Result of the Special Board Meeting

In a special Board of Directors Meeting on 3 August 2023, the BOD accepted the resignations of Mr. Roberto B. Ortiz as President, CEO and Director as well as Mr. Augusto M. Cosio, Jr. as Chairman and Director. The BOD approved the nomination of Mr. Emmanuel G. Herbosa as Chairman of the Board of Directors and Mr. Eugenio T. Tan as President and CEO. Messrs. Herbosa and Tan are currently directors of PHA. In the same BOD meeting, Mr. Ernest Sze Lok Yeung and Ms. Marian Pena were elected to the BOD to replace Messrs. Ortiz and Cosio Jr.