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    INVESTORS' CENTER - Year Ended September 30, 2004
    Financial Highlights     Hotels Division
    Message to the Stockholders     Board of Directors
    Commercial Centers Division     Management Team
    High-Rise Buildings Division     Downloads
    Housing & Land Dev. Division
     
    Commercial Centers Division
   
From its first modern mall venture, Robinsons Galleria fifteen years ago, the Commercial Centers Division has created an impressive chain of 15 malls as of September 2004. By the first quarter of 2005, the Company owns and operates 18 malls, located in high density and well-developed areas across the Philippines. With a gross floor area of approximately 1,100,00 square meters, the centers provide comfort, convenience, and security to millions of visitors every year.

These malls range from community centers to regional centers and are complete with a variety of retail shops, restaurants, service outlets, as well as anchor tenants, Robinsons Supercenter, Robinsons Department Store, Robinsons Supermarket, and Robinsons Movieworld.

Customers have become more demanding and discriminating, thereby creating the challenge of building a better mall every time a new development of the chain opens to the public. The Division has built new formats and concepts in keeping with its commitment to satisfy the ever changing needs and wants of the market.

Patrons of Robinsons Malls can now discover what uniquely sets the Company’s malls apart, like the Market Bazaar, a grouping of micro retail outlets found in Robinsons Place Cainta and Robinsons Place Lipa; East Wing a lifestyle center that caters to a discriminating market in Robinsons Galleria; and Paseo Iloilo, a stretch of restaurants and bistors along the perimeter of Robinsons Place Iloilo. These new formats have breathed new and distinct character to the Robinsons Malls and have been well received by both retailers and shoppers alike.

The two malls opened in fiscal year 2004 were Robinsons Place Lipa in Batangas and Robinsons Supercenter in Cainta. For fiscal year 2005, the new malls are Robinsons Place Angeles in Pampanga, Robinons Place Bacolod, and Robinsons Place Pioneer in Mandaluyong.