Rafael Perez de Tagle

Fil-Estate Land, Inc. (“FELI” or the “Company”) was incorporated on May 18, 1994 to consolidate the real estate interests and development activities of the Fil-Estate Group of Companies. FELI is also tasked to engage in land acquisitions and to maintain an inventory of raw land for future development by its subsidiaries. FELI went public in November 1995 when its common shares were listed in the Philippine Stock Exchange (PSE). The Company is one of the leading property development and marketing companies in the Philippines and has operated through predecessor companies since 1981. It is engaged primarily in the horizontal development of residential subdivision lots, integrated residential, golf and other leisure-related properties and vertical development of mixed-use towers in Metro Manila. FELI has three wholly owned subsidiaries: Fil-Estate Properties, Inc. (“FEPI”), to engage primarily in residential subdivision and condominium development, Fil-Estate Golf and Development, Inc. (“FEGDI”), to engage primarily in golf and leisure development and Fil-Estate Urban Development Corporation (“FEUDC”) for the development of certain residential projects. The developments of these various projects are still ongoing to date.

John Hay Development Corp. operates the Camp John Hay property. The private company is based in Baguio, Philippines and has subsidiaries in the Philippines.

Metro Rail Transit Corp. Ltd. provides intercity rail transportation services and is ultimately controlled by the Government of the Philippines. The private company is based in Pasig, Philippines.