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, dl THE INSTITUTE OF CORPQRATE DIRECTORS

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mw:w0m-we LBULYL!~P +~,acS%u gndm Pl''EWl#k VS? 9. !-$ree

P ' $ 3 * : - ' .$~ i 2 7 Z

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Apolinario R. de los Santos I11 I

P ARS Reinsurance Brokers, Inc. C

Jor having completed the C G ~ T ~ Q I * ~ ~ C Go vs~*~:ucce Orieu?ial'ion Colril~c hold k n f 20 April 2006 at the

l lAP Function Hall, Makati City.

Given this 281h of April 2006.

ffic esus P. Estanisho - "L%= - A Chairman, ICD .-' ' 1 resident, 1

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. . . . .. . . . ~. ' . . ;.;. .. . _ . . . . . .. _., . .. , . > . . - . . i .- . . :

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. _.. -. _ : ' .. .- .. - . . . . . .. :.. ' . , . I . . . : . , . ,- : . ' .., ., , , - ' , I ,_ .. ' . . . -'. j. '. . : % . . . . . . . .

. . i . . .

:.. 'to .~ . . . . . . . . .. - . . . , . ., . . ..

Margarete R. Isleta Gotuaco, del Rosario & Associates

,for having completed the Corporate Governance Orientation Course held last 24 March 2006 at the

IIAP Function Hall, Makati City. ' pppp--p------

Given this 31S' of March 2006.

&%es~ls P. Estanislao ( .%(I~YIIICII?, ICD

hfelecio C. Mallilli President, IhiP