1. We at PBB think of our shares as more than an electronic piece of paper that has a quoted buying and selling price being traded on the Exchange. We hope that you view your shares as a direct ownership in the bank and not as an electronic blip to be bought and sold based on some economic or political news that makes you fearful or excited.

2. Our long term goal is to maximize the intrinsic value of our business on a per share basis. While we consider the size of our operations an important metric, we will prioritize intrinsic per share value over growth at unsatisfactory rates of return.

3. We will be candid in our reporting of material events and facts surrounding the operations of your bank. We will endeavor to supply you with the data that you need to make a fair assessment and calculation of the range of the Bank’s intrinsic value. We will do this via our annual report, and throughout the year via our quarterly reports and other periodic updates that may be released from time to time.

4. We hope that our shareholders experience gains or losses commensurate with the bank’s intrinsic value. We do not want shareholders to profit based on speculative actions at the expense of his fellow shareholders. We prefer shareholders who will be with us for the long term, and for such shareholders to benefit from the growth of the intrinsic value of the business, not from random stock price fluctuations.

While we cannot control our share price, we can control the information that affects our quoted prices. We prefer our stock price to be quoted at fair rather than high values, and while this policy will disappoint some shareholders, this affords us the best opportunity to attract long-term shareholders who share the same values as we do.

5. We will use our book value to measure our performance relative to the Philippine Stock Index(“PSEi”) over rolling five year periods. While stock prices may fluctuate on a second by second basis, we believe the growth rate in our book value provides a fairly reasonable (but not perfect) approximation of the growth rate of our intrinsic business value.