The Tender Offer provides MPIC Shareholders an opportunity to sell their MPIC shares and gain a return above the current trading price. At ₱5.20 per common share, the Tender Offer Price offers a 37% premium over the one-year VWAP of MPIC common shares from April 27, 2022 to April 26, 2023. Additionally, the Tender Offer Price also represents a premium of ₱0.10 above the highest end of the valuation range specified in the Fairness Opinion Report of the independent financial adviser.