May 13, 2024San Miguel Corporation affiliate Bank of Commerce (“BankCom”) has successfully completed its previously announced public offer (“the Offer”) of Peso bonds (“Series B Bonds”), raising a total of Php 6.57 Billion at the close of the offer period on May 9, 2024. The Offer was 1.3 times oversubscribed, evidencing strong demand from institutional and retail investors. The Series B Bonds has a tenor of 1.5 years and a fixed interest rate of 6.5635% per annum. The Series B Bonds represent the second tranche of BankCom’s ₽20 billion Bonds Programme. The Series B Bonds will be issued and listed on the Philippine Dealing & Exchange Corp. (PDEx) on May 16, 2024. Proceeds of the Offer will be used to refinance maturing debt obligations. In 2023, BankCom marked its 60th anniversary with a record high net income of ₽2.8 billion. This was a 56% increase from ₽1.8 billion it reported in the previous year, and considered the highest growth rate posted by a listed Philippine bank for the year. At the end of 2023, Return on Equity stood at 9.52%, marking an improvement from the previous year’s 7.01% and more than double the Bank’s IPO prospectus ROE of 4.22%. The Bank’s record high profit was backed by growth in its core lending business. Net Interest Income was up by P1.61B or 24% year on year. Growth was registered across all lending segments. The Bank also saw growth on its service charges, fees and commissions driven by revenues from its investment banking, credit card, and trust businesses. BankCom appointed ING Bank N.V., Manila Branch (ING) and Philippine Commercial Capital, Inc (PCCI Capital) as Joint Lead Arrangers and Joint Bookrunners and Selling Agents for the Offer. BankCom also acted as a Selling Agent for the Offer. The Series B Bonds are exempt from registration pursuant to Section 9.1(e) of the Securities Regulation Code, and have not been registered with the Securities and Exchange Commission. About Bank of Commerce An affiliate of San Miguel Corporation (SMC) since 2008, Bank of Commerce is a publicly-listed universal bank focused on helping its clients, communities and conglomerate partners by delivering the best choice of financial services harnessing the strengths of the SMC Group. Bank of Commerce is identified by its logo bearing the SMC symbols of escudo and cloverleaf, and by the trademark license short name “BankCom” granted by the Intellectual Property Office (IPO) in 2020. BankCom traces its origins to the Overseas Bank of Manila which opened in Binondo, Manila in 1963. BankCom marked its 60th anniversary in 2023, ending the year with a record high net income of ₽2.8 billion, outperforming its full-year 2022 profit of ₽1.8 billion by 56%, the highest growth among listed Philippine banks. BankCom maintains a network of 140 branches and 250 automated teller machines (ATMs) as of March 31, 2024, strategically located nationwide.