The Board of Directors of Philippine Business Bank, Inc. at its Special meeting held on 29 June 2023, approved the following: Resignation of Mr. Angelo Miguel M. Calabio, as First Vice-President, Trust Officer and Trust and Investment Center Head, effective July 01, 2023. Appointment of Mr. Arturo I- Lipio,Jr. as First Vice President, Trust Officer and Trust and Investment Center Head, effective July 03, 2023. Mr. Lipio has twenty-nine (29) years of banking experiences from commercial and international banks.

He was previously connected with United Coconut Planters Bank (now Land Bank of the Philippines) as Chief Trust Officer under Trust Banking Group from February 2019 to February 2022 with the rank of First Vice President wherein he was primarily responsible for the overall business operations and strategic direction of the Trust Banking (Group. Prior to this, he was the Head of Debt Capital Markets — Treasury Banking Group from December 2013 until January 2019 where he was responsible for developing the Bank's debt capital markets initiatives by originating and distributing debt securities. He was also the Head of Treasury Sales and Distribution with the rank of Vice President from September 2006 to December 2013 at UCPB.

His first position with UCPB was Head of Corporate and Investment Banking Group with the rank of Assistant Vice President 2 from February 2000 to August 2006. Apart from Mr. Lipio's service at UCPB, he had a two (2) year stint with Citibank N. A /Citicorp Capital Philippines, Inc. as Deal Manager with the rank of Manager and he got promoted to Assistant Vice President after a year. He had several employments from non-banking organizations such us All Asia Capital and Trust Corporation, BA Finance Corporation, Metrobank Venture Capital Corporation.

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