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Premium Leisure Corp. (PLC) Board of Directors for 2023-2024 recently began serving their respective terms of office. Elected to the Board during PLC’s hybrid Annual Stockholders’ Meeting held on April 24, 2023 were Willy Ocier, Chairman; Armin Antonio Raquel Santos, Director; Exequiel Villacorta, Jr., Director; and Independent Directors Laurito Serrano, Maria Gracia Pulido Tan, Jerry Tiu and Roberto Antonio. At the hybrid meeting, Mr. Raquel Santos, PLC President and Chief Executive Officer, announced the payment in full of cash dividend of 5 centavos per share on March 28, 2023 due to the “Company’s strong 2022 results.” The full text of Mr. Raquel Santos’ report can be read below: Good morning and thank you for joining Premium Leisure Corp.’s 2023 Annual Stockholders’ Meeting. In 2022, PLC’s operations were in full swing, which allowed the Company to continue recovering and post better results for two years in a row. We delivered Php2.1B in consolidated revenues, a 20% improvement from 2021’s Php1.7B. PLC’s higher revenues was mainly due to more robust economic activities in 2022. The improving COVID-19 pandemic situation in the country bodes well for the Company as demand for our businesses gradually returned. Because of these factors, our wholly owned subsidiary PremiumLeisure and Amusement, Inc. saw an increase in its gaming revenue share to Php1.6B, also up by 20% from the Php1.3B posted in 2021. Meanwhile, Pacific Online Systems Corporation’s equipment lease rental income jumped by 22% to Php519M from Php426M in 2021. This was achieved despite the cancellation of KENO operations effective April 1, 2022. We carried on our cost efficiency measures throughout the year in view of the continuing effects of the pandemic. PLC decreased its costs and expenses by Php21M or 2% from Php964M to Php947M. Our combined efforts to increase revenues and tighten control over costs resulted in PLC achieving Php1.3B in net income for 2022, a 12% increase from its net income of Php1.1B in 2021. Another indicator of our continued recovery is PLC’s Operating EBITDA last year, which came in at Php1.4B, up by Php260M or 23% from Php1.1B in 2021. Our Company’s strong 2022 results allowed us to pay in full a cash dividend of 5 centavos per share on March 28, 2023. This marks our Company’s 7th consecutive year of paying dividends in line with our efforts to enhance shareholder value. PLC’s strong partnership with Melco Resorts and Entertainment (Philippines) Corporation, the operator of City of Dreams Manila, was key in maintaining our profitability despite the effects of the pandemic on the economy. Meanwhile, it is full speed ahead for PinoyLotto, the joint venture of our majority owned subsidiary Pacific Online with their partners Philippine Gaming Management Corporation (PGMC) and International Lottery & Totalizator Systems, Inc. (ITLSI) for the commencement of nationwide lottery operations in the fourth quarter of 2023, which was awarded by the Philippine Charity Sweepstakes Office’s (PCSO). Post-pandemic, the gaming and entertainment industry is almost fully recovered based on pronouncements made by the Philippine Amusement and Gaming Corporation (PAGCOR) and […]

Belle Corporation (Belle) reelected the Company’s Board of Directors for 2023-2024 at its hybrid Annual Shareholders’ Meeting held on April 24, 2023 and livestreamed via Zoom webinar.Maintaining their respective directorships were Willy Ocier, Elizabeth Anne Uychaco, Jackson Ongsip, Jacinto Ng, Jr., Armin Antonio Raquel Santos, Virginia Yap, Joseph Chua, Maria Gracia Pulido Tan and Amando Tetangco, Jr. “In 2022, our Company’s performance improved significantly compared to 2021 from the return of consumer demand particularly in the leisure and tourism markets and the impact of the overall growth of the Philippine economy amid the drop in COVID-19 cases and further easing of restrictions,” said Mr. Ongsip during the annual event.Below is the full text of Mr. Ongsip’s report:To our Shareholders, Stakeholders and Guests, good afternoon. Thank you for joining Belle Corporation’s 2023 Annual Shareholders’ Meeting. In 2022, our Company’s performance improved significantly compared to 2021 from the return of consumer demand particularly in the leisure and tourism markets and the impact of the overall growth of the Philippine economy amid the drop in COVID-19 cases and further easing of restrictions. We benefited because of efforts to enhance strategic customer partnerships and cost efficiency measures. I am pleased to report that our earnings last year are nearing pre-pandemic levels despite challenges posed by the tightening of fiscal conditions, particularly high inflation and rising interest rates. Belle’s strong results in 2022 and mission to enhance shareholder value allowed your Company to declare a cash dividend of Php0.06/share, or approximately Php600.0 Million, which was paid in full on March 30, 2023. Financial Review Belle’s consolidated net income of Php1,710.0 Million in 2022 was up by 130% versus the Php745.0 Million posted in 2021. Meanwhile, our consolidated revenues also grew by 58% to Php5,419.0 Million from Php3,420.0 Million in 2021 with all our business units actively contributing to our higher revenues. Revenues from Belle’s 2022 real estate operations, which was comprised of the Company’s lease of the land and buildings in City of Dreams Manila, and real estate sales and estate management services at its Tagaytay Highlands Complex, increased by 97% to Php3,339.0 Million, from Php1,694.0 Million in 2021. Our gaming revenue share in City of Dreams Manila, through Belle’s subsidiary Premium Leisure Corp., was up by 20% to Php1,561.0 Million from Php1,300.0 Million in 2021. Pacific Online Systems Corporation, a subsidiary of Premium Leisure Corp. that leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations, continued its steady recovery in 2022. Pacific Online revenues reached Php519.0 Million, showing a 22% increase from Php426.0 Million in 2021. Belle’s balance sheet remains solid, with our Company’s assets covering our current liabilities by over 20 times, and our long-term debt by almost 10 times at the close of 2022. Our total debt-to-equity ratio stood at a conservative 15%. Sustainability We will continue to explore and pursue expansion opportunities and potential ventures, maximizing our strength and experience as a developer in our distinctive communities while managing risks and exercising financial prudence. Furthermore, we

Belle Corporation is one the Philippines’ ASEAN Asset Class awardees for excellence in corporate governance. Belle Corporation (Belle) bagged the prestigious ASEAN Asset Class award anew for outstanding corporate governance during virtual ceremonies held on December 1, 2022. Commenting on Belle’s recent accolade, Jackson Ongsip, President and Chief Executive Officer, said: “corporate governance in our Company remains a pillar towards value creation and sustainability and keeps us on the right path when making important business decisions and executing strategies and plans.” Belle was recognized for high marks in the recently concluded 2021 ASEAN Corporate Governance Scorecard (ACGS) assessments. ACGS, a renowned assessment program that sets standards and assigns scores to companies that adopt and implement best corporate governance principles and practices, is an initiative of the ASEAN Capital Markets Forum (ACMF) towards integrating members of the regional bloc. About Belle Corporation Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 79.78%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site. South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.

Belle Corporation (“Belle” or the “Company”) realized consolidated revenues of Php4,271.3 million for the nine months ended September 30, 2022, higher by 87% than consolidated revenues of Php2,288.2 million for the nine months ended September 30, 2021 as the Company’s performance continues gaining ground, driven by higher lease income and real estate sales. Gaming-related revenues (gaming revenue share and betting equipment rental) also increased year on year, brought about by the continuously progressing economy. Belle’s revenues from real estate operations increased by Php1,447.9 million (142%), from Php1,018.6 million in the third quarter of 2021 to Php2,466.5 million in the third quarter of 2022. Of 2022 real estate revenues, Php1,560.0 million was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila (“CODM”) to Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), which was Php1,090.5 million (232%) higher than its revenues in the prior period of Php469.5 million. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of Php906.5 million in the third quarter of 2022, which was Php357.4 million (65%) higher than its revenues in the third quarter of 2021 of Php549.1 million. The share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corporation (“PLC”), increased by Php479.4 million (50%), from Php967.2 million in the third quarter of 2021 to Php1,446.7 million in the third quarter of 2022. Pacific Online Systems Corporation (“Pacific Online”), which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations, also showed improvement during the period despite the nonrenewal of KENO operations effective April 1, 2022. Pacific Online, which is 50.1%-owned by PLC, posted an increase in revenue of Php55.8 million (18%), from Php302.3 million in the 2021 period to Php358.1 million in the current period. As a result of the foregoing, the Company realized consolidated net income of Php1,636.6 million for the nine months ended September 30, 2022, which was higher by Php1,154.5 million (239%) compared to consolidated net income of Php482.1 million for the nine months ended September 30, 2021.

Belle Corporation (Belle) President and Chief Executive Officer Jackson Ongsip (back row, sixth from left) leads the Company’s participation at the International Coastal Cleanup Day at the SM By the Bay Central Park on September 18, 2022. Also in the photo are Belle executives Sarah Miranda (back row, far left), Senior Assistant Vice President and Head of Human Resources; and Ainee Banaria (back row, fourth from left), Chief Financial Officer; as well as employee volunteers from different company departments. Belle Corporation (Belle), led by its new President and Chief Executive Officer Jackson Ongsip, backstopped the worldwide effort against the proliferation of waste along coastlines during the annual cleanup drive held on September 17, 2022. “Through our participation in this event, we are reaffirming our commitment to cut down waste and show our fellow citizens the effects of improper waste disposal, which end up polluting our oceans and waterways, said Mr. Ongsip.” Executives and employees of Belle came bright and early at the International Coastal Cleanup held at the SM By the Bay Central Park. Belle was among the many corporates and non-government organizations and volunteers who trooped to the coastlines, joining hundreds more across the globe in pursuit of cleaner and pollution-free seas and environmental sustainability.  

Lush greenery and wide roads at Tagaytay Highlands Belle Corporation (“Belle” or the “Company”) realized consolidated revenues of Php2,818.4 million for the six months ended June 30, 2022, higher by 61% than consolidated revenues of Php1,754.2 million for the six months ended June 30, 2021. All of the Company’s business units contributed to the growth in revenues, led primarily by higher lease income, better real estate sales and improved share in gaming revenues, achieved through more relaxed restrictions on commercial operations imposed by authorities as the market recovers from the impact of the pandemic. Belle’s revenues from real estate operations increased by Php885.7 million (119%), from Php743.3 million in the second quarter of 2021 to Php1,629.0 million in the second quarter of 2022. Of real estate revenues in 2022, Php1,040.0 million was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila (“CODM”) to Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), which was Php636.0 million (157%) higher than its revenues in the prior period of Php404.0 million. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of Php589.0 million in the second quarter of 2022, which was Php249.7 million (74%) higher than its revenues in the second quarter of 2021 of Php339.3 million. The share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corp. (“PLC”), increased by Php165.1 million (20%), from Php805.5 million in the second quarter of 2021 to Php970.6 million in the second quarter of 2022. Pacific Online Systems Corporation (“Pacific Online”), which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations, also showed improvement during the period despite the non-renewal of KENO operations effective April 1, 2022. Pacific Online, which is 50.1%-owned by PLC, posted an increase in revenue of Php13.5 million (7%), from Php205.4 million in the 2021 period to Php218.9 million in the current period. About Belle Corporation Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 79.78%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site. South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.