Pepsi-Cola Products Philippines, Inc.'s Board of Directors in its Special Meeting held on 10 February 2020, approved acceptance of the resignation of Mr. Byoung Tak Hur as a member of the Company's Board of Directors, effective 16 February 2020: acceptance of the resignation of Mr. Yongsang You as the company's Chief Executive Officer, effective 16 February 2020. Mr. You will remain a member of the Board of Directors; acceptance of the resignation of Ms. Wei Wei Yao as a member of the Company's Board of Directors, effective 16 February 2020; election of Mr. Frederick Dy Ong as a member of the Company's Board of Directors, and as the Company's President and Chief Executive Officer, effective 16 February 2020; and election of Mr. Parinya Kitjatanapan as a member of the Company's Board of Directors, effective 16 February 2020.