22 May 2013

Dear Valued Client,

In recognition of the need to flexibly adapt to a rapidly changing global environment and the continued
expansion of the economy and financial markets, we at BPI Asset Management have made some
important changes in the organization to better deliver our services to you.
We have strengthened integration across the areas of portfolio management, institutional account
management, wealth management, and private banking in order to improve efficiency and enhance our
customer 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 Investment
Management and Chief Investment Officer of BPI Asset Management. With 23 years of experience in
treasury 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 and
governance as Chairman of the BPI Asset Allocation Committee (AAC). Lito shall be appointed ViceChairman of the AAC and will have overall responsibility of the entire investment process spanning
portfolio management of both segregated and pooled fund mandates, trading, economic research and
investment analysis.
BPI Asset Management shall continue to employ multiple investment management engines as we
execute portfolio management strategies across different investment brands: BPI Investment Funds,
Index Funds, Odyssey Funds and ALFM Funds (in an advisory capacity). Lito will be working
alongside 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, who
has 16 years of progressive experience in fund management, has consistently managed top
performing 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 attaching
BPI Private Banking into the Asset Management and Trust umbrella. Private banking clients should
expect to further benefit from having greater access to investment solutions, broader product
coverage, and market expertise provided by our portfolio managers and investment analysts. We are
excited about the new innovations in the private banking space and we hope to bring this to our
customers thru synergies with asset management. I shall personally oversee this integration until we
appoint a new Head of BPI Private Banking.
Changes in Wealth Management
We have combined retail and wholesale distribution in one platform under our Wealth Management
services as we anticipate a movement towards open architecture for investment funds across the
industry. Mario T. Miranda (Senior Vice President), a 29 year veteran in the asset management and
trust industry is tasked with taking the wealth management business into the future through an
integrated traditional and digital investment funds distribution and advisory capability.

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

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 account
spectrum. PJ was the Head of ING Investment Management Philippines and joined BPI in 2011 as a
result 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 client
services.
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 to
strengthening our partnership.

Sincerely,

Maria Theresa Marcial-Javier

Head, BPI Asset Management and Trust Group