Annual Report 2005 Equitable PCI Bank

2 About the Cover

Equitable PCI Bank fulfilled its vision of rising to dominance as shown by its outstanding performance in 2005. It has proven to be the “Bank of Choice” for an ever growing number of clients. The Bank shows the way to a brighter future, like the sun emerging in the horizon, with its remarkable growth that clearly indicates substantial progress over the years, placing it as one of the country’s most dependable and reputable financial institutions.

Contents Financial Highlights 1 To Our Stockholders 2 2005 Highlights 6 Review of Operations 8 Philippine Economic Performance 2005 26 Board of Directors and Advisory Board 28 Management Committee 30 Senior Officers 31 Senior Officers, Subsidiaries and Affiliates 32 Network Directory 33 Products and Services 44 Annual Report 2005 Equitable PCI Bank

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Financial Highlights (Consolidated)

FOR THE YEAR (in million pesos, except earnings per share)

AT YEAR-END (in million pesos) Annual Report 2005 Equitable PCI Bank

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Corazon S. de la Paz Teresita Sy-Coson Chairperson Chairperson of the Executive Committee Annual Report 2005 Equitable PCI Bank

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To Our Stockholders

Focus was critical in a year when political and economic difficulties continually tested our country’s strength and resilience. Tension in the national scene, made no easier by rising oil prices and inflation, tugged at our confi- dence at nearly every turn. Through all these and our own challenges, however, Equitable PCI Bank drew once again on its inherent fortitude and directed unshakeable focus toward its vision of attaining dominance in the industry as The Bank of Choice.

Rising to strategic targets Our clear-minded and determined execution of our corporate strategies to pursue higher-margin middle market and consumer accounts, build up the low-cost deposit base, improve asset quality and boost non-inter- est income produced tangible results. We posted a net income of P2.7 Billion in 2005, or 12% higher than the previous year’s net income of P2.4 Billion.

Total interest income increased by 14% to P19 Billion, driven by larger earning assets and a better portfolio mix. In support of our strategies, our teams in the vari- ous business units capitalized on the key areas where

Rene J. Buenaventura President & Chief Executive Officer Annual Report 2005 Equitable PCI Bank

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the Bank has established a strong franchise. Foremost on top of the P10.5 Billion NPAs disposed in December of these areas is commercial / middle-market lending, in 2004 to asset management companies. The results are which the Bank’s expertise has spurred a steady growth striking. Non-performing loans (NPL) ratio significantly in our portfolio size and breadth. Our new accounts declined from 7.01% to 4.50%, a level substantially less increased by 15%, with our commercial banking team than the industry NPL average of 8.51% as of December sustaining this uptrend over the past four years. Com- 2005. mercial loans now account for more than 46% of our total loans and receivables portfolio of P142.4 Billion. With a better asset and liability mix and healthier loan portfolio quality, net interest income surged 19% to Similarly, the Bank’s vast branch network has given a vig- reach P10.6 Billion while net interest margin widened orous push to our consumer lending business. Accounts to 4.35% from 4.21%. The robust performance in the referred by our branches constitute 70% of consumer interest differential business was complemented by the loans. For their part, the consumer finance team has buoyant 23% surge in total non-interest income to P9.6 kept pace with the boom in the auto and property mar- Billion. kets, unleashing aggressive product development and promotion efforts to propel loan bookings 34% higher The Bank earned P4.9 Billion in service charges, fees and than the previous year. commissions, up 12%, as a result of targeted programs to build up fee-based income sources in remittance, trust Interest expenses rose at a slower pace of 9% to P8.4 Bil- banking, bancassurance, credit cards and branch trans- lion, given resolute efforts to manage the Bank’s funding actions. The Bank’s strategy also draws further on our cost structure. Total deposits increased 7% to P206.7 Bil- solid presence in the corporate market, where we have lion, spurred mainly by the growth of low-cost demand shifted specifically towards cash management products and savings deposits. Notably, our branches have played and other fee-based income sources. a pivotal role in aggressively increasing low-cost depos- its and in actively cross-selling other Bank products and Overseas, the Bank’s dominance in the Overseas Filipi- services. Transforming them into customer-segmented no Workers (OFW) remittance market has been further and therefore highly focused sales forces was a growth validated, with sterling records set once again in foreign strategy we painstakingly executed over three years, to exchange inflows and in transaction volume. Our Re- dramatic results. mittance Division had a banner year, as more and more overseas Filipino workers entrusted their remittance As we trained and deployed our teams of Elite, Personal, transactions to the Bank and our volume reached an in- and Transaction Bankers in the branches, we saw our de- dustry-leading growth rate of 18%. posit portfolio showing double-digit growth and our re- tail customer base being strengthened. To further sharp- In the trust banking arena, our Unit Investment Trust en our competitive edge, we are continuing to provide Funds have reaped tremendous public acceptance, the necessary training and technological support. With boosting total volume to a remarkable 140% beyond a much stronger customer information database behind target and delivering above-market returns. Moreover, our sales and marketing teams, we aim to further boost key accounts grew by 18% and the Bank served as low-cost deposits and generate incremental revenues collateral trustee for vital business ventures across the while also raising the bar on the customer experience in country. Recognizing its top tier performance, the Bank’s sales and service interactions with our bankers. Trust Banking group was cited as “Best Fund Manager” in the Watson Wyatt Survey of Trusteed Funds Managed Following through on earlier initiatives to improve asset with Full Discretion. quality, we continued to enhance our credit processes and beef up collection. The Bank also sold another P5.3 Billion We also generated over P1 Billion in premiums through worth of non-performing assets (NPA) in September 2005, our insurance channel, PELAC, enabling it to be among Annual Report 2005 Equitable PCI Bank

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the top 10 out of 39 life insurance companies nation- the Bank again garnered the “Trusted Gold Brand” for wide. In 2005, it ranked fifth in terms of First-Year Pre- 2006. The survey identified the brands that appealed miums and third in terms of Single Premiums – a superb the most to affluent Asian consumers, reaffirming our leap from its 27th position in 2004. This accomplishment Bank as the consumers’ choice in our industry. is attributable to the synergies developed by branch net- work personnel and their PELAC Financial Sales Execu- The marketplace likewise honored the Bank for its ex- tives counterpart. ceptional results with a sustained uptrend in the share price, which reached P59 by year-end. This represents a year-on-year gain of 23% as against the PSE index’s Rising to market opportunities 15% hike as of December 2005. Augmenting its fee-based income, the Bank also posted significant Treasury-related trading gains and foreign ex- These achievements now form part of the proud foun- change profits, which reached P1.1 Billion and P670 Mil- dation of the Bank, which serves as a constant chal- lion, respectively, as the Bank correctly, anticipated op- lenge for our people to always excel and dominate in portunities where market conditions turned favorably. our various areas of operation. Looking ahead, we see even brighter prospects and dynamic synergies. We will Beyond the peak of financial results recorded for the concentrate on fortifying our capital position, mindful year, the light of recognition that shone on the Bank’s of the fact that a stronger balance sheet built firmly on support to development efforts has been as bright. We the solid franchise in our target business segments shall garnered four awards from various institutions, all com- position the Bank for even faster and healthier growth mending our solid contribution to the growth of SMEs ahead. and countryside industries. We have every confidence that our organization shall These awards came from: the Land Bank of the Philip- only grow further in might and reach as we put these pines, which named the Bank the Most Outstanding strengths to bear on the paths we shall take in the fu- Countryside Partner for the third year in a row under the ture. To our shareholders, officers, and employees, thank Commercial Banks/Government Financial Institutions you for your stalwart support in our efforts to be The Category and under the Agri-Agra Financing Category; Bank of Choice. from the Development Bank of the Philippines, which cited the Bank as the Most Outstanding Financial Institu- tion under the Japan Bank for International Cooperation CORAZON S. DE LA PAZ Facilities for large-scale and shipping industries; and from Chairperson the Small Business Guarantee and Finance Corporation, which honored the Bank as the Most Distinguished Part- ner under the Omnibus Credit Program for SMEs.

Rising to marks of distinction TERESITA SY-COSON The Bank also reaped various recognitions for its con- Chairperson of the Executive Committee tinuing exemplary performance. The Asset named Equi- table PCI Bank as “The Best Domestic Bank in the Philip- pines” for the second year in a row. The Asset is a highly respected regional finance publication that confers the Triple A Country Awards, an annual citation for perform- ance excellence in the financial services industry. Moreo- RENE J. BUENAVENTURA ver, in the Reader’s Digest Asia Trusted Brands Survey, President and Chief Executive Officer Annual Report 2005 Equitable PCI Bank

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Your Choice. Our Commitment.

EPCIB Sells Additional -P-2.2B Equitable PCI Bank and results. With the Bank’s pre- Competition. Indeed, EPCIBank Idle Assets to Lehman Brothers Euromoney Host the Philippine eminent performance in the bears to be Your Bank of Choice. The Bank has signed a second Investment Conference Reader’s Digest SuperBrands agreement with Lehman Brothers Equitable PCI Bank co-hosted Survey 2005, Equitable PCI Bank Equitable PCI Bank Reinforces for the sale of -P-2.16 Billion of with Euromoney, an international now carries the SuperBrand logo its Commitment to Corporate non-performing assets, adding finance leading publication, of Quality, Trust, Confidence and Social Responsibility to an earlier sale of P8.32 Billion the Philippine Investment Strong Reputation. Equitable PCI Bank's President and completing its plan to unload Conference, a forum for local & CEO and other top executives -P-10.5 Billion worth of idle assets and international stakeholders to EPCIB is DBP’s Most welcomed participants in a special to the global investment bank. discuss and debate investment Outstanding Participating forum entitled “The Art of Raising issues in the country. Financial Institution Funds, The Science of Making EPCIBank Among Five Best EPCIBank was awarded by It Grow” held last year at the Dealers of Government EPCIBank Profit Doubles the Development Bank of the Cebu City Marriott Hotel. This Securities in 1Q '05 Philippines (DBP) as the Most is the Bank’s fundamental tool The Bureau of the Treasury Equitable PCI Bank’s net profit Outstanding Participating to reinforce its commitment to has cited Equitable PCI Bank for the first quarter of 2005 Financial Institution for 2004. corporate social responsibility. among the five best out of 40 more than doubled to -P-567 DBP commended the Bank for Government Securities Eligible Million compared to the -P-270 its achievement in energizing Cash in a Flash E-Pay Launched Dealers (GSEDs) for 2004 for Million income posted in the the growth of industries and Equitable Card Network launched its exemplary performance first quarter of 2004. Continuing its contribution towards fast- another credit card, dubbed in the primary market for all to drive bottom line growth tracking development initiatives “Cash in a Flash E-Pay,” that gives government securities. The Bank were increased interest and fee- in the country. clients quick, convenient and easy was named Best Performing based income. access to needed cash. GSED in 2000 and consistently Equitable PCI Bank is ranks among the top best dealers EPCIBank Group Unloads LBP’s Most Outstanding Big Wins in Asset Management since then. -P-5.3B more in Idle Assets Countryside Partner for EPCIBank topped the 2004 The Bank, together with its Three Consecutive Years performance survey conducted Bank Posts Record Profit subsidiary, Equitable Savings Under the Commercial Banks / by global consulting firm Watson in 2004 Bank, closed deals to unload Government Financial Institutions Wyatt. The Bank ranked No.1 The Bank’s unaudited full year -P-5.3 Billion in non-performing category, Land Bank of the among fund managers handling 2004 income rose to 55% assets (NPA) to a special purpose Philippines (LBP) named Equitable at least five funds with full year-on-year to -P-1.8 Billion, its vehicle (SPV) controlled by PCI Bank as the Most Outstanding discretion and was shown to highest in six years due to larger Bayerische Hypo-und Vereinsbank Countryside Partner for three have provided the best returns to interest and fee based income. AG, Germany’s second largest consecutive years. Through the retirement funds. Fee based income was driven by private commercial bank. active use of the Countryside Loan the increased services charges and Fund and Agricultural Loan Fund EPCIBank is PhilHealth’s Best asset management fees. EPCIBank Equity Fund programs, LBP cited the Bank Accredited Bank Outstrips Industry as the Best for its invaluable contribution to Equitable PCI Bank was named Equitable PCI Bank is The Performing Fund countryside development. Best Accredited Bank under Asset’s Best Domestic Bank The Equity Portfolio Fund, an Large Bank Category by The The Asset, a regional finance equity common trust fund EPCIBank Annual Report Philippine Health Insurance magazine, cited the Bank as the managed by Equitable PCI is 2005 Gold Quill Award Corporation (PhilHealth) for the 2004 Best Domestic Bank for Bank, has set the performance Merit Winner Bank’s outstanding collection excellence in its management and yardstick for local institutional Equitable PCI Bank’s 2003 performance in 2003 and 2004. operation of its banking franchise. stock investors. It outstripped the Annual Report is 2005 Gold Phisix and rival funds in 2004 and Quill Award Merit Winner by FASTeller Card Opens Equitable Card Network continues to pace the benchmark the International Association of a Whole New World and JCB Launch “EasyPay” as published records indicate. Business Communicators (IABC). FASTeller card has further Credit Card It emerged outstanding in the emerged as a leader in ATM A card that offers a flexible Equitable PCI Bank is Reader’s Communications Skills Category / cards as it brings a whole new “four gives” payment had Digest SuperBrands 2005 Gold Division 13-Publications. It world of banking to cardholders. been launched by Equitable Award Winner also received a citation by Beyond the usual transactions Card Network and JCB through Equitable PCI Bank was named CommDesign Center during with the ATM card, FASTeller card “EasyPay” JCB credit card. This a Gold SuperBrand winner in the Communications Design also opens up a world of cashless card targets the mass market the Reader’s Digest SuperBrands shopping, dining and more with ranging from blue collar workers 2005 survey. The Bank performed its tie-up with Visa Electron, to mid-level executive. outstandingly based on both quantitative and qualitative Annual Report 2005 Equitable PCI Bank

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the internationally recognized Consumer Finance Surpasses NFA Inks Credit Facility with 47% from the -P-1.2 Billion net name in debit payment, allowing -P-10-B mark Equitable PCI Bank profit earned in the comparable cash purchases from over Consumer Finance Division The National Food Authority period in 2004. Continuing to 20,000 local merchants, and in (CFD) has surpassed the -P-10 (NFA) inked a -P-4 Billion Omnibus drive bottom line growth was the over 12 Million VISA-affiliated Billion mark in its loan portfolio Credit Facility and Security Bank’s move to expand earning establishments worldwide. in April 2005 and continues Agreement with Equitable PCI assets, manage funding costs and to demonstrate exceptional Bank as part of an -P-8 Billion boost interest income. EPCIBank 1H '05 Income performance in its products and Issue where other participating Surges 67% services. CFD: “One Mind, One lenders include Philippine EPCIBank Among Best Dealers Equitable PCI Bank posted a net Heart, One Goal…20B Here We National Bank, Development of Government Securities profit of -P-1.14 Billion in the Come” is the new sales rally Bank of the Philippines and the Equitable PCI Bank has been cited first half of 2005, 67% higher slogan to set the mode to a more Philippine Veterans Bank. The by the Bureau of the Treasury than the -P-682 Million income interesting year ahead. mandated Arranger and Trustee as the 2nd Best Performing recorded in the first half of last for this Issue was the Land Government Securities Eligible year. This is attributed to a bigger Equitable PCI Bank’s Express Bank of the Philippines while Dealers (GSED) in the Secondary earning assets base, controlled Padala Sustains Growth in ONL Consultants, Inc. acted as Markets for the period October funding costs and larger non- Remittances, Widens Inroads Financial Adviser. Proceeds will 2004 to September 2005, interest income. in US help the NFA further perform its and one of the top ten Best Equitable PCI Bank’s Express mandate to provide adequate Performing Government Securities Equitable PCI Bank Bags Padala continues to post solid grains supply and ensure stable Eligible Dealers both in the SBGFC’s Top Award gains in the money remittance prices for both the consuming Primary and Secondary Markets Equitable PCI Bank was awarded business, registering a 23% public and the farmers. for the same period. by Small Business Guarantee and increase in pure OFW remittances Finance Corporation (SBGFC) in the first half of 2005. Volume Bank turns 55: Celebrating 55 PCI Leasing gets SEC approval as the 2005 Most Distinguished gains in six months include 37% Years of Continued Excellence for -P-1 Billion STCP License Partner under its Omnibus increase in the US, 49% in Asia in Banking The Securities and Exchange Credit Program for SMEs during and 26% in the Middle East. Equitable PCI Bank celebrates its Commission approved the -P-1 the opening ceremony of the Express Padala network keeps 55 years of continued excellence Billion short-term commercial Small and Medium Enterprise expanding to serve rising numbers in banking. The third largest paper (STCP) license application Development Week. of overseas Filipinos. bank, in terms of assets, emerges of PCI Leasing and Finance, Inc. even stronger in the ensuing EPCIBank Off to Strong Start Equitable PCI Bank Sponsors ownership and boardroom Equitable PCI Bank UITF with Market-beating Funds Forum for Capital Market changes, and is on track to Volume Continues to Grow Equitable PCI Bank’s Unit Development sustain its growth targets. Equitable PCI Bank’s Unit Investment Trust Funds (UITF) Equitable PCI Bank, a key Investment Trust Funds (UITF) outstripped benchmark rates, player in the financial markets, Equitable PCI Bank wins again are among the fastest- growing marking an auspicious start for gave a boost to capital market in The Asset Triple A Country investment outlets in the market the country’s third largest bank development, helping gather top Awards today. In terms of performance, as it makes the mandated shift to bankers, financial executives from Equitable PCI Bank has been EPCIB UITF products are selling UITFs. leading corporations, and high named “The Best Domestic Bank producing superior returns, ranking government officials and in the Philippines for 2005” giving outstanding marks for the PCI Leasing & Finance posts regulators to brainstorm on ways in The Asset Triple A Country country’s third largest bank in its higher assets, revenues to hasten growth of the country’s Awards. This is the second year shift to the selling of UITFs. PCI Leasing & Finance, Inc. fledgling long-term corporate in a row that Equitable PCI achieved solid growth in debt and equity markets. Bank has won this most coveted PELAC Total Premiums Surpass its business operations and domestic banking award for the -P-1B Mark strengthened its leadership and Top Credit Rating for -P-1B PCI Philippines and is a testament to The Philam Equitable Life market share in the industry. The Leasing Notes the substantial progress the Bank Assurance Company (PELAC) has creditable performance is the PCI Leasing & Finance, Inc. has has achieved during the past 12 surpassed its -P-1 Billion mark result of expanded marketing received a PRS 1 credit rating months to September 2005. hitting total premiums of -P-10.26 efforts for quality products and for its proposed -P-1 Billion Billion end November or end fiscal unstinting efforts to improve the short-term commercial paper, EPCIB Posts 47% Growth year 2005. PELAC focuses on the quality of assets and the efficiency maintaining its record as a top in 9M '05 sale of life insurance to the vast of operations. credit rated leasing firm and the Equitable PCI Bank’s unaudited customer base of Equitable PCI largest STCP issuer in the leasing net income for the nine-month Bank through the Bank’s over 400 and finance industry. period ending September 2005 branches nationwide. grew to -P-1.77 Billion, up Annual Report 2005 Equitable PCI Bank

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Review of Operations

Retail Banking harnessed an increasingly sales and service-oriented, customer-centric organization to drive its growth.

In a highly competitive industry with many formidable players, launched the “CASA Bonanza,” “Huling Hirit,” and “Pabuenas rising to dominance may seem a lofty, even unattainable sa CASA.” As of December 2005, low-cost deposits achieved target. For Equitable PCI Bank, however, this target was as a year-to-date average daily balance growth of 10% from real and tangible as the measures and strategies that the Bank the year-ago level. Similarly, other Retail Banking products employed in pursuit of it. The various divisions and subsidiaries, registered significant improvements over their full-year 2005 with collective commitment and purpose, marshaled their levels. Equitable Savings Bank’s SureSaver Plus led with a 42% resources towards raising the Bank to dominance in their growth, followed by various Peso High-Cost on-books products respective fields. The results are clear in their performance of Equitable PCI Bank such as Optimum, HighSaver, Time reports covering a remarkable year. Deposit, MoneyMax, and MoneyMax Plus, which collectively grew by 27%. Rounding up the double-digit growth were RETAIL BANKING GROUP TreasureSaver and FCDU Time Deposit, which contributed 16% Following through on successful initiatives in major markets in and 11%, respectively. the domestic retail financial services industry, Retail Banking In the OFW remittance market, Remittance Division harnessed an increasingly sales and service-oriented, customer- led with a record-setting inflow of US$2 Billion from centric organization to drive its growth. overseas Filipino workers, heralding another banner year Successful internal sales promotion campaigns built with an industry-leading growth rate of 18%. In terms of up the low-cost deposit volume, as the Products Division transaction volume, items processed already eclipsed the Annual Report 2005 Equitable PCI Bank

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Essential to the Bank’s sustained growth as well was an enhanced systems infrastructure to underpin its delivery systems.

erstwhile market leader. This dominance was propelled by the the 8th Kapihang Entrepinoys for Small Entrepreneurs. In robust performance of the overseas offices, diligent backroom coordination with the Cash Management Division, it forged processing operations, and the efficient service of domestic a tie-up with Amadeus, a global distribution system and distribution channels in branches and Direct Banking. technology provider, and with the Manila North Tollways Equally impressive was Retail Banking’s delivery of a Corporation, for payments collection systems. Turning its 14% increase in Bancassurance business volume, through attention to the younger market, the Bank also supported its partnership with Philam Equitable Life Assurance school fairs, the Junior Banker’s Workshop, and the Effective Company (PELAC), enabling PELAC to breach the billion- Saving Habits for Kids. peso mark in Annualized First-Year premium. Though only To equip the sales force with highly effective marketing on its second year of operations, it already ranked in the top paraphernalia, the Bank developed the Business Marketing 10 among 39 life insurance companies nationwide. Retail Sales Kit and the Foundation Alliance catalogue. More incisive Banking also sustained its high growth rates in its referral of customer information and, consequently, more focused non-life insurance business. Its continued collaboration with marketing campaigns were envisioned with the CIF Update on EBC Insurance Brokerage, Inc. (EIBI) attained a year-on-year Treasuresaver Accounts and the Update & Upgrade Promo for premium growth rate of more than 50%. Meanwhile, branch Payroll accounts. referrals for Consumer loans grew by 42%, higher by about a In terms of managing the customer experience, the billion pesos compared to 2004. All these reflected the success results of the Mystery Shopper Program also affirmed the of Retail Banking’s sales teams in cultivating mutually beneficial Bank’s efforts to reinforce service delivery, with branches relationships with the customers. across all divisions scoring an average over-all rating of 91% Riding on streamlined processes, the fees and charges towards year-end. As the Transaction Banking Division stepped collected from low-cost deposits grew by 40%, or -P-124 up measures to adhere to high standards, it continued to Million above the December 2004 year-to-date level. Retail reap high marks in the Telephone Monitoring Program, with Banking also collected healthier commissions and service an average over-all rating of 96%, as well as in the Branch charges from Miscellaneous Services such as sale of Traveler’s Upkeep Program, at 97%. Aside from these programs, the Checks, Manager’s Checks, Demand Drafts, acceptance of Bills Bank conducted periodic service performance reviews and Payment, and Bills Purchase transactions. Collectively, revenues customer surveys to ascertain client satisfaction with their from these services grew by 14% or -P-177 Million. branch experience. To strengthen ties with customers, Elite Banking along with Reaching out to more customers, Equitable Savings Bank Customer Relationship Management Division (CRMD) organized (ESB) added 11 new branches for a total of 35. Meanwhile, the 37th Golden Tee, Chinese New Year Appreciation Cocktails, the ATM network under Direct Banking increased by 22% for and a Broadway-style show entitled “What Makes the World Go a total of 600 ATMs, equipping all EPCIB and ESB branches ‘Round.” Pursuant to its mandate, the Market Development with FASTeller ATMs. With the ATMs now enabled to dispense Department of CRMD participated actively in business events -P-1,000 bills, it enhanced customer convenience as well as with a view toward supporting business development objectives. reduced ATM servicing costs. Not surprisingly, the FASTeller Among these events were the Euromoney Conference, the cardholder base reached 2.1 Million, placing the Bank among Petron Stockholders’ Meeting, the PASSCOR Anniversary, and the top three banks with the largest cardholder base in the Annual Report 2005 Equitable PCI Bank

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industry. Complementing the FASTeller ATMs, FASTNet, and Alongside Corporate Banking’s discerning asset-building FASTPhone was the Customer Interaction Center, which exercise, it maintained its fee-based income from both upgraded to a full-service call center, operating 24/7. traditional and cash management products as well as loan The Bank ensured that organizational development kept syndication and management front-end fees. Fee-based pace with the growth of the business. The Sales & Service income from Cash Management products increased by Quality Department completed the Breakthrough Selling for 49%, boosted by the 71% growth in value of disbursement Personal Banking, and the Financial Planning and Consulting transactions and the 30% upswing in collection products. All Training Program for all Senior Personal Bankers and Elite these resulted in a total income growth on a consolidated Bankers. It also implemented the Proactive Management basis by a robust 64%. for Banking Center Heads, Proactive Supervision for Sales The year also marked Corporate Banking’s implementation & Service Officers, and Proactive Service Provider Training of its new Credit Risk Rating System, which established the for frontliners. framework for a tiered pricing mechanism for both loans and Essential to the Bank’s sustained growth as well was investments. The centerpiece pricing model calibrates changes an enhanced systems infrastructure to underpin its delivery in the required spreads, adjusting them apace with changes in systems. The Business Information and Systems Division risk assessment ratings. installed the RBG Customer DataMart, a database that uses The Lending Units contributed to the over-all profitability SAS software for analyzing data vital to customer portfolio through effective cost control and judicious use of the Bank’s management. SAS, a business intelligence and analytics resources. Moreover, they kept the past-due loan portfolio to software firm, conferred the “2005 Customer Innovation a prudent minimum, registering at less than 1%. Award” on the Bank in recognition of its groundbreaking Targeting further growth through a diversified portfolio efforts in applying SAS solutions to the local banking industry. base, Corporate Banking will capitalize on referral business The Bank also pursued the imaging of signatures to enhance from its valued clients and expand business relationships with the verification process, as it prepares to install a new branch referred corporate suppliers, wholesalers, and customers. By front-end system in 2006. extending the relationship to its clients’ business partners, Having completed key infrastructural investments in the Corporate Banking’s Lending Officers also acquire a keener past year, Retail Banking is primed to enhance its product and sense of their clients’ business performance, financial service quality as it fully harnesses the power of its focused requirements, and trade experience. Cash and financial teams. It will identify new sets of customer touch points to transactions with the trade are also kept within the loop as improve on, with the end-view of differentiating the Bank tested cash management products, which interconnect payables through a distinct, unrivalled customer experience. and receivables, are reconciled to a single deposit account. Equally vital to remaining a significant player in the top-tier CORPORATE BANKING GROUP corporate market is Corporate Banking’s active participation in Maintaining a dominant presence in the business requirements major capital market syndications, thereby fortifying its fee- of the country’s Top 1,000 Corporations, Corporate Banking based income sources. focused on growing its loan portfolio base with emphasis on high-margin debt and low-risk or credit-enhanced financial CONSUMER FINANCE products. Already, its shift towards better-priced loans and In 2005, as the auto and property markets boomed, Consumer other debt instruments pushed loan portfolio growth to Finance launched strong campaigns for customers who aspired 13%. The combination of portfolio growth and better asset to buy their own cars and build or acquire their own homes. selection propelled gross interest earnings 18% higher, while The success of these campaigns was evident in the 34% net interest margins rose by an unprecedented 57%. increase in total loan bookings for the year. With its aggressive Annual Report 2005 Equitable PCI Bank

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The Small Business Division continues to develop other products that can address the specific financing needs of the SME sector and aid in its growth.

move to finance top real estate developers nationwide, the schemes that paved the way for clients to build or purchase their CTS financing portfolio under the Wholesale Department grew own homes or to access refinancing for their existing loans. by more than 50%. As the Bank already serves the remittance requirements Among the exciting promos unleashed during the year of numerous overseas Filipino workers (OFW), the Division was “Deals on Wheels,” a promotional marketing tie-up with aims to reinforce this relationship by cross-selling retail accredited auto dealers. Previously limited to Northern Luzon, financing packages. In 2006, it plans to offer loan packages “Deals on Wheels” zoomed out to various areas nationwide specifically targeted to the OFW market and thus give them in 2005, representing 100% coverage of all Consumer the opportunity to acquire a house or a vehicle for their family Finance Business Centers. Fresh auto loan bookings and in the Philippines. incremental revenues exceeded expectations and drove over- More promotional campaigns are also in the local horizon, all growth by 18%. all directed toward making “Own-A-Home” and “Own-A-Car” On the other hand, home mortgage loan bookings the definitive brands of choice in their respective markets. The registered a 28% growth, built up in part by the introduction 2006 edition of “Deals on Wheels” is poised for release, while of “Own-A-Home Stretch,” a variant of the highly successful tie-ups with corporate clients are being firmed up to create “Own-A-Home” financing plan. The Division partnered with exciting offerings for Corporate Housing, Auto Fleet, and various property developers to create innovative financing Personal Loans. Annual Report 2005 Equitable PCI Bank

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SMALL BUSINESS DIVISION ComBank’s strategic moves were borne out by the Affirming once again its time-tested support to Small and satisfactory results reported for the year. Loans exhibited a Medium Enterprises (SMEs), the Bank earned recognition in double-digit growth, steered in part by a 15% increase in new 2005 as the Most Distinguished Partner under the Omnibus accounts, while net interest income surpassed the previous Credit Program for SMEs of the Small Business Guarantee year’s level by a convincing 35%. Hurdling an intensely and Finance Corporation (SBGFC). The citation recognized the competitive environment for deposit and trade transactions, Bank’s outstanding support to the SME sector in terms of the the Group also recorded double-digit growth rates in these number and regional dispersal of the projects it financed, as areas and built up its trade transactions to account for about well as the diversity of its loan portfolio. half the Bank’s total. By market segment, ComBank, together Besides the award, the financial performance of the with Hong Kong branch, contributed more than 46% of the Small Business Division underscored its positive contributions Bank’s total loan portfolio. to the Bank’s goals for the year. Its portfolio grew to -P-3.87 After a revisit and enhancement of its rewards Billion while net income reached -P-0.20 Billion, or 11.5% program, ComBank also strengthened opportunities to higher than in 2004. Total CASA amounted to -P-26 Billion, harness employees’ contributions to the Group’s objectives. equivalent to a deposit-to-loan ratio of 7:1. It intends to continue building on such partnerships, Among the other highlights of the year was the alongside other tactical measures to preserve a vigorous introduction of the Division’s banner product, the Credit-on- loan portfolio, optimize profits, and produce added value Hand (COH). The new facility provided clients easy credit access for the Bank’s bottomline. through the issuance of COH checks; moreover, lending rates were fixed to help ensure proper fund liquidity management. TREASURY GROUP The Division also offered COH Term Loans, through which In an economic scenario that featured a lower sovereign clients may acquire the means to expand their business and risk premium, reduced interest rates, peso appreciation, and amortize capital expenses up to five years. It will continue to stock market gains, the Treasury Group seized opportunities develop other products that can address the specific financing that led it toward greater strength and growth in 2005. It needs of the SME sector and aid in its growth. dominated the proprietary and non-proprietary trading of Complementing these diligent product development multi-currency fixed-income securities, foreign exchange, and efforts was the Division’s active participation in various trade derivatives through correct market positioning, focusing on exhibits and symposia organized by the Department of Trade client satisfaction, expansion of market reach in key areas, and and Industry, the Philippine Franchise Association, and the product diversification. Financial Executives Institute of the Philippines. The Treasury Marketing Division continued to strengthen its presence in key markets. It created two new Treasury COMMERCIAL BANKING GROUP Desks, thus bringing the total money centers to eight, and Commercial Banking (ComBank) devoted its resources toward increased use of the Bank’s wide distribution network. The winning new clients, strengthening loan portfolio quality, and Division also actively transformed its sales and support units enhancing its responsiveness to existing clients. ComBank to align them with ongoing market reforms that fostered expanded and geographically rationalized its marketing transparency, professionalism, and full compliance with global complement, thereby finetuning its team’s capability to best practices. Further, it communicated more closely with deliver on stated targets. It also centralized reportorial and clients on new product offerings as well as current financial administrative functions with other Bank units, thus ensuring market developments. more efficiency and organizational alignment while also Recognizing market developments and trends, the Foreign freeing up the Group’s officers to concentrate on their Fixed-Income Trading Division actively traded multi-currency marketing activities. bonds and other innovative global investment products. The Annual Report 2005 Equitable PCI Bank

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Treasury remains fully committed to fine- tuning its expertise in the trading and risk management of innovative investment products and enhancing the knowledge and skills of its dealers and support units.

Bank also dominated Domestic Fixed-Income trading once enhancing the knowledge and skills of its dealers and support again, particularly the government securities market – a field units. The Division also seeks to bring these competitive in which it has earned the distinction of being cited by the advantages to more clients in selected target areas. Bureau of Treasury as the 2nd Best Performing Government Securities Eligible Dealer (GSED) in the secondary market for TRUST BANKING GROUP the period from October 2004 to September 2005. The Bank In implementing significant regulatory reforms aimed at was also recognized as one of the Best Performing GSEDs in aligning itself with international best practices, Trust Banking the primary market for the same period. In Foreign Exchange moved towards continued dominance in its industry. The trading, the Bank likewise ranked among the most active Group’s introduction in May of its family of marked-to- banks in the Philippine Dealing System. market funds in compliance with the BSP Circular on the The Unibank Fund Management Division employed Unit Investment Trust Funds received overwhelming public sound asset/liability management strategies to efficiently response, boosting total volume to 140% beyond target by handle the Unibank’s liquidity and market risk exposures. It yearend. Greater investor confidence was attained as the drew on lower funding sources and reduced intermediation GS Fund, Equity Fund, and US Dollar Fund delivered superior costs through efficient use of its various licenses. It also returns and outperformed market benchmarks. coordinated with the Comptrollership Group on initiatives Guided by the same regulation, the new M.E.R.I.T. promoting the Group’s compliance with the International UITF served to gradually convert the assets of standardized Accounting Standards (IAS 39). retirement accounts from the common trust fund to the Technology-related advancements were translated into new unitized fund. Systems and procedures were fortified to system improvements by the Product, Technology and ensure a seamless transition to the International Accounting Information Division. The treasury system was made IAS Standards (IAS) by yearend. Consequently, all debt and equity 39-compliant and equipped with tested and certified system investments shifted to being valued on a marked-to-market recovery measures. The research and forecasting unit used basis rather than the accrual method. the intranet for quick and paperless dissemination of In other efforts, Trust Banking successfully cornered key information updates. accounts, thereby increasing its market share. Corporate Further building up the Bank’s global network, the trust accounts grew by 18% on the tails of the successful Correspondent Banking Division initiated new arrangements acquisition of several key corporate accounts. The Group with counterpart banks and generated additional trade and stepped up as collateral trustee for vital business ventures in non-trade borrowing lines for the Bank. key cities across the country. It was also appointed trustee Treasury also spearheaded the successful issuance of the of one of the largest bond flotations of the country’s major US$100 Million senior debt in the global markets in February power supplier and public trustee for two banks’ Tier 2 2005. The increased liquidity that this provided the Bank went capital issues. In the securities processing industry, the Group towards funding revenue-generating assets. reinforced its stature as a major player – it continued to serve With an eminent track record to preserve, Treasury remains as settlement bank of the Philippine Stock Exchange and as fully committed to fine-tuning its expertise in the trading and transfer agent and registrar for a significant number of both risk management of innovative investment products and listed and non-listed securities. Annual Report 2005 Equitable PCI Bank

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Trust Banking moved towards continued dominance in its industry, implementing significant regulatory reforms aimed at aligning itself with international best practices.

Trust Banking applied its involvement towards corporate Operations Group laid the groundwork for revising various social responsibility with equal dedication. It brought the forum system operating platforms in 2005. With the Bank’s older on “The Art of Raising Funds, The Science of Making It Grow” applications replaced, the upgrades are geared to achieve to Cebu in March, gathering participants from educational better integration, a more robust network, and a shift institutions, religious groups, and non-profit organizations toward a countrywide IP network. from the Visayas region. Transaction Processing, comprising seven departments, Unfazed by constant challenges, Trust Banking remains provided centralized back-office support to the Bank. Cash a formidable institution in investment management. It has Operations expanded its cashier services to four new provincial consistently led in Watson Wyatt’s survey of investment sites. It was also able to service more branches and offsite performance, particularly in the areas of Trusteed Funds ATMs without increased manpower as well as outsource Managed with Full Discretion. It intends to maintain its its armored car services. Clearing and Settlement set up a stronghold in more markets by pioneering products and new processing center in Makati to be more competitive in services designed to secure the financial well-being of the servicing check deposits but pushed back its cut-off time Group’s customers. for same-day value items while at the same time providing for a back up site for its centralized clearing operations. OPERATIONS GROUP Deposit Account and Reconciliation followed through with In line with its role of providing technology, production, its paperless reconcilement process and started a pilot on and facilities management support to the Bank, the digital imaging. Loans and Discounts started its integration Annual Report 2005 Equitable PCI Bank

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With the Bank’s older applications replaced, the upgrades are geared to achieve better integration, a more robust network, and a shift toward a countrywide IP network.

testing of the Advance Loan System (ALS) application from administrator, evaluating productivity and cost management Systematics, whose full benefit is expected in 2006. Test and suggestions from the Bank staff. Cables designed and implemented a tracking tool for Peso Information Technology implemented a new Business telegraphic transfers from branches to local banks using the Recovery Center that ensured better and faster coverage SWIFT Alliance Access eliminating manual handling. Trade of all major systems. It also upgraded its Provincial Services upgraded to Trade Innovation. Year-round training Telecommunications Network to MPLS (Multi-Protocol Label and user testing were conducted to ensure a successful cut- Switching) for a less expensive but more robust infrastructure. over in early 2006. Treasury Services and Support automated Further, IT continued its Midrange Server Consolidation, which its coupon payment crediting of investors in the Bank’s simplified resource management, as Storage Consolidation Senior Notes and foreign bonds. OPICS (Treasury System) enhanced access and backup for various platforms. The Group was enhanced to comply with the BSP requirements in also outsourced its Engineering and Service Desk for computer Circular 392. equipment repairs and maintenance. Central Administration, tasked with overseeing security, material, premises, and other facilities management support CREDIT, PRODUCTS, AND SUBSIDIARIES GROUP to the Bank, concentrated on cost and energy management Special Lending Department, long known as a dominant projects. It cut expenses by installing state-of-the-art reflectors force in the specialized lending market, facilitated the Bank’s in tandem with fewer light fixtures, and by rationalizing funding of the working capital requirements and expansion service vehicle usage to necessitate fewer units and create of various enterprises in agro-processing, manufacturing, an option for outsourcing. The Division also managed the telecommunications, shipping, services, and trading. It construction of 11 new ESB branches and the relocation of remains committed to pursuing this direction and promoting 21 Bank branches. investment opportunities in the country. In 2005, it led the Business Systems collaborated with the Information Bank to winning four awards from various institutions that Technology Group and the users on key project areas, from commended the Bank for energizing the growth of industries planning and design to implementation and training. It and fostering development initiatives. focused on the development of major processing systems such Land Bank of the Philippines named the Bank the Most as Trade, Loans, Remittance, Customer Information System, Outstanding Countryside Partner for the third consecutive year Central Liability, Branch Front-End Systems, Consumer Finance under the Commercial Banks/Government Financial Institutions Front-End Systems, On-Line Signature Verification, Digital Category and under the Agri-Agra Financing Category. These Imaging, and Human Resource Management. The operations awards cited the Bank’s sustained commitment to countryside review it conducted among various support and marketing development. On the other hand, the Development Bank units yielded possible improvements in processing efficiencies, of the Philippines awarded the Bank the Most Outstanding outsourcing options for non-core banking functions, guidelines Participating Financial Institution under the Japan Bank for for new products and product bundling, and enhancements of International Cooperation Facilities for large-scale and shipping the Bank’s MIS and system interfaces. Equally critical was the industries. Further, the Small Business Guarantee and Finance support for IAS and AMLA compliance. On top of addressing Corporation named the Bank the Most Distinguished Partner project requirements, the Division also served as Brilliant Idea under its Omnibus Credit Program for SMEs, highlighting Annual Report 2005 Equitable PCI Bank

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its stalwart support to the SME sector in terms of number, achieved through strategic sales and marketing campaigns diversity, and regional dispersal of projects financed. that generated numerous referrals from the Bank’s branches. Credit Policy and Support Division (CPSD), besides Project i2, an insurance and incentive sales referral program providing credit investigation and appraisal services to the with the Bank’s Retail Banking Group, continued to flourish, Bank’s lending units, took the lead in credit policy formulation, delivering a 53% increase in premium income and a 52% rise credit risk review, credit portfolio monitoring, and compliance in commission income for the year. with credit risk initiatives of BSP and BASEL. In 2006, EIBI intends to sustain its successful retail referral- System upgrades and other technology-driven changes based sales insurance program, further complementing it pushed performance and efficiency levels up for the Division in with commercial and industrial insurance accounts. EIBI’s 2005, particularly in credit investigation and appraisal. Service branches will be mobilized to contribute at least 25% to the Level Agreements reinforced a strong customer service focus, total portfolio. New branches in Davao and Cagayan de Oro, motivating the staff towards faster turnaround time in spite of followed by others to be set up in Binondo and Iloilo, will a heavier workload than the previous year. Productivity climbed bolster the already strong network comprising EIBI offices in in key provincial business centers, as the Division deployed Cebu, Angeles, and General Santos City. By end-2006, EIBI offsite appraisal workstations and ensured responsiveness to will have all seven operating in the major cities across the demands without having to tap additional manpower. country. Moreover, it will venture into non-Bank related or Addressing the new IAS challenges and anticipating a referred accounts through the establishment of the Open more stringent regulatory environment in the light of early Market Unit. initiatives toward BASEL II compliance, the Division responded Maxicare Healthcare Corporation (Maxicare) emerged with an appropriate credit risk management regime. First, it the HMO of choice in the country, with a total membership of undertook risk rating-based credit management following the about 230,000 having access to a vast network of hospitals, Moody’s rating model, albeit in an adjusted form to factor clinics, and medical practitioners nationwide. Two major in local standards. It continues to review and manage the primary care centers (PCCs) were opened in Makati and Cebu risk rating structure to ensure that the Division fulfills BASEL- cities to respond to growing client bases in these locations. compliant risk management practices and conforms with The Company also selected providers consistently aligned with regulations. its thrusts on superior services and utilization management. As a parallel effort to improve credit risk management, Moreover, it spearheaded the use of intelligent cards, powered the Division was involved in the conversion to the new Central by an online system that sped up membership validation in Liability System – a development targeted to provide, by early points of availment nationwide. 2006, the backbone for data requirements of various risk Maxicare will make superior healthcare more accessible management activities such as the development of Probability and affordable to its members by opening more PCCs in of Default and Loss-Given Default models and risk rating strategic areas. Following a recently set up center in Alabang, model validation. more sites are in the drawing board for 2006. The Division also kept pace with the new IAS requirements by sending its personnel to the necessary external training SPECIAL PROJECTS, ASSET MANAGEMENT programs. In coordination with other Bank units, it will AND LEGAL GROUP gear up to respond in a timely and effective manner to the The Special Projects, Asset Management, and Legal Group challenges evolving in the industry. exceeded its ambitious targets once again in reducing losses, EBC Insurance Brokerage, Inc. (EIBI) is now the fifth contributing profits, and shrinking the Bank’s non-performing largest insurance broker in the country in commission income loan (NPL) portfolio to below industry norms. Total NPLs earned. It also dominates as the largest among all local- shrank by 30%, while 7% in acquired assets were sold at bank owned or affiliated insurance brokers. In 2005, EIBI a gain through direct marketing and successful auctions in reported more than 30% growth in revenues and income, selected cities nationwide. Fees derived from advisory services Annual Report 2005 Equitable PCI Bank

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Maintaining its focus on talent acquisition and retention as a key imperative, Human Resources continued to spearhead organizational and employee programs that improve staff skills and competencies, optimize performance, and enhance effectiveness.

relating to the managed rehabilitation of distressed credits of primary interest. The Group has prepared for this direction increased five-fold. by undertaking local and international training on the future Even as its main focus was on managing and minimizing of the local energy scenario through the sponsorship of the NPLs, the Group nonetheless surpassed its marketing European Union and the United Nations. budget by increasing its new loans portfolio twice over. It promoted non-traditional banking products that included HUMAN RESOURCES DIVISION structured trade and project finance, which have since yielded Maintaining its focus on talent acquisition and retention as encouraging gains. a key imperative, Human Resources continued to spearhead Moving forward, the Group will continue to apply organizational and employee programs that improve staff its expertise toward transforming distressed credits into skills and competencies, optimize performance, and enhance manageable risks and maximizing SPV Law incentives. It will effectiveness. It also steered culture-building initiatives to also work toward the negotiated sale of distressed assets complement the key performance drivers. to Asset Management companies. Moreover, the Group Specifically, the Institutional Rewards and Recognition will intensify efforts to market new business. With the Programs, such as the Brilliant Idea, Customer Service expected passage of the Renewable Energy Law, projects Excellence, and Operational Excellence, helped spur employee involving developing sources for renewable energy will be engagement, creativity, and performance. Other interventions Annual Report 2005 Equitable PCI Bank

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such as the New Hires KUMUSTAHAN Program, Internal unique position to develop strong customer-centric products Customer Satisfaction Survey, Service Level Agreement (for and services, including the enhancement of card usage internal service providers), and the Telephone Monitoring programs such as Cash in a Flash and balance transfers. In Program from Executive Office units and subsidiaries provided collaboration with several merchant-partners, it is also able to measures for organizational effectiveness, and supplied offer various types of installment programs to customers. quantitative data for diagnosing organizational issues. Equitable Card’s dominance is further borne out by its HR Service Delivery harnessed technology to streamline performance as the largest merchant-acquirer in the country. processes and procedures, thereby maximizing cost efficiencies, It is the first organization to be certified as EMV (Europay, while the Human Resources and Training Management MasterCard, Visa)-compliant, meaning that it can now support Systems commenced automation initiatives. An enhancement the processing of chip-based cards, whether issued locally or of the Employee Self-Service Facility via the Intranet provided abroad; moreover, it effectively protects both the company the Credit Ratio calculator site, ESS-Training Records, and the and its customers from fraudulent transactions. “My Notices,” a direct management communication vehicle Continuing to harness new technologies in point-of- to the employees. Further, the HR e-Forms facility allowed sale and backroom processing – thereby delivering fast and employees to transmit their service requests and inquiries accurate service to customers and merchant-partners – will directly to the Division. keep Equitable Card strides ahead of competition. Meanwhile, After a breakthrough stage in the Bank’s journey towards sales and marketing campaigns will complement efforts to tap implementing the Employer-of-Choice engagement practices, the Bank’s vast branch network to attract new cardholders. Human Resources made a steady and sustainable commitment With the entry of Banco de Oro / SM as one of its major with its internal partners, and geared up for a patient and shareholders, Equitable Card sees even greater opportunities determined application of several well-targeted practices for in the thriving mall industry. It will build on these strategic 2006 onwards. Strategies were articulated through various partnerships to further solidify its market dominance. programs on recruitment, performance management, career progression, succession planning, employee relations, training PCI LEASING & FINANCE, INC. and development, employee well-being, and corporate culture. PCI Leasing & Finance, Inc., the Bank’s leasing and financing The results of a project team under the Bank’s Transformation subsidiary, has consistently dominated the industry by offering Express Program in 2005 provided opportunities to establish innovative services that include direct lease, sale and leaseback, management indicators for employee attraction, development, amortized commercial loans, receivable discounting, installment and retention – all in support of achieving the status of paper purchase, and receivables factoring. In 2005, it affirmed Employer of Choice. this dominance and industry leadership through its total resources, net income, loan/lease portfolio and capitalization. EQUITABLE CARD NETWORK Total revenues registered a 24.47% growth over the previous The Bank’s credit card subsidiary, Equitable Card Network, year’s level, while net income surged by 7.4%. continued to dominate its industry in both card-issuing and These results were attained through innovative strategies merchant-acquiring categories. the company adopted during the year. Through its Productivity Equitable Card is the first and only issuer of four Improvement Committee, the company continued to adopt international brands, namely Visa, MasterCard, American and monitor cost-efficient processes resulting to enhanced Express, and JCB. This key competitive advantage puts it in a productivity and better control of operating costs. Through Annual Report 2005 Equitable PCI Bank

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PCI Leasing obtained SEC approval for its P1 Billion short-term commercial paper license application. The Philippine Ratings Services Corp. (Philratings) gave the STCP issuance a “Best Grade” rating of PRS 1.

adoption of marketing strategies that spurred referrals from finance, private equity, trading and brokering of financial different bank units, its market reach was further expanded. assets, and financial advisory services. In 2005, it reaffirmed It firmed up partnerships with vendors, innovated on existing its market dominance amid shifting economic and political leasing and loan products, and designed hybrid products for conditions. It led or participated in major financial transactions special client needs while protecting its own interest margins. involving over -P-17 Billion in debt and equity – over 30% Notwithstanding domestic political and economic more than the previous year. PCI Capital provided financial pressures, the Company maintains optimistic growth prospects. advisory services to companies that dominated their respective It has responded to International Financial Reporting Standards industries as well. by forming a subsidiary, Equitable Pentad and Rental, Inc., to PCI Capital acted as Joint Issue Manager for the -P-11 cater to clients’ demand for Operating Leases. Billion Zero Coupon Bond offer of National Power Corporation With higher booking volumes and an increased portfolio, due 2012 and as a Participating Underwriter for the -P-4.6 PCI Leasing obtained SEC approval for its P1 Billion short-term Billion Initial Public Offer of Manila Water Company, Inc. It was commercial paper (STCP) license application. The Philippine also Financial Advisor to Aboitiz Transport System Corporation, Ratings Services Corp. (Philratings) gave the STCP issuance a a property development company, a leading appliance retailer, “Best Grade” rating of PRS 1. The rating, which signified the and a finance company. strongest capability for timely payment of STCP issue for both In addition, PCI Capital played a lead advisory role in the principal and interest, was based on the Company’s strong Bank’s successful two-tranche disposition of more than -P-15 liquidity position, its capital size and quality, and its solid Billion in non-performing assets to special purpose vehicles parent-Bank support. under RA 9182, or the Special Purpose Vehicle Act of 2002. PCI Leasing has constantly banked on its highly One transaction had the distinction of being the only bank skilled and competent manpower as its most valuable non-performing asset disposition done under the said law, asset. It thus prioritizes training and seminars that further where a leading multilateral institution provided financing for enhance their expertise and their responsiveness to the the asset acquisition. clients’ needs. Its President and Chief Executive Officer, With a sterling record to preserve, PCI Capital will Manolo C. Arzadon, was inducted into the 2005 Asia further strengthen its performance in the equities and Business Leader Awards Honor Roll, a permanent list of fixed-income markets, enabling its customers to access a exemplary executives. steady stream of optimal financing structures and quality In 2006, the Company aims to dominate its industry not investment opportunities. only in resources, income, assets and capitalization but also in technology, training, and product innovation. CORPORATE SOCIAL RESPONSIBILITY Equitable PCI Bank’s pursuit of dominance in the banking PCI CAPITAL CORPORATION industry, inasmuch as it generated greater strength, stability, As the investment banking arm of the Equitable PCI Bank and profitability for the Bank, also placed it in a more vigorous Group, PCI Capital Corporation provides clients with a position to fulfill its corporate social responsibility thrusts. Be wide array of capital market products such as equity and it in well-targeted donations and sponsorships benefiting debt underwriting, dollar and peso loan syndication, project various charitable, social, and educational institutions; in far- Annual Report 2005 Equitable PCI Bank

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Promoting a dominant role in corporate social responsibility campaigns reflects the Bank’s belief in worthy corporate citizenship as the necessary, complementary half to excellent financial performance.

reaching relief operations and medical missions to ease the Kaakbayan is also being designed to promote employee plight of suffering communities; or in annual gift-giving to volunteerism by engaging the participation of Bank staff in share the Christmas spirit with the less fortunate – in these the activities. and many other philanthropic activities, the Bank showed the Another innovative corporate social responsibility transforming power of genuine civic commitment. undertaking is the EPCIB Arts and Culture Program, which For 2006, the Bank has pledged to pioneer new builds on the Bank’s longstanding support to the arts. programs that venture into relatively unexplored endeavors, Through a series of activities that bring the appreciation of and thereby bring even deeper meaning to its corporate art and culture closer to valued clients, Bank employees, social responsibility philosophy. and surrounding communities, the Bank aims to catalyze a One of these programs is the EPCIB Kaakbayan Program, profound and sustained public involvement in arts and culture which focuses on the families of Overseas Filipino Workers and, most importantly, in endeavors that celebrate the creative (OFWs). The Bank seeks to provide OFW families with the spirit and rich heritage of the Filipino. bridge to a higher quality of life through livelihood and Promoting a dominant role in corporate social microfinancing programs tailored to their needs. These will responsibility campaigns reflects the Bank’s belief in worthy be reinforced by activities emphasizing values formation as corporate citizenship as the necessary, complementary half to well. In partnership with Bank clients and external agencies, excellent financial performance. Annual Report 2005 Equitable PCI Bank

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Philippine Economic Performance 2005

Higher revenues and restrained spending enabled the government to trim its deficit to -P-146.5 Billion, more than -P-30 Billion lower than target. The deficit represented -2.7% of GDP, a first in seven years that the ratio was better than -3%.

The Philippine economy surpassed expectations to post a The imposition in November of the 10% R-VAT on previously 5.1% real growth in gross domestic product (GDP) last year, exempt goods, most notably power and petroleum products, while the hefty 13.8% increase in income from abroad lifted likewise dampened spending. the country’s gross national product (GNP) to 5.7%. While it This notwithstanding, personal consumption (+4.9%) did decelerate from the 6.0% GDP and 6.2% GNP growth clearly drove much of economic growth last year, propped up in 2004 – a year marked by election spending and brisk by the 23% jump in OFW remittances to a record $10.8 Billion. global trade – the country’s economic performance in 2005 This made up for the modest increase in government spending measured respectably against the difficult hurdles it had to (+2.7%) due to fiscal limitations, as well as the decline in overcome. The economy dealt with the worst political crisis fixed investments (-4.3%) amid political uncertainties. Weak that broke out in June and lasted until the impeachment trial demand for electronics, the country’s major export, subdued was concluded in October. Tight food supplies caused by the export growth to 2.3% from 14.1% in 2004; imports El Nino, plus record high global oil prices and increased utility, managed a slight 1.8% rise in 2005. wage, and transport rates, pushed the inflation average to On the production side, the services sector (+6.3%) 7.6% from 6.0% in 2004, clouding consumer confidence. contributed the most to GDP growth. The influx of OFW Annual Report 2005 Equitable PCI Bank

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remittances underpinned the growth in retail trade (+5.9%), borrowing needs, to some extent tempering local interest rate communications (+14.9%), and the real estate and property increases. The benchmark 91-day Treasury Bill rate averaged at sector, with the latter additionally spurred by low interest a lower 6.36% in 2005 from 7.34% in 2004. rates and brisk demand from business process outsourcing The Philippine economy moves ahead in 2006 on strong (BPO) firms. The finance sector grew 15.4%, led by banks positive momentum generated by an enhanced fiscal outlook (+21.3%) on increased non-interest incomes and improved and a better-than-expected performance in 2005. There are, asset quality. Meanwhile, the industry sector (+5.3%) drew however, certain risks that present a downside to the economy’s strength from higher manufacturing growth powered by otherwise bright scenario. Foremost is the dampening impact domestic demand for consumer goods, as well as the surge of the higher R-VAT on consumer spending, which accounts in mining activities on renewed interest in the sector. Only the for nearly 80% of the country’s GDP and has largely driven farm sector (+2%) posted a lackluster performance as the El economic growth in recent years. The volatility in global crude Nino held back crop production. oil prices triggered by new geopolitical concerns, as well as any For the third year in a row, the government posted a emergent challenges to President Arroyo’s political legitimacy, budget deficit lower than the programmed level. Higher likewise imperils the country’s prospects. Meanwhile, weak revenues and restrained spending enabled the government to competitiveness relative to our Asian neighbors has prevented trim its deficit to -P-146.5 Billion, more than -P-30 Billion lower the export sector from staging a significant recovery, while than target. The deficit represented -2.7% of GDP, a first in overdependence on electronics and the US market has rendered seven years that the ratio was better than -3%. the sector vulnerable to cyclical downswings. The government’s improved fiscal performance generated Despite these downside risks, however, the country is seen positive market sentiment and encouraged foreign capital drawing on its resilience reinforced over the years by structural inflows. This was most evident in the peso’s big recovery as it reforms already in place in key sectors. The implementation ended the year at -P-53.09, after falling to an all-time low of of the additional 2% R-VAT effective February indicates -P-56.44 at the height of the political crisis in July. The peso’s the government’s earnest efforts at fiscal consolidation, year-end rate marked an almost 6% appreciation versus the with a possible credit outlook upgrade and resulting lower dollar, making it the best performing currency in the region. borrowing costs. The sustained growth in migrant remittances The equities market likewise gained, with the Philippine should continue to buttress consumer spending, even as the composite index up by almost 15% (273.20 points) to end government is now able to pump-prime the economy through the year at 2,096.0 from the 2004 level, placing it the second incremental collections from the R-VAT, thus benefiting certain best performing market in the region. Telecommunications, sectors like housing, food, health services, and public works, as banks, and property led the market’s notable performance well as generating the desired multiplier effects on employment in 2005. Meanwhile, the government’s pre-funding activities and incomes. via the foreign bond markets allowed it to check its domestic Annual Report 2005 Equitable PCI Bank

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Board of Directors

CORAZON S. DE LA PAZ Chairperson

RENE J. BUENAVENTURA NAZARIO S. CABUQUIT, JR. FULGENCIO S. FACTORAN, JR. President & Director Director Director

VICENTE L. PANLILIO* JOSEFINA N. TAN ANTHONY M. TE Director Director Director

Advisory Board

PETER D. GARRUCHO, JR. RICARDO C. LEONG TEODORO B. MONTECILLO Member Member Member

* Served as Director until February 2006 Annual Report 2005 Equitable PCI Bank

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TERESITA SY-COSON WINSTON F. GARCIA FERDINAND MARTIN G. ROMUALDEZ Vice Chairperson Vice Chairman Vice Chairman

MA. LUZ C. GENEROSO RAMON J. JABAR REYNALDO P. PALMIERY Director Director Director

JESUS G. TIRONA EXEQUIEL P. VILLACORTA, JR. LUIS MA. G. URANZA Director Director Corporate Secretary

ANTONIO C. PACIS MIGUEL E. ROCA, JR. BENJAMIN PHILIP G. ROMUALDEZ Member Member Member Annual Report 2005 Equitable PCI Bank

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RENE J. BUENAVENTURA President & CEO

WALTER C. WASSMER GERARD LEE B. CO ANTONIO N. COTOCO BIENVENIDO M. JUAT, JR. Senior Executive Vice President Executive Vice President Executive Vice President Executive Vice President

EDUARDO J. KATIGBAK, JR. RICARDO V. MARTIN SERGIO LL. NARANJILLA, JR. DENNIS B. VELASQUEZ Executive Vice President Executive Vice President Executive Vice President Executive Vice President

ARISTOTLE L. VILLARAZA MARVIN V. FAUSTO JONATHAN C.B. GO REBECCA S. TORRES Executive Vice President Senior Vice President Senior Vice President Senior Vice President Annual Report 2005 Equitable PCI Bank

31 6HQLRU2ԀFHUV

CHAIRPERSON Ma. Evangeline A. Buhay Rafael Martin C. Lara Gerardo I. Banzon Vicente L. Miciano, Jr. Corazon S. de la Paz Marilou L. Cesario Cesar F. Lazo Regina Anne S. Basilio Dalisay S. Molas Susie S. Cham Estela L. Lim Marites A. Bautista Mary Ann R. Munar PRESIDENT & CEO Manuel D. Curato, Maurice D. Lim Rodora V. Bautista Who B. Olandez Rene J. Buenaventura Executive Legal Adviser Gertrudes J. Lumain Edgardo F. Blanco Josefa P. Ortiz Noel D. Dizon Roy Allan V. Magturo Evangeline G. Borja Rebecca C. Paguia SENIOR EXECUTIVE Rolando D. Esguerra Angelita C. Manulat Ramon B. Borja Arnaldo Emerito E. Palad VICE PRESIDENT Paul A. Evora III Cecilia C. Maravilla Maria Eleanor B. Briones Jocelyn T. Paz Walter C. Wassmer Belinda C. Fernandez Felix A. Martin Carlos L. Buenaventura Cyrus M. Polloso Lesmes L. Garate Jessie A. Matibag Julius O. Buendia Donald E. Quintana EXECUTIVE Renato S. Gongora Neliza Ma. R. Oñate Benilda G. Cabardo Hernando T. Rasco VICE PRESIDENTS Myrianne Joan D. Ergilio S. Ong Victor Geronimo S. Calo Raoul L. Reniedo Gerard Lee B. Co Gonzales Ma. Bella C. Paguiligan Cheryl A. Capili Edmund A. Reyes Antonio N. Cotoco Ma. Elena L. Jao Ma. Aurora G. Panopio Ma. Corazon N. Casanova Evangeline P. Reyes Bienvenido M. Juat, Jr. Ma. Cecilia G. Lantin Grace Socorro V. Peczon Marilou N. Cayanan Joseph Nestor T. Reyes Treasurer Alan David L. Matutina Flor Melissa Po-Artillaga Veronica T. Chan Go Pamela Ann S. Reyes Eduardo J. Katigbak, Jr. Merceditas P. Romeo J. Pulido, Jr. Mary Assumpta Gail S. Roberto H. Reyes Ricardo V. Martin, Chief Montesclaros Victorina S. Ros Chanyungco Antonio D. Rona Financial Controller Jose G. Nuguid William U. Rosario Christine T. Chow Ronald C. Rosales Dennis B. Velasquez Maria Rhoda B. Orsolino Emily D. Samoy Maria Clara D. Chua Maria Rosario L. Salazar Aristotle L. Villaraza Jose Alfredo G. Pascual Rolando S. Santos Riasa A. Chua Arsenia S. Santos Domingo A. Ramos, Jr. Gregorio C. Severino Salva Fe S. Cirilos Maria Lourdes T. Santos SENIOR Cerwina Elenore A. Celia D. Sotto Joselito B. Cobarrubias Joel Jovencio E. Sarreal VICE PRESIDENTS Santos Alejandro R. Sumayao Raul B. Cruz Ma. Corazon D. Simbulan Ursula A. Alano, Ma. Theresa S. Simbul Antonio U. Tan Salustiano B. Dela Cruz Ronaldo D. Soriano Deputy Treasurer Virginia N. Sy Divina N. Tan Rosanna F. De Vera Grace C. Tan Shirley S. Ang Edwin R. Tajanlangit Richard R. Tan Rolando L. Dillague Marites L. Tan Manolo C. Arzadon Margaret L. Yu Don Elecci B. Torno Zosimo C. Dimacuha Diosdado R. Teh Antonina M. Cabuyadao Gary A. Vargas Albert G. Dizon Marilyn G. Tin Ramon S. David VICE PRESIDENTS Francisco B. Vista, Jr. Ma. Lirio E. Du Ma. Rosita J. Tinio Marvin V. Fausto, Belinda C. Abad Rosola A. Vivas Ma. Fe H. Dy Margarita M. Tobias Trust Officer Jocelyn D. Agas Joy T. Yap Francis Javier P. Ejercito Lourdes S. Turno Jonathan C.B. Go Regina Flor V. Alba Antonio Juan C. Yniguez Joel M. Escala Josephine G. Valdez Nenita C. Indiongco Ma. Milagros R. Aimee A. Yu Samuel C. Esguerra Blandina Uvyhilda B. Jeanette S. Javellana Alindogan Alice C. Yu Elizabeth G. Estrada Vicente Emerenciana H. Luistro Mary Jane V. Ang Marirose A. Fernando Glicerio C. Vicente Annie H. Ngo Maria Carina S. Antonio ASSISTANT Joel Rizaldy G. Flor Luzviminda M. Vidal Virgilio C. Pamatmat Pedro C. Bautista, Jr. VICE PRESIDENTS Dominador J. Francisco Loreto D. Villaluz Jose Pastor Z. Puno Jose Luis F. Bautista Kara Q. Abrogar Marcelita I. Geollegue Raul B. Vivas Ricardo V. Reynoso, Jr. Bernard M. Carague Jose Emilio M. Alcalde Rommel S. Gomez Adora A. Yanga Arsenio L. Severino Aurora M. Castro Melissa A. Alcantara Francis Vicente O. Hilario Noel Z. Yuseco Richard Benedict S. So Leticia T. Chua Rogelio C. Alcantara Agnes F. Jamias Paulino L. Yusi Grace A. Sumalpong Milagros K. Chua Edgardo L. Alcaraz Marietta M. Jamilla Shakira C. Yu Robert W. Sy Peter D. Clemente Susan G. Almendral Armando P. Jardeleza Rebecca S. Torres, Elizabeth E. Coronel Apollo R. Alquiza Tomas K. Javier EXECUTIVE ADVISER Chief of Staff Edna Christine P. Cruz Leticia L. Ang Ley Simeon S. Jumaquio FOR CORPORATE Edward G. Wenceslao Lamberto B. Del Fonso, Jr. Elpidio R. Angeles, Jr. Michelette S. Legaspi PLANNING Ma. Susana L. Yap George R. Dosado Ma. Ophelia R. Angeles Lilian Leslie T. Lim Clarissa Emerita G. Madelyn V. Fontanilla Apolinario E. Aquino Alberto V. Lizares Ocampo FIRST VICE PRESIDENTS Alexander G. Francisco Ronald C. Arceo Vicente T. Lopez Gerard M. Aguirre Genevieve W.J. Go Aldamuel S. Armonio Nelia R. Lumanog Maritess B. Antonio Judy L. Go Susan Marie J. Atienza Joseph Gerard E. Mabilog Victor C. Arboleda Patrick Warren D. Go Jerome I. Austria Vivian D. Malonjao Onofre D. Avellanosa Francisco Javier E. Jose Chona M. Azucena Rebecca C. Marcelo Marcelo E. Ayes David Kan Tat Yan Francisco D. Bacierto, Jr. Ariel T. Melo Rita V. Buendia Jennie F. Lansang Janet B. Bagnes Maria Socorro P. Meñez Annual Report 2005 Equitable PCI Bank

32 6HQLRU2ԀFHUV 6XEVLGLDULHV $ԀOLDWHV

ARMSTRONG SECURITIES EBC STRATEGIC HOLDINGS PCI CAPITAL CORPORATION CORPORATION President President & CEO ELEANOR M. HILADO President ERLASTER C. SOTTO SERGIO LL. NARANJILLA, JR. EQUITABLE CARDNETWORK, INC. Senior Vice President & EQUITABLE EXCHANGE, INC. Managing Director Officer-in-Charge GABRIEL U. LIM RICARDO M. DELA TORRE Chairman BIENVENIDO M. JUAT, JR. First Vice Presidents First Vice Presidents ELEANOR M. HILADO ALPHA GRACE V. AQUINO President ARNOLD E. OLIVA MA. OPHELIA LL. CAMIÑA ROBERTO E. LAPID MICHAEL K. PASTORES RICARDO M. CELESTINO NOEMI T. VILLANUEVA HARRISON C. GUE Directors MARILI M. TIOSECO URSULA A. ALANO Assistant Vice President BELINDA C. FERNANDEZ NILO C. SAMPAYO Vice Presidents EDWARD G. WENCESLAO CESARIO C. DAYEGO PCI LEASING AND FINANCE, INC. ANNIE ROSE C. PARAAN Acting Treasurer TERESITA M. SILBOR RENATO G. OÑATE President & CEO PHILLIP L. SO MANOLO C. ARZADON EQUITABLE SAVINGS BANK Assistant Vice Presidents First Vice Presidents MA. TERESA R. ATIENZA President & CEO ROBERTO E. LAPID EDMUND S. CHAN RAMON S. DAVID VICENTE C. RALLOS LILY ANN C. CUENCO JASON C. GO Executive Vice President Vice Presidents MARC ANDRE P. HERNANDO JONATHAN C.B. GO MARLO R. CRUZ CAROLINE S. LABRADOR CONSTANTE C. LAPUZ Assistant Vice President RENATO G. OÑATE EBC INSURANCE BROKERAGE, INC. MA. CRIZELDA T. ARAMBULO Assistant Vice Presidents President EXPRESS PADALA ROSARIO C. CRISOSTOMO SERGIO LL. NARANJILLA, JR. INTERNATIONAL, INC. FLORECITA R. GONZALES DANTE B. JULIAN First Vice President & General Manager President MA. THERESA M. SORIANO LEONEL M. MERCADO RENE J. BUENAVENTURA PHILAM EQUITABLE LIFE Assistant Vice President & MAXICARE HEALTHCARE ASSURANCE COMPANY, INC. Marketing Head CORPORATION MARIVIC S. ROJAS President & CEO President STEPHEN JAMES CLARK EBC MANAGEMENT, INC. SERGIO LL. NARANJILLA, JR. Senior Assistant Vice President President PCIB SECURITIES, INC. JESSELYN V. OCAMPO SERGIO LL. NARANJILLA, JR. President & CEO Assistant Vice Presidents EBC INVESTMENTS, INC. ERLASTER C. SOTTO BLESILDA S. BESABE CHRIS A. CABOGNASON President Senior Vice President & IMELDA L. FORTUGALEZA SERGIO LL. NARANJILLA, JR. General Manager DINAH P. OGATIS GABRIEL U. LIM

Assistant Vice Presidents NILO C. SAMPAYO MA. CAROLINA T. SANTANA Annual Report 2005 Equitable PCI Bank

33

SUBSIDIARIES AND AFFILIATES

ARMSTRONG SECURITIES, INC. EQUITABLE DATA CENTER, INC. JARDINE EQUITABLE FINANCE PCIB SECURITIES, INC. Equitable PCI Bank Towers Equitable PCI Bank Tower II, Makati Ave. CORPORATION Equitable PCI Bank Tower I, Makati Ave. Makati Avenue cor. H.V. Dela Costa St. cor. H. V. Dela Costa St., Makati City 222 JDI Bldg., Gil Puyat Avenue Makati cor. H. V. Dela Costa St., Makati City Makati City Tel. 8407000 City Tel. 8407000 Tel. 8407000 Tel. 8407000 loc. 6566 EQUITABLE EXCHANGE, INC. PHILAM EQUITABLE LIFE ASSURANCE EBC INSURANCE BROKERAGE, INC. Equitable PCI Bank Tower I, Makati Ave. MAXICARE HEALTHCARE CORPORATION Equitable PCI Bank Tower II cor. H.V. Dela Costa St., Makati City CORPORATION 9th Flr., Equitable PCI Bank Tower II Makati Ave. cor. H.V. Dela Costa St. Tel. 8784395 19th Flr., Medical Plaza Makati Makati Ave., cor. H.V. Dela Costa St. Makati City Amorsolo cor. Dela Rosa Sts. Makati City Tel. 8407000 loc. 2467 / 2454 / 2111 EQUITABLE PCI BANK CAYMAN, LTD. Legaspi Vill., Makati City Tel. 8912613 Coutts Cayman Ltd., P.O. Box 707 Tel. 8120561 EBC INVESTMENTS, INC. Georgetown, Grand Cayman PROPERTY CARE, INC. Equitable PCI Bank Towers, Makati Ave. Caymand Islands PCI CAPITAL CORPORATION Equitable PCI Bank Tower II, Makati Ave. cor. H.V. Dela Costa St., Makati City Tel. 1-345-9454777 Equitable PCI Bank Tower I, Makati Ave. cor. H. V. Dela Costa St., Makati City Tel. 8407000 loc. 2111 cor. H. V. Dela Costa St., Makati City Tel. 8407871 EQUITABLE SAVINGS BANK, INC. Tel. 8407000 EBC STRATEGIC HOLDINGS G/F Equitable PCI Bank Bldg. 2 STRATEGIC PROPERTY CORPORATION Ortigas Ave. cor. Roosevelt St. PCI LEASING AND FINANCE, INC. HOLDINGS, INC. Equitable PCI Bank Bldg. Greenhills, San Juan, MM PCI Leasing Centre, Corinthian Gardens Equitable PCI Bank Bldg. 262 Juan Luna St., Binondo, Manila Tel. 7267799 Ortigas Ave., Quezon City 262 Juan Luna St., Binondo, Manila Tel. 8407000 loc. 6566 Tel. 6356416 Tel. 8407000 loc. 6566 EXPRESS PADALA EQUITABLE CARDNETWORK, INC. INTERNATIONAL, INC. PCIB PROPERTIES, INC. THE SIGN OF THE ANVIL, INC. 203 Salcedo Street, Legaspi Village (formerly EBC Interlink Int'l., Inc.) Equitable PCI Bank Tower I, Makati Ave. Equitable PCI Bank Tower I, Makati Ave. cor. H. V. Dela Costa St., Makati City Makati City Equitable PCI Bank Bldg. cor. H. V. Dela Costa St., Makati City Tel. 8407000 Tel. 8125861 to 67 262 Juan Luna St., Binondo, Manila Tel. 8407000 loc. 6566 Tel. 8407000 loc. 6566

INTERNATIONAL REMITTANCE OFFICES SUBSIDIARY OFFICES ITALY GERMANY GREECE EXPRESS PADALA (ITALIA) EQUITABLE PCI EXPRESS PADALA EQUITABLE PCI BANK ATHENS HONG KONG SpA BOLOGNA (Deutschland), GmbH 24 Kifissias Ave., Ambelokipi EXPRESS PADALA (HK) LTD. Via C. Boldrini 12 Grosse Friedberger Strasse 6 Athens, 11525 Greece Shops 332-333, 3/F Worldwide Plaza 40121 Bologna, Italia 60313 Frankfurt, Am Main, Germany Tel. (0030210) 748-0329 19 Des Voeux Road, Central, Hong Kong Tel. (0039051) 251-992 Tel. (004969) 720-07010 to 13 Fax No. (0030210) 748-0937 Tels. (00852) 2877-3776, 2877-3534 Fax No. (0039051) 248-759 Fax No. (004969) 720-07070 Fax No. (00852) 2845-0712 ISRAEL EXPRESS PADALA (ITALIA) UNITED STATES EQUITABLE PCI BANK ISRAEL EXPRESS PADALA (HK) LTD. SpA - FLORENCE EXPRESS PADALA (U.S.A.), INC. 4th Flr. Shop 4412 New Tachana Shop 246, 2/F Worldwide Plaza Via San Zanobi 5-7/R Headquarters Merkazit, 108 Levinsky St. 19 Des Voeux Road, Central, Hong Kong 50129 Firenze, Italia 2365 S. Azusa Ave. Tel Aviv, 66052 Israel Tel. (00852) 2525-4936 Tel. (0039055) 462-5225 West Covina, California 91792 Tel. (009723) 639-0163 / 537-9294 Fax No. (0039055) 462-0636 Tel. (00800) 472-3252 Fax No. (009723) 687-0150 EXPRESS PADALA (HK) LTD. Fax No. (00866) 372-3252 Shop 232, 2/F Worldwide Plaza EXPRESS PADALA (ITALIA) DESK OFFICES 19 Des Voeux Road, Central, Hong Kong SpA - MESSINA EXPRESS PADALA (U.S.A.), INC. Tels. (00852) 2525-5629, 2525-4268 2/F Via Dogali No. 20 LA-Vermont SAUDI ARABIA (00852) 2525-7160 98123 Messina, Italia 215 South Vermont Avenue EQUITABLE PCI BANK RIYADH Fax No. (00852) 2526-9025 Tel. (0039090) 228-6232 Los Angeles, California 90004 Al Rajhi Express Padala Center Fax No. (0039090) 651-3823 Tel. (001213) 229-4404 Al Rajhi Banking & Inv’t. Corp. EXPRESS PADALA (HK) LTD. Fax No. (001213) 229-0893 2/F Batha Shopping Center Shop 159, G/F Lik Sang Plaza EXPRESS PADALA (ITALIA) P.O. Box 28 CR 96 Riyadh, KSA 269 Castle Peak Road, Tsuen Wan SpA - MILAN EXPRESS PADALA (U.S.A.), INC. – SF Tel. (09661) 405-0694, 404-3188 New Territories, Hong Kong Via Santa Maria Segreta 6 4815 Mission St. Fax No. (09661) 405-3591 Tels. (00852) 2412-0399, 2412-0693 20123 Milano, Italia San Francisco, California Fax No. (00852) 2414-7938 Tel. (003902) 725-2161 94122 USA EQUITABLE PCI BANK JEDDAH Fax No. (003902) 862-795 Tel. (001415) 587-9495 to 97 Al Rajhi Express Padala Center EXPRESS PADALA (HK) LTD. Fax No. (001415) 587-9498 Al Rajhi Banking & Inv’t. Corp. Shop 19, G/F Richland Garden EXPRESS PADALA (ITALIA) Mezzanine Flr. Queen’s Bldg. 138 Wu Chui Road. Tsuen Mun SpA - ROME REPRESENTATIVE OFFICES Jeddah, KSA New Territories, Hong Kong Via Vicenza 5/A, Interior 2A Tels. (009662) 644-1000 ext. 215, Tels. (00852) 2458-7588, 2458-7268 00185 Roma, Italia FRANCE 284 / 642-7151 Fax No. (00852) 2441-1703 Tel. (003906) 445-7724, 446-0395 EQUITABLE PCI BANK PARIS Fax No. (009662) 643-8542 (003906) 446-3956 25 Boulevard des Capucines MACAU Fax No. (003906) 446-0393 75002 Paris, France EQUITABLE PCI BANK ALKHOBAR EXPRESS PADALA (MACAU) LTD. Tel. (00331) 5375-1142, 4446 Al Rajhi Express Padala Center Tin Tac Bldg. Rua Dos Cules EXPRESS PADALA (ITALIA) Fax No. (00331) 5375-1143 Al Rajhi Banking & Inv’t. Corp. No. 6, R/C, Macau SpA - TORINO King Saud St., P.O. Box 1362, Tels. (00853) 373-324, 374-385 Via San Pio V. 7/B Alkhobar 31952 KSA Fax No. (00853) 374-394 10125 Torino, Italia Tel. (009663) 898-6629, 894-3898 Tel. (0039011) 669-0007 Fax No. (009663) 864-9758 Fax No. (0039011) 668-0085 Annual Report 2005 Equitable PCI Bank

34 Branch Directory*

METRO MANILA Acropolis-E. Rodriguez Jr. Asia Tower-Paseo Bel Air-Gil Puyat C. Palanca-Quiapo BRANCHES Grd. Flr. ACO Bldg. G/F Asia Tower, cor. Country Space 1 Cond. Bldg. 132 Carlos Palanca St. 191 E. Rodriguez Jr. Ave. Paseo De Roxas and Sen. Gil Puyat Ave. Quiapo, Manila 2nd Avenue-Grace Park Bagumbayan, Quezon City Benavidez Sts. Bel-Air Village Fax 7336329 Baliuag Transit Bldg. Fax 4404368 1229 Makati City 1209 Makati City Tels. 7336334 / 7336342 199 Rizal Ave. Ext. cor. 2nd Tels. 4404371 / 4404370 Fax 7509888 Fax 8152012 7336337 / 7338971 Avenue, 1400 Caloocan City 4404372 / 6384556 Tels. 7506888 / 8410382 Tels. 8152013 / 7510238 Fax 3618934 8410384 / 8410385 8923276 Capitol-Pasig Tels. 3646286 / 3642221 ADB Avenue-Ortigas 8410245 Shaw Blvd., 3646286 / 3668625 Robinson's PCI Bank Tower Better Living-Bicutan cor. Danny Floro St. ADB Ave., Ortigas Center Atrium-Makati Avenue 43 Doña Soledad Ave. Pasig City 8th Avenue-Grace Park 1600 Pasig City G/F Atrium of Makati Bldg. Better Living Subd. Fax 6341330 Rizal Avenue Extension Fax 6342119 Makati Ave., Makati City Don Bosco, Parañaque Tels. 6363824 / 6340280 Grace Park, Caloocan City Tels. 6342131 / 6342131 Fax 8114281 Fax 8236338 6341328 / 6388242 Fax 3611299 / 3611622 6342125 / 6342116 Tels. 8114456 / 8114282 Tels. 8246767 / 8246770 Tels. 3635674 / 3635665 6366642 8114283 to 86 8246771 Carmen Planas-Padre Rada 3611626 / 3635628 1033-1035 C. Planas St. Adriatico-San Andres St. Aurora Blvd.-Annapolis Bicutan-South Super 1012 Tondo, Manila 9th Avenue-Grace Park Adriatico Executive Center Annapolis St. Highway Fax 2451648 414 Rizal Avenue Extension Adriatico St., Ermita, Manila cor. Aurora Blvd. Cubao Columbian Motors Tels. 2452240 / 2452323 Grace Park, 1400 Fax 5235866 1109 Quezon City Compound, Km.16 West 2430193 Caloocan City Tels. 5367514 / 5367517 Fax 9125384 Service Road, South Super Fax 3649148 Tels. 9125381 / 9123331 Hi-way, Bicutan 1700 Central Market-V. Fugoso Tels. 3611208 / 3611215 Agno-Banawe 9129125 / 4377838 Parañaque, Metro Manila 117 V. Fugoso St. cor. Sulu St. 3657308 / 3633581 202-204 Banaue 9129371 Fax 8233932 1003 Sta. Cruz, Manila cor. Agno Sts. Tels. 8235486 / 8236965 Telefax 7350664 11th Avenue-Grace Park 1103 Quezon City Ayala Triangle 1 Tels. 7343048 / 7343610 1619 Rizal Ave. Ext. cor. Fax 7124742 GM-B (G/F) Tower 1 Big R-Robinson's Novaliches 11th Ave. 1400 Tels. 7124742 / 4136471 Ayala Triangle, Ayala Ave. Level 1 Big R Lobby Century Park-Adriatico Caloocan City 4136470 / 7819811 Makati City Robinson's Place Novaliches Century Park Hotel cor. Fax 3611421 Fax 8919897 Quirino Highway, Q.C. Adriatico & Vito Cruz Sts. Tels. 3661978 / 3661927 Aguirre-BF Parañaque Tels. 8919950 / 8919896 Fax 9354890 1004 Malate, Manila 3661980 / 3612098 RGM Building 8919948 to 50 Tels. 9354895 / 9354892 Fax 5251607 326 Aguirre Avenue 9354891 Tels. 4006632 / 5369085 A. Arnaiz-San Lorenzo B.F. Homes, Parañaque Bagtican-Pasong Tamo 5242829 L & R Bldg. Fax 8250045 Unit 102 G/F Pryce Center Blue Ridge-Katipunan 1018 A. Arnaiz Ave. Tels. 8250043 / 8250044 Cond. 1179 Chino Roces Ave. Upper Ground Floor Level Clavel-Elcano Makati City 8202731 / 8202730 cor. Bagtican St. Marmico Bldg. 729 Elcano St. Fax 8430522 San Antonio Vill., Makati City 223 Katipunan Rd. 1006 Binondo, Manila Tels. 8877670 / 8430533 Alabang Town Center Fax 8991052 Brgy. Milagrosa Fax 2426019 8443045 G/F, New Entertainment Tels. 8991059 / 8991061 Quezon City Tels. 2426057 / 2429656 Complex, Alabang Town 8991063 / 8991053 Fax 4379178 2429650 / 2446887 A. de Jesus-EDSA Center, Ayala Alabang Tels. 4379198 / 9131350 2426395 474 Edsa cor. B. Serrano Muntinlupa City Balintawak-EDSA 9958753 and A. De Jesus Sts. Tels. 7720152 / 7720153 Unit 17-19 ANPN Plaza Coastal Road-Uniwide 1403 Cal. City 7720151 Km. 12 EDSA, Balintawak Blumentritt-San Juan Roxas Blvd., Parañaque Fax 3633845 Quezon City Lot 11-B, Blk. 127 Metro Manila Tels. 3665638 To 39 Alfaro-Salcedo Village Fax 4555806 Blumentritt cor. Sto Toribio Sts. Fax 8790086 3668714 / 3667462 PCCI Bldg., 118 Alfaro St. Tels. 3309622 / 4555807 San Juan, Metro Manila Tels. 8790088 / 8790084 Salcedo Village 3309623 Fax 7271931 8790090 A. Linao-Paco 1227 Makati City Tels. 7237360 / 7277951 1635-1641 Dart St. Fax 8152988 Bambang-Rizal Avenue 7443464 / 7271931 Cordillera-Quezon Ave. Paco Manila Tels. 8176635 / 8153016 1607 Alvarez St., cor. Rizal 7239540 Quezon Ave. Fax 5360357 8153014 / 8172617 Ave. Sta. Cruz 1003 Manila cor. Cordillera St. Tels. 5256521 / 5360359 Fax 7117734 Brixton Hill-G. Araneta Quezon City 5241455 / 5360358 Amoranto-Banawe Tels. 4936160 / 7118811 G/F ILO Bldg., Fax 7317286 650 N. S. Amoranto Ave. 7427258 195 G. Araneta Ave. Tels. 7317285 / 7317284 A. Santos-South Express 1114 Sienna, Quezon City Quezon City 4132316 / 7317286 Units E & F Fax 7124702 Batangas St.-Rizal Avenue Fax 7143547 4123785 8385 Dr. A. Santos Ave. Tels. 7112633 / 4159864 2200 Rizal Ave. Tels. 7147688 / 7143988 Parañaque, Metro Manila 7123947 / 4159865 cor. Batangas St. 7153005 / 4144683 Dasmariñas St.-Binondo Fax 8294179 7819812 Sta. Cruz, Manila 7141570 PCI Bank Bldg. Tels. 8262932 / 8294178 to 82 Telefax 7313671 Dasmariñas St. Anonas-Kamias Tels. 731-5962 / 7313667 Broadway Centrum- Binondo 1006 Manila ABS CBN- Anonas St. cor. K6 St. 4936172 / 7418734 Aurora Blvd. Fax 2429438 Mother Ignacia St. East Kamias Br. Centrum Cond. Tels. 2429413 / 2429415 Stall No. 25, South Wing 1102 Quezon City Beacon Plaza-Shaw Blvd. Aurora Blvd., cor. Doña Juana 2429389 / 2429395 Ground Floor ELJCC Bldg. Fax 9220460 UG 105 - 106 Beacon Plaza Rodriguez St., 1112 Valencia 2429436 Sgt. E.A. Esguerra Ave. Tels. 9122408 / 9226603 Shaw Blvd., cor. Ideal St. Quezon City Corner Mother Ignacia St. 9155315 / 4265623 Mandaluyong City Fax 7244821 Dela Rosa-Rada Quezon City Fax 7261107 Tels. 7269372 / 7274522 Ace Bldg.,cor. Dela Rosa & Fax 9256736 Tels. 7262364 / 7262314 7233107 Rada Sts., Legaspi Village Tels. 9256731 / 4111090 7262450 / 7262372 1229 Makati City 9256732 / 9256735 7237445 Fax 8172323 9201411 Tels. 8154163 / 8134912 8933644 / 8938770 8931495

*As of December 31, 2005 Annual Report 2005 Equitable PCI Bank

35

Dian-Gil Puyat Equitable PCI Tower 1 Heroes Hill-Quezon Ave. La Fuerza Plaza- Makati Avenue-Ayala G/F Equitable PCI Bank Bldg. PCI Bank Bldg., Tower I 1052 Quezon Ave. Chino Roces L. V. Locsin Bldg. Sen. Gil Puyat Avenue cor. Makati Ave. cor. H. V. Dela 1103 Quezon City Unit 14, La Fuerza Ayala Ave. cor. Makati Ave. Dian St., Makati City Costa St., 1227 Makati City Fax 3724917 Chino Roces Ave., Makati City 1228 Makati City Fax 8444244 Fax 8784631 Tels. 4133779 / 3724916 Fax 8671549 Fax 8177180 Tels. 8453239 / 8891564 Tels. 8784640 / 8784642 3724936 Tels. 8937851 / 8937859 Tels. 8404529 / 8187286 8442554 / 8432529 8784641 / 8784637 8107134 8164051 - PABX 8784638 8407974 Herrera St.-Salcedo Village 8177455 - PABX Domestic Road-Pasay Unit # 2, G/f, Chatham House La Huerta-Parañaque Caltex Compound España-Blumentritt Herrera St., cor. Valero & 0422 Quirino Ave. Makati Cinema Square NAIA cor. Domestic Road 2101-2103 Espana Ave. San Agustin Sts. Corner J. Ferrer St. Makati Cinema Square 1300 Pasay City cor. Blumentritt St. Salcedo Village, Makati City La Huerta, Parañaque Pasong Tamo Fax 8512210 1008 Sampaloc, Manila Fax 8434365 Metro Manila 1229 Makati City Tels. 8515361 / 8512242 Fax 7315101 Tels. 8434297 / 8434265 Fax 8296005 Fax 8111447 8515360 / 8512230 Tels. 7413274 / 7328016 8434231 / 8434310 Tels. 8261087 / 8262368 Tels. 8442641 / 8111523 7416709 / 7413274 8111458 / 8441990 Don Antonio- IBM Plaza-Libis Lapu Lapu-Northbay Commonwealth Evangelista-Makati G/F IBM Plaza, Eastwood City North Bay Blvd. Ext. cor. Malanday-McArthur Don Antonio Sports Center Evangelista St. E. Rodriguez Jr., Ave. Lapu-Lapu Ave. Highway Don Antonio Heigths Subd. cor. Gen. Lacuna St. Bangkal Libis, Quezon City 1485 Navotas, Metro Manila Km.17 McArthur Highway Quezon City 1233 Makati City Fax 4210528 Fax 2821014 Malanday, 1405 Valenzuela Fax 9313215 Fax 8931810 Tels. 3951017 / 4210530 Tels. 2816460 / 2816665 Metro Manila Tels. 9315212 / 9311359 Tels. 8449278 / 8449276 4210201 / 9958538 2821015 to 16 Fax 4437541 9315212 / 9512125 8882497 Tels. 4437539 / 4437540 Intramuros- Leveriza-Libertad 2770111 Don Jose-Fairview Forest Hills-Novaliches Magallanes Drive 212 Libertad St., Pasay City Units 2&3, CPE Bldg.1 Lot 2 D 1 Quirino Ave. G/F Chamber of Commerce Metro Manila Malabon-Rizal Avenue Lot 9 Blk.11 Don Mariano Novaliches, Quezon City Bldg., #3 Magallanes Drive Fax 8331149 694 Rizal Ave.1404 Malabon Marcos Ave. Fairview Fax 9361345 Intramuros, Manila Tels. 8318190 / 8331143 Metro Manila Quezon City Tels. 4173432 / 9370989 Fax 5277574 8315889 / 8314977 Fax 2815346 Fax 4287150 9371313 / 9354636 Tels. 5257633 / 5277964 Tels. 2810995 / 2810536 Tels. 9303738 / 4287192 5257633 / 5278585 Libertad-Taft 2810538 / 2810949 9303738 Gandara-Soler 5210397 MCF Bldg. 2250 Taft Ave. 2812478 1268 Soler St. cor. College Road, Pasay City Doña Manuela 5-Las Piñas cor. S. Padilla St. Jaka II-Legaspi St. Fax 8333069 Manuela Metropolis- G/F R-A-J Villafuerte Bldg. 1006 Binondo, Manila G/F 150 Jaka II Bldg. Tels. 5519238 / 8333069 Alabang 279 Alabang-zapote Road Fax 2448041 Legaspi St., Legaspi Village 8316630 / 8327216 Unit G 33, Manuela Las Pinas, Metro Manila Tels. 2448097 / 2448039 1229 Makati City Metropolis South Fax 8748671 2476887 Fax 8170160 Ligaya-Boni Ave. Superhighway, Alabang Tels. 8748674 / 8716101 Tels. 8178657 / 8935625 654 Boni Ave. Interchange, Muntinlupa City 8748645 / 8748603 Glori-Del Monte 8172970 1550 Mandaluyong City Fax 8072289 8748632 / 8748607 627 Del Monte Ave. Fax 7462747 Tels. 8072290 / 8072285 San Franciso Del Monte Juan Luna-Binondo Center Tels. 5340570 / 5343133 8072286 / 8072288 DPC Place-Chino Roces Quezon City 262 Juan Luna St. 5343134 8072291 G/F (Unit 102) of DPC Place Fax 3656804 Binondo, Manila 2322 Chino Roces Ave. Tels. 3677159 / 3678526 Fax 2430252 / 2430222 Loyola Heights-Katipunan Marcos-Sumulong Highway Makati City 3656801 to 02 Tels. 2415946 / 2430229 Ground & 2nd Floors Kingsville Commercial Arcade Fax 8898687 2415774 / 2415769 St. Mark's Realty Bldg. Marcos Highway 1870 Tels. 8898689 / 8898626 Greenhills Shopping Center 2415782 Katipunan Ave. Antipolo, Rizal 8898625 - PABX PCI Bank Bldg., cor. B. Gonzales St. Fax 6454934 Greenhills Shopping Center Kalentong-Shaw Blvd. Loyola Heights, Quezon City Tels. 6681296 / 6455323 Eastwood City-Libis San Juan, Metro Manila 56 Shaw Blvd. Fax 4260237 6458156 / 6455323 Portion Of Unit D, Fax 7242065 1550 Mandaluyong City Tels. 4266546 / 4348546 G/F Techno Plaza One Orchard Tels. 7242065 / 7233312 Fax 5323420 4260201 / 4348580 Marikina-J. P. Rizal Road Eastwood City 7210515 / 7233316 Tels. 5317044 / 7181404 265 Jose Rizal St. Sta. Elena Libis, Quezon City 5341959 Luzon St.-Masangkay 1800 Marikina City Fax 4401797 Harrison Plaza-A. Mabini Masangkay cor. Luzon St. Fax 6461796 Tels. 6673160 / 6673054 G/F Mabini Wing Kamias Road Tondo, Manila Tels. 6461798 / 6461799 Harrison Plaza Trinidad Bldg., Kamias Road Fax 2545056 6463717 EDSA East-Kalookan A. Mabini St., Malate cor. K-J St., Quezon City Tels. 2524456 / 2521149 L&E Bldg., EDSA cor. Gen. Telefax 4043824 Fax 4264417 2548296 / 2540032 Marulas-McArthur Highway Concepcion St. Kalookan City Tel. 4043823 Tels. 4264414 / 4264418 2562360 Lot 16 & 17 McArthur Fax 3305832 9297965 Highway, Valenzuela Tels. 3678751 / 3305834 Hemady-Aurora Blvd. M. de Santos-Ilaya Metro Manila 3305835 / 3677336 708 Aurora Blvd. Karuhatan-McArthur 632 M. de Santos St., Fax 2932711 3628317 cor. Hemady St. Highway Manila Tels. 2916089 / 2916058 New Manila 1110 Km.13 McArthur Highway Fax 2431827 2916046 / 2932708 Enterprise Center-Ayala Ave. Quezon City 1441 Karuhatan Tels. 2431826 / 2431831 2932710 3 Level (Near Escalator Access Fax 7218665 Valenzuela, Metro Manila 2431830 / 2431829 To Ayala Ave.), Tower 1 Tels. 7246185 / 7242506 Fax 2914783 2431828 The Enterprise Center 7248909 Tels. 2914784 To 85 6766 Ayala Ave., Makati City 2921711 / 2911828 Fax 8865500 Tels. 8865498 / 8865499 Annual Report 2005 Equitable PCI Bank

36

Masangkay-C. M. Recto N. Roxas-Banawe Ortigas 1-Exchange Road Parañaque-N. Aquino Ave. Pioneer Highlands-Madison 1029-1031 JP Bldg. Unit 397-A & Unit 71-F G/F PSE Center, Exchange JJM Bldg., 2 N. Aquino Ave. Unit 01 (Facing Madison St.) Masangkay cor. Tronqued St. Banawe cor. N. Roxas St. Road, Ortigas Commercial Sto. Nino, Parañaque Lower G/F Globe Telecom Sta. Cruz, Manila Quezon City Complex, Pasig City Metro Manila Plaza 1 Bldg. Pioneer Fax 2440186 Fax 7433459 Fax 6363728 Fax 854-4792 cor. Madison Sts. Tels. 2440185 / 2441806 Tels. 7437545 / 7437552 Tels. 6352902 to 05 Tels. 854-4789 / 8544835 Mandaluyong City 2441808 / 2443056 7437545 6363729 / 6366153 854-4791 Fax 7463805 6366154 Tels. 6347933 / 7463806 Matalino-Diliman NAIA 1 Pasay-EDSA 7460081 G/F, J & L Bldg. Matalino St. Arrival Area, Ninoy Aquino Ortigas Avenue-Greenhills 507 EDSA cor. B. Garcia St. Diliman, Quezon City International Airport EBC Bldg., Ortigas Ave. 1300 Pasay City Pitimini-Roosevelt Fax 4342768 N. Aquino Ave. cor. Roosevelt Ave., Greenhills Fax 8314493 EBC Bldg. Roosevelt Ave. Tels. 9219956 / 4342763 1705 NAIA Parañaque San Juan, Metro Manila Tels. 8317741 / 8336832 cor. Pitimini St. 4342764 Metro Manila Fax 7212574 8336834 SFDM, Quezon City Fax 8320117 Tels. 7224238 / 7267656 Fax 3725987 Mayon-N. Roxas Tels. 8796201 / 87714056 7227244 / 7267653 Paseo-Equitable PCI Tower Tels. 4126138 / 3725987 No. 241 Mayon Ave. 87714057 / 8771109 7213641 / 7227237 Equitable Bank Tower 4121745 / 3725988 cor. Nicanor Roxas St. loc. 4056 8751 Paseo de Roxas 1161 Quezon City Ortigas Avenue-Pasig Makati City Plaza Calderon-Pedro Gil Fax 7402058 New Manila- New Rosario Ortigas Fax 8860015 G/F Unit C, Harmonic Seven Tels. 7402118 / 7438939 E. Rodriguez Sr. Commercial Arcade Tels. 8860016 / 8130299 Bldg., 2332-2334 Pedro Gil 7438936 Unit 1G & 2E 42 Ortigas Ave., Pasig City 8860010 to 12 cor. Vesta St., Sta. Ana 284 Doña Anita Bldg. Fax 9167454 Manila Medical Plaza-Legaspi E. Rodriguez Sr. Ave. Tels. 9167455 / 6405271 Paseo-Gil Puyat Fax 5646548 Village Quezon City 6405272 / 6433995 EBC Bldg., Paseo de Roxas Tels. 5626816 / 5626841 Unit 101, G/F Medical Plaza Fax 4106654 cor. Gil Puyat Ave. 5634803 Makati, Amorsolo St. Tels. 4106655 / 7243188 Ortigas Avenue-San Juan Makati City cor. dela Rosa St. 7274988 / 4106651 Units 102-103 Sunrise Cond. Fax 8976149 Plaza Sta. Cruz- Legaspi Village, Makati City 4106656 Ortigas Avenue 1500 Tels. 8953949 / 8950055 Dasmariñas St. Fax 7505546 San Juan, Metro Manila 8950059 / 8909531 377 Plaza Sta. Cruz Tels. 7505547 / 7505545 Neptune-Makati Ave. Fax 7249405 1003 Sta. Cruz, Manila 8132739 / 8864247 101 Neptune St. Tels. 7211909 / 7215024 Paso de Blas- Fax 7333018 cor. Makati Ave. 1209 7219180 North Expressway Tels. 7333001 / 7333003 Meralco Center-Ortigas Makati City 97 Paso de Blas 1400 7333004 / 7343812 Meralco Compund Fax 8966062 Ortigas Avenue Ext.-Cainta Valenzuela, Metro Manila Ortigas Ave. 1604 Tels. 8972174 / 8972694 Units 7-9 Fairtrade Fax 2940697 POEA-EDSA Pasig City 8972718 / 8978483 Commercial Center Tels. 2940699 / 4321209 POEA Bldg. Fax 6316360 Ortigas Ave. Extension 4441752 / 2940699 EDSA cor. Ortigas Ave. Tels. 6225809 / 6315853 New Farmers Plaza-EDSA Cainta, Rizal Mandaluyong City 4210530 3F Concourse Area Fax 656-6521 Pasig Blvd. Ext.-Rosario Fax 7245966 New Farmers Plaza Edsa Tels. 6566581 / 6567690 Along Pasig Blvd. Ext. Tels. 7245943 Metro Point Mall-Pasay Araneta Center, Quezon City 6609663 Rosario, Pasig City Unit 102 G/F Metro Point Mall Fax 9950206 Fax 6415828 Port Area-South Harbor EDSA cor. Taft Ave. Tels. 9950207 Ortigas-EDSA Tels. 6419174 / 6427936 13th St. cor. Atlanta St. Pasay City SEC Bldg., EDSA 6428406 to 09 South Harbor Fax 8333758 New Sta. Lucia East-Cainta cor. Florida St. 1018 Port Area, Manila Tels. 8335072 / 8335607 Sta. Lucia East Grand Mall Mandaluyong City PCI Leasing Centre Fax 5270695 Marcos Highway Fax 7210224 PCI Leasing Centre Tels. 5270717 / 5270793 MC Home Depot- cor. Felix Ave. 1900 Tels. 7210224 / 7275161 Ortigas Ave., Quezon City 5211302 Fort Bonifacio Cainta, Rizal 7253163 Fax 6361758 G/F (CS 183) MC Home Fax 6815171 Tels. 6318683 / 6361758 President's Avenue- Depot-Fort Bonifacio Branch Tels. 6815296 / 6815172 Pacific Star-Makati BF Parañaque 32nd St. cor. Bonifacio Ave. G/F Pacific Star Bldg. Pedro Gil-A. Mabini President's Ave. Fort Bonifacio, Global City New York-EDSA Sen. Gil Puyat Ave. 1567-1571 Salud Bldg. cor. J. Elizalde St., BF Homes Taguig EDSA cor. New York St. cor. Makati Ave., Makati City Pedro Gil cor. A. Mabini St. Parañaque, Metro Manila Fax 8187905 Cubao 1111 Quezon City Fax 8115568 Ermita, Manila Fax 8508571 / 8508572 Tels. 8152463 / 8181972 Fax 4373645 Tels. 8115225 / 8115938 to 41 Fax 4007364 Tels. 8091677 / 8420895 Tels. 9123670 / 9957747 8115567 / 8133731 Tels. 4007363 / 525-6121 8094976 / 8427395 Mindanao Avenue- 5219506 Congressional Notre Dame-Aurora Blvd. Padre Faura-A. Mabini Pres. Quirino-Taft Congressional Avenue Ext. Aurora Blvd., cor. Notre Dame A. Mabini cor. Padre Faura Sts. Perea-Paseo G/F FFW Bldg. cor. Mindanao Avenue St. Cubao 1110 Quezon City 1000 Ermita, Manila G/F Universal Re Bldg. 1943 Taft Ave., Malate, Manila Quezon City Fax 9119833 Fax 5234879 106 Paseo de Roxas Fax 5232640 Fax 9252627 Tels. 9135025 / 9135020 Tels. 5233173 / 5280157 Makati City Tels. 5262654 / 5232657 Tels. 9252626 / 9252630 9119108 5258928 Fax 8171845 5264068 4552394 / 9252629 Tels. 8162220 / 8179980 One Corporate Plaza- Parañaque Cable-A. Santos 8186355 / 8159032 Pritil-Tondo Morning Star-Gil Puyat A. Arnaiz Parañaque Cable TV Bldg. 1815 N. Zamora St. G/F Morning Star Center Bldg. 845 One Corporate Plaza Bldg. 8210 Dr. A. Santos Ave. Philamlife Ave.-Las Piñas 1012 Tondo, Manila 347 Sen. Gil J. Puyat Ave. Pasay Road, Makati City Parañaque Alabang-Zapote Road Fax 2545248 Makati City Fax 8135817 Fax 8201617 Pamplona Tres, 1740 Las Piñas Tels. 2525762 / 2551050 Fax 8903148 Tels. 8135808 / 8135811 Tels. 8201614 / 8201615 Metro Manila 2545028 / 2525899 Tels. 8998265 / 8998242 8129001 8201620 / 8201621 Fax 8743892 8903152 To 53 Tels. 8728167 / 8740325 8744252 / 8743809 Annual Report 2005 Equitable PCI Bank

37

Project 7-EDSA Richville Center- Salcedo St.-Legaspi Village Shangri-La Plaza Mall- St. James-A. Santos New Japan Motors Bldg. Ayala Alabang EBC Bldg., 203 Salcedo St. EDSA Dr. A. Santos Ave. 1021 EDSA Richville cor. Centre Inc. Legaspi Village, Makati City Unit #129-a, Level 1 Sucat, 1700 Parañaque 1105 Veterans Village 1314 Commerce Ave. Ext. Fax 8126145 Shangri-La Plaza Mall Metro Manila Quezon City Fax 8978655 Tels. 8126144 / 8125873 EDSA cor. Shaw Blvd. Fax 8269401 Fax 3745210 Tels. 8093868 / 8044201 8125874 Mandaluyong City Tels. 8203446 / 8208211 Tels. 3715507 / 3745209 8093322 - PABX Fax 6334187 8208210 3721701 Sales St.-Raon Tels. 6382692 / 6876944 Robinson's Galleria-Ortigas 545 Sales St., 6334187 Sto. Cristo-Binondo Q.I.-E. Rodriguez Sr. Robinson's Galleria cor. G. Puyat St. 565 & 567 Sto. Cristo St. G/F Ablaza Bldg. Ortigas Ave. 1602 1016 Sta. Cruz, Manila Shaw Blvd.-Stanford Binondo, Manila 117 E. Rodriguez Ave. Quezon City Fax 7336673 EBC Bldg., Shaw Blvd. 1105 San Antonio Quezon City Fax 6329866 Tels. 7337961 / 7337656 cor. Stanford St. Quezon City Fax 7328290 Tels. 9105484 / 6329821 7336679 / 7337866 Mandaluyong, Metro Manila Telefax 2420333 Tels. 7401091 / 7401906 6339215 7337785 Fax 7238707 Tels 2448955 / 2448954 7421340 / 4111091 Tel. 7238705 2448078 Robinsons-Metro East San Miguel Center-Ortigas Quiapo-Quezon Blvd. Level 1 (L1 160 & 162) G/F SMPPI Corporate Sienna-Del Monte Sto. Niño St.-Roosevelt Quezon Blvd. Robinson's Metro East Centre Bldg., St. Francis Ave. 409 Del Monte Ave. 284 Roosevelt Ave. 1001 Quiapo, Manila Marcos Highway, Pasig City 1554 Mandaluyong City 1114 Sienna, Quezon City San Francisco del Monte Fax 7336040 Fax 6829114 Fax 6387002 Fax 3671641 Fax 3722310 Tels. 7336249 / 7340477 Tels. 6829112 / 6829117 Tels. 9100976 / 9110977 Tels. 4149000 / 4149001 Tels. 4111475 / 4108079 / 80 to 787350953 6829115 6387001 4147373 / 3671642 3722310 / 3747901 3671640 Quinta Market-Quiapo Robinson’s Place-Cainta San Sebastian-C. M. Recto Strata 100-Ortigas Quezon Blvd. EPCIBank Taytay-National 2070 C.M. Recto St. Singalong-Pedro Gil G/F, Strata 100 Bldg. cor. C. Palanca St. Highway Branch 1008 Sampaloc, Manila 1080 cor. Pedro Gil & Emerald Avenue, Pasig City Quiapo, Metro Manila Korte Rosario Restaurant Fax 7369059 Singalong Sts. 1007 Fax 6327084 Fax 7359592 Taytay National Highway Tels. 7348889 / 7349682 Paco, Manila Tels. 6383670 / 6327375 Tels. 7359591 Ilog Pugad, Brgy. San Juan 7330267 / 7346679 Fax 5253249 6312851 / 6316154 7359593 to 95 Taytay Rizal Tels. 5237290 / 5230541 6331250 Telefax 6557891 Sangandaan-Kalookan 5213647 / 5257644 R. Salas-Roxas Boulevard Tels. 6557891 / 6558144 No. 628 A. Mabini St. 1408 5257640 Sumulong-Marikina S & L Bldg., Roxas Blvd. 6601939 Sangandaan, Caloocan City Amang Rodriguez Ave. cor. Romero Salas St. Telefax 2852738 Sixto Antonio-Pasig Metro Manila Ermita, Manila Robinson's Place-Manila Tels. 2852737 / 2885525 Sixto Antonio Ave. Fax 6469650 Fax 4508297 G/F Robinson's Mall 2885540 / 2853776 cor. R. Bedaña St. Tels. 6462041 / 6479933 Tels. 5248469 / 4508300 Pedro Gil cor. M. Orosa Sts. Pasig City 6462061/6422414 Ermita, Manila Scout Albano- Fax 6410619 Redemptorist Road- Fax 5367898 Quezon Avenue Tels. 6410610 / 6410620 T. Alonzo-Arranque Baclaran Tels. 5256430 / 5367963 1488 Quezon Ave. 6404957 733 T. Alonzo St., Manila Redemptorist Road, Baclaran 5367901 / 5367902 1103 South Triangle Fax 7369493 Parañaque, M. M. Quezon City SM City-Fairview Tels. 7334648 / 7334657 Fax 8320042 Rockwell Center-Makati Fax 4108092 SM City Fairview 7334653 / 7334655 Tels. 8525169 / 8332844 Lot 3 Block 7 Rockwell Drive Tels. 3731611 / 4108093 Quirino Highway 8538326 Rockwell Center, Poblacion 3723321 cor. Regalado Ave. T. Alonzo-Ongpin Makati City Fairview, Quezon City Unit 564 & 566, Gel Tower Reina Regente-C.M. Recto Fax 8981746 Scout Tobias-Timog Telefax 4171056 T. Alonzo Street , Manila C.M. Recto Tels. 7298816 / 8981742 to 43 35-A Timog Ave. Tels. 9350688 / 4179022 Telefax 7331459 cor. Reina Regente 7298814 / 8990815 Quezon City 9350688 / 9389259 Tels. 7331483 / 733-9556 Binondo Manila Fax 4101940 7331461 Fax 2447318 Ronquillo-Sta. Cruz Tels. 3740732 / 4101939 SM North EDSA Tels. 2457141 / 2443965 Unit I, G/f Carmen Bldg. 3714363 / 3743167 SM Center Complex T. Morato-Kamuning 2443993 to 94 Ronquillo St., Sta Cruz North EDSA 1105 cor. Kamuning & Manila Sct. Limbaga-T. Morato Quezon City Tomas Morato, Quezon City Reliance St.-EDSA Fax 7359302 102 & 103 The Forum Fax 9286932 Fax 4161809 G/F Paragon Plaza Tels. 7359303 / 7349015 Tomas Morato Ave. Tels. 9272090 / 9296509 Tels. 9278907 / 4161810 EDSA cor. Reliance St. 7359303 to 06 cor. Scout Limbaga St. 9278645 / 4566578 4161808 / 9204724 Mandaluyong City 1103 Quezon City 4566579 Fax 6389069 Rufino-Ayala Fax 9289671 Tabora-M. de Santos Tels. 6389070 / 6389066 G/f Rufino Bldg. Tels. 9281982 / 9281945 Soler-Reina Regente 817 Tabora St. 6389072 Ayala Ave. Cor Herrera St. 9226623 1087 Soler St., Manila 1006 Binondo, Manila 1226 Makati City Fax 2435827 Fax 2447404 Reposo-Makati Fax 8101439 Severino-C. M. Recto Tels. 2441166 / 2441144 Tels. 2446201 / 2446833 EBC Bldg., J.P. Rizal Tels. 8154536 / 8131358 Cor. C.M. Recto Ave. & 2441146 / 2441165 2440198 / 2424189 cor. N. Garcia (Formerly 8124214/8124243 Severino Sts. Reposo) Makati City 1001 Quiapo, Manila St. Ignatius-Katipunan Taytay-National Highway Fax 8978655 Rustan's-Cubao Fax 7339819 134 Katipunan Ave. Korte Rosario Restaurant Tels. 8978652 / 962437 RC-01A, Times Square Ave. Tels. 7331094 / 7334126 St. Ignatius Village Taytay National Highway 8978648 to 51 near cor. Gen. Roxas St., Quezon City Ilog Pugad, Brgy. San Juan 8961790 Araneta Center Fax 4371215 Taytay, Rizal 1109 Quezon City Tels. 4371211 / 4371213 Fax 658-6575 Fax 9112314 4371212 / 9128177 Tels. 6586574 / 6606870 Tels. 4383350 / 4385565 6586574 / 2863495 9958572 2864262 Annual Report 2005 Equitable PCI Bank

38

Tierra Nueva-Alabang Virgo Drive-Northbay LUZON BRANCHES Sycamore Arcade Melandrea III Bldg. Bagbaguin-Sta. Maria Cabuyao-J. P. Rizal Alabang-Zapote National Northbay Blvd. A. Banzon-Balanga Gov. Halili Ave., Bagbaguin G/F Lim-Bell Business Center Road 1702 Alabang Near cor. Virgo Drive Antonio Banzon St. Sta. Maria, Bulacan J.P. Rizal St., Cabuyao Laguna Muntinlupa City Navotas M.M. 2100 Balanga, Bataan Fax (044) 6414131 Fax (049) 5314335 Fax 8070660 Fax 2821009 Telefax (047) 2372150 Tels. (044) 6412099 Tels. (049) 5314108 Tels. 8421406 / 8423255 Tels. 2829801 / 2837740 Tels. (047) 2372070 6411799 / 6411899 5314109 / 5314362 2829802 to 04 7914205 6412851 Timog-EDSA Calapan-J. P. Rizal No.134 Timog Ave. Visayas Avenue-Project 6 A. Mabini-Biñan Bay City Mall- J. P. Rizal St., 5200 Calapan Quezon City 57 Visayas Ave. Rey Bldg., A. Mabini St. Batangas City Oriental Mindoro Fax 9284263 (near Sanville Subdivision) Poblacion 4024 Unit T-9, G/F Bay City Mall Fax (043) 2884666 Tels. 9284269 / 9229031 Quezon City Biñan, Laguna D. Silang cor. C. Tirona & Tels. (043) 2884104 Fax 9278710 Fax (049) 5119926 P. Burgos Sts., Batangas City 4411540 / 4411553 T. M. Kalaw-Luneta Tels. 9277373 / 9278710 Tels. (049) 5119924 Tels. (043) 7236900 / 707 T. M. Kalaw St. 4557220 5117788 / 5116386 7231200 / 7238900 Caceres-Naga cor. Churruca St. E. Angeles cor. Caceres Sts. Ermita, Manila Vito Cruz-Taft Abanao Square-Baguio Balagtas-McArthur Naga City, Camarines Sur Fax 5254868 Bankard Bldg., 2422 Taft Ave. Abanao Square, Abanao Highway Fax (054) 8111232 Tels. 5256590 / 5244849 1004 Malate, Manila cor. Zandueta Sts. Baguio City McArthur Highway Tels. (054) 4731215 5258378 / 5211266 Telefax 5260034 Fax (074) 4422791 Brgy. San Juan 8111234 / 4733136 Tels. 5247926 / 5227369 Tels. (074) 3043567 3016 Balagtas, Bulacan Times Plaza-U. N. Avenue 5211205 4426027 / 4426028 Fax (044) 6934342 Candelaria-Rizal St. Unit G-2B, Times Plaza Bldg. Tels. (044) 6932960 Rizal cor. Valle Sts. Taft Ave. cor. U.N. Ave. Waltermart-Makati Aguinaldo Highway- 6931685 / 6933406 Candelaria, Quezon Ermita, Manila 2nd Floor, 790 Waltermart Dasmarinas Fax (042) 5859092 / 7417085 Fax 4041447 Center Makati, Chino Roces G/F Digital Bldg. Balibago-Angeles City Tels. (042) 7411326 to 27 Tels. 4041403 / 4041430 Avenue cor. Arnaiz Avenue Gen. Emilio Aguinaldo G/F Lawrence Plaza 7411084 to 85 5219792 Makati City Highway, Dasmariñas Cavite Mcarthur Highway 7411463 / 7411465 Telefax 8871560 Fax (046) 8502214 near cor. Charlot St. Balibago Tutuban Centermall- Tels. 8873367 / 8446561 Tels. (046) 8502212 Angeles City Candon-National Highway C.M. Recto 8504041 to 42 Fax (045) 6257647 National Hi-way cor. Abaya St. M1-B055 B, G/F Centermall Washington-Gil Puyat Tels. (045) 6257775 2710 Candon, Ilocos Sur Bldg., Tutuban Center G/F Keystone Bldg. Alaminos-Pangasinan 8924187 / 8924230 Fax (077) 7426410 C.M. Recto Ave., Manila 220 Gil Puyat Ave. Marcos Avenue, Palamis Tels. (077) 7424157 Fax 2524236 Makati City Alaminos, Pangasinan Balintawak St.-Laoag 7426551 Tels 2544503 / 2524236 Fax 8932180 Fax (075) 5515632 cor. Rizal & Balintawak Sts. 2544503 Tels. 8932183 / 8441325 Tels. (075) 5515691-92 2900 Laoag City, Ilocos Norte Carmen-Pangasinan 8440045 5515615 / 5527106 Fax (077) 7714021 McArthur Highway U. N. Avenue-J. Bocobo Tels. (077) 7720315 Carmen East 2441 Ebc Bldg., U.N. Ave. West Avenue-Del Monte Alexander-Urdaneta 7720121 / 7721123 Rosales, Pangasinan cor. J. Bocobo St., Ermita 40 West Ave. Alexander St., Poblacion Telefax (075) 5827372 Manila Fax 5252033 1104 West Triangle 2428 Urdaneta, Pangasinan Bangued-Abra Tels. (075) 5827372 Tels. 5249661 to 65 Quezon City Fax (075) 5682615 Unit 12, The Rosario Bldg. 5827305 / 5822836 5212721 / 5246530 Fax 3714669 Tels. (075) 6242403 Taft St. cor. Magallanes St. 5252003 Tels. 4128049 5688238 / 5688241 2800 Bangued, Abra Castro-Laoag 3714672 to 73 6242837 Fax (074) 7528093 Pichay Bldg., J. P. Rizal Valle Verde- 4128048 Tels. (074) 7525274 cor. A. Castro Sts., Laoag City E. Rodriguez Jr. Antorcha-Balayan 7528094 / 6620001 Telefax (077) 7716098 Unit 7&8 Cathay Builder's West Trade Center- Antorcha St., Balayan Tels. (077) 7716098 Corp. Bldg., E. Rodriguez Jr. West Avenue Batangas Batac-Washington 7715433 / 7720266 Ave. cor. Carlo J. Caparas St. Unit #1, G/F West Trade Fax (043) 9211059 Aoigan Bldg. Bo. Ugong, Pasig City Center, West Ave. Tels. (043) 2114686 Washington St., Batac 2906 Cauayan-Isabela Fax 6711296 Quezon City 9211059 9213974 Ilocos Norte G/F Omega Cinema Maharlika Tels. 6711271 / 6710523 Fax 4158949 Fax (077) 7923375 Highway Cauayan, Isabela 9143350 / 6711609 Tels. 9253446 to 48 Apalit-Pampanga Tels. (077) 7923092 Fax (078) 6522421 6711863 4158947 / 4264214 G/F Quintos Bldg. 6171556 / 6711038 Tels. (078) 6521289 McArthur Highway 6521290 / 6522330 Villa Mendoza-A. Santos Ylaya-Padre Rada San Vicente, Apalit Pampanga Binakayan-Kawit cor. Villa Mendoza Subd. 940-942 Ilaya St. Telefax (045) 8791248 1497 Natioanal Road Centennial-Clarkfield Road & Dr. A. Santos Ave. Tondo Manila Tels. (045) 8791247 Binakayan 4104 Kawit, Cavite Centennial Road 1700 Parañaque Fax 2450107 3028510 Fax (046) 4345676 Clark Special Eco. Zone Metro Manila Tels. 2421110 / 2450283 Tels. (046) 4344575 Balibago, 2009 Fax 8266487 2421652 / 2455478 Aparri-Rizal St. 4344585 / 4345984 Angeles City, Pampanga Tels. 8200019 / 8255871 Rizal cor. Balisi (Macanaya) Fax (045) 5995667 8265789 Zaragosa-Carmen Planas Aparri, Cagayan Bonifacio St.-Tuguegarao Tels. (045) 5993487 921 Carmen Planas St. Fax (078) 8228779 Bonifacio St., 5995666 / 5995668 Villar-Salcedo Village cor. Zaragosa St. Tels. (078) 8228304 Tuguegarao, Cagayan 8934107 / 8934149 Eurovilla 111 Condominium Tondo, Manila 8882516 / 8882011 Fax (078) 8440708 Villar St., cor. Alfaro St. Fax 2455207 Tels. (078) 8462691 C.M. Recto-Lipa 1227 Makati City Tels. 2434879 / 2434882 Bacoor-Aguinaldo Highway 8442124 /8441352 131 C. M Recto St. Fax 8941048 2434881 Gen. E. Aguinaldo Highway 8442405 / 8441912 4217 Lipa City, Batangas Tels. 8941049 / 8125070 Panapaan, Bacoor, Cavite Fax (043) 7561515 8181681 Fax (046) 4176752 Tels. (043) 7562313 Tels. (046) 4173169 / 7566848 / 7566847 4172998 Annual Report 2005 Equitable PCI Bank

39

Concepcion-Tarlac Fernandez-Dagupan City J. Orosa-Bauan Marilao-McArthur Highway Olivarez Plaza-Los Baños L. Jaena cor. L. Cortes Sts. A. B. Fernandez Ave. J. Orosa St., 4201 Unit I-3 Cecilia Commercial Olivarez Plaza Cinema & San Nicolas 2316 2400 Dagupan City Bauan, Batangas Complex Abangan Norte Supermarket Complex along Concepcion, Tarlac Pangasinan Fax (043) 7271515 McArthur Highway National Highway Fax (045) 9230034 Fax (075) 5222791 Tels. (043) 7271514 3019 Marilao, Bulacan Brgy. Batong Malake Tels. (045) 9230792 Tels. (075) 5155909 Telefax (044) 7113405 Los Baños 9230630 5152469 / 5222792 J. P. Rizal-Baliwag Tels. (044) 7113405 Fax (049) 5366355 5235441 J. P. Rizal St. San Jose 7111609 / 2996883 Tels. (049) 5366357 Congreso-Malolos Baliwag, Bulacan 5366358 / 5208363 Paseo del Congreso Gateway Business Park- Fax (044) 7661225 Megacenter Mall- 5364765 San Agustin 3000 Cavite Tels. (044) 7661224 Cabanatuan Malolos, Bulacan Gateway Business Park 7663172 / 6732562 Unit 49-B Upper G/F Olongapo-Rizal Avenue Telefax (044) 7910631 C. Delos Reyes Ave. Megacenter Mall 2043 Rizal Ave., 20th Place Tels. (044) 7916286 4107 Gen. Trias, Cavite Kumintang-Batangas City Gen. Tinio & Melencio Sts. West Bajac Bajac 2200 7919241 / 6623411 Fax (046) 4330178 National Highway Cabanatuan City Olongapo City, Zambales Tels. (046) 4330278 Brgy. Kumintang Ilaya Telefax (044) 4633271 Fax (047) 2222250 Daet-Camarines Norte 4330180 / 4330179 Batangas City, Batangas Tels. (044) 4633143 Tels. (047) 2229473 J. Lukban cor. Moreno Sts. Fax (043) 7231698 4633160 / 4633285 2223974 / 2245063 Poblacion Daet Gen. Luna-Naga Tels. (043) 7230197 Camarines Norte Gen. Luna St. 7234579 / 9800433 Miranda-Angeles City P. Burgos-Batangas City Telefax (054) 7214300 4400 Naga City Pcib Bldg., Miranda St. Rizal Ave. cor. P. Burgos St. Tels. (054) 4402500 Camarines Sur La Trinidad-Benguet Angeles City, Pampanga 4200 Batangas, Batangas City 5712956 / 7214300 Fax (054) 4737913 S & B Bldg., Km. 4 Balili Fax (045) 8887373 Fax (043) 7235974 5712956 / 4402488 Tels. (054) 8112157 2601 La Trinidad, Benguet Tels. (045) 8877712 Tels. (043) 7235975 to 77 4738498 / 4739016 Telefax (074) 4221092 8877378 / 8877242 Daraga-Rizal St. 8118091 Tels. (074) 4221093 3234103 / 8880102 P. Burgos-Cavite City Rizal St., 4501 Daraga, Albay 4222461 / 3091517 (02) 2468373 cor. P. Burgos & P. Julio Sts. Fax (052) 8240272 Governor's Drive-Carmona Caridad, 4100 Cavite City Tels. (052) 8241858 Motorola Phils., Inc Compound Lingayen-Pangasinan Muñoz-Nueva Ecija Fax (046) 4310755 8241992 / 4833729 Carmona National Road 80 Avenida Rizal East T. Delos Santos St. Tels. (046) 4310257 Bo. Maduya 4116 Lingayen, Pangasinan 3119 Muñoz, Nueva Ecija 4310143 Dasmariñas Techno Park- Carmona, Cavite Fax (075) 5428003 Fax (044) 4560356 Cavite Telefax (046) 6992124 Tels. (075) 6621283 Tels. (044) 4560892 Pacita-San Pedro Governor's Drive Tels. (046) 4301773 5428004 / 6621284 4560893 / 4560123 G/F M. Allen Bldg., Km. 31 Brgy. Paliparan I 4303270 / 2425208 Old National Highway Dasmariñas, Cavite (Laguna Line) Lipa-Rotonda NE Pacific Mall-Cabanatuan San Pedro, Laguna Fax (046) 9722175 C.M. Recto Ave., Lipa City Ground Level, Unit CM-2 Fax 8684998 Tels. (02)5298138 / 5298137 Hagonoy-Bulacan Fax (043) 7563898 NE Pacific Mall, Km.111 Tels. 8684994 / 5202859 G/F Ang Puso ng Hagonoy Tels. (043) 7562869 Maharlika Highway 8682130 / 8684997 Dolores-San Fernando Shopping Center Plaza 9814757 / 7562808 Cabanatuan City, Nueva Ecija Mcarthur Highway Hagonoy, Bulacan 9814316 / 7570820 to 21 Telefax (044) 4642026 Paniqui-Tarlac Dolores 2000 Telefax (044) 7933519 Tels. (044) 4642026 M. H. Del Pilar St. San Fernando, Pampanga Tels. (044) 7933519 M. Belen-Silang 4642025 McArthur Highway Fax (045) 9615286 7933518 / 7933520 194 J. Rizal cor. M. Belen St. 2307 Paniqui, Tarlac Tels. (045) 8600884 Silang, Cavite Nepo Mart-Angeles City Fax (045) 9310298 9612907 / 9634084 Highway 1-Iriga Telefax (046) 4141048 G/F Angeles Business Center Tels. (045) 9311843 Contreras Bldg., cor. Highway Tels. (046) 4141643 to 44 Teresa Ave., Nepo Mart 9311808 / 9310355 Enriquez-Lucena and Ortigas St., San Roque 4142108 to 09 Complex Angeles City Enriquez cor. Evangelista St. 4431 Iriga City, Camarines Sur 4141047 to 48 Fax (045) 322-4478 Perez-Dagupan City Lucena City Fax (054) 4560069 Tels. (045) 8888335 Perez Blvd, 2400 Fax (042) 3737799 Tels. (054) 6550305 Magsaysay-Baguio 3224478 / 8886119 Dagupan City, Pangasinan Tels. (042) 3737798 2993649 / 6550343 G/f Golden Court Bldg. 8881522 Fax (075) 522-4474 3737793 / 3737792 2992380 / 2992329 258 Magsaysay Ave. Tels. (075) 5224624 Baguio City North-Calamba Crosssing 5227830 / 5155201 EPZA-Cavite Ilagan-Isabela Fax (074) 4438138 Calamba Crossing National Cavite EPZA Compound Along Maharlika Highway Tels. (074) 4438137 Highway 4027 Plaza Burgos-Guagua 4106 Rosario, Cavite Calamagui 2nd Ilagan, Isabela 4449924 / 4435028 Calamba, Laguna Yabut Bldg., Plaza Burgos Fax (046) 4372642 Fax (078) 6222653 Fax (049) 5454709 2003 Guagua, Pampanga Tels. (046) 4372643 Tels. (078) 6223503 Maharlika Road- Tels. (049) 5455981 Telefax (045) 9000194 4376866 / 4376267 6223603 Cabanatuan 5454706 to 08 Tels. (045) 9000213 Maharlika Road 5208847 9004454 / 9010629 F. Tañedo-Tarlac City Imus-Aguinaldo Highway near cor. Sanciangco St. F. Tanedo cor. Juan Luna St. G/F DCR Building, Aguinaldo Cabanatuan City Obando-J. P. Rizal Plaza Maestro-Vigan Tarlac City Highway, 4103 Imus, Cavite Fax (044) 6003264 J.P. Rizal St. Barangay G/F Plaza Maestro Fax (045) 9821299 Fax (046) 4713214 Tels. (044) 4633985 Catanghalan, Obando Commercial Complex Tels. (045) 9827790 Tels. (046) 8757242 4633408 / 4633264 Bulacan Burgos & Florentino Sts. 9821298 4710989 / 4711089 Fax (044) 2940689 Vigan City, Ilocos Sur 8757243 Malhacan-Meycauayan Tels. (044) 2922775 Telefax (077) 7223934 FCIE Dasmariñas-Cavite Brgy. Northern Hills 2940690 / 2943784 Tels. (077) 7223968 Governor's Drive J. Luna-Tarlac City Malhacan, Meycauayan 7223974 / 7223967 Brgy. Langkaan J. Luna St. near cor. Bulacan 7223930 Dasmariñas, Cavite McArthur Tarlac, Tarlac Fax (044) 6953131 Fax (046) 4021134 Fax (045) 9823192 Tels. (044)6953144 Tels. (046) 4021133 Tels. (045) 9829005 6953927 / 2283766 4021135 9825539 / 9823119 6953143 Annual Report 2005 Equitable PCI Bank

40

Poblacion-Sta. Maria Robinson’s Place-Sta. Rosa San Juan-Batangas Sta. Rosa-South Express Waltermart-Calamba M. De Leon St., Poblacion Level 1, Space 014 (G/F Level) Marasigan cor. Kalayaan Sts. National Road G/F Waltermart Calamba 3022 Sta. Maria, Bulacan Robinson's Sta. Rosa cor. San Juan, Batangas Pulong, Sta. Cruz 4026 Real St., Barangay Real Telefax (044) 6411578 Sta. Rosa National Highway Fax (043) 5754287 Sta. Rosa, Laguna Calamba, Laguna Tels. (044) 6411548 Sta. Rosa, Laguna Tels. (043) 5754287 Telefax (02) 8864738 Fax (049) 5457250 6414725 Tels. (049) 5344485 5754319 / 3413029 Fax (049) 8372941 Tels. (049) 5457252 5344484 / 5344486 Tels. (02) 5208198 5457251 to 55 Pulilan Junction-Bulacan San Juan St.-Virac 5390295 Doña Remedios Highway Robinson's Starmills- San Juan cor. Rizal Sts. Waltermart-Sta. Rosa Pulilan Junction Pampanga 4800 Virac, Catanduanes Sto. Tomas-Batangas San Lorenzo Drive Pulilan Bulacan Level 1, Seaport Gate Lobby Fax (052) 8111717 Maharlika Highway cor. Balibago Road. Brgy. Fax (044) 6702112 Robinson's Starmills Pampanga Tels. (052) 8112229 to 31 San Antonio Balibago 4026 Tels. (02) 2998329 Olongapo-gapan Road 8111434 Sto. Tomas, Batangas Sta. Rosa, Laguna (044) 6760225 San Fernando City, Pampanga Fax (043) 4056886 Telefax (049) 8374977 Telefax (045) 6363527 San Rafael-Bulacan Tels. (043) 3180388 Tels. (049) 8374976 Puregold-Clarkfield Tels. (045) 6363527 Km. 60 Cagayan Valley Road 7780535 5344630 / 5344631 Puregold Duty Free 6363528 Cruz na Daan, San Rafael (02) 5208683 (Expansion) Bldg. Bulacan Tabaco-Albay Claro M. Recto Highway Roxas-Isabela Fax (044) 6771548 Along Ziga Ave. Zamora-Meycauayan Clark Special Economic Zone 23 Osmeña Road Tels. (044) 6771551 Tabaco, Albay Zamora St., Barrio Calvario Clark Field, Pampanga Bantug Mallig Plain 3320 6771545 / 6771549 Fax (052) 4877777 Meycauayan, Bulacan Fax (045) 5993283 Roxas, Isabela 6771550 Tels. (052) 4877755 Fax (044) 8409140 Tels. (045) 5993287 Telefax (078) 6427166 4877744 Tels. (044) 2283133 5993284 / 5993285 Tels. (078) 642-7166 Sanciangco-Cabanatuan 2283907 / 2283648 642-8638 / 6428636 Sanciangco St. Tagaytay-Olivarez Plaza 8403718 / 8401386 Quezon Avenue-Lucena Cabanatuan City Olivarez Plaza Quad Cinema Quezon Ave. cor. Profugo St. Rustan's-Laguna Fax (044) 4630020 Emilio Aguinaldo Highway Lucena City, Quezon Technopark Tels. (044) 4640909 Tagaytay VISAYAS BRANCHES Fax (042) 3735930 G/F Rustan's 4635853 / 6003251 Fax (046) 8602164 Tels. (042) 7103468 Sta. Rosa Bldg. (North Wing) Tels. (046) 4130352 to 55 A.S. Fortuna-Mandaue 7104176 / 7102916 Laguna Technopark Santiago-Isabela 4133899 Units 3 & 4, Mirhan Bldg. Ayala Land, Brgy. Don Jose Maharlika Highway A.S. Fortuna St. Rizal Avenue- Sta. Rosa, Laguna cor. Quezon Ave. Victory Talavera-Nueva Ecija cor. 8 Road Drive Puerto Princesa Fax (049) 5208455 Norte Santiago City, Isabela Maharlika Highway, Talavera Mandaue City, Cebu 261 Rizal Ave., 5300 Tels. (049) 5208455 Fax (078) 6828245 Nueva Ecija Fax (032) 3461532 Puerto Princesa City 5413074 / 5413075 Tels. (078) 6825946 Fax (044) 4111276 Tels. (032) 3437095 Palawan 6828592 / 6827414 Tels. (044) 9511422 4161567 / 3461532 Fax (048) 4344243 Salvador-Guimba 6824060 / 6827439 4111738 / 9511401 3437095 Tels. (048) 4344244 Afan Salvador St. 4332491 / 4344242 3115 Guimba, Nueva Ecija Session Road-Baguio Tanauan-A. Mabini Allen-Catbalogan Fax (044) 6112058 G/F National Life Bldg. A. Mabini St., Tanauan del Rosario St. cor. Allen Ave. Rizal St.-Legaspi City Tels. (044) 6110056 Session Road, Baguio City 4232 Batangas 6700 Catbalogan, Samar Rizal St., 4500 6110058 / 9430212 Fax (074) 4422583 Fax (043) 7782137 Fax 055) 5439110 Legaspi City, Albay Tels. (074) 4438201 Tels. (043) 7782682 Tels. (055) 2515477 Fax (052) 4807361 San Agustin- 4423818 / 4438202 7782137 / 7780438 3561706 / 2515541 Tels. (052) 4807956 San Fernando 4050710 / 4050711 8202413 / 2146356 McArthur Highway Sindalan-San Fernando City Araneta-Bacolod Bgy. San Agustin Palm Bldg., McArthur Times Square-Subic Araneta cor. Gonzaga Sts. Rizal St.-San Pablo San Fernando, Pampanga Highway, Sindalan 420 Rizal Highway Subic Bay 6100 Bacolod City G/F Farcon Bldg. Telefax (045) 9635194 San Fernando City, Pampanga Freeport Zone, 2200 Negros Occidental Rizal Ave. cor. Lopez Jaena St. Tels. (045) 9635194 Fax (045) 8600278 Olongapo City, Zambales Telefax (034) 4341233 San Pablo City 9635193 / 9635241 Tels. (045) 6364113 Fax (047) 2527420 Tels. (034) 4341233 Fax (049) 5611881 6364114 Tels. (047) 2522939 4342754 / 4342751 Tels. (049) 5611880 San Carlos-Pangasinan 2527070 / 2527050 4342753 / 4342752 5611882 to 85 Palaris St., 2420 Solano-Nueva Vizcaya San Carlos, Pangasinan National Highway Tinio-Gapan Banilad-Cebu City Robinson’s Place- Fax (075) 5324522 Solano Nueva Vizcaya Tinio St., 3105 Gapan G/F PDI Condominium Dasmariñas Cavite Tels. (075) 5324522 Telefax (078) 3267754 Nueva Ecija Archbishop Reyes Ave. Level 1 Robinson's Place- 5323845 3267283 Fax (044) 4862288 Banilad, Cebu City Dasmariñas, Aguinaldo Tels. (044) 4862235 Fax (032) 2340182 Highway cor. Governor's San Fernando-La Union Sorsogon-Rizal St. 4860556 / 4860305 Tels. (032) 2340186 Drive, Dasmariñas Cavite Quezon Ave. 2500 Jomil Bldg., Rizal St. 4863345 / 6040266 2340184 / 2340189 Fax (046) 4162062 San Fernando, La Union Sorsogon, Sorsogon 4162077 Tels. (046) 8521989 Fax (072) 7001388 Fax (056) 2112100 Vigan-Quezon Avenue 8521990 / 4162063 Tels. (072) 2420239 Tels. (056) 2112391 cor. Bonifacio St. Binalbagan-Negros 2424789 2111821 / 4215110 & Quezon Ave. 2900 Occidental Robinson’s Place-Lipa 7001387 / 7001392 Vigan, Ilocos Sur Biscom Compound Level 1, Space L1-177 2424643 Sta. Cruz-Laguna Fax (077) 7222582 Binalbagan, Negros Robinson's Place-Lipa Along Regidor St. Tels. (077) 7221780 Occidental Lipa Highway, Lipa City San Jose-Nueva Ecija Sta. Cruz, Laguna 7221781 / 7222581 Fax (034) 3888270 Batangas Maharlika Road 3121 Fax (049) 8080226 Tels. (034) 3888258 Fax (043) 7573063 San Jose City, Nueva Ecija Tels. (049) 8080238 742-8470 Tels. (043) 7573062 Fax (044) 5111527 8080239 / 8080229 4042018 Tels. (044) 9471376 8080233 / 8080241 9472998-99 Annual Report 2005 Equitable PCI Bank

41

Bogo-Cebu Downtown-Roxas City Hilado-Bacolod Ledesma-Iloilo Salazar-Tacloban P. Rodriguez Roxas Ave. Hilado cor. F.Y. Manalo Sts. Ledesma St. 5000 Salazar St. Tacloban City cor. San Vicente Sts. Roxas City, Capiz 6100 Bacolod City Iloilo City, Iloilo Leyte 6500 6010 Bogo, Cebu City, Cebu Fax (036) 6210054 Negros Occidental Telefax (033) 3363315 Fax (053) 3256672 Telefax (032) 2512032 Tels. (036) 6211888 Telefax (034) 4351441 Tels. (033) 3381387 Tels. (053) 3255094 Tels. (032) 2512030 6210210 / 6210112 Tels. (034) 4332007 3351117 3212728 / 3212985 4348900 4347698 / 4323365 EPZA-Mactan Magallanes-Cebu City San Carlos-Negros Borromeo-Cebu City Mactan - EPZA Compound Hinigaran-Negros Magallanes cor. Plaridel Sts. Occidental Magallanes cor. Borromeo Sts. 6000 Lapu-lapu City, Cebu Occidental 6000 Cebu City S. Carmona St. cor. Rizal St. Cebu City Fax (032) 3403912 Aguinaldo cor. Rizal Sts. Fax (032) 2538572 San Carlos City Fax (032) 2538823 Tels. (032) 3412250 / 60 Hinigaran, 6106 Tels. (032) 2548467 Negros Occidental Tels. (032) 2556165 3403700 / 4955151 Negros Occidental 2551728 / 4123398 Fax (034) 3125657 2563583 / 2537449 Telefax (034) 3917794 Tels. (034) 3125140 Escalante-Negros Tels. (034) 3917795 Mandalagan-Lacson 3125263 / 3125140 Burgos-Ormoc Occidental 7407384 G/F Sta. Clara Estate Building 7299581 Cor. Burgos & Rizal Sts. National Highway, Escalante Lacson St., Mandalagan Ormoc City, Leyte Negros Occidental Iloilo-Quezon St. Bacolod City Silay-Figueroa Fax (053) 5619759 Fax (034) 4540125 Lots 3 & 5 Quezon St. Fax (034) 4412443 Figueroa cor. Rizal St. Tels. (053) 2554894 Tels. (034) 4540124 Iloilo City Tels. (034) 4411151 Silay City, 6116 2557948 / 2554894 7247022 Fax (033) 3370870 4410216 Negros Occidental Tels. (033) 3350595 Telefax (034) 4953787 Cebu-Ayala Center F. Gonzales-Cebu City 3350594 / 3350597 MEZ II-Lapu lapu City Tels. (034) 4953787 S#185 Retail Level 1 F. Gonzales Unit 204 NGA Bldg. 2 7149149 South Entry, Ayala Center cor. Magallanes Sts. Iznart-Iloilo Pueblo Verde Cebu, Cebu Busines Cebu City Iznart St., 5000 MEZ II, Basak, Lapu lapu City SM City-Iloilo Park, Cebu City Fax (032) 2532245 Iloilo City, Iloilo Fax (032) 3415833 Lower G/F Unit No. 73 Fax (032) 2339620 Tels. (032) 2536266 / Fax (033) 3350669 Tels. (032) 3415833 SM City Iloilo Tels. (032) 2339621 2532246 / 4148088 Tels. (033) 3369019 341-5834 / 341-5835 Benigno Aquino Ave. 2339623 / 2339627 3377795 / 3351301 Jaro-West Diversion F. Ramos-Cebu City North Reclamation- Mandurriao, Iloilo City C. P. Garcia Ave.-Tagbilaran 143 F. Ramos St. Jaro-Iloilo Cebu City Fax (033) 3200123 C. P. Garcia Ave. 6000 Cebu City, Cebu Arguelles cor. Rizal Sts. Blk. 20-A cor. Port Centre Ave. Tels. (033) 3200215 cor. H. Grupo St. Fax (032) 2551515 Jaro, Iloilo City, Iloilo & San Jose de la Montaña 3200247 / 3200745 6300 Tagbilaran City, Bohol Tels. (032) 2550959 Fax (033) 3208172 North Reclamation Area Fax (038) 2353373 2536545 / 4125808 Tels. (033) 3297092 Cebu City South-Mandaue Tels. (053) 4114921 3208171 / 3295290 Fax (032) 2320328-29 National Highway 5019890 Fuente Osmeña-Cebu City Tels. (032) 2320321-24 6014 Mandue City, Cebu Fuente Osmeña Rotunda Juan Luna-Cebu City Fax (032) 3467915 Cabahug-Cadiz Cebu City Gokongwei Bldg. North Road-Cebu Tels. (032) 3460101 Cabahug St. 6121 Cadiz Fax (032) 2554035 Juan Luna National Highway 3452458 / 3464689 Negros Occidental Tels. (032) 2554034 cor. Lapu-lapu Sts., 6000 Labogon Mandaue City, Cebu Fax (034) 4930510 2554036 Cebu City, Cebu Fax (032) 3451061 Tabo-an-Cebu City Tels. (034) 4930479 Fax (032) 2536861 Tels. (032) 3451017 to 18 T. Abella St. 4930667 Gatuslao-Bacolod Tels. (032) 2544693 3451090 / 3453394 San Nicolas Central 26 & 28 Gov. V. Gatuslao St. 4121800 6000 Cebu City Capitol Shopping-Bacolod Bacolod City, Negros North-Mandaue Fax (032) 2611378 Benigno Aquino Drive Occidental Kabankalan-Negros National Highway Tels. (032) 2614423 Capitol Shopping, Bacolod City Fax (034) 4333378 Occidental Mandaue City 2614422 / 2611377 Negros Occidental Tels. (034) 4333464 to 66 Guanzon St. Kabankalan Fax (032) 3461061 2614421 Fax (034) 4353211 6111 Negros Occidental Tels. (032) 3455991 4342446 Goldenfield-Bacolod Fax (034) 4712246 3455993 / 3462180 Tacloban-Rizal Avenue Tels (034) 4345057 Goldenfield Commercial Tels. (034) 4712146 Roqson Bldg. Rizal Ave. 4342448 / 4353216 Complex, Araneta Highway 4712147 Oppus-Maasin cor. P. Burgos St. 6500 4334484 / 4353212 Singcang, Bacolod City 4712146 Tomas Oppus St. Tacloban City, Leyte Negros Occidental 6600 Maasin Fax (053) 5238075 Central-Iloilo Fax (034) 4351495 Kalibo-Roxas Avenue Southern Leyte Tels. (053) 5238015 Iznart Street Tels. (034) 4330509 G/F Legaspi Building Fax (053) 3812032 5230366 / 3214265 (Lot 317-B-2-A-1) 4343738 / 433-0511 Roxas Ave., Kalibo, Aklan Tels. (053) 3812572 5000 Iloilo City, Iloilo Telefax (036) 2688610 3812495 / 5708585 Valeria-Iloilo Telefax (033) 3377210 Gorordo-Cebu City Tels. (036) 2627001 Valeria cor. Solis Sts. Tels. (033) 3350417 Gorordo Ave., Lahug 6000 2688612 to 13 Osmeña Blvd.-Cebu City 5000 Iloilo City, Iloilo 3351105 / 3377210 Cebu City, Cebu 2627000 Osmeña Blvd. Fax (033) 3364467 Fax (032) 2314054 cor. Ma. Cristina St. Tels. (033) 3364465 Colon-Dumaguete Tels. (032) 2313067 Lacson-Bacolod 6000 Cebu City, Cebu 3379219 / 3379257 Colon St. fronting Bldg. V 2330001 / 2335767 Lacson cor. Galo Sts. Fax (032) 2530659 of City Public Market, 6100 Bacolod City Tels. (032) 2544654 Victorias-Negros Poblacion, Dumaguete City Gov. Villavert-Antique Negros Occidental 2542803 / 2544643 Occidental Telefax (035) 2254462 Carretas cor. Solana St. Fax (034) 4354531 Poblacion Victorias Tels. (035) 2254462 Panay Islands Tels. (034) 4354531 to 32 Rosario-Lacson 6119 Negros Occidental 2255022 / 2254787 5700 San Jose, Antique 4333451 Lot 296-B-7, Lacson St. Fax (034) 3992746 4227513 / 2257660 Fax (036) 5408398 cor. Rosario St., Bacolod City Tels. (034) 3992746 Tels. (036) 3202002 Negros Occidental 3993616 / 3993617 3201814 / 5407770 Fax (034) 4330234 Tels. (034) 4337991 to 93 4332654 Annual Report 2005 Equitable PCI Bank

42

MINDANAO BRANCHES Dipolog-Quezon Avenue Kidapawan-Quezon Blvd. Pendatun-Gen. Santos Santiago St.-Gen. Santos Quezon Ave., 9100 Dipolog Quezon Blvd., 9400 G/F Sydney Hotel. Pioneer St. Ireneo Santiago Blvd. Agdao-Davao City City Zamboanga Del Norte Kidapawan North Cotabato cor, Magsaysay Ave. 9500 Gen. Santos City Lapu-lapu St., 8000 Agdao Fax (065) 2128164 Telefax (064) 2783018 8400 Gen. Santos City South Cotabato Davao City, Davao Del Sur Tels. (065) 2122341 Tels. (064) 2783018 S. Cotabato Telefax (083) 5522603 Telefax (082) 3003024 2128163 (dial up ) 2881689 / 2881687 Fax (083) 5536252 Tels. (083) 5522146 Tels. (082) 2216205 2122339 Tels. (083) 3023180 5522404 / 5535618 300-3024 / 305-9111 Lapasan-Cagayan de Oro 3023179 / 5522062 F. S. Pajares-Pagadian C. M. Recto Highway 5536252 / 5522963 Sta. Ana-Davao City Alunan Highway-Tacurong F. S. Pajaras Ave., Pagadian Lapasan, 9000 Cagayan de Monteverde cor. F. Bangoy Alunan Highway, 9800 City 7016 Zamboanga Del Sur Oro City, Misamis Oriental Pioneer St.-Gen. Santos Sts., 8000 Davao City Tacurong Sultan Kudarat Fax (062) 2141744 Fax (088) 8563234 National Hi-way cor. Roxas Davao Del Sur Telefax (064) 2003035 Tel. (062) 2141745 Tels. (088) 8563233 Ave., 9500 Gen. Santos City Fax (082) 2263690 Tels. (064) 4770207 8563234 / 8563235 S. Cotabato Tels. (082) 2274638 2003134 / 4770055 Gaisano-Butuan (08822) 725253 Fax (083) 3010226 2214746 / 3055810 G/F, Unit 1-14, Gaisano Tels. (083) 5522242 2274638 Bajada-Davao City Butuan, J. Aquino Blvd. Mabini St.-Mati 5522675 / 3021690 Ana Socorro Building cor. J. Rosales Ave. Rizal cor. Mabini Sts. Tagum-Rizal St. J.P. Laurel St., Bajada Butuan City, Agusan del Norte 8200 Mati, Davao Oriental Quezon Avenue-Iligan 577 Rizal St., 8100 Tagum Davao City Fax (085) 8151868 Telefax (087) 3883336 Quezon Ave., 9200 Davao Del Norte Fax (082) 3009814 Tels. (085) 8151867 Tels. (087) 3883219 Iligan City, Lanao Del Norte Telefax (084) 2173664 Tels. (082) 2244137 8151868 / 3417827 Fax (063) 2216545 Tels. (084) 2173664 3055778 / 3008975 3418078 Magallanes St.-Surigao Tels. (063) 2213440 2173469 / 2184691 Magallanes cor. San Nicolas 2213685 Bangoy-Davao City Gingoog- Sts. 8400 Surigao City Toril-Davao City R. Magsaysay Ave. National Highway Fax (086) 8260293 R. Alunan-Koronadal Agton St., Toril, Davao City cor. Bangoy St., 8000 Davao Nat'l Highway, 9014 Tels. (086) 231-7226 R. Alunan Ave. Telefax (082) 2912276 City, Davao Del Sur Gingoog City 2317541 / 826-3425 cor. Osmeña St. Koronadal Tels. (082) 2912278 Fax (082) 2211251 Misamis Oriental 2317270 South Cotabato 2912276 Tels. (082) 2214480 Telefax (088) 8610201 Telefax (083) 2282219 2272802 / 2272113 Tels. (088) 8611104 Makakua-Cotabato Tels. (083) 2282541 Valencia-Bukidnon 8407329 ext. 0187 (08842) 7595 / 7313 Makakua St. 2282323 / 2282219 M. L. Quezon St. 8610460 9600 Cotabato City 2282540 cor. Ginuyuran Rd. Bankerohan-Davao City Maguindanao 8709 Valencia, Bukidnon Nicolas I Bldg., Quirino Ave. Ipil-Zamboanga Fax (064) 4212713 R. Magsaysay Ave.- Fax (088) 8282148 8000 Davao City National Highway, Ipil Tels. (064) 4214980 Davao City Tels. (088) 8283331 Davao Del Sur Zamboanga Del Sur 4212069 / 4214934 Ramon Magsaysay Ave. 2222185 Telefax (082) 2214365 Telefax (062) 3332380 4215819 cor. Lizada St., 8000 Tels. (082) 3055804 Tel. (062) 3332380 Davao City, Davao Del Sur Vamenta-Cagayan de Oro 2214951 / 2214365 Mayor Climaco- Fax (082) 2220071 V. Castro St., Carmen District Isulan-National Highway Zamboanga City Tels. (082) 2210126 9000 CDO, Misamis Oriental C. M. Recto-Davao City #075 National Highway San Jose Rd.cor M. Climaco 2244193 / 3008528 Fax (088) 8581133 383 Claro M. Recto St. Kalawag 2, Isulan St., Zamboanga City 2254045 Tels. (08822) 723676 / 722660 Davao City 8000 Sultan Kudarat Zamboanga del Sur Fax (082) 2263147 Fax (064) 4710015 Telefax (062) 9911121 Rizal St.-Zamboanga Velez-Cagayan de Oro Tels. (082) 2210671 Tels. (064) 4710026 Tels. (062) 9910924 Rizal St., Zamboanga City Fermin-Belen Estates Bldg. 2277351 / 2278591 2013247 9920889 / 9923892 7000 Zamboanga Del Sur along Tiano Bros. St. 2263703 / 2263723 Telefax (062) 9911476 near cor. Chavez St. Jaycee Avenue-Midsayap Montilla-Butuan Tels. (062) 9917298 Cagayan de Oro Cogon-Cagayan de Oro Jaycee Ave., Midsayap Montilla Blvd. 9914804 Fax (088) 8564792 Pres. S. Osmeña cor. Ramon North Cotabato 9410 near cor. Lopez Jaena St. Tels. (088) 8571943 Chavez Sts., Cogon 9000 Fax (064) 2298327 Butuan City, Robinsons- (08822) 729360 Cagayan De Oro Tels. (064) 2297589 Agusan del Norte Cagayan de Oro 723745 Misamis Oriental 2297590 Telefax (085) 3427055 Level 2, Robinsons Fax (08822) 724567 Tels. (085) 8154430 Cagayan De Oro, Rosario (088) 8565702 KCC Mall-General Santos 8154429 / 8154431 Cresent cor. Florentino St. Tels. (08822) 724568 / 726412 Unit 018 3426245 / 3415240 Limketkai Complex (088) 8563728 G/F KCC Mall of Gensan Cagayan De Oro City FOREIGN BRANCH Jose Catolico Sr. Ave. Oroquieta-Washington Fax (088) 8567117 Del Pilar-Iligan General Santos City Washington St., Oroquieta Tels. (088) 8567115 HONG KONG B.C. Labao cor. Del Pilar St. Cotabato City, 7207 Misamis Occidental 8567116 7/F Silver Fortune Plaza No. I Iligan City Telefax (083) 3022958 Telefax (088) 5311532 Wellington St., Central Telefax (063) 2239450 Tels. (083) 3017327 Tels. (088) 5311121 to 22 San Pedro-Davao City Hong Kong Tels. (063) 2239446 3017330 / 5529808 5312171 G/F KDC Bldg., San Pedro Fax (00852) 28100050 2239447 / 2239448 Street, Davao City 28698677 Kabacan-Rizal Avenue Ozamis-Rizal Avenue Davao Del Sur Tels. (00852) 25229993 Digos-Rizal Avenue Rizal Ave., National Highway Rizal Ave., 7200 Ozamis City Fax (082) 2218186 28680323 Rizal Avenue, Zone II 9407 Kabacan Misamis Occidental Tels. (082) 2218221 Digos, Davao Del Sur North Cotabato Fax (088) 5211529 2271251 / 3055805 Fax (082) 5534764 Telefax (064) 2482118 Tels. (088) 5210029 Tels. (082) 5537439 Tels. (064) 2482119 5210039 5532931 2482432 / 2482118 Annual Report 2005 Equitable PCI Bank

43

EQUITABLE SAVINGS Don A. Roces Avenue Mayon-Amoranto Talipapa-Novaliches BANK Rotary Center Bldg. 489 Units A & B Mayon St. G/F No. 388 Quirino Highway Don A. Roces Sta Mesa Heights Brgy. Talipapa, Novaliches Alabang Hills cor. Mother Ignacia Quezon City Quezon City RBC Corporate Centre Bgy. Laging Handa Fax 4133697 Fax 9300081 Don Jesus Blvd. Quezon City Tels. 7426013 / 7425201 Tels. 9300027 / 9300081 Barangay Cupang Fax 4169395 Muntinlupa Tels. 4169697 / 4150691 Moonwalk-Merville Tandang Sora Fax 7723693 4169395 G/F Seal I Bldg. G/F D & B Royal Midway Plaza Tels. 8429006/ 7723695 Armstrong Ave. # 419 Tandang Sora Dumaguete cor. Yosemite St. Barangay, Culiat Angeles Sta. Rosa St., Dumaguete Moonwalk Subd. Quezon City Plaza Rafael I City, Negros Oriental Parañaque City Fax 4567473 151-D Sto. Rosario St. Telefax (035) 2262537 Fax 7760690 Tels. 9512678 / 4567478 Sto. Domingo, Angeles City Tels. (035) 4225900 Tels. 7760692 / 7760691 Fax (045) 887-0505 4225903 7760694 Tapuac-Dagupan City Tels. (045) 8871212 Units 8-10 Mother Goose 8870202 / 8870404 Farmer’s Cubao Muntinlupa Play School Bldg., McArthur Unit III, G/F Sampaguita G/F Elizabeth Center Bldg. Highway, Tapuac District BF Resort-Las Piñas Theatre Bldg., along Gen. National Road Poblacion, Dagupan City, Pangasinan ESB Bldg. Blk.4 Araneta & Gen. Roxas Sts. Muntinlupa Tels. 523-6330 / 523-6331 Lot 9 BF Resort Drive Cubao, Quezon City Fax 8614364 Phase 4, BF Resort Village Fax 9118130 Tels. 8614366 / 8614367 Taytay Rizal Las Piñas Tels. 9118822 / 4385563 ESB Bldg. East Road, Taytay Fax 8738918 911-8228 Muñoz-Roosevelt Rizal (near Taytay Bagong Tels. 8738925 / 8738923 352 Roosevelt Ave. Palengke) Gorordo- San Francisco, Del Monte Fax 2863271 Cavite City Salinas Drive Cebu Quezon City Tels. 6605393 / 6605392 ESB Bldg. P. Burgos Ave. 117 Gorordo Ave. Fax 4110405 Caridad, Cavite City Lahug, Cebu City Tels. 4110475 / 3736884 Teacher’s Village Fax (046) 5040086 Tels. (032) 2320914 G/F Luisa 2 Bldg. Tels. (046) 5040086 2314581 Pallocan West- 107 Maginhawa St. 5040134 / 5041126 Batangas City Teachers Village, Quezon City Greenhills Manuela Pastor Ave. Fax 4338716 Circumferential Road- G/F Equitable PCI Bank Bldg.ll Pallocan West, Batangas City Tels. 4336780 / 4338720 Antipolo Ortigas Ave. cor. Roosevelt Fax 7238162 Circumferential Road Greenhills, San Juan Tels. 7237814 / 7238047 Wilson-Greenhills corner F. Manalo St. Metro Manila ESB Bldg. Wilson Antipolo City, Rizal Fax 7258353 Pasig-A. Mabini cor. Wilson Road Fax 696-5212 Tels. 7267604 / 7258353 G/F CFM Bldg. Greenhills, San Juan, M. M. Tels. 6965212 / 6965216 7218375 No. 97 A. Mabini St. Fax 7245856 Pasig City Tels. 7273764 / 7245856 C. M. Recto-CDO Branch Isidora Hills Fax 6426834 ESB Bldg. ESB Bldg. Tels. 6412298 / 6423755 Xavierville Avenue Claro M. Recto Ave. Pook Ligaya Riding Ground G/F Xavierville Square Cagayan De Oro City 9000 Interneighborhood Road Pasig-Kapitolyo Condominium, 38 Xavierville Fax (088) 8562617 Isidora Hills Subd. G/F Cabarrus Bldg. Avenue, Loyola Heights Tels. 088) 8564067 Brgy. Holy Spirit No. 9 East Capitol Drive Quezon City 8564013 Quezon City Barrio Kapitolyo,Pasig City Fax 9298028 Fax 4302101 Fax 7477003 Tels. 4341019 / 9298069 Concepcion-Marikina Tels. 9517744 / 9517742 Tels. 6388577 / 6388574 ESB Bldg. Bayanbayanan Ave. 9517741 corner Molave St. Pateros Concepcion, Marikina Lucena G/F Milaor Bldg., Almeda St. Fax 9973832 No. 505 Quezon Avenue Ext. Poblacion, Pateros, M.M. Tels. 9973834 / 9973824 Brgy. Gulang-Gulang, Fax 6439467 Lucena City, Quezon Tels. 6439456 / 6439463 Dapitan-Sampaloc Tels. (042) 3731864 Dapitan cor. Ma. Cristina Sts. 3737127 Shorthorn-Project 8 Sampaloc, Manila ESB Bldg. No. 41 Shorthorn Fax 7318544 Magallanes-Makati St,Brgy. Toro, Project 8 Tels. 7431202 / 7318544 Maga Center, 1016 San Quezon City Antonio St., Paseo de Fax 9260827 Davao-Matina Magallanes, Brgy. Magallanes Tels. 9260840 / 9260819 No. 36 Peacenest Bldg. Makati City Ecoland Subd, Quimpo Blvd. Tels. 7570393 / 7570394 Tabuc Suba-Iloilo Matina, Davao Roger's Bldg Fax (082) 2975360 Masinag-Antipolo Mc Arthur Highway Tels. (082) 2990172 ESB Bldg. Sumulong Highway Tabuc Suba, Iloilo City 2992893 / 2975042 Masinag Mayamot, Antipolo Fax (033) 3209137 Fax 6824199 Tels. (033) 3203058 Tels. 6824194 / 6824198 3209681 Annual Report 2005 Equitable PCI Bank

44 Products and Services

I. INDIVIDUAL C. ELECTRONIC PRODUCTS G. LIFE INSURANCE (through Philam • FASTeller Automated Teller Equitable Life Assurance Co.) A. CONSUMER FINANCING Machine (also available at • Preferred Flexisecure • Auto Loans (also available at Equitable Savings Bank) • Preferred Guardian Peso Equitable Savings Bank) • FASTNet • Preferred Guardian Dollar 1. Own-A-Car • FASTPhone • Preferred Provider 2. Own-A-Car Plus • FASTPhone SMS • Preferred Dollar • Housing Loans (also available at • Preferred Dollar Plus Equitable Savings Bank) D. FUND TRANSFER SERVICES • Preferred HealthShield 1. Own-A-Home • Domestic Telegraphic Transfer • Preferred Scholar 2. Own-A-Home Plus (also available at Equitable Savings 3. Own-A-Home Special Bank) H. PAYMENT PRODUCTS AND 4. Own-A-Home Stretch • FX Telegraphic Transfer SERVICES (through Equitable • Multi-purpose Loans (also available at Equitable Savings Card Network) 1. Credit-On-The-House Bank) • Retail Cards Credit Line • Interbank Funds Transfer via ATM 1. Visa 2. Credit-On-The-House Term (also available at Equitable 2. MasterCard Loan (also available at Savings Bank) 3. JCB Equitable Savings Bank) • Interbranch Funds Transfer 4. American Express (also available at Equitable Savings • Visa Electron B. DISBURSEMENT SERVICES Bank) • Demand Deposits • Electronic Peso Clearing System I. PERSONAL TRUST 1. Peso Demand Deposits • Philippines Domestic Dollar • Living Trust Accounts a. Regular Checking Account Transfer System • Prime Life Investment Gold (also available at Equitable • Real Time Gross Settlement Customized Portfolio Savings Bank) • EPIC Jade Fund b. Checking account ATM E. HEALTH CARE (through Maxicare • Long-Term Revocable Trust c. ONE Account Healthcare Corp.) Accounts d. ONE Plus • Annual Check-Up e. Automatic Transfer • Dental Care J. REMITTANCE SERVICES Arrangement (also available • Emergency Care • Direct Deposit at Equitable Savings Bank) • In-Patient Care • Express Padala CasHome FASTcard 2. Foreign Currency Demand • Out-Patient Care • Express Padala FASTcard Deposit • Preventive Health Care • Express Padala Remittance Services a. Dollar One • Express Regalo • Debit Cards F. LEASING AND FINANCING • Express Pinoy 1. FASTcard Regular (through PCI Leasing & • MoneyGram 2. FASTcard Premium Finance Inc.) • OFW E-card 3. FASTcard Payroll • Amortized Commercial Loan • PAYanywhere 4. Express Padala FASTcard • Installment Paper Purchase • Advise and Pay 5. Singpost CashHome FASTcard • Leasing • Xoom.com 6. FASTeller VISA Electron Card • Receivables Discounting • Demand Drafts • Receivables Factoring • Manager's Check / Cashier's Check / Gift Check (also available at Equitable Savings Bank) • Traveller's Check Annual Report 2005 Equitable PCI Bank

45

K. SAVINGS L. TREASURY II. CORPORATE • Peso Deposits • Domestic Fixed Income Securities 1. Regular Savings Account- 1. Fixed Rate Treasury Notes A. CHECKING AND SAVINGS Passbook (also available at 2. Government Corporate ACCOUNTS Equitable Savings Bank) Receivables • Clearing Arrangements 2. FASTeller Savings Account 3. Private Corporate Receivables 1. NOW Clearing / Demand 3. TREASURESaver (also available 4. Retail Treasury Bonds Deposit at Equitable Savings Bank) 5. Treasury Bills 2. Night Depository 4. SSS Pensioner Savings Account • Foreign Fixed Income Securities 3. Demand Drafts / Manager's (also available at Equitable 1.Maxihedge Checks / Cashier's Checks / Savings Bank) • Foreign Exchange Transactions Gift Checks 5. Express Padala Savings 1. Foreign Exchange Swap • Peso Demand Deposits Account (also available at Contracts 1. Automatic Transfer Equitable Savings Bank) 2.Forward Contracts Arrangement (also available at 6. Optimum 3. Spot Contracts Equitable Savings Bank) 7. SA Plus (also available at 2. Checking Account ATM Equitable Savings Bank) M. UNIT INVESTMENT TRUST FUNDS 3. ONE Account 8. Special SA Plus • EPCIB GS Fund 4. ONE Plus 9. Peso Time Deposit • EPCIB U.S. Dollar Fund 5. Regular Checking Account (also available at Equitable • EPCIB Equity Fund (also available at Equitable Savings Bank) Savings Bank) 10. HighSaver N. COLLECTION SERVICES • Savings Accounts 11. SpeedSaver (only at Equitable • Post-dated Checks Warehousing 1. Foreign Currency Deposits Savings Bank) (also available at Equitable Savings a. U.S. Dollar Savings 12. MoneyMax Regular Bank) Account 13. MoneyMax Plus • Safety Deposit Box (also available b. Other Foreign Currency 14. MoneyMax Flex at Equitable Savings Bank) Savings Account 15. SureSaver (only at Equitable • Government Agency Collection c. U.S. Dollar Time Deposit Savings Bank) Service (also available at Equitable d. Other Foreign Currency 16. SureSaver Plus (only at Savings Bank) Time Deposit Equitable Savings Bank) • Final Credit Service 2. Peso Deposits 17. SureSaver Flex (only at a. HighSaver Equitable Savings Bank) O. ANCILLARY SERVICES b. Peso Time Deposit (also • Foreign Currency Deposits • Bank Statement Request through available at Equitable 1. U.S. Dollar Savings Account ATM Savings Bank) 2. Other Foreign Currency • Phonecards / Prepaid Cards c. Regular Savings Account- Savings Account through Electronic Channels Passbook (also available at 3. U.S. Dollar Time Deposit Equitable Savings Bank) 4. Other Foreign Currency Time P. NON-LIFE INSURANCE (through EBC d. SA Plus (also at Equitable Deposit Insurance Brokerage, Inc.) Savings Bank) • Home-A-Sure e. Special SA Plus • Car-A-Sure f. SpeedSaver (only at Equitable Savings Bank) Annual Report 2005 Equitable PCI Bank

46

B. CASH MANAGEMENT SOLUTIONS • Special Trust G. HEALTH CARE (through Maxicare • Collection Solutions 1. Bonds Issued Under Trust Healthcare Corp.) 1. OTC and Electronic Consumer 2. Collateral / Mortgage Trust • Annual Check-Up FASTPay 3. Court Trusts & Guardianships • Dental Care 2. Real-time FASTCollect 4. Custodianship • Emergency Care 3. Mobile Cash / Check Transport 5. Escrows • In-Patient Care Service (MCTS) 6. Life Insurance Trusts • Out-Patient Care 4. Post-dated Check 7. Loan / Security Agency • Preventive Health Care Warehousing 8. Non-Voting Trust • Payables Solutions 9. Private Estate Planning H. INVESTMENT BANKING (through 1. MC and Corporate Check 10.Special Purpose Trust PCI Capital Corporation) FASTWrite • Fixed Income Securities 2. FASTeTransfer Supplier’s Bills E. Corporate Housing Loan Tie-up/ Underwriting Payment Contract-to-Sell (CTS) Financing / 1. Commercial Papers / Bonds / 3. FASTRemit Auto Fleet Financing / Corporate Corporate Notes 4. Payroll Services Personal Loan Tie-up 2. Preferred Shares • FASTAccess Electronic Platform • Auto Fleet Financing Program • Equity Securities Underwriting • Government-Related Services • Contract-to-Sell (CTS) Financing 1. Initial Public Offering 1. SSS Sickness, Maternity and • Personal Loan Program 2. Rights Offering Employee Compensation (only 3. Warrants Issue at Equitable Savings Bank) F. CORPORATE TRUST • Financial Advisory • Employee Benefit Trust • Investment Instruments C. CORPORATE AGENCIES 1. Customized Employee Benefit • Multi-Currency Loan Syndication • Custody Services Trust • Private Equity Placement • Escrow Services 2. Merit & Merit Plus Plans • Securities Brokering & Dealership • Paying Agency • Corporate Investment Services • Securitization of Financial Assets • Receiving Agency 1. Investment Management • Settlement Bank Services Account I. LEASING AND FINANCING (through • Transfer Agency 2. Pre-Need Company Funds PCI Leasing & Finance Inc.) • Unit Investment Trust Fund (UITF) 3. Revocable Trust Account • Amortized Commercial Loan 1. EPCIB GS Fund 4. Institutional Funds • Installment Paper Purchase 2. EPCIB U.S. Dollar Fund • Special Trust • Leasing 3. EPCIB Equity Fund 1. Bonds Issued Under Trust • Receivables Discounting 2. Collateral / Mortgage Trust • Receivables Factoring D. CORPORATE FINANCING 3. Court Trusts & Guardianships • Multi-Currency Loan Facilities 4. Custodianship J. NON-LIFE INSURANCE (through EBC 1. Credit-Linked Loans 5. Escrows Insurance Brokerage, Inc.) • Term Loans 6. Life Insurance Trusts • Property Insurance (Industrial / 1. Project Financing 7. Loan / Security Agency Commercial All Risks) 2. Developmental Loans 8. Non-Voting Trust • Business Interruption or Loss of • Investment Services 9. Private Estate Planning Profit Insurance 1. Investment Management 10.Special Purpose Trust • Engineering Insurance Account • Corporate Agency Services 1. Contractors All Risk 2. Pre-Need Company Funds 1. Settlement Bank 2. Erection All Risk 3. Revocable Trust Account 2. Transfer Agency / Registrar 3. Electronic Equipment or 3. Paying Agency Computer Insurance 4. Receiving Agent for Initial 4. Machinery Breakdown Public Offerings 5. Escrow Agent for Locked-up Shares

Annual Report 2005 Equitable PCI Bank

47

• Marine Insurance L. SPECIAL LENDING 5. TIDCORP - Omnibus Guarantee 1. Cargo Insurance • Funding Facilities Line under the General Facility 2. Hull Insurance 1. Countryside Loan Fund I & II Program 3. Liablility Insurance 2. Countryside Loan Fund III 6. TIDCORP - Pre-Shipment 4. Inland Marine 3. Industrial Guarantee & Loan Export Finance Guarantee • Public / General Liability Insurance Fund (Regular & Special) Program & Post-Shipment • Crime Insurance 4. Industrial Guarantee & Export Risk Guarantee Program 1. Fidelity Insurance Loan Fund (PERG) 2. Money, Securities & Payroll (Short-Term Rediscounting) 7. TIDCORP - Term Loan Insurance 5. Domestic Shipping Guarantee Program 3. Burglary, Robbery & Theft Modernization Program II 8. LGUGC - Electric Cooperative Insurance 6. Environmental Infrastructure - Partial Credit Guarantee 4. Bankers Blanket Bond Support Credit Program II • Miscellaneous Insurance 7. Japan Bank for International M. STRUCTURED PRODUCTS 1. Floater Insurance Cooperation (JBIC) Information • Specialized Financial Services 2. Golfers Insurance Technology & Industry Support 1. Asset Conversion 3. Livestock Insurance Loan 2. Corporate Re-engineering • Employee Benefits 8. Overseas Economic 3. Financial Advisory 1. Personal Accident Cooperation 4. Forfaiting 2. Travel Accident Fund (OECF) / Industrial and 5. Restructuring for Corporates 3. Group Life Insurance Support Services Expansion 6. Structured Trade Finance 4. Group Hospitalization Program a. Export Credit Agency • Bonds (Judicial and Non-Judicial 9. SBGFC - SME Funding b. GSM LC Arbitrage Bond) for Investments in Regional 7. Syndicated Debt Consolidation 1. Superseadeas Bond Markets • Structured Trade Finance & 2. Replevin Bond 10.SBGFC - SME Funding Access Onshore / Offshore Syndication 3. Attachment Bond for Short-Term Loans 1. Long-Term Equipment 4. Bid Bond 11.SSS Special Financing Program Financing 5. Guaranty Bond 12.SSS Industry Loan Program 2. Long-Term Project Financing 6. Performance Bond 13.SSS Hospital Financing 3. Onshore / Offshore Syndication • Mortgage Redemption Insurance Program (MRI) 14. SSS Special Financing Program N. TREASURY for Schools • Domestic Fixed Income Securities K. PAYMENT PRODUCTS & SERVICES 15.SSS Tourism Financing Program 1. Fixed Rate Treasury Notes (through Equitable Card Network) • Guarantee Facilities 2. Retail Treasury Bonds • Affinity Card / Co-Branding 1. SBGFC - Guarantee for 3. Treasury Bills • Corporate Card Enterprises in Manufacturing & • Foreign Fixed Income Securities • Merchant Acquisition Services 1. Maxihedge 2. SBGFC - Guarantee Lines for • Foreign Exchange Transactions Anchor Industries 1. Foreign Exchange Swap 3. SBGFC - Guarantee Resources Contracts for Agribusiness Investments 2. Forward Contracts 4. TIDCORP - General Facility 3. Spot Contracts Program Annual Report 2005 Equitable PCI Bank

48

III. SMALL BUSINESS

A. WORKING CAPITAL LOANS • Credit-on-Hand v.s. REM • Credit-on-Hand v.s. Deposit • Post-Dated Check Rediscounting • 1:1 or Back to Back Loans • Foreign / Domestic Bills Purchase • Revolving Promissory Note

B. TERM or AMORTIZED COMMERCIAL LOAN (also available at Equitable Savings Bank and PCI Leasing)

C. TRADE FACILITIES

D. LEASING AND FINANCING (through PCI Leasing & Finance Inc.) • Leasing • Receivables Discounting • Receivables Factoring

E. TRUST SERVICES • Employee Benefit Trust 1. Merit & Merit Plus Plans 2. Unit Investment Trust Fund (UITF) a. EPCIB GS Funds b. EPCIB U.S. Dollar Fund c. EPCIB Equity Fund Annual Report 2005 Equitable PCI Bank

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Produced by Equitable PCI Bank Corporate Communications Photography by Francis Rivera Design and Concept by OP Communications, Inc. Printing by Transprint Corporation