Premiere Horizon Alliance Annual Report 2016

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Contents

Contents

Premiere Horizon Alliance Corporation

04 14 22 30 Vision, Mission, and Values

Financial Highlights

Goshen Land Capital

Social Value Creation

06 16 24 32 Our Businesses

Plans and Prospects

West Palawan Premiere Development Corporation

Board of Directors

08 18 26 38 Milestones

Redstone Construction and Development Corporation

Corporate Governance

Subsidiary Heads, Management Team

2016 Annual Report

10 20 28 41 The President’s Report

Concepts Unplugged Business Environment Solutions

Enterprise Risk Management

Audited Financial Statements

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Vision, Mission, and Values

Vision, Mission, and Values

Premiere Horizon Alliance Corporation (PHA) is an investment holding company that maximizes corporate value by focusing on projects that invigorate the countryside.

Strengthened by a future-looking mindset and a commitment to excellence, PHA continues to expand into industries with high growth potential.

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2016 Annual Report

Vision

Core Ideologies

PHA’s vision is to become a major enabler of countryside development anchored on new technologies and best practices.

• Unrelenting imagination and passion for value creation • Integrity with tenacity amidst challenges • Excellence in teamwork and engagement • Unassailable stewardship over entrusted resources

Mission PHA is a Value Creation (VC) and Execution Company (EC) that will be known for its ability to execute with integrity and tenacity amidst challenges, with the precedence of collective welfare over individual interests.

Core Values • Excellence • Unassailable stewardship • Fairness • Inclusivity for all

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Our Businesses

Our Businesses

Up and coming countryside enabler investing in profitable businesses that address gaps in mineral resource development, food security, tourism and shelter, working towards greener pastures and bluer skies.

Premiere Horizon Alliance Corporation

Description

Focus

Ownership

Natural Resources Development

80%

Food Security

51%

Redstone Construction and Development Corporation (RCDC) Contract miner to some of the largest nickel ore producers in the country with a fleet of 89 dump trucks and 39 heavy equipment.

Concepts Unplugged Business Environment Solutions, Inc. (CUBES) Renewable, off-grid refrigeration provider that utilizes a US-patented, modular technology to provide refrigeration up to -25 degrees at significantly lower costs and deploys technology at no CAPEX to client.

Goshen Land Capital, Inc. (Goshen) Major regional property developer in the North with master-planned projects encompassing residential, commercial and office developments. A homegrown real estate company based in Baguio City, Goshen Land will continue to expand its footprint across various growth areas in the country.

Shelter and Communities

West Palawan Premiere Development Corporation (WPP) Master developer of an over 500-hectare ecotourism estate strategically located 30km away or one hour from the Puerto Princesa City proper and the international airport.

2016 Annual Report

Natural Resources Development

55% 100%

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Milestones

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Premiere Horizon Alliance Corporation

2016 Annual Report

4 1% o f g e d 1 0 2 d 5 plug ent 201

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The President’s Report

the

PRESIDENT’S REPORT To my fellow Shareholders, let me start by thanking you for your support to Premiere Horizon Alliance Corporation.

Now on its 20th year, PHA has achieved many milestones. Our forward-looking thrust has served us well in the past twenty years.

We have gone through many transitions and grew into an up and coming enabler of countryside development anchored on new technologies and best practices.

Twenty Years of Fulfilling Visions

Redstone Construction and Development Corporation (RCDC) is a significant player in the mineral resource management industry. Concepts Unplugged Business Enterprise Solutions (CUBES) contributes to valuable energy management by providing innovative and efficient refrigeration technologies to the food service industry.

Our property development arm in the North, Goshen Land Capital, helps improve the lives of more people by offering affordable homes and communities that are strategically located, secure and well maintained.

In order to serve our stakeholders we became a steadfast proponent of value creation and growth for all and ventured into construction mining, food security, shelter and communities development and tourism.

Through our subsidiaries, we are able to contribute to nation building by improving the lives of Filipinos. Our subsidiary,

West Palawan Premiere Development Corporation (WPP), on the other hand, is a major catalyst in the tourism sector with the development of a new master planned township that brings together mountain and seaside leisure offerings in an ecologicallysustainable development. Envisioned to be the preferred convergence point in

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The President’s Report

Moving forward, we see 2017 as another good year for PHA. There is reason to be optimistic in the continued growth of the Philippine economy. Sustained by the expanding real estate, construction, mineral resource management sectors and the growing tourism landscape, the prospects for the industries we are in are brighter than ever.

Premiere Horizon Alliance Corporation

2016 Annual Report

Puerto Princesa, Palawan, the project aims to further revitalize Palawan island as a world renown tourist destination.

and play a major role in sustainable tourism and infrastructure now and into the future.

From its early beginnings of producing top tier original Filipino motion pictures as the former Premiere Films International to venturing into the online gaming and leisure businesses, Premiere Horizon Alliance Corporation has now evolved into a company with a strong commitment to reinvigorate the countryside and build the path to sustainable growth.

Outlook for 2017

The Year in Review The past year saw encouraging results for the construction mining, property development, food security and tourism industries.

Your Company’s total revenues reached P911,139,516 million driven by the strong performance of our subsidiaries.

Total assets grew to P3,723,636,290, up _ percent from the previous year’s P3,425,721,581 million. We posted a net income of P47,360,874 million.

During the year the company introduced its new subsidiary, West Palawan Premiere Development Corporation, as the visionary developer of its over 500-hectare tourism estate in Puerto Princesa, Palawan. With the government’s focused thrust and support for sustained countryside development, PHA will continue expand its footprint

Moving forward, we see 2017 as another good year for PHA. There is reason to be optimistic in the continued growth of the Philippine economy. Sustained by the expanding real estate, construction, mineral resource management sectors and the growing tourism landscape, the prospects for the industries we are in are brighter than ever.

We are also looking at venturing in related industries such as bulk water and renewable energy, among other businesses that will allow us to expand and fortify our commitment to value creation.

I would like to extend my heartfelt thanks to the Board of Directors for their unwavering support and the management and staff for their dedication and hard work.

I also thank all our stakeholders for their continued trust in PHA in the past 20 years.

AUGUSTO ANTONIO C. SERAFICA, JR. President and CEO

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Plans and Prospects

Plans AND Prospects

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2016 Annual Report

Concepts Unplugged Business Environment Solutions, Inc. (CUBES)

• Engage in more strategic projects and contracts • Strengthen positioning to become the preferred independent contract miner in the country.

• Expand product and service offerings to include related businesses

• Become the best provider of innovative off-grid renewable cold storage solutions in the Philippines • Leverage on market monopoly for superior refrigeration technology • Develop new ways to utilize existing equipment for expansion such as ice production and other related businesses • Seek out opportunities in the ASEAN Economic Community

Goshen Land Capital, Inc. (GLCI)

West Palawan Premiere Development Corporation (WPPDC)

• Reinforce position as major regional property developer thru expansion in emerging cities • Strengthen commercial leasing and recurring income business • Diversify property portfolio to include office leasing component for increased recurring income stream

• Position the company as the most admired property developer in Palawan • Establish foothold in Puerto Princesa City through increased market awareness • Commence implementation of project master plan by partnering with established industry players

Redstone Construction and Development Corporation (RCDC)

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Financial Highlights

FINANCIAL HIGHLIGHTS

TOTAL REVENUES 2016

2015

911M 882M

TOTAL ASSETS 2016

2015

3.7B 3.4B

Premiere Horizon Alliance Corporation

2016 Annual Report

Earnings before interest, tax, depreciation and amortization 2016

net income after taxes 2016

2015

2015

360M 47.4M 276M 71.6M

EQUITY TO PARENT 2016

TOTAL EQUITY 2016

2015

2015

534M 934M 501M 861M

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Redstone Construction and Development Corporation

Last year, RCDC acquired P366 million worth of additional equipment to service its rising volume.

Currently, the company has a total fleet of 89 dump trucks and 39 heavy equipment.

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Redstone Construction AND Development Corporation

PHA holds 80 percent ownership of Redstone Construction and Development Corporation (RCDC), a subsidiary engaged in contract mining and construction works for mining, real estate development, environmental protection and remediation, dam, dikes, flood control and reclamation including quarrying, hauling, earthmoving works and heavy equipment rentals.

RCDC services three of the leading ore producers in the Philippines.

In pursuit of PHA’s vision of invigorating the countryside, RCDC continues to expand its business by securing new hauling and extraction contracts with some of the biggest mining companies in the country.

Last year, RCDC acquired P366 million worth of additional equipment to service its rising volume. Currently, the company has a total fleet of 89 dump trucks and 39 heavy equipment.

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Concepts Unplugged Business Environment Solutions

Concepts Unplugged Business Environment Solutions Concepts Unplugged Business Environment Solutions, Inc. (CUBES) provides innovative refrigeration technology to established cold storage facilities through a US-patented ThermoChiller system. The technology significantly reduces operating costs arising from high electricity bills and recurring equipment repair expenses and can provide refrigeration of up to -25 degrees Celsius.

This modular system is scalable, deployed as off-grid installations that will utilize alternative fuel sources, specifically biomass, thereby contributing to environmental sustainability by diminishing the dependence on fossil fuels and the electricity grid.

CUBES’ business model installs the facility at no capital expenditure cost to clients.

Only monthly service fees for the provision of refrigeration requirements are charged.

These service fees are significantly lower than the client’s electricity cost and eliminate the repair and maintenance expenses related to operating existing refrigeration units.

Moreover, the risk of failure of CUBES’ system is mitigated by the fact that the client can simply revert back to its old refrigeration system in case of such event.

The company seeks to expand utilizing existing facilities for related businesses such as ice production, among others.

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2016 Annual Report

This modular system is scalable, deployed as off-grid installations that will utilize alternative fuel sources, specifically biomass, thereby contributing to environmental sustainability by diminishing the dependence on fossil fuels and the electricity grid.

3 ThermoChiller produces cold air of up to -25°C

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Cold air goes to warehouses

ABSORBER WAREHOUSE

RICE HUSK

THERMOCHILLER

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Biomass—such as rice husk or napier grass—is burned to produce steam

Steam powers an ammonia absorbtion refrigeration unit— the US-patented ThermoChiller

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Goshen Land Capital

Goshen Land Capital

Goshen Land is a homegrown real estate developer based in Baguio City. The company has launched and continues to build masterplanned communities. Incorporated in 2007, the company focused initially on residential subdivisions in prime locations all over the city.

In a span of nine years, Goshen Land has become a major real estate player in Northern Luzon with an asset size of P2.28 billion. The Company was awarded Developer of the Year for five consecutive years by the Baguio Midland Courier.

Goshen Land is looking to expand its product offerings to provide more master-planned communities that are secure, of high quality and affordable. Moving forward, Goshen Land envisions an expansion in other regional growth areas in the Philippines and eventually in Asia.

Moving forward, Goshen Land envisions an expansion in other regional growth areas in the Philippines and eventually in Asia.

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2016 Annual Report

HICKORY HILLS. Architectural Perspective and House Design intended for uphill terrain.***

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CALIFORNIA GLADE. Architectural Perspectyive and House Design int for flat terrain.***

Features and Amenities Swimming Pool Nature and Coffee Trails Camping Sites Playing Courts Boardwalks Natural Mountain Brook

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West Palawan Premiere Development Corporation

West Palawan Premiere Development Corporation

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Premiere Horizon Alliance Corporation

West Palawan Premiere Development Corporation (WPPDC) is the visionary developer of an over 500-hectare property located on the east bank of the West Philippine Sea (South China Sea) and bounded on the east by Forest Land about two kilometers southwest from Nagtabon Beach. It is located in Sitio Nagtabon, Barangay Bacungan in Puerto Princesa City in Palawan.

The township project is envisioned to be an ecologically-sustainable, mixed-use integrated tourism estate that brings together pristine mountain and seaside leisure offerings seen to further revitalize Palawan island as a world renowned tourist destination.

It is located approximately 30 kilometers or one hour away from the Puerto Princesa city proper and the newly-expanded international airport which became operational in May 2017.

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The township project is envisioned to be an ecologically-sustainable, mixed-use integrated tourism estate that brings together pristine mountain and seaside leisure offerings seen to further revitalize Palawan island as a world renowned tourist destination.

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Corporate Governance

Corporate Governance

Responsibilities of the Board

Premiere Horizon Alliance Corporation recognizes the need to ensure that the Companyis managed with accountability, impartiality and transparency.

The Board of Directors and the Management of PHA adheres to the principles of good corporate governance in the performance of its obligations to the Company’s stakeholders. The Company strengthens its commitment to best practices in corporate governance by

accomplishing corporate goals with the objective of increasing shareholder value. The original Manual of Corporate Governance of PHA was adopted on July 1, 2002. In compliance with the SEC Memorandum No. 6, the Company revised its Manual of Corporate Governance on September 16, 2009. The Board of Directors and Key Management officers of the Corporation attend Corporate Governance seminars and trainings on an annual basis.

The members of the Board of Directors of PHA are recognized leaders in their industries such as investment banking, finance and real estate.

The Company established an evaluation system to measure and determine the level of compliance of the Board of Directors and its top level management with its Revised Manual of Corporate Governance (“Manual”) that include the monitoring of the Board members’ attendance in its board meetings and committee meetings. The Certification on the Attendance of the individual members of the Board of Directors is submitted annually to the SEC and the PSE. Moreover, the attendance and participation of the members of the Board of Directors and the senior management officers of the Company in seminars and trainings on Corporate Governance are also monitored and submitted to the SEC and PSE. PHA has a working Audit, Risk, Governance, Nominating and Election Committees and a Compensation Committee.

Premiere Horizon Alliance Corporation

The machinery for corporate governance of Premiere Horizon Alliance Corporation (“PHA” or the “Corporation”) is principally contained in the Corporation’s Articles of Incorporation and By-Laws and their amendments. These constitutive documents lay down, among others, the basic structure of governance, minimum qualifications of directors, and the principal duties of the Board of Directors and officers of the Corporation. The function of this Manual of Corporate Governance is to supplement and complement the Corporation’s Articles and By-Laws by setting forth principles of good and transparent governance.

These are also articulated in PHA’s Company Manual and Code of Conduct and Business Ethics.

Premiere Horizon Alliance Corporation recognizes the need to ensure that the Company is directed, supervised, and supported with accountability, impartiality and transparency.

2016 Annual Report

Rights of Shareholders

Disclosure and Transparency

PHA adopts the principle of “One Share, One Vote.”

PHA has adopted the ASEAN Corporate Governance Manual along with the PSE and SEC disclosure rules and always abides by these policies and regulations.

The Company assures that timely disclosures are done on all material transactions and changes.

All necessary information are disclosed in a timely manner and available in the company website, social media accounts and in the yearly Annual Reports.

The Company ensures that all shareholders are treated equally with respect to voting rights, subscription rights, and transfer rights. PHA instituted an effective, secure, and efficient voting system which is done during the annual stockholders’ meeting.

As part of the process, PHA ensures that all relevant questions during the Annual General Meeting are addressed.

All shareholders and stakeholders of the company have access to relevant information about the Company as presented and published in the company’s website and social media accounts.

The Company has a dedicated Investor Relations page in its website with information about the company and the designated Investor Relations Officer with the corresponding contact information.

The Board of Directors and Management, employees and shareholders, believe that corporate governance is a necessary component of sound strategic business management and will therefore undertake every effort necessary to create awareness for and continued good corporate governance practices within the organization.

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Enterprise Risk Management

PHA in the News

Enterprise Risk Management

As the Company continues its growth and expansion to other industries, the Company also sustains its adherence to high standards of risk management.

PHA’s risk management program is geared towards ensuring that the Company can deliver on its vision while being fully aware of the risks that accompany such growth. A significant milestone in 2016 is the comprehensive review of the risks identified for each strategic business unit and the establishment of Key Risk Indicators for all the major risks confronting the Company.

The Risk Committee plays an integral role in establishing sound risk management practices for the company, consistent with its Board oversight function of reviewing and evaluating the adequacy and effectiveness of the Company’s risk management activities and processes.

A significant milestone in 2016 is the comprehensive review of the risks identified for each strategic business unit and the establishment of Key Risk Indicators for all the major risks confronting the Company.

PHA IN THE NEWS Manila Times November 24, 2016

Premiere Horizon offers 20% of Palawan Project for P800M Philippine Star June 3, 2016

PremierE Horizon putting up Palawan township

Premiere Horizon Alliance Corporation

Business World December 23, 2016

Manila Times December 23, 2016

PHA raises P800M for Puerto Princesa project DealStreetAsia December 22, 2016

PHA completes equity placement in $16m tourist township

2016 Annual Report

PREMIERE COMPLETES P800M EQUITY PLACEMENT IN WPP Manila Standard December 22, 2016

PREMIERE SELLS STAKE IN PALAWAN PROJECT Malaya Business Insight November 23, 2016

Premiere seeks partners for tourism venture BusinessWorld Online June 1, 2016

Premiere Horizon to launch Puerto Princesa project in Q3

BusinessMirror March 28, 2016

Premiere Horizon sells stake in First Ardent for P45 million

BusinessWorld Online March 28, 2016

Premiere Horizon sells stake in boUtique hotel

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Corporate Social Responsibility and Sustainability

PHA supports the Candes Multi-Purpose Cooperative, an organization composed of over 500 members.

In 2016, the group operated its Rattan Gathering Business along with the conduct of skills identification of its members, mandatory financial literacy training and money management workshops for cooperative officers.

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2016 Annual Report

Corporate Social Responsibility and Sustainability

Candes Multi-Purpose Cooperative Partner Engagement PHA supports the Candes Multi-Purpose Cooperative, an organization composed of over 500 members.

In 2016, the group operated its Rattan Gathering Business along with the conduct of skills identification of its members, mandatory financial literacy training and money management workshops for cooperative officers.

Rattan weaving classes in partnership with TESDA as a means of alternative livelihood were likewise organized.

PHA Film Legacy Project The PHA Film Legacy is presently operating in partnership with the National Museum and other private museums across the country. PHA owns over 300 copies of rare and hardto-find original films that are used for educational purposes and cultural awareness. This is in line with the company’s

commitment to espousing the values of Corporate Social Responsibility.

Premiere Leadership and Countryside Engagement Series (PLACE) Focused on fulfilling its mission of revitalizing the countryside through projects that promote entrepreneurship while espousing leadership values and ground breaking innovations, all efforts are geared towards preparing the countryside for the ASEAN Economic Community Integration that began in 2015.

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Board of Directors

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BOARD OF DIRECTORS Teofilo A. Henson Chairman of the Board

Augusto Antonio C. Serafica, Jr. President and CEO

Mr. Henson has been a Director of Premiere Horizon Alliance Corporation for 17 years.

He has held the position of President of Puregold Realty Leasing and Management, Inc. (a COSCO Capital company) until December 2014 where he supervised the operations, acquisition, and development of the group’s commercial malls business. He has also held the position of President and Chief Executive Officer of Gem Communications Holdings Corp. and Southern Broadcasting Network, Inc. which operated the first UHF-frequency television station in Metro Manila. Mr. Henson graduated with a degree in AB General Engineering from the Ateneo de Manila University and holds a Master’s Degree in Business Management from the Asian Institute of Management.

Mr. Serafica was elected as Regular Director during the Board meeting on May 2010 and became Chairman in March 2011.

Mr. Serafica is also the current Managing Director of Asian Alliance Investment Corporation and Asian Alliance Holdings and Development Corporation. He is also a Regular Director of Marcventures Holdings, Inc. and Bright Kindle Resources, Inc. He is the Chairman of Goshen Land, a leading property developer in Baguio City and the Treasurer of Ardent Property Development Corporation, the developer of Picasso Boutique Hotel and Mondrian Residences. Mr. Serafica is a veteran investment banker with expertise in mergers and acquisitions, fundraising and placement and business development. Industries that he is quite versed with are mining, real estate, and technology. Mr. Serafica is also the past Chairman of the AIM Alumni Association and is the current National Treasurer of the Brotherhood of Christian Businessmen and Professionals.

A Certified Public Accountant, Mr. Serafica earned his BA in Accountancy from the San Beda College and acquired his MA in Business Management from the Asian Institute of Management.

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Board of Directors

Siso M. Lao Vice Chairman Mr. Lao was elected as Director of Premiere Horizon Alliance Corporation in 2011. He is the President and CEO of Milestone Garments Manufacturing and a Director of One Megaworld Ventures, Skyfoods Corp. and 3L Properties and Alpha Development Corp. Mr. Lao is also the Vice President of Blackstone Properties and Development Corp. and First Capitol, Inc. Mr. Lao’s expertise in real estate development is a perfect match to Premiere Horizon’s plan for tourism and property development. Mr. Lao graduated from Patts College of Aeronautics with a degree in Aeronautical Engineering.

Raul Ma. F. Anonas Executive Vice President and COO Mr. Anonas was elected as Regular Director of Premiere Horizon Alliance Corporation in September 2012. Mr. Anonas is the Chairman of Rosabaya Distributors, Inc. and Humabon Distributors. He is also the Vice Chairman of First Ardent Property Development Corporation and President and CEO of Rajawali Resources and Holdings, Inc. Mr. Anonas is a corporate finance veteran with expertise in investment banking, mergers & acquisitions and project financing.

A highly-experienced entrepreneur, he has successfully managed start-up companies. Mr. Anonas holds a B.S. Management Degree from the Ateneo de Manila University and an MBA in Finance from Fordham University.

Victor Y. Lim, Jr. Director Mr. Lim was elected as Regular Director on July 28, 2015. He is currently the Chairman of V2S Property Developers, Inc., President of Yuchengco Lim Development Corporation, Chairman of National Affairs Committee of the Financial Executives Institute of the Philippines (FINEX), Trustee of the Ateneo Scholarships Foundation, Secretary of the International Association of Financial Executives Institute, Director of the Ateneo Alumni Association, and member of the Management Association of the Philippines. Mr. Lim holds a Bachelor of Science in Economics degree from the Ateneo de Manila University and a Masters in Business Management degree from the Asian Institute of Management.

Atty. Roberto V. San Jose Director and Corporate Secretary Atty. San Jose was elected as Director on May 27, 2015 and has been the Corporate Secretary of the Company since 1996. He is a member of the Philippine Bar and is a Partner of the Castillo Laman Tan Pantaleon and San Jose Law Offices. He is Chairman and Director of Mabuhay Holdings Corp. and Director and/or Corporate Secretary of CP Group of Companies, CP Equities Corp., Atlas Resources Management Group, and MAA Consultants, Inc. He is also currently the Corporate Secretary of Alsons Consolidated Resources, Inc., Solid Group, Inc., Philweb Corporation, FMF Development Corp., and Anglo Philippines Holdings Corp.

Atty. San Jose holds a Law Degree from the University of the Philippines.

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Board of Directors

Premiere Horizon Alliance Corporation

2016 Annual Report

Ramon A. Recto Director Mr. Recto was elected as Regular Director on December 18, 2012. He is currently the President of Marcventures Holdings, Inc., Chairman and President of C.M.E. Technology Philippines, Inc., and Director of Crown Equities, Inc. He is a graduate of Master of Industrial Management and a holder of Bachelor of Science in Mechanical Engineering and Electrical Engineering degree from the University of the Philippines.

Ignatius F. Yenko Independent Director Mr. Yenko was elected as Independent Director on June 2012. He is currently Vice Chairman of TKC Steel Corporation, Director of Sterling Bank of Asia, and Management Consultant for Cyan Management Corp. He holds a Masters degree in Business Management at the Asian Institute of Management and is a Bachelor of Arts Major in Economics degree holder from the Ateneo de Manila University.

Samuel O. Occena, Jr. Independent Director Mr. Occena, Jr. was elected as Independent Director on June 2012. He is a financial consultant for various companies and has acquired his MA in Business Management from the Asian Institute of Management.

Atty. Ana Katigbak-Lim Assistant Corporate Secretary Atty. Katigbak is a member of the Integrated Bar of the Philippines and a graduate of Bachelor of Laws and Bachelor of Arts in Comparative Literature (Cum Laude) at the University of the Philippines. She is currently a partner at the Castillo Laman Tan Pantaleon San Jose Law Offices. She is also a Director or Officer of publicly-listed companies and registered membership clubs such as: Boulevard Holdings, Inc., Mabuhay Holdings, Inc., Solid Group, Inc., The Metropolitan Club, Inc., AJO.net Holdings, Inc., and PhilWeb Corporation.

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Subsidiary Heads

SUBSIDIARY HEADS Danilo A. Antonio President West Palawan Premiere Development Corporation

Carlos C. Cruz President and CEO Redstone Construction and Development Corporation

Alexander L. Bangsoy President and CEO Goshen Land Capital, Inc.

Daniel C. Dy President and CEO Concepts Unplugged Business Solutions, Inc.

Mr. Antonio brings to WPPDC more than three decades of high-level experience in property development, encompassing all types of land uses and all major project phases. He is the co-founder of The Land Company (LANDCO), the developer of Punta Fuego. Mr. Antonio was also an executive of Ayala Land. He was a Director of Bonifacio Land, COO of Eton Properties Philippines, Managing Director of Filinvest Festival Mall, General Manager of SM Cinemas and Business Development Adviser of Rockwell Land. He was also Board Chairman of Canyon Woods and Director of Punta Fuego Beach Resort. Mr. Antonio is also an educator and a public servant. He was appointed as Undersecretary of OPARR (Office of the Presidential Assistant for Rehabilitation and Recovery) in December 2013 and led the fund raising of Php28 billion worth of rehabilitation assistance for the Yolanda victims. Mr. Antonio is a Director of the Asian Center for Entrepreneurship (ACE) as a Guru in the Master in Entrepreneurship Program, now under the Ateneo Graduate School of Business.

He was also a faculty of the Asian Institute of Management in the Real Property Management and Development (RPDM) of its MBA Program.

Eng. Carlos Cruz has been the President of Redstone Construction since 2011.

He has over 30 years experience in the field of construction and in open pit mining and dam construction, and is knowledgeable on the current trends in site development, excavation, and general earthmoving.

He has managed contract mining activities for more than 25 years. Companies serviced include Nickel Asia Corporation, Marcventures Mining and Development Corporation, Benguet Corporation and Philex Mining Corp. Mr. Cruz also engaged in various real estate projects for clients like Filinvest Development Corporation, Sta. Lucia Realty and Development Corporation, Fil-Estate Development Corporation, Asian Pacific Estates and Development Corporation, Palmera Homes, JAKA Realty Corporation including the AFP Northern Luzon Command Subdivision Project. General engineering and earthworks were likewise undertaken for companies like Kawasaki Steel Corporation, Hopewell Power Corporation, D.M. Consunji, Inc., China Harbor Engineering Company and TOYO-Agno River Flood Control System. Mr. Cruz has a bachelor of Science degree in Civil Engineering and holds a Civil Engineer professional license.

Atty. Alexander Bangsoy is the President and CEO of Goshen Land Capital, Inc., one of the biggest real estate companies in Northern Luzon in the Philippines. He was recently appointed by President Noynoy Aquino a board seat at the John Hay Management Corporation (JHMC), a subsidiary of the Bases Conversion Development Authority (BCDA). He was nominated as an Ernst & Young 2013 Entrepreneur of the Year by the Philippine Stock Exchange and was one of the top 12 finalists for the award. Locally, Atty.

Bangsoy was nominated as an Outstanding Citizen of Baguio in 2013. Atty. Bangsoy graduated with a Bachelor of Science degree major in Accounting from Saint Louis University.

He holds a degree of Doctor in Jurisprudence (JD) from the Ateneo College of Law and a Masters in Entrepreneurship from the Asian Institute of Management. He took up the Owner/President Management Program Batch 45 at the Harvard Business School, Boston, U.S.A and he continued his study at the Kellogg School of Management, Chicago and took the Accelerating Sales Force Performance.

He is currently the administrator of the Manahan Bldg. in Session Road in Baguio City, former Legal Consultant to the National Power Corp. of the Office of the President, a leader of Tuloy Pinoy and an active Member of Gawad Kalinga and Legal Aid.

Mr. Daniel Dy is the President of CUBES and also the Managing Director of Leadership Initiatives International, Inc. He has worked with companies in various fields in manufacturing, construction, mining, telecom, water utility as well as food industries.

Mr. Dy is also a Director of Pan Pacific Industrial Sales, Co., Inc., a company owned by the Dy family. The family has been in the business of distribution and training in the use of protective safety equipment for more than fifty years. It is from this background where Mr. Dy draws expertise in developing systems for risk management and total profit protection. He has also been a consultant for a number of companies for ISO certification and Total Quality Management.

He has been a proponent of renewable energy and sustainable projects including solar projects in other Asian countries. Mr. Dy has a Bachelor of Science degree in Industrial Engineering from the University of the Philippines Diliman.

He is also an active member of the Brotherhood of Christian Businessmen and Professionals (BCBP) and is currently the National Family Ministry Head.

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Management Team

MANAGEMENT TEAM Augusto Antonio C. Serafica, Jr. President and CEO Raul Ma. F. Anonas Executive Vice President and COO Andres A. Del Rosario Treasurer / Senior Vice President Manolo B. Tuason Chief Finance Officer / Senior Vice President Ricardo S. Consunji III Senior Vice President for Operations Stephen E. Cascolan Asst. Corporate Secretary / Vice President and Chief Legal Officer Alexander T. Lichauco Vice President / Investor Relations Officer Ana Liza G. Aquino Vice President Joseph Jeeben R. Segui Assistant Vice President

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Audited Financial Statements

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Audited Financial Statements

Premiere Horizon Alliance Corporation

2016 Annual Report

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Audited Financial Statements

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2016 Annual Report

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Audited Financial Statements

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Audited Financial Statements

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Audited Financial Statements

PREMIERE HORIZON ALLIANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

December 31

2016

2015 (As restated, Note 10)

Assets classified as held for sale (Note 8) Total Current Assets

P = 90,309,534 1,145,321,795 723,281,589 12,197,951 205,495,512 2,176,606,381 – 2,176,606,381

= P143,779,309 446,287,506 673,392,034 14,742,456 196,363,375 1,474,564,680 34,742,559 1,509,307,239

Noncurrent Assets Noncurrent portion of installment contracts receivable Investment properties (Note 13) Goodwill and intangible assets (Note 11) Property and equipment - net (Note 12) Land and land development (Note 6) Other noncurrent assets - net (Note 14) Total Noncurrent Assets

387,192,861 399,952,700 159,328,777 391,096,366 123,275,017 86,184,188 1,547,029,909

862,207,775 272,998,460 175,174,641 479,055,009 71,265,000 55,713,457 1,916,414,342

P = 3,723,636,290

= P3,425,721,581

P = 1,090,227,209 211,050,000 883,526

= P927,827,023 182,225,000 301,659

384,163,180 47,249,409 27,992,410 1,761,565,734

405,823,149 – 129,684,997 1,645,861,828

19,124,656 423,409,346

15,437,540 392,381,437

247,286,664 9,842,435 – 327,249,523 1,527,795 1,028,440,419

187,506,866 – 49,315,346 270,978,880 3,049,654 918,669,723

ASSETS Current Assets Cash (Note 4) Receivables - net (Note 5) Real estate held for sale (Note 6) Inventories - at cost Other current assets (Note 7)

TOTAL ASSETS

LIABILITIES AND EQUITY Current Liabilities Trade and other payables (Note 15) Short-term loans (Note 16) Income tax payable Current portion of: Loans payable (Note 17) Obligations under finance lease (Note 18) Installment payable (Note 18) Total Current Liabilities Noncurrent Liabilities Pension liabilities (Note 21) Convertible loans (Note 19) Noncurrent portion of: Loans payable (Note 17) Obligations under finance lease (Note 18) Installment payable (Note 18) Deferred tax liabilities (Note 27) Other noncurrent liabilities Total Noncurrent Liabilities (Forward)

*SGVFS023401*

Premiere Horizon Alliance Corporation

2016 Annual Report

-2-

December 31

2016 Equity (Notes 1 and 22) Equity attributable to equity holders of the parent Capital stock Additional paid-in capital Unrealized loss on available-for-sale (AFS) financial assets (Note 9) Retained earnings Parent Company shares held by a subsidiary Equity attributable to non-controlling interests Total Equity TOTAL LIABILITIES AND EQUITY See accompanying Notes to Consolidated Financial Statements

2015 (As restated, Note 10)

P =471,115,222 66,073,918

= P471,115,222 65,427,509

(334,699) 150,957,917 (153,819,786) 533,992,572 399,637,565 933,630,137

(377,699) 116,047,253 (151,405,856) 500,806,429 360,383,601 861,190,030

P = 3,723,636,290

= P3,425,721,581

51

52

Audited Financial Statements

PREMIERE HORIZON ALLIANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years Ended December 31 2015 (As restated, 2016 Note 10) 2014 REVENUES (Notes 29 and 31) Real estate sales Mining related services Service income Film rights

P = 605,423,264 297,833,328 7,882,924 – 911,139,516

= P590,369,661 289,714,919 2,025,000 357,143 882,466,723

= P– 146,981,261 – – 146,981,261

380,423,106 259,883,181 209,617,384 849,923,671

369,922,905 223,216,450 175,369,423 768,508,778

– 99,166,597 43,193,172 142,359,769

158,937,240 10,257,441 2,080,609 – (129,786,216) (3,483,521) 18,743,611 56,749,164

95,522,590 – 467,102 1,180,072 (57,535,131) (6,903,244) 973,203 33,704,592

47,843,000 – 499,376 895,246 (9,343,472) (7,496,460) (396,550) 32,001,140

117,965,009

147,662,537

36,622,632

PROVISION FOR INCOME TAX (Note 27)

70,604,135

76,078,367

21,121,437

INCOME FROM CONTINUING OPERATIONS

47,360,874

71,584,170

15,501,195

– – –

– – –

5,501,698 126,490,018 131,991,716

47,360,874

71,584,170

147,492,911

COSTS AND EXPENSES Cost of real estate sales (Note 6) Cost of services (Note 23) General and administrative (Note 24) OTHER INCOME (CHARGES) Gain on: Change in fair value of investment properties (Note 13) Sale of asset held for sale (Note 8) Interest income (Note 4) Equity in net earnings of an associate (Note 8) Interest expense (Notes 16, 17, 18 and 19) Impairment losses (Note 26) Other income (expenses) - net (Notes 5 and 15) INCOME BEFORE INCOME TAX

DISCONTINUED OPERATIONS, NET OF TAX (Note 32) Income from discontinued operations Gain from sale of a subsidiary - net NET INCOME OTHER COMPREHENSIVE INCOME (LOSS) Item to be reclassified to income or loss in subsequent periods: Unrealized gain (loss) on AFS financial assets (Note 9) Item not to be reclassified to income or loss in subsequent periods: Remeasurement gain (loss) on defined benefit obligation (Note 21) TOTAL COMPREHENSIVE INCOME

43,000

(196,246) (153,246) P = 47,207,628

(470,000)

3,181,215 2,711,215 = P74,295,385

92,301

(856,777) (764,476) = P146,728,435

(Forward)

*SGVFS023401*

Premiere Horizon Alliance Corporation

2016 Annual Report

-2-

Years Ended December 31 2015 (As restated, 2016 Note 10) NET INCOME ATTRIBUTABLE TO: Equity holders of the parent Income from continuing operations Income from discontinued operations

2014

P = 35,334,467 – 35,334,467

= P42,768,102 – 42,768,102

= P10,884,542 131,132,350 142,016,892

12,026,407 – 12,026,407 P = 47,360,874

28,816,068 – 28,816,068 = P71,584,170

4,616,653 859,366 5,476,019 = P147,492,911

P =34,953,664

= P44,110,928

= P10,406,752

– 34,953,664

– 44,110,928

131,132,350 141,539,102

12,253,964

30,184,457

4,329,967

– 12,253,964 P = 47,207,628

– 30,184,457 = P74,295,385

859,366 5,189,333 = P146,728,435

EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY (Note 28) Basic Diluted

P =0.0205 0.0205

= P0.0255 0.0255

= P0.0796 0.0755

EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY FROM CONTINUING OPERATIONS (Note 28) Basic Diluted

P = 0.0205 0.0205

= P0.0255 0.0255

= P0.0061 0.0061

Non-controlling interests Income from continuing operations Income from discontinued operations

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: Equity holders of the parent Comprehensive income from continuing operations Comprehensive income from discontinued operations Non-controlling interests Comprehensive income from continuing operations Comprehensive income from discontinued operations

See accompanying Notes to Consolidated Financial Statements.

*SGVFS023401*

53

(Forward)

Balances as at December 31, 2014, Net income for the year, as restated (Note 30) Unrealized loss on AFS financial assets Remeasurement gain on defined benefit obligation Total comprehensive income Conversion of convertible loans payable Subscription of share warrants Collection of subscription receivable Issuance of convertible loans Acquisitions of: Non-controlling interest Associate and subsidiary, as restated Parent Company shares held by a subsidiary Balances as at December 31, 2015, as restated (Note 10)

Balances as at December 31, 2015, as previously stated Adjustment as a result of the finalization of the purchase price allocation (Note 10) Balances as at December 31, 2015, as restated (Note 10) Net income for the year Unrealized gain on AFS financial assets Remeasurement gain on defined benefit obligation Total comprehensive income Issuance of convertible loans Subscription of shares Parent Company shares held by a subsidiary Balances as at December 31, 2016

– – – = P47,383,824

– – – = P471,115,222

47,383,824 – – – – – – – P =47,383,824

471,115,222 – – – – – – – P =471,115,222 = P25,797,775 – – – – 17,246,938 4,339,111 – –

–

–

= P411,273,000 – – – – 33,377,778 8,344,444 18,120,000 –

P =47,383,824

Additional Paid-in Capital

P =471,115,222

Capital Stock (Note 22)

– – – = P18,043,685

= P2,560,716 – – – – (2,560,716) – – 18,043,685

18,043,685 – – – – 646,409 – – P =18,690,094

–

P =18,043,685

Additional Paid-in Capital on Conversion (Note 19)

– – – = P65,427,509

= P28,358,491 – – – – 14,686,222 4,339,111 – 18,043,685

65,427,509 – – – – 646,409 – – P =66,073,918

–

P =65,427,509

3,779,957 – – = P116,047,253

= P67,686,368 42,768,102 – 1,812,826 44,580,928 – – – –

116,047,253 35,334,467 – (423,803) 34,910,664 – – – P =150,957,917

(8,924,514)

P =124,971,767

– – – (P =377,699)

= P92,301 – (470,000) – (470,000) – – – –

(377,699) – 43,000 – 43,000 – – – (P =334,699)

–

(P =377,699)

Total

3,779,957 – (54,820,307) = P500,806,429

= P410,824,611 42,768,102 (470,000) 1,812,826 44,110,928 48,064,000 12,683,555 18,120,000 18,043,685

500,806,429 35,334,467 43,000 (423,803) 34,953,664 646,409 – (2,413,930) P =533,992,572

(8,924,514)

P =509,730,943

(9,019,957) 316,428,217 – = P360,383,601

= P22,790,884 28,816,068 – 1,368,389 30,184,457 – – – –

360,383,601 12,026,407 – 227,557 12,253,964 – 27,000,000 – P =399,637,565

40,793,394

P =319,590,207

Attributable to Non-controlling Interests (Note 22)

Total Equity

(5,240,000) 316,428,217 (54,820,307) = P861,190,030

= P433,615,495 71,584,170 (470,000) 3,181,215 74,295,385 48,064,000 12,683,555 18,120,000 18,043,685

861,190,030 47,360,874 43,000 (196,246) 47,207,628 646,409 27,000,000 (2,413,930) P =933,630,137

31,868,880

P =829,321,150

*SGVFS023401*

– – (54,820,307) (P =151,405,856)

(P =96,585,549) – – – – – – – –

(151,405,856) – – – – – – (2,413,930) (P =153,819,786)

–

(P =151,405,856)

Attributable to Equity Holders of the Parent Unrealized Total Retained Gain (Loss) on Parent Additional Earnings AFS Financial Company Paid-in (Deficit) Assets Shares held Capital (Note 22) (Note 9) by a Subsidiary

PREMIERE HORIZON ALLIANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

54 Audited Financial Statements

See accompanying Notes to Consolidated Financial Statements.

Balances as at December 31, 2013 Net income for the year Unrealized gain on AFS financial assets Remeasurement gain on defined benefit obligation Total comprehensive income Sale of investment without loss of control Redemption of convertible loans payable Acquisition of non-controlling interest Parent Company shares held by a subsidiary Balances as at December 31, 2014

Capital Stock (Notes 1 and 22) = P411,273,000 – – – – – – – – = P411,273,000 Additional Paid-in Capital = P24,331,395 – – – – – 1,466,380 – – = P25,797,775

Additional Paid-in Capital on Conversion (Note 19) = P4,273,435 – – – – – (1,712,719) – – = P2,560,716 Total = P409,997,766 142,016,892 92,301 (570,091) 141,539,102 – (246,339) (43,880,369) (96,585,549) = P410,824,611

Attributable to Non-controlling Interests (Note 22) = P64,353,507 5,476,019 – (286,686) 5,189,333 1,830,000 – (48,581,956) – = P22,790,884

Total Equity = P474,351,273 147,492,911 92,301 (856,777) 146,728,435 1,830,000 (246,339) (92,462,325) (96,585,549) = P433,615,495

*SGVFS023401*

Attributable to Equity Holders of the Parent Unrealized Parent Retained Gain (Loss) on Total Company AFS Financial Earnings Additional Shares held Assets (Deficit) Paid-in (Note 9) by a Subsidiary (Note 22) Capital = P28,604,830 (P =29,880,064) = P– = P– – 142,016,892 – – – – 92,301 – – (570,091) – – – 141,446,801 92,301 – – – – – (246,339) – – – – (43,880,369) – – – – – (96,585,549) = P28,358,491 = P67,686,368 = P92,301 (P =96,585,549)

-2-

Premiere Horizon Alliance Corporation 2016 Annual Report

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Audited Financial Statements

PREMIERE HORIZON ALLIANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31 2015 (As restated, 2016 Note 10) 2014 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax from continuing operations Income before income tax from discontinued operations (Note 32) Income before income tax Adjustments for: Loss (gain) on: Change in fair value of investment properties (Note 13) Remeasurement loss on investment in associate (Note 10) Sale of investment in associate (Note 8) Disposal of property and equipment Redemption of convertible loans Sale of AFS financial assets Interest expense (Notes 16, 17, 18 and 19) Depreciation and amortization (Notes 11 and 12) Impairment losses (Note 26) Unrealized foreign exchange loss (gain) Interest income (Notes 4) Dividend income Net gain on disposal of subsidiary, net of tax Equity in net earnings of associates Operating income before working capital changes Decrease (increase) in: Receivables Real estate inventories Inventories Other current assets Increase (decrease) in: Trade and other payables Pension liabilities Other noncurrent liabilities Net cash flows from operations Interest received Interest paid Income tax paid Net cash flows from (used in) operating activities (Forward)

P = 117,965,009

= P147,662,537

= P36,622,632

– 117,965,009

– 147,662,537

173,151,576 209,774,208

(158,937,240)

(95,522,590)

(47,843,000)

– (10,257,441) – – – 129,786,216 112,479,751 3,483,521 (223) (2,080,609) – – – 192,438,984

2,607,117 – (14,931) – – 57,535,131 66,266,808 6,903,244 (48,367) (467,102) – – (1,180,072) 183,741,775

– – – 456,389 (697,131) 13,052,025 27,917,283 7,496,460 1,711 (909,546) (135,000) (126,490,018) (895,246) 81,728,135

(226,044,375) (49,889,555) 2,544,505 (4,093,386)

(74,070,259) (94,472,087) (6,753,608) (154,035,578)

57,293,826 – (4,619,174) (1,420,633)

184,282,579 4,252,408 (1,521,859) 101,969,301 2,080,609 (118,994,293) (14,513,161) (29,457,544)

241,719,452 15,156,365 3,049,654 114,335,714 467,102 (53,728,118) (11,610,388) 49,464,310

29,947,888 (558,889) – 162,371,153 909,546 (11,682,475) (50,381,093) 101,217,131

Premiere Horizon Alliance Corporation

2016 Annual Report

-2-

Years Ended December 31 2015 (As restated, 2016 Note 10) 2014 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of: Assets held for sale (Note 8) Property and equipment Investment in subsidiary (Note 32) AFS financial assets Acquisitions of: AFS financial assets Non-controlling interest (Note 22) Associates and subsidiaries - net of cash acquired (Note 10) Property and equipment (Note 12) Land and land development Decrease (increase) in: Goodwill and intangible assets Investment properties (Note 13) Other noncurrent assets Net cash flows from (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from: Convertible loans (Note 19) Short-term loans (Note 16) Issuance of detachable warrants Loans payable Payment of: Convertible loans (Note 19) Purchase of Parent Company shares held by a subsidiary Short-term loans Loans payable Increase (decrease) in: Obligations under finance lease Installment payable Net cash flows from (used in) financing activities NET INCREASE (DECREASE) IN CASH EFFECT OF CHANGES IN FOREIGN EXCHANGE RATE

P =45,000,000 298,000 – – – –

= P– 100,000 – –

= P– 112,642,798 451,337,405 5,318,724

– (5,240,000)

(5,199,292) (92,462,325)

– (14,808,455) (20,027,017)

(279,244,661) (355,336,827) –

(258,000,000) (166,005,098) –

– – (31,089,792) (20,627,264)

– (17,494,870) (46,542,510) (703,758,868)

51,265,687 (12,150,000) 29,385,989 116,133,888

26,000,000 211,050,000 – 452,276,311

408,000,000 189,350,000 12,683,556 –

– 79,350,000 – 25,000,000

–

–

(30,960,000)

(2,413,930) (182,225,000) (414,156,482)

(54,820,307) (86,475,000) (8,333,334)

(96,585,549) (52,100,000) (5,963,092)

57,091,844 (151,007,933) (3,385,190)

– 147,303,491 607,708,406

– 28,636,130 (52,622,511)

(53,469,998)

(46,586,152)

164,728,508

223

48,367

CASH AT BEGINNING OF YEAR

143,779,309

190,317,094

25,590,297

CASH AT END OF YEAR (Note 4)

P = 90,309,534

= P143,779,309

= P190,317,094

See accompanying Notes to Consolidated Financial Statements.

(1,711)

57

58

Investor Information

Investor Information

Premiere Horizon Alliance Corporation welcomes all inquiries and questions about investing in the company.

For retail investors, institutional investors, and analysts, please get in touch with our Investor Relations Officer.

Alexander T. Lichauco Investor Relations Officer Email: investors@premierehorizon.com Premiere Horizon Alliance Corporation 1705 East Tower, Philippine Stock Exchange Center, Exchange Road, Ortigas Center, 1605 Pasig City, Metro Manila, Philippines Phone: +632 632 7714 / 632 7715 www.premierehorizon.com

Premiere Horizon Alliance Corporation

2016 Annual Report

59

Premiere Horizon Alliance Corporation 1705 East Tower, Philippine Stock Exchange Center, Exchange Road, Ortigas Center, 1605 Pasig City, Metro Manila, Philippines Phone: +632 632 7714 / 632 7715 www.premierehorizon.com premierehorizonalliancecorp premierehorizon premiere-horizon-alliance-corporation Premiere Horizon