Via ODiSy

3 January 2012

PHILIPPINE STOCK EXCHANGE, INC.

PSE Centre, Exchange Road
Ortigas Center, Pasig City
Attention : Ms. Janet A. Encarnacion
Head, Disclosure Department

Ms. Christina Marie C. Fortes

Analyst

Disclosure Department

Re : Streamlining Exercise -------------------------------

Gentlemen:
The Securities and Exchange Commission approved the merger of the following wholly-owned subsidiaries of BDO Unibank, Inc. (BDO): BDO Strategic Holdings, Inc. ("BDOSHI"), Equitable Card Network, Inc., EBC Strategic Holdings Corporation, BDO Technology Center, Inc., and Strategic Property Holdings, Inc., with BDOSHI as the surviving corporation (the "Merger"). Equitable Card Network, Inc., EBC Strategic Holdings Corporation, BDO Technology Center, Inc. and Strategic Property Holdings, Inc. all cease to exist.
This Merger has been undertaken as part of the streamlining of the BDO Group's organizational structure. BDO's investment in its subsidiaries did not increase as a result of this exercise.
Very truly yours,

ELMER B. SERRANO

Corporate Information Officer

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