The Commercial Centers Division operates one of the Philippines’ largest and most successful chains of shopping malls. At present, it operates eighteen (18) malls in selected locations across the country with total gross floor area of 1.1 million square meters. The division is currently expanding three (3) of its existing malls: Robinsons Place Lipa , Robinsons Place Dasmariñas and Robinsons Place Manila, as

well as redeveloping a portion of Robinsons Galleria which will be relaunched as “West Wing.” The expansions will showcase the new and more exciting retail formats including our own affiliate Toys R Us, a franchise of the leading global toy store chain.

Following the success of the Galleria’s East Wing, the redevelopment of West Wing will be completed by last quarter of 2006. Mall visitors can also expect a better and more complementary tenant mix, which will include the latest and trendiest shops and food outlets.

Robinsons Place Manila’s presence in Ermita will be strengthened with more retail zones covering 29,000 square meters along Pedro Gil and M. Adriatico Streets, complementing our high-rise condominium project, One Adriatico. The new areas will house high-end boutiques, restaurants, a variety of specialty food outlets, amusement centers, and wellness centers. The expansion will be completed by the end of 2007.

Robinsons Place Lipa and Dasmariñas will have a combined additional space of 60,000 square meters including restaurant strips with al fresco entertainment, more amusement areas, and almost doubling the retail space for our anchor tenant, Robinsons Department Store.

Future projects in the pipeline are new malls, including a retail and lifestyle complex in Sucat, Parañaque City and a community shopping mall in Dumaguete City, Negros Oriental.

Following our mixed-use model, new malls will also be constructed in our integrated communities in the cities of Tagaytay and Manila.