Roxas and Company, Inc. at its board meeting held on December 19, 2016 approved the resignation of Mr. Antonio J. Roxas as a member of the Board of Directors and appointment as a Special board advisor, appointment of Mr. Aurelio R. Montinola III as Independent Director of RCI, appointment of Mr. Aurelio R. Montinola III as new Audit & Risk Committee Member, and appointment of Mr. Fernando L. Gaspar as President & CEO of RCI effective December 16, 2016.