DISCLOSURE DEPARTMENT

The Philippine Stock Exchange

3/F Tower One and Exchange Plaza

Ayala Triangle, Ayala Avenue

Makati City

Attention: JANET A. ENCARNACION

Head, Disclosure Department

Gentlemen:

We reply to your request for clarification on the news entitled article “DMCI wants Puerto Azul Boulevard Holdings exec” posted in BusinessWorld Online on December 16, 2014. The article reported in part that:

“BOULEVARD HOLDINGS, Inc. (BHI) is contemplating selling off parcels of its Puerto Azul seaside estate to not just one developer -- while keeping some portion of the 3,000-hectare property for itself -- as the list of prospective buyers has grown to now include the Consunji group, the company’s chief executive said yesterday.

Boulevard Holdings, the resort developer behind Friday’s Boracay Island Beach Resort in Boracay Island, Aklan and Friday’s Puerto Galera, Inc., is in preliminary talks with DMCI Holdings, Inc. for the sale of Puerto Azul, Jose Marcel E. Panlilio, BHI chairman, president and chief executive officer, said on the sidelines of the company’s stockholders’ meeting.

Sought for comment, DMCI Holdings, Inc. Chairman and Chief Executive Officer Isidro A. Consunji said in a mobile phone reply: ‘Still have to study. Maybe after the holidays.’

. . . .”

We wish to inform the investing public that the Company is still studying the said property offer and no definite plans have been made as of this writing.

Thank you.