Integrated Micro-Electronics, Inc.'s Board of Directors (Board) accepted the resignations of Mr. Jaime Augusto Zobel de Ayala and Mr. Fernando Zobel de Ayala. Upon the endorsement of Corporate Governance and Nomination Committee (CGN Committee), the remaining members of Board, still constituting a quorum, elected Mr. Jaime Z. Urquijo vice Mr. Fernando Zobel de Ayala, and Mr. Roland Joseph L. Duchâtelet vice Mr. Jaime Augusto Zobel de Ayala. Jaime Z. Urquijo, 34, Filipino, is currently a director of Bank of the Philippines Islands, AC Industrial Technology Holdings, Inc., Merlin Solar Technology, Inc., Merlin Solar Technology (Phils.), Inc., ACE Enexor, Inc. and ACE Endevor, Inc. He is the Assistant Vice President of Business Development of the International Business unit of ACEN.

Prior to this, he was a Strategy and Development Manager at Ayala Corporation. From 2014 to 2016, he was seconded to AF Payments, Inc., where he served as head of Business Development overseeing the launch of the Beep Card payment system. Prior to joining the Ayala Group, he was an associate at JP Morgan in New York.

He is a board member of the Philippine Rugby Football Union and is the current President of the Notre Dame Club of the Philippines. Mr. Urquijo received his Bachelor of Arts degree in Political Science from University of Notre Dame, Indiana, USA, and obtained his Masters in Business Administration in INSEAD, France. Roland Joseph L. Duchâtelet, 75, Belgian, worked for several enterprises in Belgium and Germany.

He created several businesses throughout his career, meanwhile organizing approximately 50 acquisitions or sales of businesses. Also in the same meeting, Board considered and approved the appointment of Mr. Delfin L. Lazaro as the Chairman of the Board vice Mr. Jaime Augusto Zobel de Ayala as endorsed by CGN Committee. Mr. Jaime Augusto Zobel de Ayala will remain involved in overseeing IMI's strategy, vision and growth in his capacity as Chairman of AC Industrial Technology Holdings, IMI's parent company, and Ayala Corporation.