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BayanTrade appoints Miguel Aboitiz chairman
(June 18, 2004)

Rodolfo Salazar named vice chairman, Clinton Hess executive committee chairman

(Manila, Philippines, June 18, 2004) - BayanTrade announced today that Aboitiz Equity Ventures, Inc. (AEV) first vice president Luis Miguel Aboitiz has been elected chairman. Aboitiz succeeds ePLDT president Ray Espinosa as the fifth BayanTrade chairman.

The BayanTrade chairmanship rotates annually among the six founding consortium members. The consortium is composed of Ayala Corporation, Benpres Holdings, Philippine Long Distance Telephone Company (PLDT), United Laboratories, Inc. (UniLab), Aboitiz & Company, Inc., and JG Summit Holdings. Eugenio Lopez III, chairman and CEO of ABS-CBN, was the first chairman; Jaime Augusto Zobel de Ayala, president and CEO of Ayala Corporation, the second; Lance Gokongwei, president of JG Summit, the third; and Espinosa, the fourth.

Aboitiz was previously assistant vice president of Aboitiz & Company. After graduating from Santa Clara University in California with a Bachelor of Science degree in Computer Science and Engineering, he joined Davao Light & Power Corporation as administrative systems analyst. He later earned a Master in Business Administration from the University of California at Berkeley and worked as assistant vice president of Hydro Specialist Incorporated from 1992 to 1994.

Rodolfo Salazar, a management consultant with the Lopez Group of Companies, was named vice chairman. He is concurrently a member of the Board of Trustees of the Philippine Foundation for Science and Technology. Previously, Salazar was chief information officer of the Lopez Group and executive vice president for learning and people resource management of Corporate Information Solutions, Inc. Salazar holds a Master of Science degree in Industrial Administration from Carnegie Mellon University, a Master of Science degree in Engineering from Princeton, and a Bachelor of Science degree in Mechanical Engineering from the University of the Philippines, magna cum laude. He has been president of several companies including BayanTel Holdings Corporation, Pepsi Cola Products Philippines Inc., Metro Drug Corporation, First Pacific Metro Corporation, Warner Lambert Philippines, and Holland Pacific Paper Inc.

Clinton Hess was named executive committee chairman. He is currently vice president of UniLab, and executive officer under the office of the Chairman of the Board. He oversees the company's supply chain operations. He founded the supply chain management group within UniLab which he headed for five years and has also been involved with the company's business development and corporate planning. Hess holds a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania.

Dante Briones led the management team of BayanTrade to its transformation, viability and growth as a sourcing and procurement and supply chain services provider. With 11 years of combined experience as chief information officer for companies like Coca-Cola Bottlers, Inc. JG Summit Holdings, Inc., Sara Lee DE Asia, Metro Drug Distribution and Steniel Manufacturing Corporation, Briones is known in the industry for business process transformation, specially in materials management, distribution and logistics and manufacturing. Briones trained to be an engineer, and later a mathematician. After graduating cum laude with a Bachelor of Science degree in Industrial Engineering at UP, he pursued his Master's Degree in Computational Mathematics from Northern Illinois University.

Universal Robina Corporation (URC) vice president for logistics and materials management Eduardo Yap was appointed treasurer. Yap is concurrently corporate procurement officer of the JG Summit Group of Companies and purchasing manager of URC. Yap has been with the JG Summit group for over 25 years and has extensive experience in production operations and sales. He is a chemical engineer and Master's Degree holder in Business Management from the Asian Institute of Management.

Atty. Enrique Quiason, a senior partner of the Quiason Makalintal Barot Torres & Ibarra Law Offices was named secretary. He is a member of the Integrated Bar of the Philippines, International Bar Association, and American Society of International Law. He is concurrently vice president and chairman of the Philippine Association of Publicly Held Companies and corporate secretary of several other companies including Lopez, Inc., Benpres Holdings Corporation, First Philippine Holdings Corporation, and Maynilad Water Services, Inc. His practice areas include foreign investments law, securities law, corporate mergers and acquisitions, banking law, business law, and litigation. Atty. Quaison holds a Business Economics degree and a Bachelor of Laws from the University of the Philippines, and a Masters of Laws in Securities Regulation from Georgetown University.

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