2011 Results. UFF posts net consolidated profits of 25.9 M and net subscriptions of 61 M

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1 PRESS Release PARIS, 15 FEBRUARY Results. UFF posts net consolidated profits of 25.9 M and net subscriptions of 61 M UFF net subscriptions remain positive in 2011 in a tough economic climate, and despite a 12% decline in activity, UFF s activity is stable, with the exception of property, due to our range of financial products, especially life assurance, which are specifically designed for the economic climate Net profits, down to 25.9 million euros, are posted due to only a slight decline in commissions received and tight financial cost control Dividends of 2 per share decided for Change Net commissions received ( M ) % Operating profits ( M ) % Consolidated profits ( M ) % Assets under management at end of period (Bn ) % 12% decline in activity Despite a tough economic climate during the first half, and a worsening of the crisis over the summer, monies placed with UFF in 2011, are, with the exception of property, close to the 2010 figures : - 3% overall and + 2% for life assurance. The debt crisis in Europe, weak growth or recession in many countries, the Fukushima catastrophe, the increased tax burden and reduction of tax advantages : all these events, which took place in 2011, have made investors more cautious and increased their wait-and-see attitudes. UFF s responsiveness and proximity to its clients have limited the impact of the crisis on its activity. It is worth noting, in particular : The launch of a new contract : UFF Compte Avenir Plus The fact that UFF funds are designed specifically for the economic climate (flexible funds and corporate bond funds) UFF senior management and fund managers enjoy close and regular contact, and this leads to high responsiveness in terms of asset allocation for the flexible funds range

2 Following two years of strong activity, which was mainly due to the success of the Scellier fiscal framework, the rental property market was less buoyant in Despite a clear recovery in the second half year (+ 15%), UFF s property activity for 2011 declined by 24% overall : - 17% on subscriptions into shares of REITs, despite a 26% increase in REITs for income generation, which was invested in commercial property - 27% on direct sales of property units; this figure stems from the weakness of the property activity during the first half year. The direct sales amounted to 1051 units, only half of which had the advantage of the Scellier fiscal framework. Net subscriptions of 61 M With the activity generally holding up well, and with a decrease in redemptions, especially towards the end of the year, UFF was able to post a figure for net subscriptions of 61 M, clearly above the 2010 figure, which stood at 47 M. The retention rate for assets was 92.2 % in 2011, compared with 91.8% in Nevertheless, assets under management saw an 8% drop in 2011, due to the drop in share prices on the financial markets. Assets under management stood at 6.6 Bn on 31st December Net Banking Income : M Net Banking Income in millions of euros Change 2011/ st Quarter % 2 nd Quarter % 3 rd Quarter % 4 th Quarter % Net Banking Income on 31st December of which placement commissions - of which management commissions - of which profits net of interest and miscellaneous % - 20 % - 1 % N.A. Placement commissions in 2011 stood at 69 M (-20% compared with 2010). This is due to : A 27% decrease in placement commissions related to property ; two thirds of the commissions recorded for 2011 on the direct sale of property units are related to 2011 reservations, and one third of the commissions are related to reservations made in previous years.

3 A rather more modest decrease in commissions on other products : -7%, but somewhat greater than the figure for subscriptions because of the removal of opening costs on certain savings products. Management commissions were relatively stable at 90.3 M (-1%) ; these commissions mainly come from assets invested in unit trusts, which decreased, on average, by 3% between 2010 and Overall the 2011 figure for Net Banking Income reached M, a drop of 11% compared with the same figure in Consolidated net profits of 25.9 M Operating costs decreased by 3%, down to M compared with M in This welcome decrease is due to : A system of variable remuneration for the network, which led to a decrease in commercial staff costs of 7% Very tight financial cost control : +1% These changes, together with the figure for Net Banking Income, resulted in an operating profit of 39.7 M, compared with 54.5 M in Net consolidated profits followed a similar trend : they reached 25.9 M compared with 35.9 M in Information on the holding company Because of the operational integration of the Group s activities, the figures are difficult to interpret in isolation. The net profits for 2011 stand at 32.3 M. The Board of Directors meeting, which was held on 14th February 2012, approved the accounts and proposed to the Annual General Meeting of shareholders (convened on 3rd May 2012) a dividend payment of 2.0 per share, above that of the net consolidated profits per share, which is Pending approval by the Annual General Meeting of shareholders, and taking into account the interim dividend of 0.70 paid on 3rd November 2011, the dividend balance of 1.30 will be paid on 10th May The net situation, after the 2011 dividend distribution, will be M (in contrast to M for the previous year). This corresponds to approximately three times the statutory minimum required by the liquidity ratios under Bâle II

4 Transactions with related parties Aviva France, holding company of Union Financière de France Banque, is considered a related party. The operational relations between the various companies of the Union Financière de France Group and the Aviva Group involve the activities of life assurance, financial management of certain investment funds, placement operations and IT services. In addition, within the framework of its AVIVA Premier project, AVIVA began to sell UFF products (with the exception of life assurance) as of the second half year. Outlook The 2011 crisis has had an impact on UFF s results, but has also shown the extent to which UFF is able to demonstrate both its capacity to withstand the economic shocks and the robustness of its business model, which is based on : UFF financial advisors attentive and professional relationship with their clients, who receive support and customised advice in line with their personal wealth creation objectives ; The innovation of our financial products and their suitability to the economic climate. In this way, UFF s responsiveness in the allocation of flexible funds has enabled it to reduce to a minimum the greater risks posed by the economic crisis. As for the contributions of UFF financial advisor : the results of the 2011 Observatoire UFF - IFOP survey show once again that the UFF financial advisor is appreciated by our clients. While the level of satisfaction of French people generally is declining, UFF s clients applaud their financial advisors: 93% of them are satisfied and 91% have a positive image of our range of financial and property products. 65% of UFF clients think that their financial advisors work in the clients interests, while the majority of French people generally think that financial advisors work in their employers interest. «It is thanks to the satisfaction and confidence of its clients and staff that UFF has grown. UFF has always demonstrated its ability to withstand difficult economic times. The robustness of its business model provides it with the means to develop even more in terms of efficiency» said Nicolas Schimel, Chairman and Chief Executive of UFF. Traditional actors have a dominant position, but do not succeed in fully satisfying their wealth creation and wealth management clients, the wealth creation and management market remains fragmented, whereas the savings rate for French people generally remains high. Consequently, UFF should benefit from a real growing potential. The investments we have made into our project "Ambition Patrimoine" during the years of the economic crisis represent a reserve of internal growth potential for UFF (increase in the number of financial advisors and their productivity levels). UFF s soundness and flexibility will enable it to seize opportunities for growth in 2012, particularly in terms of expanding its field of activity: growth of the commercial network, innovation and creativity in product development, review of processes and procedures in order to improve commercial productivity, UFF Entrepreneurs project, an initiative with regard to CGPI; In the mean time, UFF will maintain a tight control on costs, and good compatibility between resources and projects. *Source : Observatoire UFF IFOP of the wealth creation and wealth management clients in September 2011

5 Union Financière de France in brief Founded in 1968, Union Financière de France is a bank which specialises in wealth management advice. It provides financial products and services suited to private individuals and corporate clients. Its product range comprises property, securities and life assurance, as well as a wide range of products aimed at the corporate clients and their directors (savings retirement policies, employees savings policies, medium term cash management plans etc.). Union Financière de France enjoys a dense network of branches which cover the whole of France and which consist of 1150 employees, more than 850 of whom are financial advisors. On 31st December 2011, Union Financière de France had clients, of whom were private clients and were corporate clients. Union Financière de France is listed on Euronext Paris Compartiment B Code Euroclear 3454 Code ISIN FR For further information, please contact : UFF UFF Golin Harris Martine Simon Claudel Hélène Sada-Sulim Coralie Ménard Executive Vice President Director of Communications Press Relations Tel : Tel : Tel :