Belle Corporation in its meeting held on December 4, 2017 the Corporation's Board of Directors, acting on the recommendation of the Corporate Governance Committee, elected Mr. Emilio S. De Quiros, Jr. as a Non-Executive Director and Mr. Amando M. Tetangco, Jr. as an Independent Director. Mr. De Quiros and Mr. Tetangco will be assuming the vacant positions in the Board effective December 4, 2017. Mr. De Quiros has served as a Director of the Company since September 2010 up to March 2017. He served as the President and Chief Executive Officer of the Social Security System ("SSS") from August 24, 2010 until November 16, 2016. He was also a Director of UnionBank of the Philippines and Philhealth Insurance Corporation. Prior to his appointment as President and Chief Executive Officer of SSS, he served as Executive Vice President of Bank of the Philippine Islands and President of Ayala Life Insurance Inc., Ayala Plans Inc. and BPI Bancassurance Inc. He was also a director of ALFM Peso Mutual Fund Inc., ALFM Dollar Mutual Fund Inc., ALFM Euro Mutual Fund Inc., ALFM Growth and Philippine Stock Index Fund. Mr. Tetangco was the third Governor of the Bangko Sentral ng Pilipinas (BSP) and has served for two consecutive 6-year terms from July 2005 until July 2017. Under his leadership, the BSP initiated bank regulatory reforms such as on risk management, capitalization increase, asset quality, among others. A career central banker, he had occupied different positions at the BSP in a span of over three decades where he started as an employee at the BSP's Statistics Department and rose from the ranks. Before joining the BSP in 1974, he was connected to the Management Services Division of Sycip, Gorres, Velayo & Co.