Union Bank of Philippines : Declaration of Stock Dividends

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) Nov 17, 20212. 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 [phone]9. 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	1,219,362,818

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 6-2 - Declaration of Stock Dividends References: SRC Rule 17 (SEC Form 17-C) and
Sections 6 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

SEC Order Fixing the Record Date of Stock Dividend Approval by the SEC of the Amended Articles of Incorporation and Increase of Authorized Capital Stock

Background/Description of the Disclosure

Please be informed that the Securities and Exchange Commission (SEC) set December 9, 2021, as the record date for stockholders entitled to stock dividends equivalent to 304,840,705 common shares, with par value of Php10.00, or Php3,048,407,050.00, and likewise set the payment date on January 5, 2022. Attached for reference is the SEC Order Fixing the Record Date of Stock Dividend dated November 17, 2021. SEC has approved on November 15, 2021, the amendments to the Articles of Incorporation of Union Bank of the Philippines increasing its authorized capital stock from Php23,114,224,200.00 to Php35,307,852,380.00. Attached for reference are the following: 1. Certificate of Filing of Amended Articles of Incorporation 2. Certificate of Approval of Increase of Capital Stock The Bangko Sentral ng Pilipinas per its Letter dated October 22, 2021, received by Union Bank of the Philippines on October 22, 2021, has approved on October 14, 2021, the amendments to Article 7 of the Bank's Articles of Incorporation to increase the authorized capital stock from Php23,114,224,200.00 to Php35,307,852,380.00. The Board of Directors of Union Bank of the Philippines (the "Bank") at its meeting held on June 25, 2021, approved the declaration of 25% stock dividends equivalent to Php3,048,407,050.00 to fund the required 25% of the increase in authorized capital stock amounting to Php12,193,628,180.00. Fractional shares resulting from the stock dividend declaration will be paid in cash based on the closing rate of Php74.90 on June 25, 2021, the date of approval by the Board of Directors of the stock dividend declaration, and computed up to two (2) decimal places. During the special meeting of the stockholders of the Bank held on August 11, 2021, which was conducted virtually via https://asm.unionbankph.com, approved the (a) amendment of the Bank's Articles of Incorporation to increase the authorized capital stock from Php23,114,224,200.00 to Php35,307,852,380.00, with the increase of Php12,193,628,180.00 equivalent to 1,219,362,818 common shares with a par value of Php10.00.; and (b) declaration of 25% stock dividends in the amount of Php3,048,407,050.00 equivalent to 304,840,705 common shares with a par value of Php10.00, to comply with the required 25% subscription of the increase in authorized capital stock. The stock dividend will be sourced from the approved increase in authorized capital stock and paid to stockholders as of the record date and payment date to be fixed after all regulatory approvals have been secured. Fractional shares resulting from the stock dividend declaration will be paid in cash based on the closing rate of Php74.90 as of June 25, 2021, the date of approval by the Board of Directors of the stock dividend declaration and computed up to two (2) decimal places. The President or the Corporate Secretary of the Bank is authorized to implement the foregoing actions upon setting and approval of Record Date by the Board of Directors.

Type of Securities

• Common
• Preferred-
• Others-

Stock Dividend

Date of Approval by Board of Directors	Jun 25, 2021
Date of Approval by Stockholders	Aug 11, 2021
Other Relevant Regulatory Agency, if applicable	Bangko Sentral ng Pilipinas
Date of Approval by Relevant Regulatory Agency, if applicable	Oct 14, 2021
Date of Approval by Securities and Exchange Commission	Nov 15, 2021
Stock Dividend Rate	25%

Source of Dividend Payment

Stock dividends equivalent to Php3,048,407,050.00 to fund the required 25% of the increase in authorized capital stock amounting to Php12,193,628,180.00.

Source of Shares for Distribution	To be taken from the unissued capital stock Number of Shares to be Issued : -To be taken from an increase in authorized capital stock From: Php23,114,224,200.00 To:Php35,307,852,380.00 Number of Shares to be Issued : 304,840,705Others: -Number of Shares to be Issued : -
Record Date	Dec 9, 2021
Payment Date	Jan 5, 2022

Other Relevant Information

The disclosure is being amended to reflect the following: 1. Date of approval by the SEC of the amendments to the Bank's Articles of Incorporation and increase of authorized capital stock; 2. Number of Shares to be Issued; and 3. Record and Payment Dates of stock dividends. Upon determining the record date, please note that there will be necessary adjustments to the Bank's share price and outstanding shares on the ex-date. Please refer to the attached disclosures.

Filed on behalf by:

Name	Joselito Banaag
Designation	Senior Vice President/Head of Legal and Corporate Secretary