Union Bank of India : Annual Report 2022-23 (English version)

Committed to

Sustainability,

driven by digital prowess

www.unionbankofindia.co.in

Integrated Annual Report 2022-23

About this

Report

The Integrated Annual Report covers the period Financial Year 2022- 2023 unless otherwise noted. The Union Bank of India Integrated Annual Report FY2023 was approved by the Board of Directors on 20th June 2023 and signed on its behalf by the Chairman.

Union Bank of India's FY2023 Integrated Annual Report aims to provide transparency into how we activate our purpose: to improve the lives of our customers and the well¬being of our communities.

The report for FY2023 is our first Integrated Annual Report, and we have produced it in reference to the International Integrated Reporting Council (IIRC),London guidelines. In addition, we have attempted to comply with Global Reporting Initiative Standards' core option, which includes general disclosures as well as topic- specific disclosures relevant to Union Bank of India.

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1. Conciseness: The bank ensures the overall usefulness of the
   Integrated Report by presenting it in a logically structured, well- articulated, and clear language. It includes effective navigation devices to enhance user experience.
2. Reliability and Completeness: The report is both reliable and complete. It includes all relevant and material information, hence offering a comprehensive picture of the bank's performance and prospects.
3. Consistency and Comparability: The information presented in the report is consistent over time and comparable with other organizations in the same industry or sector, enhancing its credibility and usefulness.

Union Bank of India's Integrated Report broadly embodies all aspects of the IR Framework's Guiding Principles. It captures the interdependencies of various factors that influence value creation, portrays the bank's strategic orientation, and acknowledges stakeholder relationships. Through its concise yet comprehensive presentation, it ensures reliability and comparability, thereby adhering to the principles and guidelines of the Integrated Reporting Framework.

The goals discussed in this report are aspirational. While we are committed to achieving them, we cannot guarantee or promise that these goals will be met. Statistics and metrics in these disclosures include estimates and may be based on assumptions. Further, the Independent Assessment / evaluation

• assurance of the Non-financial disclosures made in Natural Capital forming part of Integrated Report 2022-23 / Principle 6 of the Business Responsibility and Sustainability Report has been carried out by M/s. AAR Consulting & Services, Class A Energy Auditors empanelled with Maharashtra Energy Development Agency. This report uses certain terms, including "material" topics, to reflect the issues of greatest importance to Union

Bank of India and our stakeholders. Used in this context, these terms are distinct from and should not be confused with the terms "material" and "materiality" as defined by or construed in accordance with the securities laws or as used in the context of financial statements and reporting.

This report is for general informational purposes only and does not constitute an offer or sale of any securities issued by Union Bank of India. All information in this report is current as of the date of publication. We undertake no obligation to update the information in this report or otherwise notify you if any views, opinions, or facts stated in this report change

or subsequently become inaccurate. Apart from Statutory Disclosures, this report also contains voluntary disclosures on important ESG topics. This report should be read in conjunction with our FY2022 ESG Report, (particularly the "Forward-Looking Statements" and "Risk Factors" sections), all of which can be found on our Investor Relations pages of our website.

The Integrated Report for FY2023 has been prepared entirely in-house and, with the exception of specific non-financial and financial disclosures, has not undergone external validation by a third-party agency. The insights, figures, and assessments contained in this report reflect our understanding of our operations, impacts, and our pathway to value creation. All non-financial disclosures like energy consumption and water usage, as highlighted in Principle 6 of BRSR and in the Chapter on Natural Capital, have been evaluated by Bank appointed Energy Auditors. Additionally, all financial disclosures are audited by our Statutory Auditors, as certified in the financial statements within the report. Union Bank of India maintains sole accountability for the accuracy, completeness, and timeliness of

the information presented, understanding that the Integrated Report was produced without external verification. From FY2024, Union Bank of India plans to engage a reputable external agency for the validation of meeting Integrated Reporting requirements. This aligns with our commitment to strengthening our stakeholder relationships by enhancing the reliability of our reports.

www.unionbankofindia.co.in

risk and uncertainty because they relate to future events and circumstances. The forward-looking statements speak only as at the date on which they are made. Forward-looking statements may be affected by: changes in legislation; the development of standards and interpretations including evolving practices in ESG reporting with regard to the interpretation and application of accounting, industry and regulatory standards; the Group's ability along with government and other stakeholders to manage and mitigate the impacts of climate change effectively; and environmental, social and geopolitical risks. A number of these influences and factors are beyond the Group's control. These statements are based on the current beliefs and expectations of

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Integrated Annual Report

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At Union Bank of India, we aspire to be a trailblazer in driving the growth of a digital and aspirational India, while championing the country's journey

to net Zero emissions. We aim to positively contribute to India's progress and overall societal development through our focus on sustainability, responsible banking, and cutting-edge digital technologies.

Union Bank of India is committed to playing a pivotal role in the growth of a digital, aspirational, and eco-conscious India. By integrating sustainability and digital prowess into our core values, we are not only creating long-term value for its stakeholders, but also contributing to the nation's journey towards becoming a net Zero country.

India has taken the global lead in addressing climate change and championing sustainable development, showcasing its dedication to building a greener and more equitable future. Union Bank of India stands firm in support of this vision, focusing on responsible banking practices, financial inclusion, and green banking. We acknowledge the importance of reaching out to the unbanked and underbanked segments of the population, enabling them to access financial services and empowering them to contribute to the nation's economic growth.

AT UNION BANK OF INDIA, WE BELIEVE IN A BRIGHTER, GREENER, AND MORE CONNECTED INDIA, WHERE EVERYONE CAN PROSPER AND ENJOY THE BENEFITS OF INNOVATION AND FINANCIAL ACCESS.

Digital technologies are revolutionising how we live and work, and the Union Bank of India is fully participating in this transformation. The bank's investments in cutting- edge technologies such as blockchain, AI, and machine learning enable us to provide seamless and secure customer experiences, optimise our processes, and adapt to the rapidly evolving digital landscape. With digital banking initiatives such as internet banking, mobile banking, and digital payment solutions, we are making banking services more convenient, accessible, and secure for our customers.

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