Credit Rating- New

संदभग Ref.:नि.से.नव.ISD/181/2026-27 नदिांक Date : 27.08.2026 बीएसई निस्टंग सेंटर BSE Listing Centre National Stock Exchange of India Ltd. स्िप कोि Scrip Code - 532 477 निप्स NEAPS स्िप कोि Scrip Symbol-UNIONBANK-EQ Subject: Reporting under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ref: - Our earlier letter. से.वि.ISD/174/2026-27 विन ांक Date : 21.08.2026 In terms of Regulation 30 read with point 3 of Para A of Part A of Schedule Ill of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and SEBI circular no. SEBI/HO/DDHS/DDHS-POD2/P/CIR/2025/101 dated July 11,2025, we wish to inform that Fitch Ratings on August 27, 2026 has assigned its 'BBB-' long-term issue rating to following U.S. dollar-denominated senior unsecured notes issued by Dubai International Financial Centre branch of Union Bank of India (UBI). S.No. ISIN Tenor Coupon Rating 1 XS3485474533 3 Years 5.230% BBB- 2 XS3485474707 5 Years 5.417% BBB- The rating rationale is enclosed herewith. Thanking you. भवदीय Yours faithfully, (Ashish Mishra) Company Secretary Cc to: 1. IDBI Trusteeship Services Ltd. 2. Catalyst Trusteeship Limited Union Bank of India, Investor Services Division, Union Bank Bhavan,239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021. : + 91 22 2289 6636/2289 6643, investorservices@unionbankofindia.bank.in , website: www.unionbankofindia.bank.in 1 8/27/26, 2:28 PM Fitch Rates Union Bank of India's USD600 Million Senior Bonds Final 'BBB-'  Sign In | Register RATING ACTION COMMENTARY Fitch Rates Union Bank of India's USD600 Million Senior Bonds Final 'BBB- ' Thu 27 Aug, 2026 - 3:13 AM ET Fitch Ratings - Singapore/Mumbai - 27 Aug 2026: Fitch Ratings has assigned Union Bank of India's (BBB-/Stable) USD300 million 5.230% senior unsecured notes due August 2029 and USD300 million 5.417% senior unsecured notes due August 2031 final ratings of 'BBB- ' . This follows the completion of the securities issue and the receipt of final documents conforming to information previously received. The final ratings are the same as the expected rating assigned on 20 August 2026. The securities constitute Union's direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu among themselves and with all of Union's other unsubordinated and unsecured obligations. The notes were issued by Union's Dubai International Financial Centre Branch. KEY RATING DRIVERS The senior unsecured instruments are rated at the same level as the bank's Long-Term Issuer Default Rating (IDR), in line with Fitch's criteria. Union's Long-Term IDR and Government Support Rating are equalised with the Indian sovereign's IDR (BBB-/Stable), reflecting our view of a high probability of extraordinary state support for Union. This takes into consideration the state's 75% ownership, the bank's size and its pan-India franchise, and our assessment that the state has a strong propensity to support the banking system in general. The Stable Outlook on the IDR mirrors the Outlook on the sovereign's IDR. For more details on Union's ratings and credit profile, see Fitch Affirms Union Bank of India at 'BBB- '/Stable; Upgrades Viability Rating to 'bb', published on 25 February 2026. RATING SENSITIVITIES https://www.fitchratings.com/research/banks/fitch-rates-union-bank-of-india-usd600-million-senior-bonds-final-bbb-27-08-2026 1/8 8/27/26, 2:28 PM Fitch Rates Union Bank of India's USD600 Million Senior Bonds Final 'BBB-' Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An IDR downgrade will result in a similar change in the notes' rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An IDR upgrade will result in a similar change in the notes' rating. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The senior unsecured long-term rating (xgs) of 'BB(xgs)' is assigned at the level of the Long-Term IDR (xgs), which is driven by Union's Viability Rating of 'bb'. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES A change in Union's Long-Term IDR (xgs) would lead to a similar change in its senior unsecured long-term rating (xgs). DATE OF RELEVANT COMMITTEE 20-Aug-2026 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Union's IDRs are driven by India's sovereign ratings. ESG CONSIDERATIONS Union has an ESG Relevance Score of '4' for Governance Structure, in line with similarly rated state-owned banks. This reflects our assessment that key governance aspects - particularly board independence and effectiveness, ownership concentration and protection of creditor or stakeholder rights - have a moderate influence on and are negative for Union's credit profile, and are relevant to the ratings in conjunction with other factors. The board is dominated by government appointees, and the bank's business model often focuses on supporting government strategy, with lending directed towards promoting socioeconomic and macroeconomic policies. These factors also drive our view on the bank's state linkages and affect the support prospects that drive the long-term ratings. https://www.fitchratings.com/research/banks/fitch-rates-union-bank-of-india-usd600-million-senior-bonds-final-bbb-27-08-2026 2/8 8/27/26, 2:28 PM Fitch Rates Union Bank of India's USD600 Million Senior Bonds Final 'BBB-' The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/topics/esg/products#esg-relevance-scores. RATING ACTIONS ENTITY / DEBT  RATING RATING  RATING PRIOR  TYPE  ACTION  Union Bank of India senior unsecured LT BBB- New Rating BBB-(EXP) senior unsecured LT (xgs) BB(xgs) New Rating BB(xgs) (EXP) senior unsecured LT BBB- New Rating senior unsecured LT (xgs) BB(xgs) New Rating VIEW ADDITIONAL RATING DETAILS FITCH RATINGS ANALYSTS Tania Gold Senior Director Primary Rating Analyst +65 6796 7224 tania.gold@fitchratings.com Fitch Ratings Singapore Pte Ltd. 1 Wallich Street #19-01 Guoco Tower Singapore 078881 Prakash Pandey Associate Director Secondary Rating Analyst +91 22 4000 1773 prakash.pandey@fitchratings.com https://www.fitchratings.com/research/banks/fitch-rates-union-bank-of-india-usd600-million-senior-bonds-final-bbb-27-08-2026 3/8 8/27/26, 2:28 PM Fitch Rates Union Bank of India's USD600 Million Senior Bonds Final 'BBB-' Jonathan Cornish Managing Director Committee Chairperson +852 2263 9901 jonathan.cornish@fitchratings.com MEDIA CONTACTS Bindu Menon Mumbai +91 22 4000 1727 bindu.menon@fitchratings.com Vivian Kam Hong Kong +852 2263 9612 vivian.kam@thefitchgroup.com Leslie Tan Singapore +65 6796 7234 leslie.tan@thefitchgroup.com Additional information is available on www.fitchratings.com PARTICIPATION STATUS The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure. APPLICABLE CRITERIA Bank Rating Criteria (pub. 09 May 2026) (including rating assumption sensitivity) ADDITIONAL DISCLOSURES Dodd-Frank Rating Information Disclosure Form Solicitation Status Endorsement Policy ENDORSEMENT STATUS https://www.fitchratings.com/research/banks/fitch-rates-union-bank-of-india-usd [Showing first 8,000 characters — download PDF for full document]