History

BPI International Finance Limited (“BPI IFL”) is a wholly-owned subsidiary of the Bank of the Philippine Islands (“BPI”). BPI IFL traces its roots to Ayala Finance (HK) Limited, a limited company wholly owned by the Ayala Corporation and registered under the Hong Kong Companies Ordinance on August 16, 1974. Ayala Finance (HK) Limited was registered in Hong Kong as a deposit-taking company under the Deposit-taking Companies Ordinance on 26 April 1976. On March 16, 1982, its name was changed to Ayala International Finance Limited (“AIFL”) with the approval of the Registrar of Companies. BPI acquired AIFL on December 28, 1984.

BPI IFL is licensed by the Hong Kong Monetary Authority (“HKMA”) as a Deposit-Taking Company. It was further granted by the Hong Kong Securities and Futures Commission (“SFC”) with licenses to engage in the following activities (CE Number AAJ382):

Activity	Date License was Granted
Dealing in Securities	September 5, 2007
Advising on Securities	July 16, 2003
Asset Management	July 16, 2003

BPI IFL authorized by the Hong Kong Monetary Authority (“HKMA”) as a Deposit-Taking Company and registered with the Securities and Futures Commission (“SFC”) to undertake Dealing in Securities, Advising in Securities and Asset Management (CE AAJ382).