Union Bank Of The PhilippinesPSE: UBP

Stock Rights Offering

· Issued by Union Bank Of The Philippines
SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Apr 5, 20222. SEC Identification Number 360733. BIR Tax Identification No. 000-508-271-0004. Exact name of issuer as specified in its charter UNION BANK OF THE PHILIPPINES5. Province, country or other jurisdiction of incorporation METRO MANILA6. Industry Classification Code(SEC Use Only) 7. Address of principal office UNIONBANK PLAZA, MERALCO AVENUE CORNER ONYX STREET, ORTIGAS CENTER, PASIG CITYPostal Code16058. Issuer's telephone number, including area code (02) 8667-63889. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON 1,524,918,059
11. Indicate the item numbers reported herein ITEM 9 - OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Union Bank of the PhilippinesUBP PSE Disclosure Form 4-14 - Stock Rights Offering References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure

Stock Rights Offering

Background/Description of the Disclosure

We are pleased to inform the Securities and Exchange Commission (the "SEC") and The Philippine Stock Exchange, Inc. (the "Exchange") that Union Bank of the Philippines (the "Bank") Rights Shares will be offered at a price of Php64.81 per share. The Offer Price was determined based on the 15-day volume-weighted average price of the Bank's Common Shares traded on the Exchange, subject to a discount of 30%. Summarized below are the key terms and timetable of the Stock Rights Offering.

Please be informed that The Philippine Stock Exchange, Inc. ("PSE") per its Notice of Approval issued on March 17, 2022, has approved the application of Union Bank of the Philippines (the "Bank") to list additional shares of up to 800,000,000 common shares ("Rights Share") with a par value of Php10.00, to cover its Stock Rights Offering (the "Offer") to all stockholders of the Bank as of the record date of April 11, 2022, at an Offer Price of Php64.55 to Php73.78 per Right Share. The PSE also approved the following proposed timetable of the Offer activities of the Bank.

On March 8, 2022, the Securities and Exchange Commission issued a Notice of Confirmation of Exempt Transaction confirming that the Offer is exempt from the registration requirements of the Securities Regulation Code.

The market price and number of outstanding shares of the Bank will be adjusted on the ex-rights date.

On December 23, 2021, the Board of Directors of the Bank approved the raising of additional capital of up to Php40 Billion through the issuance of additional shares from the Bank's unissued authorized capital stock via a stock rights offering to all existing shareholders.

Date of Approval by Board of Directors Dec 23, 2021
Entitlement Ratio 1 Rights Share for every 2.4707 Shares Owned
Offer Price Php64.81 per Rights Share
Number of Shares to be Offered 617,188,705
Ex-Rights Date Apr 6, 2022
Record Date Apr 11, 2022
Start of Offer Period Apr 25, 2022
End of Offer Period May 6, 2022
Use of Proceeds

The Bank intends to use the proceeds from the Rights Offer primarily to fund the Bank's acquisition of the consumer banking business of Citigroup, Inc. in the Philippines, and if any amount of net proceeds is remaining, for general corporate purposes.

Other Relevant Information

The disclosure is being amended to reflect the Entitlement Ratio, Offer Price, and the Number of Shares to be Offered.

Filed on behalf by:
Name Joselito Banaag
Designation Senior Vice President, General Counsel and Corporate Secretary

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