SUMMARY OF MINUTES OF THE 2025 ANNUAL GENERAL MEETING

I. Call to Order

GEN ROMEO S BRAWNER JR PA, Chairperson of AFPMBAI, presided over the meeting and called the meeting to order at 2:21 P.M.

II. Proof of Due Notice of the Meeting

The Corporate Secretary, Atty Jonas B Calleja, attested that the Notice for the Annual General Membership Meeting (AGM) was duly published in the Manila Bulletin and in the People’s Journal on April 7, 2025. He stated that the Notice and Agenda, and downloadable Proxy Form, was also uploaded on the AFPMBAI website on April 7, 2025, thus AFPMBAI has complied with the required notices pursuant to Art V, Sec 3 of the Bylaws.

III. Proof of Presence of Quorum

Atty Calleja reported that there were 167 registered regular members virtually present and 481 registered members who voted in absentia, composing the quorum. He also introduced the members
of the Board of Trustees, including AFPMBAI’s corporate officers, as well as the members of the Committee on Election (COMELEC). These were the following:

IV. Opening Remarks

GEN ROMEO S BRAWNER JR PA, Chairperson of AFPMBAI, welcomed everyone to the 2025 AGM. He mentioned some of the Association’s major projects, such as the LEAD/TRADE Seminars and Real Estate Forums that are intended to raise the members’ financial awareness, as well as the Corporate Social Responsibility Programs totaling to P174M provided for education, health and welfare programs for the members. He also touched on AFPMBAI’s 12% asset growth and its record-breaking income in 2024 and how the Association developed more products and services for the members. In closing, he stated that AFPMBAI continues to pursue organizational and service excellence, and how its leadership reflects the values of diversity, equity, and inclusivity—principles that strengthen the Association’s adaptability and long-term success.

V. Approval of the Minutes of the Annual General Membership Meeting dated 18 May 2024

Upon motion of CMS Aileen G Ferrer PAF, duly seconded by SMS Yulito B Quisias PAF the Minutes of the Annual General Membership Meeting held on 18 May 2024 was approved. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

VI. Matters Arising from the Minutes of the Previous Meeting

After the approval of the Minutes of the 2024 AGM, the Chairperson asked the members if they had matters to raise from the minutes of the previous meeting; however, no matters were raised by
the members for discussion.

VII. Report of the President and CEO

The President and CEO, RAdm Dorvin Jose L Legaspi PN (Ret), gave the report on the operational accomplishments of AFPMBAI, summarized as follows:

• P8.2B in Revenues, surpassing the P7.3B target
• Only 94% of budgeted expenses were utilized, leading to a positive variance of P362M
• Increase in legal reserves amounting P144M
• Return on Assets increased from 3.31% to 3.51%
• Return on Equity increased from 10.17% to 10.79%
• Key Programs and Initiatives:

• Financial Literacy Program
• Corporate Social Responsibility
• Membership Enrollment
• Member Satisfaction and Engagement
• Customer Loyalty Program
• Benefits Expansion
• Engagement Initiatives

After the presentation, SMS Charles B Bumanglag PA asked if it is true that a soldier can immediately receive his or her AFPMBAI claims upon the cut-off date of his or her retirement.
President Legaspi replied that all AFPMBAI members, upon their retirement from the service, shall receive their Membership Termination Benefits, upon submission of documents particularly the members’ statement of service and retirement order as reference for processing of benefit claims at the nearest AFPMBAI Office. He also mentioned that, aside from this valuable benefit, AFPMBAI strongly encourages all members to still continue their membership with AFPMBAI even after retirement to ensure their continued insurance protection with real estate, financial services and benefits until 70 years old – this time, under MBAI i-PROTEK membership insurance coverage, with a monthly premium of P499 for retired enlisted personnel and P999 monthly premium for retired officers.

Thereafter, upon motion of MSg Elizabeth D Andaya (QMS) PA, duly seconded by CMS Myleen L Dofitas PAF, the body noted the Report of the President and CEO. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

VIII. Membership Resolution No. 01-2025: Ratification of the Acts and Resolutions of the Board of Trustees, Corporate Officers, and Management

Upon motion of SSg Ronnie R Morales (CE) PA, duly seconded by SMS Sonny A Apostol PA, the actions, decisions, agreements, transactions, policy statements, and resolutions of the Board of
Trustees, Corporate Officers, and Management from January 1, 2024 to December 31, 2024 were ratified and approved by the body. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

IX. Report of the Audit Committee

Col Alexander F Tuprio, Chairperson of the Audit Committee, reported on the primary responsibility of the Audit Committee, on financial reporting, internal control, internal audit and the external auditor, and also gave their Internal Control Overall Assessment of AFPMBAI. He further reported that the statutory audit of the Association’s 2024 Financial Statements was completed as scheduled and was presented to the Board of Trustees on 27 March 2025 with Unqualified Opinion. An unqualified opinion means that the AFPMBAI’s financial statements are fairly and appropriately presented, without any identified exceptions, and in compliance with generally accepted accounting principles.

Thereafter, upon motion of A1C Khaizer F Opao PAF, duly seconded by CMS Marlon C Manlongat (MI) PA, the body noted the report of the Audit Committee. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

X. Membership Resolution No. 02-2025: Appointment of External Auditor for Statutory Audit Covering CY 2025 and CY 2026

Col Alexander F Tuprio PA (Ret), Chairperson of the Audit Committee, recommended the ratification by the members of the Armed Forces and Police Mutual Benefit Association, Inc. of the appointment of the external auditor, Alas Oplas Co. CPAs to conduct the statutory audit of the Association’s Financial Statements for Calendar Years 2025 and 2026.

Upon motion of CMS Edgardo E Labro PA, duly seconded by SSg Helen Bles B Ednave PAF, the general membership approved the recommendation of the Audit Committee. The vote tabulation
results reflected the following, including the residual votes of the Chief of Staff, AFP:

XI. Report of the Governance Committee

MGen Wilbur C Mamawag PA (Ret) , Chairperson of the Governance Committee and Lead Independent Trustee, reported on the initiatives of the Board and Management to improve the governance practices of AFPMBAI in 2024. He reported on the governance structure of the Board, its accomplishments and performance rating for CY 2024. He also stated that the more comprehensive report of the Governance Committee can be found in the Governance Report for CY 2024, published in the AFPMBAI Website.

Thereafter, upon motion of MCPO Janiry T Oigoan PN, duly seconded by SMS Ricarte T Caliva PN(M), the body noted the report of the Governance Committee. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

XII. Report of the Risk Oversight and Related Party Transaction Committee

Commo Luzviminda A Camacho PN (Ret), Chairperson of the Risk Oversight and Related Party Transaction Committee (RORPTC), reported on AFPMBAI’s Risk Management Framework and
Culture, Risk Appetite, Risk Management Structure, Key Risks and Mitigation Strategies. She stated that these collective efforts demonstrate AFPMBAI’s continued commitment to governance excellence, member-focused resilience, and forward-looking risk mitigation practices that support long-term organizational sustainability.

Upon motion of SMS Remigio L Turingan PA, duly seconded by SMS Ronelo O Alejandro PA, the body noted the report of the Risk Oversight and Related Party Transaction Committee. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

XIII. Membership Resolution No. 03-2025: Amendments to AFPMBAI’s Articles of Incorporation

Atty Maricarr Martinez-Mirabel, Head of AFPMBAI’s Legal Office, recommended the amendment of AFPMBAI Articles of Incorporation, particularly its incidental purposes, with the inclusion of a
new paragraph k, which states, “to make donations pursuant to its corporate social responsibility initiatives.”

Upon motion of SMS Wilfredo S Morales PA, duly seconded by MSg Roberto S Butod PA, the body approved the proposed amendment to AFPMBAI’s Articles of Incorporation. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

XIV. Membership Resolution No. 04-2025: Policy on Board Per Diem and Allowances

Ms Lea A Maligaso, Head of the Executive Services Division, presented for approval of the general membership the Policy on Board Per Diem and Allowances, embodying the updates approved by the members in previous AGMS.

Upon motion of CMS Anthony K Abellera PA, duly seconded by SMS Rodolfo A Ardiles PN(M), the body approved the Policy on Board Per Diem and Allowances. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

XV. Report of the Nomination Committee

LtGen Rommel P Roldan PAF, Chairperson of the Nomination Committee for the 2025 AGM, reported on the Board seats open for nomination, the nomination and screening process, the criteria
for qualification and disqualification of trustees, and the status of nominations for the members of AFPMBAI’s Board of Trustees for 2025-2026.

Upon motion of SMS Antonio V Turno PA, duly seconded by SMS Alfonso E Muñoz (Inf) PA, the body noted the report of the Nomination Committee. The vote tabulation results reflected the following, including the residual votes of the Chief of Staff, AFP:

XVI. Election of the Members of the Board of Trustees

The Judge Advocate General of the AFP, BGen Erwin Victoriano A Machica III JAGS, informed the body that fifteen (15) members of the Board of Trustees would be elected in accordance with
Article VI, Section 3 of the Bylaws, and that only regular members are qualified to be nominated and be voted upon with each member being entitled to one (1) vote regardless of the number of his
insurance policies or amount of coverage (Article V, Section 5 of the Bylaws). The Chairperson of the Nomination Committee, LtGen Roldan, then nominated the fifteen (15) candidates that have
been deemed qualified by the Committee and presented their qualifications onscreen.

The COMELEC Chairperson then presented the results of the votes of the members for the candidates presented, including the residual votes of the Chief of Staff AFP:

After the nomination and election proceedings, the COMELEC Chairperson declared the following as the duly-elected members of the Board of Trustees for Year 2025-2026:

XVII. Oath-Taking of the Members of the Board of Trustees

At this point, The COMELEC Chairperson administered the oaths of office of the newly elected members of the Board of Trustees.

XVIII. Other Matters

The Chairperson informed the members of the result of the survey that the members answered, with the following questions and results:

A. On “How would you evaluate the overall performance of the AFPMBAI Board of Trustees, composed of active and retired military and uniformed personnel from the different branches
of service, in terms of fulfilling the strategic thrust for Good Governance?”, the Board of Trustees received an average rating of 94.15% or Outstanding.

B. On “How would you evaluate the overall performance of the AFPMBAI Board of Trustees, composed of active and retired military and uniformed personnel from the different branches
of service, in terms of fulfilling the strategic thrust for Member Satisfaction?”, the Board received an average rating of 93.81% or Outstanding.

C. On “How would you evaluate the overall performance of the AFPMBAI Board of Trustees, composed of active and retired military and uniformed personnel from the different branches
of service, in terms of fulfilling the strategic thrust for Digital Transformation?”, the Board received an average rating of 94.08% or Outstanding.

D. On “Do you believe that AFPMBAI, through the direction of its Board of Trustees, has so far accomplished its Mission to “provide members and their families with comprehensive
insurance, opportunity for lifetime security, and significant social services?”, the Board received an average rating of 94.35%, or Outstanding.

The Chairperson enjoined the Board of Trustees to keep working hard to improve the scores presented. Thereafter, upon motion of Senior Chief Petty Officer Garry Ragos, duly seconded by
QM1 Jenny D Guanlao PN, the body noted the result of the survey on Board performance.

XIX. Adjournment

There being no other matter to discuss, CMS Dyzxver V Melgar (MI) PA moved for the adjournment of the meeting, which motion was duly seconded by SMS Nelson T Guanzon (MS)
PA. The meeting was adjourned at 4:50 P.M.

(This summary of the Minutes of the 17 May 2025 AGM was approved by the Board of Trustees during its Organizational Meeting conducted right after the 2025 AGM.)