Stock Rights Offer


Stock Rights Offer Prospectus


Financial Projections for Stock Rights Offer

BDO Unibank, Inc. (the “Bank”) does not as a matter of course make public projections as to future revenue, income, cash flows or other results due to the inherent unreliability of such projections. However, in compliance with the applicable requirements of The Philippine Stock Exchange, Inc., the Bank’s management has prepared the projected consolidated financial statements set out below (the “Projections”) based on its current expectations and estimates regarding the Bank’s future operational and financial performance, the expected macroeconomic environment in the Philippines and globally as well as other factors which the Bank believes may affect its business in the future.

The Projections are based upon a number of assumptions and forecasts that are subject to significant business, macroeconomic and competitive uncertainties and contingencies, many of which are beyond the Bank’s control. Depending upon operating, macroeconomic and other business conditions, the Bank may adopt or vary its operating, financing and other business decisions in ways which could cause the Bank’s actual financial results, taken on a consolidated basis, to materially vary from those set out in the Projections. The Bank’s independent auditors have not and will not examine the Projections and accordingly they do not provide any form of opinion or assurance with respect thereto.

The Bank’s business involves a significant number of risks, uncertainties and other factors that could cause its future performance, financial condition and results of operation to vary significantly from the Projections and therefore the Bank cannot provide any assurance that the Projections will accurately reflect its future results. Accordingly, the Bank makes no representation that these results will be achieved. In consideration of these risks and uncertainties associated with the Projections, any investor who views the Projections at or about the time that such investor is making an investment decision with respect to any of the Bank’s securities should not rely upon the Projections in making such investment decision.

All information and assumptions used in the preparation of the Projections are as of September 30, 2016. The release of the Projections do not, under any circumstances, create any implication that the information and assumptions used herein are correct as of any date subsequent to the date hereof or that there has been no change in the affairs of the Bank since such date.