Union Bank of the Philippines announced 1. Acceptance of the resignations of Mr. Michael G. Regino and Atty. Ricardo L. Moldez as nominee directors of the Social Security System (SSS) in the Bank and as members of the following board committees, effective immediately: Michael G. Regino Member: Executive Committee, Trust Committee, Corporate Governance Committee, Information Technology and Cybersecurity Committee Alternate Member: Risk Management Committee, Market Risk Committee, Operations Risk Management Committee Atty. Ricardo L. Moldez Member: Risk Management Committee, Audit Committee, Market Risk Committee, Operations Risk Management Committee Alternate Member: Executive Committee, Corporate Governance Committee, Information Technology and Cybersecurity Committee 2. Election of Mr. Rolando L. Macasaet and Mr. Robert Joseph M. De Claro as nominee directors of SSS in the Bank, effective immediately, to serve the unexpired terms of office of Mr. Michael G. Regino and Atty.

Ricardo L. Moldez, respectively. 3. Appointment of Mr. Macasaet and Mr. De Claro to the following board committees, effective immediately: Rolando L. Macasaet Member: Executive Committee, Trust Committee, Corporate Governance Committee, Information Technology and Cybersecurity Committee Alternate Member: Risk Management Committee, Market Risk Committee, Operations Risk Management Committee Robert Joseph M. De Claro Member: Risk Management Committee, Audit Committee, Market Risk Committee, Operations Risk Management Committee Alternate Member: Executive Committee, Corporate Governance Committee, Information Technology and Cybersecurity Committee Mr. Rolando L. Macasaet is presently the President and Chief Executive Officer of SSS. He also serves as Vice Chairperson of the Social Security Commission, the governing body of the SSS.

He previously held the position of President and General Manager of the Government Service and Insurance System (GSIS) from 2019 to 2022, and as the Chairperson of the GSIS' Board of Trustees in 2018. Prior to joining the SSS, Mr. Macasaet has had extensive experience in public service as he served in various leadership capacities in several Government-Owned and Controlled Corporations (GOCCs) from 1988 to 2005, such as the Philippine National Construction Corporation, Dasmariñas Industrial Steel Corporation, Skyway Corporation, and Tierra Factors Corporation. Moreover, he has more than two decades of professional experience in financial services, banking, and public-private partnerships, most of it with the Philippine National Bank (PNB), a publicly listed company.

His work in PNB included postings overseas as Vice President and General Manager in Los Angeles, California (USA) and as Regional Vice President-ASEAN in Singapore. His other stints in the banking sector included a two-year service as Corporate Account Manager at BMO Bank of Montreal, Vancouver and as President and Vice Chairman of the Philippine Postal Bank from 2005 to 2007. He also served as a Board Member of various companies such as San Miguel Corporation and Bank of Commerce, both publicly listed companies, Private Infrastructure and Development Corporation, and PCI Bank.

He further served as Director of the Asian Infrastructure and Investment Bank (AIIB) in Beijing (China's counterpart of the World Bank and Asian Development Bank). He holds a Bachelor of Science in Business Economics, Cum Laude, from the University of the Philippines and has earned a Master of Business Administration- Honors Program from the same university. He also finished an Executive Program in Finance at Columbia University in New York, and a Diploma in Management Development at Harvard Business School in Boston, Massachusetts.

Mr. Robert Joseph M. De Claro is a member of the Social Security Commission. He currently serves as President and CEO of Transpotech and Services, OPC. With a background in creating, administrating, and spearheading startup and operating entities for over twenty-five years, Mr. De Claro is a business leader seasoned over decades of professional experience and equipped with necessary knowledge to achieve common and long- term corporate goals.

He has been able to deliver double-digit gains in revenue through strategic growth strategies and with an expertise in identifying opportunities, coupled with strong customer relationship management skills. Mr. De Claro held various roles with numerous companies such as President and CEO for People4u Inc.; Operating Partner for FutureNow Business Services Inc.; President and General Manager for JMango Philippines Inc.; and General Manager, APAC for GlobalOne Solutions Inc. and Cloud Sherpas. He holds a Bachelor of Science in Computer Science with specialization in Information Technology from De La Salle University.