bpi am organizational changes

8/16/2019 BPI AM Organizational Changes

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19th Floor BPI Building, 6768 Ayala Avenue, Makati City, Philippines 1226www.bpiassetmanagement.com

22 May 2013

Dear Valued Client,

In recognition of the need to flexibly adapt to a rapidly changing global environment and the continuedexpansion of the economy and financial markets, we at BPI Asset Management have made someimportant changes in the organization to better deliver our services to you.

We have strengthened integration across the areas of portfolio management, institutional accountmanagement, wealth management, and private banking in order to improve efficiency and enhance ourcustomer value proposition. In line with this, the following changes shall take place:

Appointment of a New Chief Investment Officer

Estelito “ Lito” C. Biacora (Senior Vice President) takes on his new role as Head of InvestmentManagement and Chief Investment Officer of BPI Asset Management. With 23 years of experience intreasury and portfolio management, and most recently as Head of BPI Private Banking, Lito succeeds

the undersigned as I henceforth focus broadly on business strategy, growth opportunities andgovernance as Chairman of the BPI Asset Allocation Committee (AAC). Lito shall be appointed Vice-Chairman of the AAC and will have overall responsibility of the entire investment process spanningportfolio management of both segregated and pooled fund mandates, trading, economic research andinvestment analysis.

BPI Asset Management shall continue to employ multiple investment management engines as weexecute portfolio management strategies across different investment brands: BPI Investment Funds,Index Funds, Odyssey Funds and ALFM Funds (in an advisory capacity). Lito will be workingalongside highly experienced senior portfolio managers including Smith L. Chua (Vice President) who joined BPI in 2011 following the acquisition of ING Investment Management Philippines. Smith, whohas 16 years of progressive experience in fund management, has consistently managed topperforming funds in the industry, and he will be responsible for the Odyssey Funds investment

process.

Attaching BPI Private Banking to Asset Management

We envisage the streamlining of client services to the high net worth customer segment by attachingBPI Private Banking into the Asset Management and Trust umbrella. Private banking clients shouldexpect to further benefit from having greater access to investment solutions, broader productcoverage, and market expertise provided by our portfolio managers and investment analysts. We areexcited about the new innovations in the private banking space and we hope to bring this to ourcustomers thru synergies with asset management. I shall personally oversee this integration until weappoint a new Head of BPI Private Banking.

Changes in Wealth Management

We have combined retail and wholesale distribution in one platform under our Wealth Managementservices as we anticipate a movement towards open architecture for investment funds across theindustry. Mario T. Miranda (Senior Vice President), a 29 year veteran in the asset management andtrust industry is tasked with taking the wealth management business into the future through anintegrated traditional and digital investment funds distribution and advisory capability.


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Integration of Institutional Account Management

We have integrated the Institutional Business under the management of Paul Joseph "PJ" M. Garcia(Senior Vice President) to help ensure consistency of service quality across the institutional accountspectrum. PJ was the Head of ING Investment Management Philippines and joined BPI in 2011 as aresult of the business acquisition. Institutional clients are anticipated to benefit from the valuable

market insights that PJ and the coverage team are expected to deliver apart from the usual clientservices.

We have attached our Organizational Chart for your kind reference.

Once again, we take this opportunity to thank you for your continued trust and we look forward tostrengthening our partnership.

Sincerely,

Maria Theresa Marcial-JavierHead, BPI Asset Management and Trust Group


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