2012 Annual Corporate Governance Report (as of July 2013)

Belle Corporation (Belle or the Company) is a developer of world-class resort destinations, gaming and leisure properties in the Philippines such as City of Dreams Manila and Tagaytay Highlands. Belle’s integrated resort in PAGCOR’s Entertainment City is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation, which holds an operating agreement with Premium Leisure Corp.’s (PLC) wholly owned subsidiary PremiumLeisure & Amusement, Inc. Aside from lease income, the Company earns gross gaming revenues from City of Dreams Manila through its over 99% ownership in PLC and owns approximately 1.5 hectares of presently undeveloped land from across the site.

Belle also owns significant real estate assets in the Tagaytay Highlands, Midlands and Greenlands complexes where it develops premium residential resort projects south of Metro Manila and holds majority proprietary shares in its exclusive club and golf facilities.