PR Newswire/Les Echos/

PRESS RELEASE

PARIS, 23 JULY 2104

                          MOVING IN THE RIGHT DIRECTION :
                        FIRST HALF OF 2014 UP 26% IN NET
                                  BANKING PROFITS

  * Growth in all business sectors besides Real estate which remains stable.
  * Net subscriptions positive at 62 MEUR
  * Increase in net profits (group part) to 13.9 MEUR

With the arrival of more than 200 financial advisors of the AEC network acquired
January 1, 2014, UFF has consolidated its position as leader in the sector of
advice on the creation and management of wealth and is continuing its strategy
of profitable growth in an economic environment which remains uncertain.

                                                                     Change
1st half year                                      2013      2014   2014/2013

Net commissions (MEUR), of which                   70,3      91,1      30%
   - UFF pre-existing network of advisors          70,3      77,6      10%
   - UFF newly acquired network of advisors          -       13,5      NA

Operating profits (MEUR)                           10,5      16,9      62%

Consolidated net profits (group part) (MEUR)        7,4      13,9      88%
Assets under management,
at the end of period (BdEUR)                        7,3      10,9      49%
   - UFF pre-existing network of advisors           7,3       8,2      12%
   - UFF newly acquired network of advisors          -        2,7      NA

Commercial activity : 563.4 MEUR
The first half of 2014 has witnessed sustained activity in all sectors with
commercial subscriptions up 33% compared with the first half of 2013. This high
level of performance stems from two main factors : a record increase in
commercial subscriptions to 465.9 MEUR, 10% higher than historical levels ; and
the 97.5 MEUR contribution in assurance from the recently acquired network of
financial advisors.

  * Life assurance has achieved a record increase of 64 % thanks to growth of
    15% above historical levels and income streams coming from our newly
    incorporated network of advisors. The sums invested in unit linked
    contracts has risen to 60 %.
  * The recovery seen over the last 12 months on investments into transferable
    securities continues to hold up with commercial subscriptions up 24% thanks
    mainly to the equity savings plans.
  * Sales of real estate units are stable, in terms of both monetary amounts
    and volume, compared with the first half of 2013, which was particulary
    strong. This high level of performance, especially in a market in decline,
    is linked to our rigorous selection of real estate assets, which enables
    UFF to offer products well-suited to the needs of our clients who are
    becoming more and more cautious.
  * Subscriptions into REITs (Real Estate Investments Trusts) are up 44 % with
    strong growth shown in commercial premises.

Net subscriptions : 62 MEUR
New subscriptions can be broken down into 53 MEUR, representing an increase of
154 % on historical levels compared with the first half of 2013, and 9 MEUR
coming from the recently acquired network of financial advisors.

The 2.5 Bn EUR takeover of the Aviva portfolio on 1st January 2014 created an
opening asset balance of 10.3 Bn EUR at the beginning of the period. At the end
of June 2014, these assets had grown 5.6 % to 10.9 Bn EUR.

Net banking profits : 91.6 MEUR
Net banking profits for the first half year stand at 91.6 MEUR, (up 26% compared
with the first half of 2013), with 13.5 MEUR coming from the newly acquired
network. Excluding external growth and interest rate products, growth is +10%.

                                                                       Change
Net banking profits in MEUR)                 2012     2013     2014  2014/2013
Net banking profits on 30th June - Total     69.7     72.6     91.6      26%
Placement commissions, of which:             25.8     26.4     36.8      39%
  - UFF pre-existing network of advisors     25.8     26.4     30.3      15%
  - UFF newly acquired network of advisors     -        -       6.5      NA
Management commissions, of which             43.1     43.9     54.3      24%
  - UFF pre-existing network of advisors     43.1     43.9     47.3       8%
  - UFF newly acquired network of advisors    -        -       7.0       NA
Profits net of interest and other             0.8      2.3     0.5      -79%

Placement commissions posted during the first half year reached 36.8 MEUR, up
39 % compared with the first half of 2013.

  * Life assurance rose +77 % overall, thanks mainly to the recently acquired
    network which contributed 6.5 MEUR over the period. Excluding this
    contribution, growth stood at +18%.
  * Transferable securities were up 27 % reflecting the good level of
    performance in this activity.
  * Placement commissions on real estate are in line with those posted during
    the first half of 2013. Commissions on investments into REITs increased
    55 % in line with the rise in commercial subscriptions.

Management commissions also grew well and reached 54.3 MEUR at the end of the
first half of 2014, up 24 % compared with the first half of 2013.

  * Management commissions benefited from the significant increase in average
    assets under management linked to the takeover of the portfolio and the
    general rise in share prices.
  * Management commissions from UFF's pre-existing network of financial advisors
    accounts for 47.3 MEUR, an improvement of 8 % compared with the first half
    of 2013, and the newly acquired network of advisors accounts for 7 MEUR.

Operating costs : 76.2 MEUR
Costs for the commercial network stood at 44.5 MEUR. They have increased by 29%
(8.9 MEUR for the first half year) because of the integration of AEC colleagues
but also, more structurally, they have increased because of the rise in
remunerations following the rise in the level of commercial activity. This
well-managed increase (+3% excluding the acquired network) translates into a
good level of productivty for the consolidated commercial network.
Administrative costs and general overheads stand at 31.7 MEUR, up 15 % under the
dual effect of the integration of direct costs related to the network acquired
and the strengthening of certain back office systems : mainly wealth
engineering, product development, and investments into informaiton technology
such as modernisation of the back office.
Overall, operating costs rose by 23 %, which is 3 % above historical norms.

Profits and losses on transactions : 1.6 MEUR
The takeover of the portfolio of clients and the network of AEC financial
advisors, which took place on 1st January 2014, has led to the posting of a
profit for transactions, which is realised as the difference between the actual
price paid and the synergies expected by UFF, (based on our estimation of the
capacity of this network to generate an additional income stream).
The operating costs connected with this operation are, for the most part,
accounted for on 30th June 2014. They consist mainly of general overheads, fees,
and transitory financial measures aimed at facilitating the integration of the
commercial workforce ; such measures were anticipated in the substitution
agreement signed on 30th June 2014.
The total of these elements, posted in the item : 'Profits and losses on
transactions' amounts to 1.6 MEUR on the date of closure of the half year
accounts.

Consolidated net profits, (group part) : 13.9 MEUR

Taking into account all the various changes, the operating profits have improved
by 62 % to 16.9 MEUR during the first half of 2014.

Due to the tax-free situation of profits on transaction, the theoretical rate of
tax applied to the first half year profits is 22 % compared with 34 % at the end
of June 2013.

The net profits, (group part), comes out at 13.9 MEUR on 30th June 2014, with a
virtually zero cost of risk for the period.

Consolidated equity, after payment of the interim dividend for 2014, stands at
87.5 MEUR. The consolidated balance sheet is healthy with cash flow of 93.5 MEUR
(compared with 103.3 MEUR on 31/12/2013). This cash flow is managed with caution
: 70 % is invested in mutual monetary funds, and operating debt is placed
exclusively at short term for the balance of 25.3 MEUR (compared with 26.3 MEUR
on 31/12/2013). These elements translate into a solid financial position for
UFF, which clearly meets its regulatory requirements.

Information on the parent company

Because of the operational integration of Group activities, the figures are
difficult to interpret in isolation. Union Financière de France Banque's net
profits for the first half of 2014 stand at 17 MEUR.

The meeting of the Board of Directors, which was held on 22nd July 2014,
approved the accounts and voted for the payment of an interim dividend of 0.70
EUR per share. This will be paid on 6th November 2014.

Equity capital, after payment of this interim dividend, will stand at 150.8
MEUR.

The consolidated accounts have been subject to an audit by the company's
auditors.

Transactions with related parties

Aviva France Group, the parent company of Union Financière de France Banque, is
considered as a 'related party'. The operational relationships between the
different companies which form Union Financière de France Group and the Aviva
France Group concern the life assurance activity, the financial management of
certain UCITs (transferable securtie), the placement operations, and IT
services.

Outlook

During 2014, UFF will continue to roll out its strategic plan and to ensure its
goals are implemented:

  * Strengthening of UFF's channels of distribution ;

       o The progressive integration of financial advisor teams coming from the
         network recently acquired continues in a satisfactory manner and will
         be continued through the remainder of this year. Integration will
         mainly focus on training the teams on the full range of UFF products,
         and, in particular, on the range of real estate products.

       o Strengthened by the March 2014 takeover of the financial company
         Caroussel, the UFF subsidiary, CGPE (Financial Advisor Entrepreneurs),
         which is aimed at the independent financial advisors' (IFA) market,
         will continue efforts already undertaken to expand into more firms.
         CGP Entrepreneurs today has its own specific range of products and an
         infrastructure which will provide a solid base for growing its
         activity.

  * Strenthening of UFF's presence with its clients by the continual provision
    of a range of specifically targeted and up-to-date investment products.

  * Acceleration of UFF's transformation with the aim of increasing its
    operational efficiency and preparing for regulatory changes.

Union Financière de France in brief

Set up in 1968, Union Financière de France is a bank which specialises in
advice on the creation and management of wealth, and which offers products and
services for individual and corporate clients. UFF's range of products includes
real estate, financial securities, and life assurance, as well as a wide range
of products aimed at companies (retirement savings plans, employee savings
plans, medium term cash management, etc.).

Union Financière de France enjoys a dense network of financial advisors and
back office staff which is present throughout France and which consists of 1 450
employees, of whom over 1 150 are financial advisors.
On 30th June 2014, Union Financière de France had 200 000 clients, of whom 178
000 were individual clients and 22 000 were corporate clients.

Union Financière de France is listed on Euronext Paris Compartiment B
Code Euroclear 3454
Code ISIN FR0000034548.

UFF                               UFF
Karyn Bayle                       Françoise Paumelle
Managing Director                 Head of Public Relations
Tél : 01 40 69 64 47              Tél : 01 40 69 63 75
karyn_bayle@uff.net               francoise_paumelle@uff.net

Golin Harris
Coralie Ménard
Press Officer
Tél : 01 40 41 56 09
coralie.menard@golinharris.com

UNION FINANCIERE DE FRANCE BANQUE

32, avenue d'Iéna 75783 Paris Cedex 16 - T. + 33 1 40 69 65 17 -
Service clientèle UFF Contact : 0810 732 732 - www.uff.net -
Société anonyme au capital de 15 467 031,07 EUR - 473 801 330 R.C.S. Paris.

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