finalized on October 1 st, 2011, involved a reduction of 4 units for the Company. As of December 31 st, 2011, the total number of employees working for the Company (also considering temporary employments and secondment of personnel), was equal to 142, unchanged compared to the data regarding the previous fiscal year. Furthermore, With regard to the most recent fiscal year, we underline the assignment to the Company of the following awards: High Yield Award 2011: 2^ place as the best Italian mutual fund manager in the BIG group. Morningstar Fund Awards 2011: 3^ place as management company in the specialist bond category; in addition, the fund called UBI Pramerica Obbligazioni Globali was included in the top selection for the international bond funds. Lipper Fund Awards 2011: the UBI Pramerica Euro B.T. fund received the award as the best 3.5 and 10 year term "Bond Eurozone - Short Term" fund; the UBI Pramerica Portafoglio Moderato fund was awarded as the best 5 year term "Mixed Asset EUR Conservative Global" fund; the UBI Pramerica Euro Corporate fund received the award as the best 5 year term Bond Euro Corporates fund; the UBI Pramerica Medio/Lungo Termine fund received the award as the best 5 year term Bond Eurozone Long Term fund. Milano Finanza Global Awards 2011: UBI Pramerica SGR received the award Triple A Investment Mutual Funds " due to the results attained by the funds called UBI Pramerica Portafoglio Moderato and UBI Pramerica Euro Cash. The comparison with the income statement data as of December 31 st, 2010 shows a reduction of current operating profit before taxes equal to approximately 2.5 million Euros (- 4.4%); in detail, 57.6 million Euros were attained in the previous fiscal year, versus 55.1 million recorded in the current fiscal year. The analysis of the most significant financial statement items concerning the two fiscal years shows that the reason for the reduction was due to: net fees (fees receivable net of fees payable) which show a decrease of approximately 5.0 million Euros (-5.9%) going from 85.1 million Euros in 2010 to 80.1 million recorded in The aforementioned change was caused both by a lower contribution of performance fees, equal to approximately 3.9 million, and to the decrease of total managed assets, even though this last impact was partially offset by the repricing of Company products. operating charges, which despite a substantial continuity compared to the previous fiscal year, show a reduction of approximately 0.7 million Euros (-5.4%) compared to the previous fiscal year. We underline the considerable contribution made to this result by the group IT outsourcer, which reduced by approximately 12% the cost of its service compared to the previous fiscal year. In this regard it is noted that, despite a reduction in the cost of the service in question, the same is maintained on the same level of quality of previous years, according to the characteristics of the service. the interest margin posted a considerable increase, reaching 1.7 million Euros, versus 0.9 million recorded in 2010 (+88.3%). The reasons for this performance were basically due 16 Financial Statement 2011

17 both to the general increase in interest rates compared to the previous fiscal year, which concerned almost the entire current fiscal year, and to a more effective allocation of the company liquid assets. The main financial statement ratios related to fiscal year 2011 show an impact of operating costs on average managed assets equal to basis points (9.74 basis points in 2010) and an incidence of operating costs on fees receivable (except performance fees) of 12%, 12.8% in Concerning deferred taxation, prepaid taxes equal to an amount of about 0.3 million Euros were recorded, due to the utilization of allocations made in past fiscal years, equal to about 0.3 million Euros. Prepaid taxes are recorded on the basis of estimates concerning the probable creation of taxable income in the next fiscal years. Deferred tax assets are generated by the entry of cost items in the relevant fiscal year, which will be actually deducted in following fiscal years. In accordance with article 2427 paragraph 6 bis, we point out that no significant impact was noted with regard to the variation in exchange rates which occurred after the fiscal year closing. Research and development activities were especially directed to the continuous improvement and consolidation of management techniques applied to the different managed portfolios. In particular, the Company focused on the following areas: update of techniques for the analysis of performances posted by managed products; development of techniques: for the management of portfolios also through the support of quantitative models and methods; for the assessment of risk/return for managed portfolios; for the assessment of performance (analysis of performance attribution); development of models for support of tactical asset allocation decisions and for the assessment of investment timing, for stock picking and for currency allocation; development of pricing models for OTC financial instruments included in managed portfolios; development of the Risk Management system for analysis of financial risk associated with portfolios and verification of investment policies. The update of the Security Policy Document ( SPD ) regarding 2011 was drawn up in compliance with provisions set by the current regulations concerning protection of personal data and IT and computerized systems [see " Personal data protection code", art. 34 and Exhibit B, rule 19, of lg.d. n. 196 issued on June 30 th, 2003, Security Obligations and security policy document, the drawing up, as of June 30 th, of the "SPD", "First application of the Personal data protection code concerning "minimal security measures (articles and Exhibit B) enclosed in lg.d. n. 196/2003]. The SPD contains information concerning the list of processing of personal data and company structures in charge of the processing, risk analysis, measures adopted in order to ensure protection of relevant areas and offices, with the purpose of safekeeping and access data, as well as minimum security measures and the planning for training interventions. Events which occurred after the fiscal year closing No significant events occurred after the fiscal year closing or before the drawing up of the present financial statement. Report on Operations 17

18 UBI Pramerica Business progress forecast The Company confirms its priorities, which can be summarized in two main guidelines: high offering quality and further development of the activity directed to support the distribution networks. In the current extraordinary and challenging framework, the company will expand its commercial offering with product innovations specifically directed to the changed risk/return clients requirements in a considerable volatility situation, maintaining high management standards, thanks to the improvement of investment teams and the available instruments. At the same time, the company will provide continuous and more skilled support to the distribution network, both by developing the sales teams, and through the implementation of new prompt communication means which may be used at any time. As far as regards human resources, in 2012 we intend to hire a limited number of targeted personnel with specific and qualified competences. Notifications on risks and uncertainties as provided for by art.2428 cc The main risks and uncertainties related to the company business are associated with maintenance of managed assets over time and with attainment of excellent performances which ensure collection of inducement fees. In order to prevent the first of the above mentioned risks, the company adopts an approach aiming at offering high quality services which meet the requirements of clients and distribution networks and focusing on product innovation. As far as regards the second risk, the SGR s objective is to aim at an in-house management team and a partner that can ensure high quality of personnel as well as effective investment methods. The operations carried out by the aforementioned are regularly monitored through control of specific risk indicators. Furthermore, we point out that the Company does not operate and has never operated with derivative financial instruments on its own. Management and coordination relationships with Group Companies The Company is subject to the activity of management and coordination carried out by the Parent Company UBI Banca s.c.p.a. Company operations carried out with UBI Banca, as well as with other companies pertaining to the Group are regulated at market value or, failing suitable reference parameters, on the basis of borne costs. With regard to the first type of operations, - operations regulated at market conditions the profit for the Company is guaranteed. The second type of operations concerns agreements relevant in particular to services provided by the Parent Company in the activity concerning governance, support and business area. In particular, the most significant economic relationships with the holding company UBI Banca S.c.p.a., and their impact on the company financial statement, are described hereunder: 18 Financial Statement 2011

19 a) Services provided by the Parent Company (settlement, internal auditing, administrative management of personnel): The cost for this type of services was approximately 0.7 million Euros. b) Personnel seconded by the Parent Company: the cost related to secondments, net of recovery from IN secondments, was approximately 1.8 million Euros. c) Management of a portion of proprietary portfolio: Fees receivable accrued due to this type of activity amounted to approximately 1.4 million Euros. d) Advisory activity: The service concerning this activity produced revenues, in terms of fees receivable, equal to 0.4 million Euros. e) Activity entailing placement of SGR products: the amount accrued due to the activity concerning placement of SGR products (both individual asset managements and investment mutual funds) was about 0.03 million Euros. f) Current account relations: UBI Banca is the main custodian of liquid assets belonging to the SGR. Receivables as of December 31 st, 2011 amounted to approximately 59 million Euros. Current account interest accrued during the period amounted to about 1.4 million Euros; Furthermore, UBI Banca is the custodian of liquid assets and securities referring to individual asset managements. The total amount of the aforementioned values as of the financial statement date was equal to approximately 10,886 million Euros. The amount of assets reported in items a) and b) is calculated on the basis of costs borne for its payment. Assets reported in items c) d) e) f) are calculated at market conditions. The main relationships with other companies subject to management and coordination by the Parent Company and the related effects are briefly described hereunder: Relationships with UBI Banca Private Investments, Insurance Companies, other banks belonging to the Group and UBI Management Company Activity entailing placement of SGR products: The amount accrued by other Banks of the Group, UBI Banca Private Investments S.p.A. and Insurance Companies belonging to the group, due to the activity entailing placement of SGR products (both individual asset managements and investment mutual funds) was equal to approximately million Euros. As of December 31 st, 2011, payables due to the aforementioned subjects amounted to 36.5 million Euros. Current account relationships: some service current accounts are open c/o Banca Popolare Commericio & Industria S.p.A., with the addition (September 2011) of a time deposit remunerated according to set terms. The amount of receivables as of December 31 st, 2011 was equal to approximately 0.2 million Euros as far as regards service accounts, while the time deposit showed a balance of about 60.2 million Euros. Current account interest accrued in the reporting period amounted to approximately 0.4 million Euros; Activity concerning management of the so-called Unit Linked products: The Company carries out the function of manager for certain Unit Linked products set-up by UBI Assicurazioni Vita S.p.A.. For this activity, the Company received remunerations equal to approximately 0.04 million Euros in 2011; Management of certain UBI Sicav sub-funds: UBI Pramerica SGR carries out the function of manager for certain sub-funds pertaining to UBI Sicav, which was set-up by UBI Management Company s.a., a company subject to the laws of Luxembourg. Furthermore, UBI Pramerica SGR provides to the aforementioned company consultancy services concerning risk management. For this activity the Company received total net fees equal to approximately 3 million Euros. Report on Operations 19

20 UBI Pramerica Personnel seconded from other companies belonging to the Group (other than the Parent Company): The cost for secondments was equal to approximately 0.6 million Euros. All the aforementioned economic relationships are regulated at market conditions. Relationships with other Companies belonging to the Group (UBISS S.c.p.a.) In the course of the reporting fiscal year, UBISS S.c.p.a provided IT and info providing services in favor of the Company, equal to a total amount of approximately 5.5 million Euros. The aforementioned amounts are in accordance with market standards for similar services. Relationships with other allied parties (Directors, Shareholders, Statutory Auditors and relatives of Companies belonging to the Group) In the framework of services offered by the Company, some Directors, statutory Auditors and relatives have subscribed individual asset management relations. The total management fees accrued in the course of 2011 on these relationships in favor of the SGR were equal to 36,200 Euros. Furthermore, we point out that, starting from 2002, the Company has assigned the management under delegation for certain mutual funds to specific companies belonging to the same Group of the partner Prudential International Investments Corporation. Moreover, in the course of the reporting fiscal year the Company benefitted from the consultancy service on investments provided by a company belonging to the same group. Through this type of operations the Company intends to benefit from the consolidated expertise attained on international financial markets, especially non-euro, by the different management teams reporting to the Prudential Group. The total costs for these services in fiscal year 2011 amounted to approximately 13.5 million Euros. Regarding procedures for the payment of services provided and received, we point out that if operations are regulated at market prices, the profit for the Company is guaranteed. Regarding services regulated on the basis of borne costs, we point out that it is in interest of the Group and the Company, in this case, to assign the execution of certain specialist activities, such as management of IT systems, discharge of administrative and back office fulfillment, etc. etc., to other subjects pertaining to the Group. The advantage of this type of operations can be recognized in the following targets, of common interest for the Group and for the Company: improvement of effectiveness and productivity levels; realization of synergies and economies of scale; recovery of human resources, with the purpose of using them for the Company core business. Finally, we point out that all relationships with counterparties pertaining to the Group entirely refer to ordinary activities associated with investment services which the Company is authorized to provide. 20 Financial Statement 2011

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