The Board is committed to a process of orderly succession and acknowledges that a succession plan for the Board and its leadership positions is in the best interest of the Bank and its stakeholders. Leadership changes are not only carefully considered and planned, but are also part of a comprehensive risk management strategy that is guided by clear and transparent governance policies, processes, and laws.

Board Succession. In this regard, the Board is regularly refreshed in a continuing cycle. The Nomination Committee and the Corporate Governance Committee work within a general Board succession plan framework to ensure that: 1) appropriate governance processes are in place and ongoing, for identifying, assessing, and monitoring future needs of the Board; 2) there is continuity and transfer of knowledge in the Board so that it may effectively fulfill its role and responsibilities to BPI, as that may evolve over time, and 3) the Board is taking a prudent and structured approach to managing succession risk.

Senior Management Succession. The reality of financial services today is a state of dynamic and, perhaps, perpetual change. Transformative factors are affecting the business for the long-term, whether it be through regulation, market disruption, innovative technologies, new business models or other forms of competitive pressure. The Board understands that the Bank must continually evolve, adapt and restructure the business to remain ahead of these strategic shifts. Through its Personnel and Compensation Committee, the Board manages the talent pipeline and assembles the right executive and leadership group capable of navigating such changing conditions.

In consultation with the President and CEO, the Personnel and Compensation Committee reviews the talent development process within the Bank to ensure it is effectively managed. Senior management provides a report to Personnel and Compensation Committee on the results of its talent and performance review process for key management positions and other high potential individuals, toward ensuring a sufficient pool of qualified internal candidates to fill senior and leadership positions and to identify opportunities, performance gaps and next steps as part of the Bank's executive succession planning, development process.

In the same manner, in consultation with the Board and the President and CEO, the Personnel and Compensation Committee evaluates and nominates potential successors to the President and CEO.

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