SEC 17 A - Seafront 2023_Final to PSE

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C O V ER SH E ET

4 0 9 7 9 SEC Registration Number S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

(Company’s Full Name) 7 T H

F L O O R

A D B

A V E N U E

P A S I G

J M T

B U I L D I N G

O R T I G A S

C E N T E R

C I T Y (Business Address: No. Street City/Town/Province)

MILAGROS V. REYES (Contact Person) 1 2 3 1 Month Day (Fiscal Year)

8637-2917 (Company Telephone Number) 1

Form Type 7 - A

0 6 Month

2 2 Day

(Annual Meeting)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section Total Amount of Borrowings

4,676 Total No. of Stockholders

Domestic

Foreign

__________________________________________________________________________________________ To be accomplished by SEC Personnel concerned

File Number

LCU

Document ID

Cashier

STAMPS Remarks: Please use BLACK ink for scanning purposes.

1

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES 1.

For the fiscal year ended December 31, 2023

2.

SEC Identification Number 40979

4.

Exact name of issuer as specified in its charter Seafront Resources Corporation

5.

Metro Manila, Philippines (SEC Use Only) Province, Country or other jurisdiction of incorporation or organization

3. BIR Tax Identification No.000-194-465-000

6.

Industry Classification Code:

7.

7th F, JMT Bldg., ADB Avenue, Ortigas Center, Pasig City Address of principal office

1605 Postal Code

8.

(632) 8637-2917 Issuer's telephone number, including area code

9.

Not Applicable Former name, former address, and former fiscal year, if changed since last report.

10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

Common (par value of P =1.00/share)

163,000,000

11. Are any or all of these securities listed on a Stock Exchange.

Yes [X] No [ ] If yes, state the name of such stock exchange and the classes of securities listed therein: Philippine Stock Exchange 12. Check whether the issuer: (a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports); Yes [X]

No [ ]

(b) has been subject to such filing requirements for the past ninety (90) days.

Yes [X] No [ ] 13. As of December 31, 2023 the aggregate market value of the voting stock held by non-affiliates of the Company is equivalent to One Hundred Eighty-Six Million Eight Hundred Sixty Thousand Five Hundred Fifty-Four Pesos and 56/100 (₱186,860,554.56) or 132,525,216 shares at P1.41/share.

2

APPLICABLE ONLY TO ISSUERS INVOLVED IN INSOLVENCY/SUSPENSION OF PAYMENTS PROCEEDINGS DURING THE PRECEDING FIVE YEARS: 13. Check whether the issuer has filed all documents and reports required to be filed by Section 17 of the Code subsequent to the distribution of securities under a plan confirmed by a court or the Commission.

Not Applicable DOCUMENTS INCORPORATED BY REFERENCE  

2023 Audited Financial Statements (AFS) 2023 Sustainability Report

3

TABLE OF CONTENTS Page No. PART I – BUSINESS AND GENERAL INFORMATION Item 1.

Item 2.

Item 3.

Item 4.

Business Development Properties Legal Proceedings Submission of Matters to a Vote of Security Holders

5 9 9 9

PART II – OPERATIONAL AND FINANCIAL INFORMATION Item 5.

Item 6.

Item 7.

Item 8.

Market for Registrant’s Common Equity and Related Stockholder’s Matters Management’s Discussion and Analysis or Plan of Operation Financial Statements Changes and Disagreements with Accountants on Accounting and Financial Disclosure

10 12 17 17

PART III – CONTROL AND COMPENSATION INFORMATION Item 9.

Item 10.

Item 11.

Item 12.

Directors and Executive Officers of the Registrant Executive Compensation Security Ownership of Certain Beneficial Owners and Management Certain Relationships and Related Transactions

18 22 22 23

PART IV – EXHIBITS AND SCHEDULES Item 13.

Exhibits and reports a. 2023 and 2022 Financial Statements with Management Responsibility b. Supplementary information and disclosures required on SRC Rule 68 and 68.1 as amended c. Sustainability Report d. Reports on SEC Form 17-C (Current Report)

24

Item 14.

General Notes to Financial Statements

24

SIGNATURES

25

4

PART I - BUSINESS AND GENERAL INFORMATION Description of Business Item 1 - Business Development Seafront Resources Corporation (the “Company”) was registered with the Securities and Exchange Commission (SEC) on April 16, 1970 as an oil exploration and production company. On October 18, 1996, the Company amended its Articles of Incorporation which provides for the revision of its primary purpose from engaging in the business of oil exploration and production into a holding company and to include oil exploration and production business as one of its secondary purposes.

The Company’s shares of stock were listed on May 7, 1974 and are currently traded at the Philippine Stock Exchange.

The registered office address of the Company is 7th Floor, JMT Building, ADB Avenue, Ortigas Center, Pasig City.

Business of Issuer A. Investments in Financial Assets at Fair Value through Profit and Loss (FVTPL) (Notes 8 and 14 of the AFS) The Company maintains a portfolio of investments in stocks traded in the Philippine Stock Exchange and investment in Government Securities. These financial assets at FVTPL are carried at fair value as follows: Listed securities: Equity securities

2023

2022

P =38,107,024

P =36,828,021

B. Investments in Financial Assets at Fair value through Other Comprehensive Income (FVOCI) (Notes 8 and 14 of the AFS) Financial assets at FVOCI consist of quoted and unquoted shares of stock held for long-term investment purposes and are carried at fair value. The carrying values of these investments are as follows: Listed equity securities: PetroEnergy Resources Corporation (PERC) Benguet Corporation Non-listed equity security: Hermosa Ecozone Development Corporation (HEDC) Investment in Government Securities

2023

2022

P =19,063,263 ‒ 19,063,263

P =18,485,589 10,281,176 28,766,765

490,649,813 4,993,340 P = 514,706,416

507,957,260 3,885,443 P =540,609,468

Investment in HEDC On January 31, 1997, the Company entered into a Project Shareholders’ Agreement with five other companies led

by Investment and Capital Corporation of the Philippines (ICCP) and Penta Capital Investment Corporation (PCIC) to develop 500 to 600 hectares of raw land in Hermosa, Bataan into a new township consisting of industrial estates, residential communities, a golf and country club and a commercial center.

The Management of HEDC is continuing its strategic initiatives aimed at maximizing the potential of its properties. Efforts are being intensified to sell the remaining saleable properties. Acknowledging the criticality of thorough planning, HEDC has initiated a detailed master planning process for the Hermosa Ecozone Industrial Park (HEIP) 168 hectares proposed expansion, previously earmarked 229 hectares for leisure and residential purposes. The master planning process will ensure that the development signs with the company’s vision for sustainable growth while adhering to regulatory requirements and environmental considerations.

5

On June 27, 2023, the President of the Philippines signed the Presidential Proclamation of Hermosa Ecozone Industrial Park (HEIP) for the inclusion of 20.43 hectares into the existing HEIP Special Economic Zone.

The fair value of investment in HEDC is determined using the adjusted net asset method wherein the assets of HEDC consisting mainly of parcels of land are adjusted from cost to its fair value. The valuation of the parcels of land was performed by a Securities and Exchange Commission - accredited independent valuer as at December 31, 2023 and 2022. This measurement falls under Level 3 in the fair value hierarchy.

Fair value measurement disclosures for the determination of fair value of unquoted equity securities are provided in Note 14 of the AFS. Products The Company has its investments in stocks (as discussed in the “Business of the Issuer”) as its principal product.

Total revenue as of December 31, 2023 amounted to ₱6.642 million, bulk of which is from the interest income from the money market placements (MMPs), special current account/savings account (CASA) and net gain on fair value changes on financial assets at FVTPL. Other than discussed, the Company has no principal product which contributes 10% or more to sales or revenues. No government approval is needed for its principal product.

Percentage of sale or revenue and net income contributed by foreign sales There are no revenues from foreign sales.

Distribution Method Not applicable Status of publicly –announced new product or service The Company has no new product or service.

Competition The Company itself has no competitor because it is a holding company. Its major investment, HEDC has competitors such as Clark Development Corporation, Subic Gateway Park and other nearby industrial zones.

Sources and Availability of Raw Materials and Names of Principal Suppliers The Company is not into manufacturing and has no need for raw materials for its business.

Dependence on a single customer or few customers The Company is not dependent upon a single customer or a few customers.

Transaction with and/or dependence on related parties Not applicable Summary of principal terms and expiration dates of all patents, trademarks, copy rights, licenses, franchises, concessions and royalty agreements The Company has no existing patents, trademarks, copyrights, licenses, franchises, concessions or royalty agreements.

Need for Government approvals of Principal Products and effect of existing or probable governmental regulation No government approval is needed for its principal product.

Research and development activities No amount of money was spent for development activities for the last three fiscal years. The Company does not intend to acquire additional properties in the next twelve (12) months. However, the Company can sustain its need for operating expenses in the ordinary course of business.

Total number of employees The Company has no employees; PERC provides administrative, accounting and compliance services to the Company. The Company does not anticipate any special undertaking that would warrant hiring some people for regular employment.

6

Risk Factors Political, Economic and Legal Risks in the Philippines The Philippines has, from time to time, experienced military instability, mass demonstrations, and similar occurrences, which have led to political instability. The country has also experienced periods of slow growth, high inflation and significant depreciation of the Peso. The regional economic crisis which started in 1997 negatively affected the Philippine economy resulting in the decline of the Peso, higher interest rate, increased unemployment, greater volatility and lower value of the stock market, lower credit rating of the country and the reduction of the country’s foreign currency reserves. There has also been growing concerns about the unrestrained judicial intervention in major infrastructure project of the government.

There is no assurance that the political environment in the Philippines will be stable and that current or future governments will adopt economic policies conducive to sustained economic growth.

The general political situation in and the state of the economy of the Philippines may influence the growth and profitability of the Company. Any future political or economic instability in these countries may have a negative effect on the financial results of the Company.

Equity Partnership Risk The Company entered into a Project Shareholder’s Agreement with five other companies led by Investment and Capital Corporation of the Philippines and Penta Capital Investment Corporation to develop 500-600 hectares of raw land in Hermosa, Bataan. Into a township consisting of industrial estates, residential communities, a golf and country club and a commercial center. This situation may involve special risks associated with the possibility that the equity partner (i) may have economic or business interests or goals that are inconsistent with those of the Company; (ii) take actions contrary to the interests of the Company; (iii) be unable or unwilling to fulfill its obligations under the Project Shareholder’s Agreement; or (iv) experience financial difficulties. These conflicts may adversely affect the Company’s operations. To date, the Company has not experienced any significant problems with respect to its equity partners.

Financial Risk Management Objectives and Policies (Note 14 of AFS) The Company’s financial instruments comprise cash and cash equivalents, receivables, financial assets, accounts payable and accrued expenses. The main purpose of these financial instruments is to fund its own operations and capital expenditures. The BOD reviews and approves policies for managing these risks. Also, the Audit Committee of the BOD meets regularly and exercises oversight role in managing these risks.

Financial Risks The main financial risks arising from the Company’s financial instruments are liquidity risk, market risk and credit risk. a. Liquidity Risk Liquidity risk is the risk that the Company is unable to meet its financial obligation when due. The Company has substantial investments in shares of stock which are not listed in the Philippine Stock Exchange and may not be readily convertible to liquid assets necessary to meet any potential additional liquidity requirements of the Company. Investments in unquoted equity securities classified as financial assets at FVOCI amounted to ₱490.65 million and ₱507.96 million, as of December 31, 2023 and 2022, respectively.

The Company monitors its cash position and overall liquidity position in assessing its exposure to liquidity risk.

The Company maintains a level of cash and cash equivalents deemed sufficient to finance operations and to mitigate the effects of fluctuation in cash flows.

The Company’s accounts payable and accrued expenses are all settled on a monthly basis.

Please refer to Note 14 of the AFS for the maturity profile of the Company’s financial assets and liabilities. b. Market Risk Market risk is the risk of loss on future earnings, on fair values or on future cash flows that may result from changes in market prices. The value of a financial instrument may change as a result of changes in interest rates, foreign currency exchanges rates, commodity prices, equity prices and other market changes. The Company’s market risk emanates from its holdings in debt and equity securities.

7

The Company closely monitors the prices of its debt and equity securities as well as macroeconomic and entityspecific factors which could directly or indirectly affect the prices of these instruments. In case of an expected decline in its portfolio of equity securities, the Company readily disposes or trades the securities for replacement with more viable and less risky investments.

Please refer to Note 14 of the AFS for the analysis performed for reasonably possible change in the market price of quoted shares classified as financial assets at FVTPL. Equity Price Risk The Company closely monitors the prices of its debt and equity securities as well as macroeconomic and entityspecific factors which could directly or indirectly affect the prices of these instruments. In case of an expected decline in its portfolio of equity securities, the Company readily disposes or trades the securities for replacement with more viable and less risky investments.

Such investment securities are subject to price risk due to changes in market values of instruments arising either from factors specific to individual instruments or their issuers, or factors affecting all instruments traded in the market.

Interest Rate Risk The Company’s exposure to market risk for changes in fixed interest rates relates primarily to the Company’s money market placements and debt securities.

There is no other impact on the Company’s equity other than those already affecting net income. c. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. With respect to credit risk arising from cash and cash equivalents, receivables, financial assets at FVTPL and financial assets at FVOCI, the Company’s exposure to credit risk is equal to the carrying amount of these instruments. The Company limits its credit risk on these assets by dealing only with reputable counterparties.

For cash and cash equivalents, the Company applies the low credit risk simplification where the Company measures the ECLs on a 12-month basis based on the probability of default and loss given default which are publicly available. The Company also evaluates the credit rating of the bank and other financial institutions to determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. The Company considers its cash and cash equivalents as high grade since these are placed in financial institutions of high credit standing. Accordingly, ECLs relating to these debt instruments rounds to nil.

The Company’s receivables are aged current as of December 31, 2023 and 2022. No receivables are considered credit-impaired.

As of December 31, 2023 and 2022, the carrying values of the Company’s financial instruments represent maximum exposure as of reporting date.

Please refer to Note 14 of the AFS for the maximum credit risk exposures on the financial instruments.

Capital Management The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders' value.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders or issue new shares.

The Company monitors capital using a debt-to-equity ratio, which is total debt divided by total equity. The Company includes within total debt the following: accounts payable, accrued expenses and subscriptions payable.

Total equity includes capital stock, net unrealized gains (losses) on financial assets at FVOCI and retained earnings (deficit).

8

The Company has no externally imposed capital requirements as of December 31, 2023 and 2022.

Please refer to Note 15 of the AFS for the table of the debt-to-equity ratios of the Company as of December 31, 2023 and 2022, respectively.

There were no changes in the objectives, policies or processes for the years ended December 31, 2023 and 2022.

Item 2 - Properties Aside from the investments in Financial Assets discussed above, the Company owns two parking lot slots in Tektite Tower in Ortigas City. This property is accounted as investment property of the Company. In 2013, the Company fully depreciated the investment. Fair value of this investment is estimated at ₱800,000 - ₱1,000,000 per slot.

Item 3 - Legal Proceedings There are no pending legal proceedings to which the Company is party or which any of its property is the subject.

Item 4 - Submission of Matters to a Vote of Security Holders There were no matters submitted to a vote of security holders during the fourth quarter of the fiscal year covered by this report.

9

PART II - OPERATIONAL AND FINANCIAL INFORMATION Item 5 - Market for Registrant’s Common Equity and Related Stockholder Matters a)

Market Price of and Dividends on Registrant’s Common Equity and Related Stockholder Matters 1.

Market Information Stock Market Price and Dividend on Registrant’s Common Equity (last 2 years) 1st Quarter 2023 2022

2nd Quarter 2023 2022

3rd Quarter 2023 2022

4th Quarter 2023 2022

High Low

P1.00 1.96 1.68

P1.00 1.80 1.69

P1.00 1.80 1.69

P1.00 2.69 2.16

P1.00 1.98 1.70

P1.00 2.16 1.82

P1.00 1.98 1.41

P1.00 1.81 1.70

Volume

.370M

.439M

.168M

.242M

.170M

1.018M

.278M

.282M

Par Value

2.

Holders As of December 31, 2023, the Company has 4,676 stockholders.

Hereunder is the list of the top 20 Stockholders (as of 31 December 2023): Stockholders Title of Class No. of Shares

1. PCD Nominee Corporation (Filipino) 2. Pan Malayan Mgnt & Inv. Corp. (PMMIC) 3. Alsons Consolidated Resources, Inc. 4. China Banking Corporation T/A-SCA-#0010 5 China Banking Corporation T/A-SCA-#0011 6. House of Investments, Inc. 7. Yuchengco, Alfonso T. 8. Hydee Management & Resources Corporation 9. China Banking Corporation T/A-SCA-#0013 10. China Banking Corporation T/A-SCA-#0012 11. PCD Nominee Corporation (NF) 12. Ong, Clemente 13. Pacific Basin Sec. Co., Inc. 14. Floreindo, Antonio O. 15. Paz, Wenceslao R. de la 16. A.T. Yuchengco, Inc. 17. Reyes, Vicenta S. 18. Santiago, Violeta G. 19. Kensigton Management Corporation 20. Ty. A.N. Sub-Total Others Grand Total

Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common

Percent of Class

66,959,303 30,469,858 15,544,911 14,178,625 10,204,120 4,697,613 1,283,348 1,042,093 571,427 556,122 341,419 287,644 271,248 214,104 195,594 186,637 147,850 147,655 138,207 137,882 147,575,660 15,424,340 163,000,000

1.

None of the holders of the Company’s common shares registered under the name of PCD owns more than 5% of the Company’s common shares.

2.

The corporate acts of PMMIC are carried out by its Board of Directors and Management. Ms. Michele Marie Y. Dee is the current President while the Chairman of the Company is Ms. Helen Y. Dee.

3.

The corporate acts of Alsons Consolidated Resources Inc. are carried out by its Board of Directors. Mr. Nicasio I. Alcantara is the current Chairman and President of the Company.

4.

CBC T/A-SSC#0010 and T/A-SSC#0011 are Trust Accounts between China Banking Corporation as Trustee. The Corporate acts of CBC are carried out by its Board of Directors and Management. Mr. Romeo D. Uyan is the current CBC President and COE.

10

41.08% 18.69% 9.54% 8.70% 6.26% 2.88% 0.79% 0.64% 0.35% 0.34% 0.21% 0.18% 0.17% 0.13% 0.12% 0.12% 0.09% 0.09% 0.08% 0.08% 90.54% 9.46% 100.00%

As of December 31, 2023, the Company has a total of 163,000,000 shares issued and outstanding. Of the total outstanding common capital stock, 162,173,984 shares or 99.49% are owned by Filipino citizens, while 826,016 shares or 0.51% are owned by foreigners.

1.

Minimum Public Ownership The Company is compliant with the required Minimum Public Ownership of at least 10% of the total issued and outstanding capital stock, as mandated by Section 3, Article XVIII of the Continuing Listing Requirements of the Listing and Disclosure Rules. As of December 31, 2023, the Company’s public float was 81.30%.

2.

Dividends In accordance with the Corporation Code of the Philippines, the Company intends to declare dividends (either in cash or stock or both) in the future. Shareholders of the Company are entitled to receive a proportionate share in cash dividends that may be declared by the Board of Directors out of surplus profits derived from the Company’s operations. The same right exists with respect to a stock dividend, the declaration of which is subject to the approval of stockholders representing at least two-thirds (2/3) of the outstanding shares entitled to vote. The amount of dividend will depend on the Company’s profits and its capital expenditure and investment requirements at the relevant time.

The Company did not declare any cash or stock dividends in the last two (2) fiscal years 2023 and 2022.

The last stock dividend (15%) was paid in 1997. Prior to 1997, the last cash/stock dividend paid was in 1990.

3.

Recent Sale of Unregistered Securities There was no sale of unregistered securities for the past three (3) years.

b)

Description of Registrant’s Securities 1. Common Stock The details of the Company’s capital stock are as follows:

Authorized (₱1.00 par value) Issued and outstanding

388,000,000 163,000,000

2. Debt Securities - Not Applicable 3. Stock Options - Not Applicable 4. Securities Subject to Redemption call – Not Applicable 5. Warrants – Not applicable 6. Market Information for Securities Other than Common Equity – Not Applicable 7. Other Securities – Not Applicable

11

₱388,000,000 ₱163,000,000

Item 6 - Management’s Discussion and Analysis or Plan of Operation Management’s Discussion and Analysis of Financial Conditions and Results of Operations 1. Financial Condition (As of December 31, 2023 and 2022)

31-Dec-23 ASSETS Cash & cash equivalents Financial assets at fair value through profit or loss (FVTPL) Receivables Other current assets Financial assets at fair value through other comprehensive income (FVOCI) TOTAL ASSETS

₱

31-Dec-22

% Change % in Total Asset

99,386,480

11.75%

16.64%

38,107,024 1,854,420 1,676,677

36,828,021 1,065,871 1,446,410

3.47% 73.98% 15.92%

5.71% 0.28% 0.25%

514,706,416 667,405,201

540,609,468 679,336,250

-4.79% 77.12% -1.76% 100.00%

984,140 58,589,318 59,573,458

1,137,974 61,185,435 62,323,409

-13.52% -4.24% -4.41%

617,012,841 679,336,250

-1.49% 91.07% -1.76% 100.00%

111,060,664

₱

LIABILITIES AND EQUITY Accounts payable and accrued expenses Deferred tax liability TOTAL LIABILITIES EQUITY TOTAL LIABILITIES AND EQUITY

₱

607,831,743 667,405,201

₱

0.15% 8.78% 8.93%

Total assets amounted to ₱667.405 million and ₱679.336 million as of December 31, 2023 and December 31, 2022, respectively.

The Company’s cash and cash equivalents amounted to ₱111.061 million and ₱99.386 million as of December 31, 2023 and 2022, respectively. The 11.75% net increase was due to the cash proceeds from sale of 2,507,604 Benguet Corp.’s shares at ₱4.45/share in October 2023.

Financial assets at fair value through profit or loss amounted to ₱38.107 million from ₱36.828 million as of December 31, 2023 and as of December 31, 2022, respectively. The 3.47% net increase is due to slight recovery in market values of investments in stocks traded at PSE. The 73.98% net increase in receivables mainly pertains to interest receivable from MMPs, special CASA and dividend receivable from various stock investments during the period.

Other current assets consists of prepayments, prepaid taxes and input tax carry-overs. This amounted to ₱1.677 million and ₱1.446 million as of December 31, 2023 and 2022, respectively. The 15.92% net increase in this account mainly represents additional input taxes recorded during the period.

Financial assets at fair value through other comprehensive income (FVOCI) account as of December 31, 2023 amounted to ₱514.706 million as compared with December 31, 2022 of ₱540.609 million. The net decrease pertains to the downward adjustment of the fair value of the investment in HEDC and sale of investment in Benguet Corp. (please refer to Note 8 of the 2022 AFS).

Accounts payable and accrued expenses amounted to ₱0.984 million and ₱1.138 million as of December 31, 2023 and December 31, 2022, respectively. The 13.52% net decrease is attributable to settlement of payables during the year.

12

The Company recognized deferred tax liability amounting to ₱58.589 million and ₱61.185 million as of December 31, 2023 and 2022, respectively. The decrease is due to the adjustment in the set-up of tax liability associated with the decrease in the fair value of the investment in HEDC. Total stockholders’ equity as of December 31, 2023 is ₱607.832 million or ₱3.73 book value per share as compared with last year’s ₱617.013 million or ₱3.79 book value per share.

2. Results of Operations (For the years ended December 31, 2023, 2022 and 2021)

31-Dec-23 REVENUES Interest income Net gain on fair value changes on financial assets at FVTPL Dividend income Foreign exchange gain Other income TOTAL REVENUES EXPENSES AND CHARGES General and administrative expenses Net loss on fair value changes on financial assets at FVTPL Foreign exchange loss TOTAL EXPENSES Income before income tax Provision for income tax NET INCOME

31-Dec-22

% Change 2023 vs. 2022

% in Total Revenue

623,611

154.01%

64.30%

31-Dec-21

₱ 4,270,734 ₱ 1,681,314 ₱ 1,279,003 696,418 395,657 6,641,812

715,724 419,470 3,464 402,057 3,222,029

31,710,079 1,774 339,858 32,675,322

78.70% 66.02% -100.00% -1.59% 106.14%

19.25% 10.49% 0.00% 5.96% 100.00%

2,668,396

2,006,107

10,255,154

33.01%

40.18%

2,286,995 358 2,668,754 2,006,107 12,542,149 3,973,058 1,215,922 20,133,173 6,060 4,021 1,714 ₱ 3,966,998 ₱ 1,211,901 ₱ 20,131,459

0.00% 100.00% 33.03% 226.75% 50.71% 227.34%

0.00% 0.00% 40.18% 59.82% 0.09% 59.73%

The Company posted a net income of ₱3.967 million or ₱0.0243 earnings per share as of December 31, 2023 as compared with ₱1.212 million or ₱0.0074 earnings per share as of December 31, 2022.

Interest income amounted to ₱4.271 million and ₱1.681 million as of December 31, 2023 and December 31, 2022, respectively. The increase is attributable to higher cash balance and average interest rates from MMPs and special CASA during the year.

Net unrealized gain (loss) on fair value changes on financial assets at FVTPL amounts to ₱0.716 million last year to ₱1.279 million this year mainly due to slight recovery of the investments in stocks traded at the PSE. Dividend income amounted to ₱0.696 million and ₱0.419 million as of December 31, 2023 and December 31, 2022, respectively. The increase refers to cash dividends from various stock investments.

Bulk of the increase in the general and administrative expenses is due to expenses paid for advertisement, directors’ fees and management fees.

Provision for income tax pertains to the Minimum Corporate Income Tax (MCIT) set-up. The Company set-up MCIT rather than the 25% regular tax because most of its income are from unrealized market changes of investments and passive income subject to final tax. The decrease from last year’s provision is mainly due to lower MCIT rate as prescribed in CREATE law.

13

3. Financial Condition (As of December 31, 2022 and 2021) Total assets amounted to ₱679.336 million and ₱573.623 million as of December 31, 2022 and December 31, 2021, respectively.

The Company’s cash and cash equivalents amounted to ₱99.386 million and ₱100.293 million as of December 31, 2022 and 2021, respectively. The 0.90% net decrease was due to payment of working capital requirements.

Financial assets at fair value through profit or loss amounted to ₱36.828 million from ₱36.112 million as of December 31, 2022 and as of December 31, 2021, respectively. The 1.98% net increase is due to slight recovery in market values of investments in stocks traded at PSE. The 223.19% net increase in receivables mainly pertains to interest receivable from money market placements and dividend receivable from various stock investments during the period.

Other current assets consists of prepayments, prepaid taxes and input tax carry-overs. This amounted to ₱1.446 million and ₱1.278 million as of December 31, 2022 and 2021, respectively. The 13.16% net increase in this account mainly represents additional input taxes recorded during the period.

Financial assets at fair value through other comprehensive income (FVOCI) account as of December 31, 2022 amounted to ₱540.609 million as compared with December 31, 2021 of ₱435.610 million. The net increase pertains to the upward adjustment of the revaluation of the investment in HEDC (please refer to Note 8 of the 2022 AFS).

Accounts payable and accrued expenses amounted to ₱1.138 million and ₱0.634 million as of December 31, 2022 and December 31, 2021, respectively. The 79.43% net increase is attributable to additional accruals at the end of December 2022.

The Company recognized deferred tax liability amounting to ₱61.185 million and ₱45.649 million as of December 31, 2022 and 2021, respectively. The increase is due to the adjustment in the set-up of tax liability associated with the increase in the revaluation of the investment in HEDC, more particularly, the related 15% capital gains tax should there be any sale of HEDC shares.

Total stockholders’ equity as of December 31, 2022 is ₱617.013 million or ₱3.79 book value /share as compared with previous year’s ₱527.340 million or ₱3.24 book value per share.

4. Results of Operations (For the years ended December 31, 2022 and 2021) The Company posted a net income of ₱1.212 million or ₱0.0074 earnings per share as compared with ₱20.131 million or ₱0.1235 earnings per share as of December 31, 2021.

Dividend income amounted to ₱0.419 million and ₱31.710 million as of December 31, 2022 and December 31, 2021, respectively. Bulk of this amount refers to cash dividend from various stock investments. Decline for the period is mainly due to no dividend received from HEDC. Interest income amounted to ₱1.681 million and ₱0.624 million as of December 31, 2022 and December 31, 2021, respectively. The increase is attributable to higher interest rates from MMPs during the year.

Other income as of December 31, 2022 and 2021 pertains to accounting services rendered by the Company to HEDC and rental income.

Net unrealized gain (loss) in the changes in market values (of investment in stocks at FVTPL) from (₱2.287) million in 2021 to ₱0.716 million in 2022 is mainly due to slight recovery of the investments in stocks traded at the PSE. Bulk of the decrease in the general and administrative expenses is mainly due to the payment in 2021 of Company’s share in the plug / abandonment cost of previous oil exploration project (refer to Note 11 of the 2022 AFS). None in year 2022.

14

Provision for income tax pertains to the Minimum Corporate Income Tax (MCIT) set-up. The Company set-up MCIT rather than the 25% regular tax because most of its income are from unrealized market changes of investments and passive income subject to final tax. The increase from last year’s provision is mainly due to the increase in other income.

5. Financial Conditions (As of December 31, 2021 and 2020) Total assets amounted to ₱573.623 million and ₱584.095 million as of December 31, 2021 and December 31, 2020, respectively.

The Company’s cash and cash equivalents amounted to ₱100.293 million and ₱77.118 million as of December 31, 2021 and 2020, respectively. The 30.05% net increase was due to cash dividends received from HEDC during the year, net of payment of working capital requirements.

Financial assets at fair value through profit or loss amounted to ₱36.112 million from ₱38.399 million as of December 31, 2021 and as of December 31, 2020, respectively. The 5.96% net decrease is due to decline in market values of investments in stocks traded at PSE. The 6.62% net decline in receivables mainly pertains to receipt of dividends, interest income and other income during the period.

Other current assets consists of prepayments, prepaid taxes and input tax carry-overs. This amounted to ₱1.278 million and ₱1.175 million as of December 31, 2021 and 2020, respectively. The 8.78% net increase in this account mainly represents additional input taxes recorded during the period.

Financial assets at fair value through other comprehensive income (FVOCI) account as of December 31, 2021 amounted to ₱435.610 million as compared with December 31, 2020 of ₱467.050 million. The net decrease pertains to the downward adjustment of the revaluation of the investment in HEDC (please refer to Note 8 of the 2021 AFS).

Accounts payable and accrued expenses amounted to ₱0.634 million and ₱0.802 million as of December 31, 2021 and December 31, 2020, respectively. The 20.95% net decline pertains to payment of accruals and payables during the period.

The Company recognized deferred tax liability amounting to ₱45.649 million and ₱51.104 million as of December 31, 2021 and 2020, respectively. The decrease is due to the adjustment in the set-up of tax liability associated with the decline in the revaluation of the investment in HEDC, more particularly, the related 15% capital gains tax should there be any sale of HEDC shares.

Total stockholders’ equity as of December 31, 2021 is ₱527.340 million or ₱3.24 book value per share as compared with last year’s ₱532.189 million or ₱3.26 book value per share.

6. Results of Operations (For the years ended December 31, 2021 and 2020) The Company posted a net income of ₱20.131 million or ₱0.1235 earnings per share as of December 31, 2021 as compared with ₱26.498 million or ₱0.1626 earnings per share as of December 31, 2020.

Dividend income amounted to ₱31.710 million and ₱34.029 million as of December 31, 2021 and December 31, 2020, respectively. Bulk of this amounts pertains to cash dividend from HEDC. Decline for the period is mainly due to lower dividends from HEDC. Interest income amounted to ₱0.624 million and ₱0.667 million as of December 31, 2021 and December 31, 2020, respectively. The slight decline is attributed to lower interests from MMPs during the year.

Other income as of December 31, 2021 and 2020 pertains to accounting services rendered by the Company to HEDC and rental income.

Lower net unrealized losses in the changes in market values (of investment in stocks at FVTPL) from ₱6.889 million in 2020 to ₱2.287 million in 2021 is mainly due to slight recovery of the investments in stocks traded at the PSE. 15

Bulk of the increase in the General and administrative expenses is mainly due to the Company’s share in the plug / abandonment cost of previous oil exploration project.

Provision for income tax pertains to the Minimum Corporate Income Tax (MCIT) set-up. The Company set-up MCIT rather than the 25% regular tax because most of its income are from unrealized market changes of investments and passive income subject to final tax. The decline from last year’s provision is mainly due to the change in the MCIT rate from 2% to 1%.

Key Performance Indicators (KPI) Please refer to Financial Soundness Indicators Plan of Operations A. Investment in AFS not traded in the market (Investment in HEDC) As of December 31, 2023 the Company holds 11.33% interest in its investment in Hermosa Development Corporation (HEDC).

Significant progress has been made in Phase 2 of Hermosa Ecozone Industrial Park (HEIP), including the completion of stone masonry retaining wall, roadways, underground utilities, and various site grading works for optimal land use. Furthermore, new facilities, such as administrative building, telecommunication room, and security and maintenance building, have been completed. These developments show HEDC’s commitment to serve the locators and stakeholders efficiently.

B. Investment in Financial Assets at FVTPL and FVOCI traded in the market The Company will continue to closely monitor the prices of its securities as well as those specific factors which could directly or indirectly affect the prices of these instruments. Because such investments are subject to price risk due to changes in market values, an expected decline in the portfolio will prompt the Company to dispose or trade the securities for replacement with more viable and less risky investments in the future.

With the Company’s current cash position, it can sustain its needs for its operating expenses. There are no possible material commitment expected in the next twelve months. Thus, it does not intend to raise additional funds.

Aside from the Company’s investments stated above, there are no other researches or development plans, and purchase or sale of significant equipment that the Company expects perform.

Liquidity management The Company has substantial investments in shares of stock which are not listed in the Philippine Stock Exchange and may not be readily convertible to liquid assets necessary to meet any potential additional liquidity requirements of the Company. Investment in unquoted securities included in financial assets at FVOCI amounted to ₱490.650 million and ₱507.957 million as of December 31, 2023 and 2022, respectively.

Management of liquidity requires a flow and stock perspective. Constraint such as political environment, taxation, foreign exchange, interest rates and other environmental factors can impose significant restrictions on firms in management of their financial liquidity.

Seafront has considered the above factors and paid special attention to its cash flow management. The Company identifies all its cash requirements for a certain period and invests unrestricted funds to maximize interest earnings, i.e. money market placements.

Commitments There are no known trends, demands, commitments, events or uncertainties that will have material impact on the Company’s liquidity.

16

Item 7 - Financial Statements The 2023 AFS of the Company are incorporated herein by reference. The schedules listed in the accompanying index to Supplementary Schedules are filed as part of this Form 17-A. Item 8 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Information on Independent Auditor The external auditor of the Corporation is the auditing firm SyCip Gorres Velayo & Co. (SGV). The same accounting firm has been endorsed by the Audit Committee to the Board. The Board, in turn, approved the endorsement and will nominate the reappointment of the said auditing firm for the stockholders’ approval at the scheduled annual stockholders’ meeting. The said auditing firm has accepted the Company’s invitation to stand for re-election this year.

Audit services of SGV for the calendar year ended December 31, 2023 cover the examination of the financial statements of the Company, review of income tax returns and other services related to filing of reports made with the Securities and Exchange Commission and Bureau of Internal Revenue.

Pursuant to SRC Rule 68 Paragraph 3 (b) (1V) (Re: Rotation of External Auditors), the Company has not engaged Ms. Ana Lea C. Bergado, partner of SGV & Co., for more than five (5) years. She was engaged by the Company for examination of the Company’s 2023 AFS. The company is compliant with the Rotation requirement of its external auditor’s certifying partner as required under SRC Rule 68 (3)(b) (1V). A two year cooling off period shall be observed in the re-engagement of same signing partner or individual auditor.

Disagreements with Accountants on Accounting and Financial Disclosures As of December 31, 2023, there are no disagreements with Accountants on Accounting and Financial Disclosure.

Audit and audit- related fees External audit fees amounted to ₱423,360 (inclusive of VAT) as of December 31, 2023. Said fees are for the audit and review of registrant’s annual financial statements and other services rendered in connection with filing of said financial statements with the government institution such as SEC and BIR. There were no fees paid or accrued for the last two years relative to tax accounting, compliance, advice, planning and any other form of tax services.

The Audit Committee approved the above fees based on the services rendered and the amount paid from the previous year’s audit.

It is the policy of the company that all audit findings are presented to its Audit Committee which reviews and make recommendations to the Board on actions to be taken thereon. The Board of Directors of the Company passes upon and approves the Audit Committee’s recommendations. The members of the Audit Committee are as follows: Nicasio I. Alcantara Basil L. Ong Ernestine Carmen Jo D. Villareal-Fernando

17

- Chairman, Independent Director - Member, Independent Director - Member, Independent Director

PART III - CONTROL AND COMPENSATION INFORMATION Item 9 - Directors and Executive Officers of the Registrant Roberto Jose L. Castillo Milagros V. Reyes Ernestine Carmen Jo Villareal-Fernando Nicasio I. Alcantara Basil L. Ong Raul M. Leopando Victor V. Benavidez Yvonne S. Yuchengco Medel T. Nera Officers: Milagros V. Reyes Medel T. Nera Samuel V. Torres Louie Mark R. Limcolioc

-

Chairman of the Board Director Independent Director Independent Director Independent Director Director Director Director Director President Treasurer Corporate Secretary Asst. Corporate Secretary

a) Board of Directors Seafront’s Board of Directors is composed of nine (9) members elected by and from among the Company’s stockholders. The Board is responsible for providing overall management and direction to the Company. Board meetings are held on a quarterly basis or as often as required to discuss the Company’s operations, business strategy, policies and other corporate matters. A brief background of each member of the Company’s Board of Directors is provided below: Directors: Name of Director

Age

Position

Nationality

Tenure

Roberto Jose L. Castillo Milagros V. Reyes Basil L. Ong Raul M. Leopando Yvonne S. Yuchengco Nicasio I. Alcantara Victor V. Benavidez Medel T. Nera Ernestine Carmen Jo D. Villareal-Fernando

68 82 72 73 70 81 72 68 62

Chairman of the Board Director/President Independent Director Director Director Independent Director Director Director/Treasurer Independent Director

Filipino Filipino Filipino Filipino Filipino Filipino Filipino Filipino Filipino

2018 to present 1999 to present 2021 to present 2017 to present 2000 to present 1995 to present 2017 to present 2011 to present 2012 to present

Age 82 68 59 38 36

Position President Treasurer Corporate Secretary Data Privacy Officer Asst. Corporate Secretary

Nationality Filipino Filipino Filipino Filipino Filipino

Tenure 1999 to present 2011 to present 2006 to present 2021 to present 2022 to present

Executive Officers: Name of officer Milagros V. Reyes Medel T. Nera Atty. Samuel V. Torres Vanessa G. Peralta Atty. Louie Mark R. Limcolioc

The members of the Board are elected at the Annual Stockholders’ Meeting to hold office until the next Annual Stockholders’ Meeting and until their respective successors have been appointed or elected and qualified.

18

Below is the list of the members of the Board and the corporate officers, and their business experience during the past five (5) years: Mr. Roberto Jose L. Castillo, 68, Filipino, Chairman of the Board. He was the former President & CEO of EEI Corporation. Mr. Castillo used to oversee EEI subsidiaries namely: Equipment Engineers, EEI Construction and Marine, Inc., EEI Power Corporation, Al Rushaid Petroleum Investment Company in Saudi Arabia, EEI Realty Corporation and Gulf Asia International Corporation. EEI is a member of the Yuchengco Group of Companies.

He was also a former Director of the following: PetroWind Energy Inc., PetroGreen Energy Corporation, PetroSolar Corporation, Brightnote Assets Corporation, Hermosa Ecozone Development Corporation, KubotaKasui Philippines Corporation, SQ Resources, Inc., SN Resources, Inc., Somerset Hospitality Holdings Philippines, Inc., Ascott Hospitality Holdings Philippines, Inc. and Tong Hsing Electronics Philippines, Inc. He is also Chairman of the Advisory Board, Carmelray Industrial Corporation and Chairman CJC Corporation.

Educational Background: Master’s degree in Business Administration, Wharton Graduate School of the University of Pennsylvania, Bachelor of Science in Commerce, University of Santo Tomas, Bachelor of Arts, University of Santo Tomas. Professional Qualification: Certified Public Accountant (CPA) Ms. Milagros V. Reyes, 82, Filipino, President/Director. She is presently the Chairman of PetroGreen Energy Corporation, Maibarara Geothermal, Inc., Rizal Green Energy Corporation, Dagohoy Green Energy Corporation, Bugallon Green Energy Corporation, San Jose Green Energy Corporation, She is the President of PetroEnergy Resources Corporation, an oil exploration and development company. She is also President of PetroWind Energy Inc. and PetroSolar Corporation. Director/Treasurer of Hermosa Ecozone & Development Corporation. She was formerly a President of PetroGreen Energy Corporation and Director/Consultant of PNOC-EC and a Senior Vice President of Basic Petroleum and Minerals, Inc. Educational Background: Bachelor of Science in Geology and Physical Sciences (Double Degree) from the University of the Philippines. She pursued various technical trainings from the National Iranian Oil Co., University of Illinois and Ajman Fields in U.A.E. Mr. Basil L. Ong, 72, Filipino, Independent Director. He is presently the Director of Transnational Diversified Group, Inc., Adventure International Tours, Inc. (Philippine representative of American Express, Inc.), Nike Stadium Stores and Kidz Station Stores) and Wordtext Systems, Inc. (WSI) and W.S. Pacific Publications, Inc. Educational Background: Mr. Ong received his Bachelor’s Degree in Management from the Ateneo de Manila University and he completed his post graduate, the Program for Management Development, at the Harvard Business School.

Mr. Raul M. Leopando, 73, Filipino, Director. He is currently a member of the Board of Directors of UPSON International Corporation. He was formerly President/CEO of RCBC Capital Corporation, Chairman of the Board of RCBC Securities Corporation and Nominee to the Philippine Stock Exchange, Vice Chairman of the Board of RCBC Bankard, Senior Consultant to the Chairman of RCBC, Director of PetroEnergy Corporation, PetroGreen Energy Corporation and Maibarara Geothermal, Inc. He was also member of the board of directors of several other corporations. He was also formerly President of the Investment Houses Association of the Philippines. He is a lifetime member of the Financial Executives Institute (FINEX).

Educational background: He studied in University of the Philippines, AB Economics, and San Beda University, BSC Accounting.

Ms. Yvonne S. Yuchengco, 70, Filipino, Director. She is also the Chairman and President of Philippine Integrated Advertising Agency, Inc., Y Tower II Office Condominium Corp., Yuchengco Tower Office Condominium Corp. and Royal Commons, Inc.; Chairman of Y Realty Corporation, RCBC Capital Corporation and XYZ Assets Corporation; Vice Chairperson of National Reinsurance Corp. of the Philippines and Malayan Insurance Co., Inc.; Director, Treasurer and CFO of Pan Malayan Management & Investment Corp.; Director and President of Alto Pacific Corporation, MICO Equities, Inc. and RCBC Land, Inc.; Director and Treasurer of Water Dragon, Inc., HI Cars, Inc., Malayan High School of Science, Inc., Mona Lisa Development Corp., Petro Energy Resources Corp., Mayahin Holdings Corporation, and Pan Malayan Realty Corp.; Director and VicePresident of AY Holdings, Inc.; Trustee and Chairperson of The Malayan Plaza Condominium Owners and Yuchengco Museum, Inc.; Director of Annabelle Y. Holdings & Management Corporation, A.T. Yuchengco, Inc., Enrique T. Yuchengco, Inc., DS Realty, Inc., GPL Holdings, Inc., House of Investments, Inc., HYDee Management & Resources Corp., iPeople inc., La Funeraria Paz-Sucat, Inc., Luisita Industrial Park Corp., Malayan International Insurance Corp., Manila Memorial Park Cemetery, Inc., MPC Investment Corporation, Pan Malayan Express, Inc., Seafront Resources Corp., Shayamala Corporation, YGC Corporate Services, Inc., and Asia-Pac Reinsurance Co., Ltd.; Trustee of Avignon Tower Condominium Corporation, Phil-Asia Assistance Foundation, Inc., Malayan Education System, Inc. (Operating Under the Name of Mapua University), AY 19

Foundation, Inc., Yuchengco Center, Inc.; Advisory Member of Rizal Commercial Banking Corporation.

Educational Background: Bachelor of Arts in Interdisciplinary Studies from Ateneo De Manila University, Philippines and took up further studies at the University of Asia and the Pacific under the Strategic Business Economics Program (SBEP) program.

Mr. Nicasio I. Alcantara, 81, Filipino, Independent Director. He is presently the Chairman and President of Alsons Consolidated Resources, Inc., ACR Mining Corporation, Alsons Development and Investment Corporation, Sarangani Agricultural Company, Inc., Conal Holdings Corporation, Alsons Thermal Energy Corporation, Alto Power Management Corporation and other subsidiaries under the Alcantara Group. He is the Chairman of the Board of SITE Group International, Ltd. Mr. Alcantara serves as the Chairman of both the Corporate Governance Committee and Related Party Transactions Committee of BDO Private Bank, Inc. and a member of the Bank’s Audit Committee. He is the Vice Chairman of Avaina Development Corporation. He is a Director of The Philodrill Corporation, Enderun Colleges, Inc., Sagittarius Mines, Inc. and Phoenixs Petroleum Philippines, Inc. Prior to this, Mr. Alcantara held the position of Chairman and President in various corporation, namely, Petron Corporation, Iligan Cement Corporation, Alsons Cement Cement Corporation, Northern Mindanao Power Corporation and Refratories Corporation of the Philippines. He was also the Chairman of Alsons Prime Investments Corporation until recently and served as Director of Bank One Savings, Bancasia Capital Corporation, C Alcantara & Sons, Inc. and Alsons Corporation.

Educational Background: Bachelor of Science in Business Administration from the Ateneo de Manila University, Master’s in Business Administration from Sta. Clara University, California, USA. Mr. Victor V. Benavidez, 72, Filipino, Director. He is also a Director of Boulevard Holdings, Inc. Formerly: General Manager of Alakor Securities, Inc, Director, Mariwasa Siam Holdings, Anglo Philippines Holdings Corporation, VP and Director Mabuhay Holdings Corporation and Tagaytay Properties & Holdings Corporation, Columnist, The Daily Globe, Investment Research Consultant of James Capel, Manager/Corplan of Banco Filipino and Manager/Investment Research of Anselmo Trinidad & Co. Educational Background: Bachelor of Science in Economics from the University of Sto. Tomas, Master’s Degree in Economics from the University of Sto. Tomas, Professional Development Program from CRC. Mr. Medel T. Nera, 68, Filipino, is a Director of House of Investments, Inc. from 2011 to present. He is also a Director of iPeople Inc., EEI Corp., National Reinsurance Corporation and Generika Group. His past experiences include: President & CEO of House of Investments, Inc.; President of Honda Cars Kalookan, Inc., Director and President of RCBC Realty Corp.; Chairman of the Board of Greyhounds Security & Investigation Agency Corp., Zamboanga Industrial Finance Corporation, EEI Realty Corp., Hi-Eisai Pharmaceuticals Inc., Investments Manager Inc., Landev Corp., Malayan Colleges Laguna, Inc., Manila Memorial Park Cemetery Inc., YGC Corporate Services, Director and Chairman of Risk Committee of Rizal Commercial Banking Corp.; Director and Treasurer of CRIBS Foundation, Inc., and Senior Partner at Sycip Gorres Velayo & Co. Educational Background: Master in Business Administration from Stern School of Business, New York University, USA and Bachelor of Science in Commerce from Far Eastern University, Philippines, International Management Program from Manchester Business School, UK, Pacific Rim Program from University of Washington, USA. Atty. Ernestine Carmen Jo Villareal-Fernando, 62, Filipino, is the Director of various corporation such as: Country Bankers Insurance Corporation, Country Bankers Life Insurance Corporation, Jose E. Desiderio, Inc., Fuego y Hielo, Inc. Senior Partner, Platon Martinez Flores San Pedro Leano Fernando PanagsaganBantilan Law Office. Independent Director of RCBC Securities, Inc., RCBC Forex Brokers Corporation and RP Land Development Corporation, President-Trustee Delta Lambda Sigma Alumni Assn.

Educational Background: Bachelor of Laws from the University of the Philippines, A.B. Economics-College Scholar, Dean’s Medal from the University of the Philippines, Certificate in Math and Computer Programming at Michigan State University, Computer Center.

Atty. Samuel V. Torres, 59, Filipino, Corporate Secretary. He is also General Counsel/Corporate Secretary of AY Foundation, Alto Pacific Company, Inc. (Formerly: The Pacific Fund, Inc.), Bankers Assurance Corp., FBIA Insurance Agency, Inc., Bluehounds Security & Invt. Agency,Enrique T. Yuchengco, Inc., First Nationwide Assurance Corp., GPL Holdings, Inc. GPL Cebu Tower Office Cond. Corp., GPL Holdings, Inc., Grepaland, Inc., Grepa Reality Holding Corporation, Hexagon Integrated Financial & Insurance Agency, Hi-Eisai Pharmaceutical, Inc., Honda Cars Kalookan, Inc, House of Investments, Inc.,Hexagon Integrated Fin. Ins. Agency, Inc., Hexagon Lounge, Inc., iPeople, Inc., Investment Managers, Inc.,Landev Corporation, La Funeraria Paz-Sucat, Inc., Malayan High School of Science, Inc., Malayan Insurance Co., Inc., Mico Equities, Inc., Malayan Colleges, Inc., Malayan Colleges Laguna, Inc., Malayan Securities Corporation, Mapua Information Technology Center, Inc., 20

MJ888 Corporation, Mona Lisa Development Corporation, Pan Malayan Management & Investment Corporation, Pan Malayan Realty Corporation, Pan Malayan Express, Inc., Pan Pacific Computer Center, Inc., People eServe Corporation, PetroEnergy Resources Corporation, Philippine Integrated Advertising Agency, Inc., Royal Commons, Inc.,RCBC Forex Corporation, RCBC Realty Corporation, RCBC Land, RCBC Securities, Inc., RCBC Bankard Services Corporation, RCBC Securities, Inc., RP Land Development Corporation, Seafront Resources Corporation, Sun Life Grepa Financial, Inc., Yuchengco Museum, YGC Corporate Services, Inc., Y Realty Corporation, Y Tower II Office Condominium Corp., Yuchengco Tower Office Condominium Corp. and Xamdu Motors, Inc. Educational Background: Bachelor of Science in Business Economics from the University of the Philippines and Bachelor of Laws from Ateneo de Manila University.

Ms. Vanessa G. Peralta, 38, Filipino, Data Privacy Officer. She is also PetroEnergy Resources Corporation’s current AVP for Corporate Communication and Chief Information Officer and Data Privacy Officer.

Educational Background: She took Bachelor of Science in Development Communication from the University of the Philippines.

Atty. Louie Mark R. Limcolioc, 36, Filipino, Asst. Corporate Secretary. He is also the Asst. Corporate Secretary of PetroEnergy Resources Corporation; Corporate Secretary of the following corporations: PetroGreen Energy Corporation, PetroSolar Corporation and PetroWind Energy Inc. Educational Background: He took his Bachelor of Laws degree from the San Beda College Alabang School of Law. Significant Employees Other than the aforementioned Directors and Executive Officers identified in the item on Directors and Executive Officers in this report, there are no other employees of the Company who may have significant influence in the Company’s major and/or strategic planning and decision-making.

The Corporation values its human resources. It expects each employee to do his share in achieving the Corporation’s set goals.

There is no significant employee of the registrant that is expected to make significant contribution to the business.

The Directors of the Company are elected at the annual stockholders’ meeting to hold office until the next succeeding annual meeting and until their respective successors have been elected and qualified.

Officers are appointed or elected annually by the Board of Directors at its first meeting following the Annual Meeting of Stockholders, each to hold office until the next annual stockholders’ meeting or until a successor shall have been elected, appointed or shall have qualified.

Family Relationship There are no family relationships known to the Company.

Involvement in Certain Legal Proceedings For the past five (5) years, none of the Directors or Executive Officers was involved nor has any such officer or director has been involved in any legal cases under the Insolvency Law or the Philippine Revised Penal Code either as defendant or accused, nor has any such officer or director been the subject of any court order, judgment or decree barring, suspending or otherwise limiting him from engaging in the practice of any type of business including those connected with securities trading, investments, insurance or banking activities.

Certain Relationships and Related Transactions Please refer to Note 13 of the 2023 AFS for the disclosure of the related party transactions.

Aside from the disclosure in the Audited Financial Statements, there were no other related transactions or proposed transactions during the last two (2) years to which the registrant was or is to be a party.

21

Item 10 - Executive Compensation Compensation of Directors and Executive Officers Summary Compensation Table (CEO and Top 4 Highest Paid Executive Officer) Name Designation Compensation * Milagros V. Reyes President Medel T. Nera Treasurer Atty. Samuel V. Torres Corporate Secretary Atty. Louie Mark L. Limcolioc Asst. Corporate Secretary Summary Compensation Table (All Directors as a group)

Particulars

Year

Salary

Bonuses

2021 2022 All Directors as a group* 2023 2024**

-

-

Other Annual Compensation

Total

315,000 300,000 405,000 435,000

315,000 300,000 405,000 435,000

*All executive officers of the company do not receive any compensation. ** 2024 projected per diem during BOD meetings.

There is no employment contract between the registrant and the Chairman and all others Executive Officers.

There are no other arrangements pursuant to which any director of the company was compensated, or is to be compensated, directly or indirectly.

Item 11 - Security Ownership of Certain Record and Beneficial Owners and Management (as of December 31, 2023) a) Security Ownership of Certain Record and Beneficial Owners.

The following table sets forth information with respect to a record or beneficial owner directly or indirectly owning more than 5% of the Company’s Capital Stock as of December 31, 2023.

Title of Class Common

Common

Common Common

Common

Name, Address of Record Owner PCD Nominee Corp.

MSE Building, Ayala Ave., Makati City PMMIC 10th Floor, GPL Building, Buendia Ave., Makati City Alsons Cons. Res., Inc. 2286 Pasong Tamo Ext. Makati City CBC T/A-SCA#0010 CBC Building, Trust Dept.

Paseo de Roxas, Makati City CBC T/A-SCA#0011 CBC Building, Trust Dept.

P. de Roxas, Makati City

Relationship with Issuer

Name of Beneficial Owner

Stockholder

Various clients (Note 1)

Stockholder

Stockholder Stockholder

Pan Malayan Management and Investment Corporation (Note 2) Alsons Consolidated Resources, Inc.(Note 3)

China Banking Corp.

(Note 4)

-do-

Stockholder

Others Total * PCD total shares include Filipino and Non-Filipino.

22

Citizenship

No. of shares held

Percentage of Ownership

Filipino

67,300,722 *

41.29%

Filipino

30,469,858

18.69%

Filipino

15,544,911

9.54%

Filipino

14,178,625

8.70%

Filipino

10,204,120

6.26%

137,698,236 25,301,764 163,000,000

84.48% 15.52% 100.00%

NOTE: 1.

2.

3.

4.

None of the holders of the Company’s common shares registered under the name of PCD Nominee owns more than 5% of the company’s common shares.

The corporate acts of PMMIC are carried out by its Board of Directors and Management. Mrs. Helen Y. Dee is the Chairman of PMMIC. The Corporate acts of Alsons Cons. Res., Inc. are carried out by its Board of Directors. Mr. Tomas I. Alcantara is the current president of the Company.

CBC T/A-SSC#0010 and T/A-SSC#0011 are Trust Accounts with China Banking Corporation as Trustee. The Corporate acts of CBC are carried out by its Board of Directors and Management. Mr. Romeo D. Uyan, Jr. is the current CBC President and Executive Director.

b) Security Ownership of Management as of December 31, 2023.

The following are the number of shares owned of record by the Directors, the Chief Executive Officer and each of the key officers of the Company and the percentage of shareholdings of each: Title of Class

Name of Beneficial Owner Name and Position

Amount and Nature of Beneficial Ownership

Citizenships

Percent of Class

1 “Direct”

Filipino

-

1 “Direct”

Filipino

-

1 “Direct”

Filipino

-

1 “Direct” 425 “Direct” 2,834 “Indirect”

Filipino

-

Filipino

-

1 “Direct”

Filipino

-

Common

Roberto Jose L. Castillo Chairman of the Board Milagros V. Reyes President and Director Basil L. Ong Independent Director Yvonne S. Yuchengco Director Nicasio I. Alcantara Independent Director Medel T. Nera Director

Common

Ernestine Carmen Jo D. Villareal-Fernando Independent Director

1 “Direct”

Filipino

-

Common

Raul M. Leopando Director

661 “Indirect”

Filipino

-

Common

Victor V. Benavidez Director

1,000 “Direct”

Filipino

-

Common

Samuel V. Torres Corporate Secretary

-

Filipino

-

Common

Louie Mark R. Limcolioc Asst. Corporate Secretary

-

Filipino

Common Common Common Common Common

Total

4,926 shares

-

0 .003%

As of December 31, 2023, the Company’s directors and executive officers owned an aggregate of 4,926 shares equivalent to 0.003% of the Company’s outstanding shares. None of the members of the Company’s directors and management owns more than 2% or more of the outstanding capital stock of the Company.

Voting Trust Holders of 5% or more - The Company is not aware of any voting trust or similar arrangement among persons holding more than 5% of a class of shares.

Changes in Control - There had been no change in the control of the Company since the beginning of the last fiscal year. The Company has no existing voting trust or change in control agreements.

Item 12 - Certain Relationships and Related Transactions There were no related transactions or proposed transactions during the last two (2) years to which the registrant was or is to be a party.

23

PART IV - EXHIBITS AND SCHEDULES Item13 - Exhibits and Reports a. b. c. d.

2023 and 2022 Audited Financial Statements Supplementary Information and Disclosures required on SRC Rule 68 and 68.1 as amended Sustainability Report Reports on SEC Form 17-C 1.

March 30, 2023 - Notice of 2023 Annual Stockholders’ Meeting 2.

April 14, 2023 - Approval of 2022 AFS 3.

June 22, 2023 - Results of Annual Stockholders’ Meeting 2023 4.

June 22, 2023 - Results of Organizational Meeting 2023 5.

November 29, 2023 - Change of Stock Transfer Agent 6.

December 15, 2023 - Amendment on Change of Stock Transfer Agent

Item 14 - General Notes to Financial Statements 1.

2.

3.

4.

5.

6.

7.

Assets subject to Lien and Restrictions on Sales of Assets As of December 31, 2023, there were no assets mortgaged, pledged or otherwise subject to lien.

Subsequent Events There were no subsequent events that required adjustments on the December 31, 2023 Audited Financial Statements.

Defaults -None The following are not applicable in the preparation of this report. a. Adjustments made that lead to the revenue recognition but which adjustments cannot be properly supported. b. Changes in estimates without proper disclosure which have the impact of improving results of operations. c. Non-Application or misapplication of accounting principles and standards, misstatements, omissions, etc. d. Other cases involving accounting and auditing matters resulting to possible concealment of a fraud or the creation of a risk for the commission of fraud.

The Company has no liability guaranteed by others.

There were no assets pledged against secured liabilities.

Events after the date of Statement of Financial Position. a. Dividends There is no dividend proposal or declaration neither after the Statement of Financial Position date nor before the financial statements are authorized for issue. b. Discontinuing Operations There were no significant events after the Statement of Financial Position date but before the financial statements are authorized for issue that may warrant suspension of the Corporation’s operations. c. Earnings per share There are no significant events after the Statement of Financial Position date that will affect the computation of earnings per share.

SIGNATURES: The President acts as the Principal Operating Officer and Principal Executive Officer; and the Treasurer as the Principal Financial Officer of the Company.

24

SIGNATURES Pursuant to the requirements of Section l7 of the Code and Section 141 of the Corporation Code, this repor is signed on behalf oi th" isr.. by the undersigned, thereunto duly authorized, in the City of Pasig on April li , 2024.

SEAFRONT RESOURCES CORPORATION Issuer

MILAGROS V. REYES

President/CEO/COO

d

MEDEL T. NERA Principal Financial Offi cer/Treasurer

SAMUELV. TORRES Corporate Secretary

day of April 2024, at Pasig City.

SUBSCRIBED AND SWORN to before rne this ltlh (TIN) beside each name. indicated Nurnber Tax Identification Affiant(s) exhibiting to rne their NAMES MILAGROS V. REYES MEDEL T. NERA SAMUEL V. TORRES

Doc. No. St.}

;

Pase

;

Bo;k

No. 104

No.E;

TIN 100-732-77 5

113-423-143 133-'734-895

No. 357 12023-2024\l for Pasig and Pateros December 2024 7F JmT BHg. Ortigas Genter Pasig City Roll No. 63341 PTR No. t550llAA 101-12-20241Pasig City IBP No. 40S791 / 01-08-2024 / RsM MCLE Gompliance No. V11.0030498

Series of2024

25

STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEM ENTS

March 21 ,2024 Securities and Exchange Commission PICC, Roxas Boulevard, Pasay City

The management of Seafront Resources Corporation is responsible fbr the preparation and fair presentation of the financi il statements including the schedules attached therein, for the years ended December 31 , 2023 and 2022, in accordance wi'h the prescribed financial rcporting framework indicated therein, and for such internal control as management determines ,s necessary to enable the preparation of financial statements that are free fi'om material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a goirg concem, disclosing, as applicable matters related to going concern and using the going concern basis of accounting unle:s management either intends to liquidate the Cornpany ol to cease operations, or has not realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

The Board of Directors reviews and approves the financial statements including the schedules attached therein, and submi-s the same to the stockholders or members.

SyCip Gorres Velayo & Co., the independent auditor appointed by the stockholders, has audited the financial statemen-s of the company in accordance with Philippine Standards on Auditing, and in its report to the stocl<holders or members, has expressed its on the fairness of presentation upon completion of such audit.

Jose L. Castillo Jr.

Chairman

th',

APR 0 5 ?021'

PASIG

Cmy suBSCRIBED AND swoRN to me before Affiants exhibited to me their Tax Identification Numbers (TIN) indicated below each name.

"t

NAMES

TIN

Roberto Jose L. Castillo Jr.

123-304-975

ffi ARIA dARX{Et/[ o.

Milagros V, Reyes Medel T. Nera

noc.

No.474

iT-, B;kNoZ-;

;

Pase No.

I

Series of2024,

:iIt ^.r PHILS.o.-J}' * a SEAFRONT

uault;r

Appointnent HumU# try (2c23-20?4) tlolary-plt,tic tor the Cities of P8'si( and San Juan and tre MunicjPalitY of Pateros Conmission Expiros on De@mbor 31'2024 7F, JMT Bldg., ADB'Avo., Ortigas Centor, Pasig City Roll of AttomeYs No. 6685 MCLE ComPliance No. V1I{016267 IBP No. 24tS870/01 4&20 ? /RSM ptR No. 1550112Arr/01-12-203/Pasig city

Ma. Theresa A. Calate From: Sent: To: Cc: Subject:

eafs@bir.gov.ph April 15, 2024 9:41 am Emerson T. Azul Ma. Theresa A. Calate Your BIR AFS eSubmission uploads were received

CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Hi SEAFRONT RESOURCES CORPORATION, Valid files     

EAFS000194465OTHTY122023.pdf EAFS000194465ITRTY122023.pdf EAFS000194465AFSTY122023.pdf EAFS000194465TCRTY122023-01.pdf EAFS000194465RPTTY122023.pdf

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Transaction Code: AFS-0-6AGAAEH50AL8E9LEKMRXNVQYP0N4XPVRVR Submission Date/Time: Apr 15, 2024 09:40 AM Company TIN: 000-194-465 Please be reminded that you accepted the terms and conditions for the use of this portal and expressly agree, warrant and certify that:   

The submitted forms, documents and attachments are complete, truthful and correct based on the personal knowledge and the same are from authentic records; The submission is without prejudice to the right of the BIR to require additional document, if any, for completion and verification purposes; The hard copies of the documents submitted through this facility shall be submitted when required by the BIR in the event of audit/investigation and/or for any other legal purpose.

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2

COVER

SHEET for

AUDITED FINANCIAL STATEMENTS SEC Registration Number

4 0 9 7 9 COMPANY

NAME

S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

PRINCIPAL OFFICE ( No. / Street / Barangay / City / Town / Province )

7

t h

F l

A D B P a s

o o r

,

A v e n u e i

g

C i

J M T ,

O r

B u i t

i

l

d i

g a s

n g

,

C e n t

e r

,

t y

Form Type

Department requiring the report

A A F S

Secondary License Type, If Applicable

S E C COMPANY

N / A

INFORMATION

Company’s Email Address

Company’s Telephone Number

Mobile Number

N/A

8637-2917

N/A

No. of Stockholders

Annual Meeting (Month / Day)

Fiscal Year (Month / Day)

4,676

6/22

12/31

COMPANY

INFORMATION

The designated contact person MUST be an Officer of the Corporation Name of Contact Person

Email Address

Telephone Number/s

Mobile Number

Milagros V. Reyes

mvreyes@petroenergy.com.ph

8637-2917

N/A

CONTACT PERSON’s ADDRESS

7th Floor, JMT Building, ADB Avenue, Ortigas Center, Pasig City NOTE 1 : In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.

2 : All Boxes must be properly and completely filled-up. Failure to do so shall cause the delay in updating the corporation’s records with the Commission and/or non-receipt of Notice of Deficiencies. Further, non-receipt of Notice of Deficiencies shall not excuse the corporation from liability for its deficiencies.

*SGVFS188897*

SyCip Gorres Velayo & Co. 6760 Ayala Avenue 1226 Makati City Philippines

Tel: (632) 8891 0307 Fax: (632) 8819 0872 ey.com/ph

INDEPENDENT AUDITOR’S REPORT

The Board of Directors and Stockholders Seafront Resources Corporation 7th Floor, JMT Building, ADB Avenue Ortigas Center, Pasig City Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Seafront Resources Corporation (the Company), which comprise the statements of financial position as at December 31, 2023 and 2022, and the statements of comprehensive income, statements of changes in equity and statements of cash flows for each of the three years in the period ended December 31, 2023, and notes to the financial statements, including material accounting policy information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2023 and 2022, and its financial performance and its cash flows for each of the three years in the period ended December 31, 2023 in accordance with Philippine Financial Reporting Standards (PFRSs).

Basis for Opinion We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics) together with the ethical requirements that are relevant to our audit of the financial statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial statements.

*SGVFS188897* A member firm of Ernst & Young Global Limited

-2Valuation of unquoted equity securities The Company has an investment in the unquoted equity security of Hermosa Ecozone Development Corporation (HEDC) classified as financial assets at fair value through other comprehensive income which is carried at the estimated fair value of = P490.65 million as of December 31, 2023 comprising 73.51% of its total assets. The valuation of this investment is significant to our audit because it is inherently subjective as it involves the use of valuation inputs that are not market observable.

Management also applied judgement in selecting the valuation technique and the assumptions to be used.

The Company’s disclosures about its unquoted equity investment in HEDC are included in Note 8 to the financial statements.

Audit response We evaluated the valuation technique and assumptions used. These assumptions include comparative sales price of substitute properties and cost to develop the parcels of land. We compared the key assumptions such as relevant information supporting the sales price of similar properties and the adjustments made to the sales price against real estate industry data. We also reviewed the Company’s disclosures about those assumptions to which the outcome of the valuation is most sensitive; specifically, those that have the most significant effect on the determination of the fair value of the unquoted equity investment.

Other Information Management is responsible for the other information. The other information comprises the information included in the SEC Form 20-IS (Definitive Information Statement), SEC Form 17-A and Annual Report for the year ended December 31, 2023, but does not include the financial statements and our auditor’s report thereon. The SEC Form 20-IS (Definitive Information Statement), SEC Form 17-A and Annual Report for the year ended December 31, 2023 are expected to be made available to us after the date of this auditor’s report.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audits of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audits, or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with PFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

*SGVFS188897* A member firm of Ernst & Young Global Limited

-3In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with PSAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with PSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.



Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.



Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.



Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.



Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

*SGVFS188897* A member firm of Ernst & Young Global Limited

-4We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on the Supplementary Information Required Under Revenue Regulations 15-2010 The supplementary information required under Revenue Regulations NO. 15-2010 for purposes of filing with the Bureau of Internal Revenue is presented by the management of Seafront Resources Corporation in a separate schedule. Revenue Regulations No. 15-2010 requires the information to be presented in the notes to financial statements. Such information is not a required part of the basic financial statements. The information is also not required by the Revised Securities Regulation Code Rule 68. Our opinion on the basic financial statements is not affected by the presentation of the information in a separate schedule.

The engagement partner of the audit resulting in this independent auditor’s report is Ana Lea C. Bergado.

SYCIP GORRES VELAYO & CO.

Ana Lea C. Bergado Partner CPA Certificate No. 80470 Tax Identification No. 102-082-670 BOA/PRC Reg. No. 0001, August 25, 2021, valid until April 15, 2024 BIR Accreditation No. 08-001998-063-2023, September 12, 2023, valid until September 11, 2026 PTR No. 10079908, January 5, 2024, Makati City March 21, 2024

*SGVFS188897* A member firm of Ernst & Young Global Limited

SEAFRONT RESOURCES CORPORATION STATEMENTS OF FINANCIAL POSITION

December 31 2023 2022 ASSETS Current Assets Cash and cash equivalents (Notes 6, 7, 8 and 14) Receivables (Notes 8, 9 and 14) Financial assets at fair value through profit or loss (FVTPL) [Notes 8 and 14] Other current assets Total Current Assets

P =111,060,664 1,854,420

=99,386,480 P 1,065,871

38,107,024 1,676,677 152,698,785

36,828,021 1,446,410 138,726,782

Noncurrent Asset Financial assets at fair value through other comprehensive income (FVOCI) [Notes 8 and 14]

514,706,416

540,609,468

TOTAL ASSETS

P =667,405,201

=679,336,250 P

Current Liability Accounts payable and accrued expenses (Notes 13, 14 and 15)

P =984,140

=1,137,974 P

Noncurrent Liability Deferred tax liability (Note 12) Total Liabilities

58,589,318 59,573,458

61,185,435 62,323,409

Equity Capital stock - P =1 par value (Note 15) Authorized - 388,000,000 shares Issued and outstanding - 163,000,000 shares Net unrealized gains on financial assets at FVOCI (Notes 8 and 15) Retained earnings (Note 15) Total Equity

163,000,000 337,293,862 107,537,881 607,831,743

163,000,000 361,525,568 92,487,273 617,012,841

TOTAL LIABILITIES AND EQUITY

P =667,405,201

=679,336,250 P

LIABILITIES AND EQUITY

See accompanying Notes to Financial Statements.

*SGVFS188897*

SEAFRONT RESOURCES CORPORATION STATEMENTS OF COMPREHENSIVE INCOME

For the Years Ended December 31 2022 2023 REVENUES Interest income (Note 6) Net gain on fair value changes on financial assets at FVTPL (Note 8) Dividend income (Note 9) Foreign exchange gain - net Other income (Note 10)

2021

=4,270,734 P

=1,681,314 P

=623,611 P

1,279,003 696,418 ‒ 395,657 6,641,812

715,724 419,470 3,464 402,057 3,222,029

‒ 31,710,079 1,774 339,858 32,675,322

2,668,396

2,006,107

10,255,154

‒ 358 2,668,754

‒ ‒ 2,006,107

2,286,995 – 12,542,149

3,973,058

1,215,922

20,133,173

6,060

4,021

1,714

3,966,998

1,211,901

20,131,459

1,563,233

422,263

5,932,504

Total other comprehensive income (loss) [Note 8]

(17,307,023) ‒ (423) 2,596,117 (14,711,329) (13,148,096)

113,492,649 ‒ (9,917,269) (15,536,307) 88,039,073 88,461,336

13,444,025 (31,710,079) (18,102,091) 5,455,222 (30,912,923) (24,980,419)

TOTAL COMPREHENSIVE INCOME (LOSS)

(P =9,181,098)

=89,673,237 P

(P =4,848,960)

Basic and Diluted Earnings Per Share (Note 16)

=0.02434 P

=0.00743 P

=0.12351 P

EXPENSES AND CHARGES General and administrative expenses (Note 11) Net loss on fair value changes on financial assets at FVTPL (Note 8) Foreign exchange loss - net

INCOME BEFORE INCOME TAX PROVISION FOR CURRENT INCOME TAX (Note 12) NET INCOME OTHER COMPREHENSIVE INCOME (LOSS) Item not to be reclassified to profit or loss in subsequent periods: Net unrealized gains on financial assets at FVOCI - net of tax (Notes 8 and 14): Quoted shares: Fair value changes Unquoted shares-changes in adjusted net asset of HEDC arising from: Increase (decrease) in value of remaining real estate held for sale and development Dividends declared Cost, expenses, gains and losses Income tax effect

See accompanying Notes to Financial Statements.

*SGVFS188897*

SEAFRONT RESOURCES CORPORATION STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 2023, 2022 and 2021

Net Unrealized Gains (Losses) on Financial Capital Stock Assets at FVOCI (Note 15) (Notes 8 and 15)

Retained Earnings (Note 15)

Total

BALANCES AT JANUARY 1, 2021 Net income Other comprehensive loss Total comprehensive income (loss)

=163,000,000 P ‒ ‒ ‒

= 298,044,651 P ‒ (24,980,419) (24,980,419)

P71,143,913 = 20,131,459 ‒ 20,131,459

= 532,188,564 P 20,131,459 (24,980,419) (4,848,960)

BALANCES AT DECEMBER 31, 2021 Net income Other comprehensive income Total comprehensive income

163,000,000 ‒ ‒ ‒

273,064,232 ‒ 88,461,336 88,461,336

91,275,372 1,211,901 ‒ 1,211,901

527,339,604 1,211,901 88,461,336 89,673,237

BALANCES AT DECEMBER 31, 2022 Net income Other comprehensive loss Total comprehensive income (loss) Transfer of cumulative gain on equity securities at FVOCI realized through disposal (Note 8)

163,000,000 ‒ ‒ ‒

361,525,568 ‒ (13,148,096) (13,148,096)

92,487,273 3,966,998 ‒ 3,966,998

617,012,841 3,966,998 (13,148,096) (9,181,098)

‒

(11,083,610)

11,083,610

‒

BALANCES AT DECEMBER 31, 2023

=163,000,000 P

= 337,293,862 P

= 107,537,881 P

= 607,831,743 P

See accompanying Notes to Financial Statements.

*SGVFS188897*

SEAFRONT RESOURCES CORPORATION STATEMENTS OF CASH FLOWS

2023 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Net loss (gain) on fair value changes on financial assets at FVTPL [Note 8] Dividend income (Note 9) Interest income (Note 6) Operating loss before working capital changes Decrease (increase) in: Receivables Other current assets Increase (decrease) in accounts payable and accrued expenses Cash used in operations Dividends received Interest received Net cash provided by operating activities

Years Ended December 31 2022 2021

=3,973,058 P

=1,215,922 P

=20,133,173 P

(1,279,003) (696,418) (4,270,734) (2,273,097)

(715,724) (419,470) (1,681,314) (1,600,586)

2,286,995 (31,710,079) (623,611) (9,913,522)

(4,076) (230,265) (159,895) (2,667,333) 315,393 3,867,286 1,515,346

(34,907) (168,238) 499,725 (1,304,006) 180,692 1,218,930 95,616

‒ (103,121) (169,774) (10,186,417) 31,710,079 646,984 22,170,646

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of financial assets at FVOCI (Note 8) Proceeds from disposal of financial assets at FVOCI (Note 8) Net cash provided by (used in) investing activities

(1,000,000) 11,158,838 10,158,838

(1,001,721) ‒ (1,001,721)

‒ 1,004,210 1,004,210

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

11,674,184

(906,105)

23,174,856

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

99,386,480

100,292,585

77,117,729

CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 6)

=111,060,664 P

=99,386,480 P

=100,292,585 P

See accompanying Notes to Financial Statements.

*SGVFS188897*

SEAFRONT RESOURCES CORPORATION NOTES TO FINANCIAL STATEMENTS

1. Corporate Information Seafront Resources Corporation (the Company or SRC) was registered with the Securities and Exchange Commission (SEC) on April 16, 1970 as an oil exploration and production company. On October 18, 1996, the Company amended its Articles of Incorporation which provides for the revision of its primary purpose from engaging in the business of oil exploration and production into a holding company and to include oil exploration and production business as one of its secondary purposes. The Company’s shares of stock were listed on May 7, 1974 and are currently traded at the Philippine Stock Exchange.

The registered office address of the Company is 7th Floor, JMT Building, ADB Avenue, Ortigas Center, Pasig City.

The accompanying financial statements were approved and authorized for issue by the Board of Directors (BOD) on March 21, 2024.

2. Basis of Preparation Basis of Preparation The accompanying financial statements of the Company have been prepared under the historical cost basis, except for the financial assets at fair value through profit or loss (FVTPL) and financial assets at fair value through other comprehensive income (FVOCI), which have been measured at fair value. The Company’s financial statements are presented in Philippine Peso (P =), which is also the Company’s functional and presentation currency.

The Company has investment in trust funds. The transactions and balances of the Company’s trust funds (see Note 7) are consolidated on a line by line basis with the Company. The trust fund reports are prepared for the same reporting year as the Company, using consistent accounting policies in accordance with Philippine Financial Reporting Standards (PFRSs).

Statement of Compliance The financial statements of the Company have been prepared in accordance with PFRSs. The term PFRSs, in general, include all applicable PFRSs, Philippine Accounting Standards (PASs) and Interpretations issued by the Standing Interpretations Committee, the Philippine Interpretations Committee (PIC) and the International Financial Reporting Interpretations Committee (IFRIC), which have been approved by the Philippine Financial Reporting Standards Council (FRSC) and adopted by the Philippine SEC. 3. Changes in Accounting Policies and Disclosures The accounting policies adopted are consistent with those of the previous financial year, except that the Company adopted the following new standards effective in 2023. The adoption of these new standards did not have an impact on the financial statements of the Company.   

Amendments to PAS 1 and PFRS Practice Statement 2, Disclosure of Accounting Policies Amendments to PAS 8, Definition of Accounting Estimates Amendments to PAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction

*SGVFS188897*

-2Standards Issued but not yet Effective Pronouncements issued but not yet effective are listed below. The Company does not expect that the future adoption of the said pronouncements will have a significant impact on its financial statements.

The Company intends to adopt the following pronouncements when they become effective.

Effective beginning on or after January 1, 2024  Amendments to PAS 1, Classification of Liabilities as Current or Non-current  Amendments to PFRS 16, Lease Liability in a Sale and Leaseback  Amendments to PAS 7 and PFRS 7, Disclosures: Supplier Finance Arrangements Effective beginning on or after January 1, 2025  PFRS 17, Insurance Contracts  Amendments to PAS 21, Lack of exchangeability Deferred effectivity  Amendments to PFRS 10, Consolidated Financial Statements, and PAS 28, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4. Summary of Material Accounting Policies Financial Instruments Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets - Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost; FVOCI; and FVTPL. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. The Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.

In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flow that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.

The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories:    

Financial assets at amortized cost (debt instruments) Financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments) Financial assets designated at FVOCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) Financial assets at FVTPL

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-3Financial assets at amortized cost (debt instruments) The Company measures financial assets at amortized cost if both of the following conditions are met:  

The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

The Company’s financial assets at amortized cost includes cash and cash equivalents and receivables.

Financial assets at FVTPL Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated as at FVTPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.

Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognized in profit or loss.

This category includes derivative instruments and quoted equity investments which the Company had not irrevocably elected to classify at fair value through OCI. Dividends on quoted equity investments are also recognized as other income in profit or loss when the right of payment has been established.

The Company’s financial assets at FVTPL consists of investments in quoted equity securities held for trading.

Financial assets designated at FVOCI (equity instruments) Upon initial recognition, the Company can elect to classify irrevocably its equity investments as equity instruments designated at FVOCI when they meet the definition of equity under PAS 32 and are not held for trading. The classification is determined on an instrument-by-instrument basis.

Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment.

The Company’s financial assets at FVOCI include quoted and unquoted equity securities and quoted government securities.

*SGVFS188897*

-4Impairment of financial assets The Company recognizes an allowance for ECLs for all debt instruments not held at FVTPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

The Company may consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Financial liabilities - Initial recognition and measurement The Company’s financial liabilities consist of payables and accrued expenses classified, at initial recognition, as loans and borrowings recognized at fair value.

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method.

Derecognition of financial assets and financial liabilities Financial assets A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when:   

the rights to receive cash flows from the asset have expired; the Company retains the rights to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass-through” arrangement; or the Company has transferred its right to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or has expired.

Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:  

In the principal market for the asset or liability, or In the absence of a principal market, in the most advantageous market for the asset or liability.

*SGVFS188897*

-5The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:   

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Capital Stock Capital stock is measured at par value for all shares issued. Incremental costs incurred directly attributable to the issuance of new shares are shown in equity as a deduction from proceeds, net of tax.

When the Company purchases its own capital stock (treasury shares), the consideration paid, including any attributable incremental costs, is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related tax effects is included in equity.

Retained Earnings Retained earnings represent accumulated earnings of the Company less dividends declared and with consideration of any changes in accounting policies and other adjustments applied retroactively. The retained earnings of the Company are available for dividends only upon approval and declaration of the BOD. Earnings Per Share (EPS) Basic earnings per share are computed on the basis of the weighted average number of shares outstanding during the year after giving retroactive effect for any stock dividends declared in the current year.

Revenue Recognition Interest income Interest income is recognized as the interest accrues taking into account the effective yield on the asset.

Dividend income Dividend income is recognized when the Company’s right to receive the payment is established, which is generally when the BOD approves the dividend declaration.

*SGVFS188897*

-6Rental income Rental income under non-cancellable leases is recognized in the statement of comprehensive income on a straight-line basis over the lease terms, as provided under the terms of the lease contract.

Management income Management income from contacts with customers is recognized when control of the services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company has concluded that it is the principal in its revenue arrangement since it is the primary obligor in all revenue arrangements, has pricing latitude and is also exposed to credit risk. Management income is recognized over time, using an input method to measure progress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Company.

General and Administrative Expenses Expenses are recorded when incurred. administering the business.

General and administrative expenses constitute costs of

Income Tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the reporting date.

Deferred tax Deferred tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits from excess minimum corporate income tax (MCIT) over regular corporate income tax and unused net operating loss carryover (NOLCO), to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits from excess MCIT and unexpired NOLCO can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date.

Events After the Reporting Date Post year-end events up to the date of auditors’ report that provide additional information about the Company’s situation at the reporting date (adjusting events) are reflected in the financial statements, if any. Post year-end events that are not adjusting events are disclosed in the notes when material.

*SGVFS188897*

-75. Significant Accounting Judgments, Estimates and Assumptions The preparation of the accompanying financial statements requires management to make judgments, estimates and assumptions that affect amounts reported in the financial statements and related notes.

The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of relevant facts and circumstances as of the date of the Company’s financial statements. Actual results could differ from such estimates.

Judgments and estimates are contractually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgments In the process of applying the Company’s accounting policies, management has made the following judgments, apart from those involving estimations, which has the most significant effect on the amounts recognized in the financial statements: Recognition of deferred tax assets The Company’s deferred tax assets pertain to the carryforward benefits of NOLCO and excess MCIT over RCIT. Judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies.

The Company did not recognize deferred tax assets amounting to P =3.79 million and P =3.22 million as of December 31, 2023 and 2022, respectively (see Note 12). Management believes that it may not be probable that sufficient taxable income will be available against which the income tax benefits can be realized prior to their expiration.

Estimates and Assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the statements of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Estimation of fair value of unquoted equity securities classified as financial assets at FVOCI The Company uses its judgment to select the most appropriate valuation methodology to value its unquoted equity investments and make assumptions that are mainly based on market conditions existing at each reporting period. As of December 31, 2023 and 2022, the Company valued the unquoted equity securities classified as financial assets at FVOCI using the adjusted net asset method which is a combination of the market and income approaches. It involves directly measuring the fair value of the assets and liabilities of the investee company, as mainly determined by the Company’s external appraiser. Assets of the investee company consist mainly of parcels of land for sale which is adjusted to its fair value. The fair value adjustments arising from changes in fair value of unquoted equity securities are fully disclosed in Note 8.

6. Cash and Cash Equivalents Cash in banks (Note 7) Cash equivalents (Note 7)

2023 P =1,313,469 109,747,195 P =111,060,664

2022 =12,043,393 P 87,343,087 =99,386,480 P

*SGVFS188897*

-8Cash in banks earn interest at the prevailing bank deposit rates. Cash equivalents are short-term investments that are made for varying periods of up to three months depending on the immediate cash requirements of the Company and earn interest at the prevailing short-term placement rates.

Interest income earned on cash in banks and cash equivalents amounted to P =4.27 million, =1.68 million and = P P0.67 million in 2023, 2022 and 2021, respectively.

7. Investment in Trust Funds The Company established trust funds (the Trust) which are being administered by a local bank under two trust agreements. The details of the trust funds based on the financial statements issued by the trustee bank as of December 31 are as follows: Assets Cash and cash equivalents (Note 6) Financial assets at FVTPL (Note 8) Financial assets at FVOCI - government securities (Note 8) Receivables (Note 9) and other current assets Liabilities Accounts payable and accrued expenses Equity Principal fund Accumulated trust fund loss at beginning of year Trust fund income for the year Accumulated trust fund loss at end of year

2023

2022

P =5,631,837 17,888,567

P6,217,937 = 17,346,490

4,993,340 55,872 28,569,616

3,885,443 48,461 27,498,331

(25,739) P =28,543,877

(52,026) =27,446,305 P

P =28,006,730 (560,425) 1,097,572 537,147 P =28,543,877

=28,006,730 P (3,357,535) 2,797,110 (560,425) =27,446,305 P

The assets, liabilities and performance of the fund are consolidated in the applicable accounts of the Company for financial statement presentation purposes.

8. Financial Assets The Company’s financial assets are summarized by measurement categories as follows: Cash and cash equivalents (Note 6) Receivables (Note 9) Financial assets at FVTPL (Note 7) Financial assets at FVOCI (Note 14)

2023 P =111,060,664 1,854,420 38,107,024 514,706,416 P =665,728,524

2022 =99,386,480 P 1,065,871 36,828,021 540,609,468 =677,889,840 P

*SGVFS188897*

-9Financial Assets at FVTPL Details of financial assets at FVTPL consisting of quoted equity securities follow: Fair value Acquisition cost

2022 =36,828,021 P 48,100,916

2023 P =38,107,024 48,100,916

The net gain on fair value changes on financial assets at FVTPL amounted to P =1.28 million and =0.72 million for the years ended December 31, 2023 and 2022, while the net loss on fair value changes P on financial assets at FVTPL amounted to P =2.29 million for the year ended December 31, 2021.

The movements in financial assets at FVTPL for the years ended December 31 are as follows: Balance at beginning of year Fair value gains recognized during the year Balance at end of year

2023 P =36,828,021 1,279,003 P =38,107,024

2022 =36,112,297 P 715,724 =36,828,021 P

Financial Assets at FVOCI Financial assets at FVOCI consist of quoted and unquoted shares of stock held for long-term investment purposes and are carried at fair value. The carrying values of these investments are as follows: Quoted equity securities: PetroEnergy Resources Corporation (PERC) (Note 14) Benguet Corporation (Note 14) Unquoted equity security: Hermosa Ecozone Development Corporation (HEDC) (Note 14) Investments in government securities (Note 7 and 14)

2023

2022

P =19,063,263 19,063,263

=18,485,589 P 10,281,176 28,766,765

490,649,813

507,957,260

4,993,340 P =514,706,416

3,885,443 =540,609,468 P

‒

The movements in financial assets at FVOCI for the years ended December 31 are as follows: Balance at beginning of year Fair value gain (loss) recognized during the year Disposal of financial assets Purchase of government securities Balance at end of year

2023 P =540,609,468 (15,744,214) (11,158,838) 1,000,000 P =514,706,416

2022 =435,610,104 P 103,997,643 ‒ 1,001,721 =540,609,468 P

*SGVFS188897*

- 10 Movements in the net unrealized gains on financial assets at FVOCI in equity are as follows: Balance at beginning of year Unrealized gain (loss) recognized in other comprehensive income Cumulative gain on disposed financial asset transferred to retained earnings Balance at end of year

2023 P =361,525,568

2022 =273,064,232 P

(13,148,096)

88,461,336

(11,083,610) P =337,293,862

‒ =361,525,568 P

Investment in HEDC On January 31, 1997, the Company entered into a Project Shareholders’ Agreement with five other companies led by Investment and Capital Corporation of the Philippines (ICCP) and Penta Capital Investment Corporation (PCIC) to develop 500 to 600 hectares of raw land in Hermosa, Bataan into a new township consisting of industrial estates, residential communities, a golf and country club and a commercial center.

The fair value of investment in HEDC is determined using the adjusted net asset value method wherein the assets of HEDC consisting mainly of parcels of land are adjusted from cost to its fair value.

The valuation of the parcels of land was performed by a SEC-accredited independent valuer as at December 31, 2023 and 2022. This measurement falls under Level 3 in the fair value hierarchy.

Fair value measurement disclosures for the determination of fair value of unquoted equity securities are provided in Note 14.

9. Receivables Accrued interest receivable Dividend receivable Receivable from HEDC (Note 13) Rent receivable

2023 P =903,627 858,412 59,196 33,185 P =1,854,420

2022 =500,179 P 477,387 56,920 31,385 =1,065,871 P

2022 =342,857 P 59,200 =402,057 P

2021 =267,858 P 72,000 =339,858 P

10. Other Income Management income (Note 13) Rental income

2023 P =342,857 52,800 P =395,657

Management income pertains to accounting, legal and administrative services rendered by the Company to HEDC (see Note 13).

Rental income pertains to rentals earned from the two (2) parking slots owned by the Company which are classified as investment property. As of December 31, 2023 and 2022, the cost of the fully depreciated parking slots amounted to = P207,598.

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- 11 The fair value of the investment property ranges from P =800,000 to P =1,000,000 per slot as of December 31, 2023 and 2022, respectively. This has been determined on the basis of recent sales of similar properties in the same area as the investment property and taking into account the economic conditions prevailing at the time the valuation was made. The significant unobservable inputs used in determining the fair value include the location, size, shape, and highest and best use (Level 3 - Significant unobservable inputs). There are no related costs for the operation of the investment property.

11. General and Administrative Expenses Professional fees and services Management fees (Note 13) Directors’ fees Stock transfer expenses Stock listing maintenance fees Advertising Stockholders’ meeting expenses Taxes and licenses Rent (Note 13) Commission Insurance expense Plug and abandonment cost Miscellaneous

2023 P =623,155 420,000 405,000 311,155 260,250 247,013 157,260 95,437 72,000 55,794 3,646

2022 =489,159 P 315,000 300,000 296,668 250,000

2021 =415,834 P

‒

‒

240,128 28,861 54,000

280,127 34,269

‒

‒

17,686 P =2,668,396

24,528 =2,006,107 P

‒

6,840

‒

315,000 282,321 253,000

‒ ‒

1,247 8,657,568 15,788 =10,255,154 P

Plug and abandonment cost pertains to the Company’s share in the plug and abandonment of Service Contract 14 of Tara South Well 1 (the Tara South Well 1). As discussed in Note 1, the Company was registered with SEC in 1970 as an oil exploration and production company. The Company invested in various oil exploration projects, including the Tara South Well 1. The Tara South Well 1 operated, generated revenues and was permanently plugged and abandoned. As stated in the service contract of Tara South Well 1, the Company, being a member of the consortium is liable for its share in its plug and abandonment. In 2021, the Company received the final billing of said share.

Miscellaneous expenses consist of condominium dues, office supplies, bank charges, notarial fees, IT services, among others.

12. Income Taxes a. The current provision for income tax for the years ended December 31, 2023, 2022 and 2021 represents MCIT. On June 20, 2023, the Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 69-2023 reverting the MCIT rate to 2% of gross income effective July 1, 2023 pursuant to Republic Act (RA) No. 11534, otherwise known as the “Corporate Recovery and Tax Incentives for Enterprises (CREATE)” Act. MCIT rate was previously reduced from 2% to 1% effectively July 1, 2020 to June 30, 2023 upon the effectivity of CREATE Act in 2021.

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- 12 Consequently, the Company recognized MCIT using the effective rate of 1.5% in 2023 in accordance with RMC 69-2023. b. As of December 31, 2023 and 2022, the Company has the following unexpired MCIT and NOLCO. The details of unexpired MCIT and NOLCO are as follows: 2023 Year incurred 2023 2022

MCIT P6,060 = 4,021

NOLCO P2,269,275 = 1,602,276

2021 2020

3,399 – =13,480 P

9,917,051 1,301,801 =15,090,403 P

Year incurred 2022

MCIT =4,021 P

NOLCO =1,602,276 P

2021

3,399

9,917,051

2020

6,737 =14,157 P

1,301,801 =12,821,128 P

Expiry Date December 31, 2026 December 31, 2025 December 31, 2026 and 2024, for NOLCO and MCIT, respectively December 31, 2025

2022 Expiry Date December 31, 2025 December 31, 2026 and 2024, for NOLCO and MCIT, respectively December 31, 2025 and 2023, for NOLCO and MCIT, respectively

The Company has incurred NOLCO in taxable years 2020 and 2021 which can be claimed as deduction from the regular taxable income for the next five (5) consecutive taxable years pursuant to the Bayanihan to Recover As One Act. Rollforward of NOLCO follows: Balance at beginning of year Additions Expirations Balance at end of year

2023 P =12,821,128 2,269,275 – P =15,090,403

2022 =13,107,519 P 1,602,276 (1,888,667) =12,821,128 P

2023 P =14,157 6,060 (6,737) P =13,480

2022 =16,714 P 4,021 (6,578) =14,157 P

Rollforward of MCIT follows: Balance at beginning of year Additions Expirations Balance at end of year

The Company did not recognize deferred tax assets on the carryforward benefits on the above NOLCO and excess MCIT over RCIT, totaling P =3.79 million and P =3.22 million as of December 31, 2023 and 2022, respectively, as management assessed that there will be no future available taxable income against which the deferred tax assets can be utilized prior to their expiration.

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- 13 c. As of December 31, 2023 and 2022, the Company recognized deferred tax liability amounting to =58.59 million and = P P61.19 million, respectively, which pertains to the setup of 15% deferred tax on unrealized gains on unquoted shares of stock classified as financial assets at FVOCI. d. The reconciliation of the income tax computed at the statutory tax rate to the provision for income tax as shown in the statements of comprehensive income follows: Income tax at statutory tax rate Add (deduct) reconciling items: Movement in unrecognized DTA Interest income subjected to final tax Net loss (gain) on fair value changes on financial assets at FVTPL Dividend income Effect of CREATE Act Provision for income tax

2023 P =993,265

2022 =303,981 P

2021 =5,033,293 P

574,335

404,168

2,481,779

(1,067,684)

(420,329)

(155,903)

(319,751) (174,105)

(178,931) (104,868)

571,749 (7,927,520) (1,684) =1,714 P

‒

‒

P =6,060

=4,021 P

13. Related Party Transactions Related party relationship exists when one party has the ability to control, directly, or indirectly through one or more intermediaries, the other party or exercise significant influence over the other party in making financial and operating decisions. Such relationship also exists between and/or among entities, which are under common control with the reporting enterprises and its key management personnel, directors, or its shareholders. In considering each related party relationship, attention is directed to the substance of the relationship, and not merely the legal form.

The Company in its regular conduct of business has entered into the following transactions with related parties consisting of reimbursement of expenses and management and accounting services agreements.

The Company’s financial statements include the following amounts resulting from transactions with related parties:

Nature of transaction Affiliate: PERC HEDC

Rent and Management fee Reimbursements Management income (Notes 9 and 10)

Amount/ Volume P =492,000 113,199 342,857 P =948,056

2023 Receivables/ (Accounts payable)

Terms

Conditions

Noninterest bearing; (P = 35,804)* due and demandable –

Unsecured

59,196

- do -

Unsecured, no impairment

*included as part of accounts payable and accrued expenses

*SGVFS188897*

- 14 -

Nature of transaction Affiliate: PERC HEDC

Rent and Management fee Reimbursements Management income (Notes 9 and 10)

2022 Amount/ Receivables/(Acc Volume ounts payable) =369,000 P 26,578 342,857 =738,435 P

Terms

Conditions

Noninterest bearing; (P =479,074)* due and demandable –

Unsecured

56,920

- do -

Unsecured, no impairment

* included as part of accounts payable and accrued expenses

The Company has no employee and PERC provides administrative support to the Company.

On April 1, 2022, the Company entered into a management agreement with PERC. Under the said agreement, PERC provides the Company management and technical services including compliance, administration and supervision of operations, finance, accounting, and treasury, and general services.

The agreement took effect on the date of execution of the management agreement and may be terminated by either party upon 30 days of prior written notice. The Company pays a monthly service fee amounting to = P35,000, exclusive of VAT. Furthermore, PERC also charges direct costs as an incidence of the performance of services such as rent of office space and other office-related costs.

Therefore, no compensation and short-term benefits for key management personnel were charged in profit or loss for the years ended December 31, 2023, 2022 and 2021.

Terms and conditions of transactions with related parties Outstanding balances at year-end are to be settled in cash. There have been no guarantees provided or received for any related party receivables or payables.

14. Financial Instruments Categories and Fair Values of Financial Instruments The methods and assumptions used by the Company in estimating the fair values of the financial instruments are: Cash and cash equivalents and receivables Due to the short-term nature of the instruments, carrying amounts approximate fair values as of the reporting date.

Government securities Fair values are generally based on quoted market prices at reporting date. This is under Level 1 category of the fair value hierarchy.

Equity securities For quoted equity securities, fair values are based on published quoted prices.

Level 1 category of the fair value hierarchy.

This is under

For unquoted equity securities, fair values are determined using the adjusted net asset value method which involves directly measuring the fair value of the assets and liabilities of the investee company.

This measurement falls under Level 3 in the fair value hierarchy.

Accounts payable and accrued expenses Carrying values approximate fair values due to their short-term nature.

*SGVFS188897*

- 15 Description of significant unobservable inputs to valuation: The significant unobservable inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at December 31, 2023 and 2022 are shown below:

Unquoted equity shares at FVOCI

Valuation technique Significant unobservable inputs Adjusted net asset Price per square meter value method

Range 2023 =650 - P P =7,500

2022 =650 - P P =7,500

The appraised value of the land was determined using the market approach which is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets. Adjustment factors arising from external and internal factors (i.e. location, size/shape/terrain, and development) affecting the subject properties as compared to the market listing of comparable properties ranges from -20% to -12% in 2023 and from -20% to -10% in 2022. Significant favorable (unfavorable) adjustments to the aforementioned factors based on the professional judgment of the independent appraisers would increase (decrease) the fair value of land, in return the fair value of the unquoted financial asset.

Financial Risk Management Objectives and Policies The Company’s financial instruments comprise cash and cash equivalents, receivables, financial assets and accounts payable and accrued expenses. The main purpose of these financial instruments is to fund its own operations and capital expenditures. The BOD reviews and approves policies for managing these risks. Also, the Audit Committee of the BOD meets regularly and exercises oversight role in managing these risks.

Financial Risks The main financial risks arising from the Company’s financial instruments are market risk and credit risk.

The tables below summarize the maturity profile of the Company’s financial assets and liabilities as of December 31, 2023 and 2022 based on contractual undiscounted payments.

2023 Financial assets Financial assets at FVTPL: Equity securities Financial assets at amortized cost: Cash and cash equivalents Receivables: Receivable from HEDC Rent receivable Accrued interest receivable Dividends receivable Financial assets at FVOCI: Quoted equity securities: PERC Unquoted equity security: HEDC Government securities Financial liabilities Accounts payable and accrued expenses Net financial assets

On demand

Within one year

More than one year

Total

P = 38,107,024

P =‒

P =‒

P = 38,107,024

111,060,664

‒

‒

111,060,664

59,196 33,185 903,627 ‒

‒ ‒ ‒ 858,412

‒ ‒ ‒ ‒

59,196 33,185 903,627 858,412

‒

‒

19,063,263

19,063,263

‒ ‒ 150,163,696

‒ ‒ 858,412

490,649,813 4,993,340 514,706,416

490,649,813 4,993,340 665,728,524

984,140

‒

‒

984,140

P = 149,179,556

P = 858,412

P = 514,706,416

P = 664,744,384

*SGVFS188897*

- 16 2022 Financial assets Financial assets at FVTPL: Equity securities Financial assets at amortized cost: Cash and cash equivalents Receivables: Receivable from HEDC Rent receivable Accrued interest receivable Dividends receivable Financial assets at FVOCI: Quoted equity securities: PERC Benguet Corporation Unquoted equity security: HEDC Government securities Financial liabilities Accounts payable and accrued expenses Net financial assets

On demand

Within one year

More than one year

Total

=36,828,021 P

=‒ P

=‒ P

=36,828,021 P

99,386,480

‒

‒

99,386,480

56,920 31,385 500,179 ‒

‒ ‒ ‒ 477,387

‒ ‒ ‒ ‒

56,920 31,385 500,179 477,387

‒ ‒

‒ ‒

18,485,589 10,281,176

18,485,589 10,281,176

‒ ‒ 136,802,985

‒ ‒ 477,387

507,957,260 3,885,443 540,609,468

507,957,260 3,885,443 677,889,840

1,137,974 1,137,974 =135,665,011 P

‒ ‒ =477,387 P

‒ ‒ P =540,609,468

1,137,974 1,137,974 =676,751,866 P

Market risk Market risk is the risk of loss on future earnings, on fair values or on future cash flows that may result from changes in market prices. The value of a financial instrument may change as a result of changes in interest rates, foreign currency exchanges rates, commodity prices, equity prices and other market changes. The Company’s market risk emanates from its holdings in debt and equity securities.

The Company closely monitors the prices of its debt and equity securities as well as macroeconomic and entity-specific factors which could directly or indirectly affect the prices of these instruments. In case of an expected decline in its portfolio of equity securities, the Company readily disposes or trades the securities for replacement with more viable and less risky investments.

The analysis below is performed for reasonably possible change in the market price of quoted shares classified as financial assets at FVTPL, with all other variables held constant, showing the impact on income before tax: Increase (decrease) in market price 2023 2022

Effect on income before tax +2.36% P =898,121 -2.36% (898,121) +2.11% =776,546 P -2.11% (776,546)

The table below demonstrates the sensitivity to a reasonably possible change in the market price of quoted shares classified as financial assets at FVOCI, with all other variables held constant, showing the impact on equity: Increase (decrease) in market price 2023 2022

+2.29% -2.29% +1.89% -1.89%

Effect on equity P =435,740 (435,740) =543,976 P (543,976)

*SGVFS188897*

- 17 The percentage of increase and decrease in market price is based on the movement in the Philippine Stock Exchange Index from beginning to end of the year.

Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. With respect to credit risk arising from cash and cash equivalents, receivables, financial assets at FVTPL and financial assets at FVOCI, the Company’s exposure to credit risk is equal to the carrying amount of these instruments. The Company limits its credit risk on these assets by dealing only with reputable counterparties.

For cash and cash equivalents and quoted government securities, the Company applies the low credit risk simplification where the Company measures the ECLs on a 12-month basis based on the probability of default and loss given default which are publicly available. The Company also evaluates the credit rating of the bank and other financial institutions to determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. The Company considers its cash and cash equivalents and quoted government securities as high grade since these are placed in financial institutions of high credit standing. Accordingly, ECLs relating to these debt instruments rounds to nil.

The Company’s receivables are aged current as of December 31, 2023 and 2022. No receivables are considered credit-impaired.

As of December 31, 2023 and 2022, the carrying values of the Company’s financial instruments represent maximum exposure as of reporting date.

The table below shows the comparative summary of maximum credit risk exposures on financial instruments as of December 31, 2023 and 2022: Financial assets at FVTPL: Equity securities Financial assets at amortized cost: Cash and cash equivalents Accrued interest receivable Dividend receivable Receivable from HEDC Rent receivable Financial assets at FVOCI: Quoted equity securities: PERC Benguet Corporation Unquoted equity security: HEDC Investments in government securities

2023

2022

P =38,107,024

=36,828,021 P

111,060,664 903,627 858,412 59,196 33,185

99,386,480 500,179 477,387 56,920 31,385

P =19,063,263 ‒

=18,485,589 P 10,281,176

490,649,813 4,993,340 P =665,728,524

507,957,260 3,885,443 =677,889,840 P

*SGVFS188897*

- 18 The following tables show financial instruments recognized at fair value as of December 31, 2023 and 2022, analyzed between those whose fair values are based on: 1. quoted prices in active markets for identical assets or liabilities (Level 1); 2. those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (Level 2); and 3. those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

2023 Level 1 Level 2 Financial assets: Financial assets at FVTPL: Equity securities Financial assets at FVOCI: PERC HEDC Investments in government securities

Fair Value

=38,107,024 P

=‒ P

=‒ P

=38,107,024 P

19,063,263 ‒

‒ ‒

‒ 490,649,813

19,063,263 490,649,813

4,993,340 =62,163,627 P

‒ P‒ =

‒ =490,649,813 P

4,993,340 =552,813,440 P

Level 1 Financial assets: Financial assets at FVTPL: Equity securities Financial assets at FVOCI: PERC Benguet Corporation HEDC Investments in government securities

Level 3

2022 Level 2

Level 3

Fair Value

=36,828,021 P

=‒ P

=‒ P

=36,828,021 P

18,485,589 10,281,176 ‒

‒ ‒ ‒

‒ ‒ 507,957,260

18,485,589 10,281,176 507,957,260

3,885,443 =69,480,229 P

‒ =‒ P

‒ =507,957,260 P

3,885,443 =577,437,489 P

There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements in 2023 and 2022.

15. Capital Management The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders’ value.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders or issue new shares.

The Company monitors capital using a debt-to-equity ratio, which is total debt divided by total equity.

The Company includes within total debt the following: accounts payable and accrued expenses. Total equity includes capital stock, net unrealized gains on financial assets at FVOCI and retained earnings.

*SGVFS188897*

- 19 The Company has no externally imposed capital requirements as of December 31, 2023 and 2022.

The table below demonstrates the debt-to-equity ratios of the Company as of December 31, 2023 and 2022: Total liabilities: Accounts payable and accrued expenses Total equity: Capital stock Net unrealized gains on financial assets at FVOCI Retained earnings Debt-to-equity ratio

2023

2022

P =984,140

=1,137,974 P

P =163,000,000 337,293,862 107,537,881 607,831,743 0.0016:1

=163,000,000 P 361,525,568 92,487,273 617,012,841 0.0018:1

There were no changes in the objectives, policies or processes for the years ended December 31, 2023 and 2022.

The Company has declarable dividends amounting to = P103.64 million as of December 31, 2023.

The Company’s track record of capital stock is as follows:

Listing date - May 7, 1974 Add (deduct): 50% stock dividend 60% stock dividend 1:2.400 stock rights offering 1:2.125 stock rights offering 15% stock dividend Change in par value from =0.01/share to P P =1.00/share Quasi-reorganization December 31, 2010 Add (deduct): Movement December 31, 2011 Add (deduct): Movement December 31, 2012 Add (deduct): Movement December 31, 2013 Add (deduct): Movement December 31, 2014 Add (deduct): Movement December 31, 2015 Add (deduct): Movement December 31, 2016 Add (deduct): Movement

Number of shares registered

Issue/ offer price

Date of SEC approval

10,000,000,000

=0.01/share P

November 5, 1973

5,000,000,000 9,000,000,000 10,000,000,000 16,000,000,000 7,500,000,000

0.01/share November 27, 1981 0.01/share October 31, 1990 0.01/share September 28, 1992 0.01/share February 8, 1994 0.01/share January 20, 1997

(56,925,000,000) (412,000,000) 163,000,000 − 163,000,000 − 163,000,000 − 163,000,000 − 163,000,000 − 163,000,000 − 163,000,000 −

1/share

August 14, 1997 October 5, 1998

−

−

−

−

−

−

−

−

− − − − −

− − − −

Number of holders as of year-end

4,941 (38) 4,903 (156) 4,747 71 4,818 (32) 4,786 (28) 4,758 − 4,758 (41)

(Forward)

*SGVFS188897*

- 20 -

December 31, 2017 Add (deduct): Movement December 31, 2018 Add (deduct): Movement December 31, 2019 Add (deduct): Movement December 31, 2020 Add (deduct): Movement December 31, 2021 Add (deduct): Movement December 31, 2022 Add (deduct): Movement December 31, 2023

Number of shares registered 163,000,000 − 163,000,000 − 163,000,000 ‒ 163,000,000 ‒ 163,000,000 ‒ 163,000,000 ‒ 163,000,000

Issue/ offer price =− P − − − − − − − − − − − −

Date of SEC approval − − − − − − − − − − − − −

Number of holders as of year-end 4,717 (11) 4,706 (14) 4,692 (3) 4,689 (5) 4,684 (1) 4,683 (7) 4,676

16. Basic and Diluted Earnings Per Share The computations of the Company’s basic earnings per share are as follows: Net income Weighted average number of shares Basic/Diluted earnings per share

2023 P3,966,998 = 163,000,000 =0.02434 P

2022 P1,211,901 = 163,000,000 =0.00743 P

2021 P20,131,459 = 163,000,000 =0.12351 P

The Company has no potentially dilutive common stock in 2023, 2022 and 2021.

*SGVFS188897*

SyCip Gorres Velayo & Co. 6760 Ayala Avenue 1226 Makati City Philippines

Tel: (632) 8891 0307 Fax: (632) 8819 0872 ey.com/ph

INDEPENDENT AUDITOR’S REPORT ON SUPPLEMENTARY SCHEDULES

The Board of Directors and Stockholders Seafront Resources Corporation 7th Floor, JMT Building, ADB Avenue Ortigas Center, Pasig City We have audited in accordance with Philippine Standards on Auditing, the financial statements of Seafront Resources Corporation as at December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, included in this Form 17-A and have issued our report thereon dated March 21, 2024. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed in the Index to Financial Statements and Supplementary Schedules are the responsibility of the Company’s management. These schedules are presented for purposes of complying with the Revised Securities Regulation Code Rule 68 and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, fairly state, in all material respects, the information required to be set forth therein in relation to the basic financial statements taken as a whole.

SYCIP GORRES VELAYO & CO.

Ana Lea C. Bergado Partner CPA Certificate No. 80470 Tax Identification No. 102-082-670 BOA/PRC Reg. No. 0001, August 25, 2021, valid until April 15, 2024 BIR Accreditation No. 08-001998-063-2023, September 12, 2023, valid until September 11, 2026 PTR No. 10079908, January 5, 2024, Makati City March 21, 2024

*SGVFS188897* A member firm of Ernst & Young Global Limited

SEAFRONT RESOURCES CORPORATION SUPPLEMENTARY INFORMATION AND DISCLOSURES REQUIRED ON REVISED SRC RULE NO. 68 DECEMBER 31, 2023

Philippine Securities and Exchange Commission (SEC) issued the Revised Securities Regulation Code Rule No. 68 (Revised SRC Rule No. 68) which consolidates the two separate rules and labeled in the amendment as “Part I” and “Part II”, respectively. It also prescribed the additional information and schedule requirements for issuers of securities to the public.

Below are the additional information and schedules required by Revised SRC Rule No. 68, that are relevant to the Company. This information is presented for purposes of filing with the SEC and is not required part of the basic financial statements.

Schedule A. Financial Assets Below is the detailed schedule of the Company’s financial assets as of December 31, 2023: Number of Amount Shown Shares or in the Principal Statement of Name of Issuing Entity and Association of Amount of Financial Each Issue Bonds and Notes Position Financial assets at FVTPL Equity Securities: PetroEnergy Resources Corporation 3,613,852 =17,888,567 P House of Investments, Inc. 2,484,000 8,048,160 Ayala Land, Inc. 128,193 4,416,249 Araneta Properties, Inc. 3,756,788 3,681,652 EEI Corporation 372,500 2,223,825 Others 840,370 1,848,571 =38,107,024 P

Name of Issuing Entity and Association of Each Issue Financial assets at FVTOCI Debt equities Philippine Government Quoted: PetroEnergy Resources Corporation Unquoted: Hermosa Ecozone Development Corporation

Number of Shares or Amount Shown Principal in the Amount of Statement of Bonds and Financial Notes Position

Income Received and Accrued =180,693 P 124,200 47,765 ‒ ‒ 151,202 =503,860 P

Income Received and Accrued

‒

=4,993,340 P

=‒ P

3,851,164

19,063,263

192,558

‒

490,649,813 =514,706,416 P

‒ =192,558 P

-2The fair value for financial instruments traded in active markets at the reporting date is based on their quoted market price without any deduction for transaction costs. For securities in which current bid and asking prices are not available, the price of the most recent transaction provides evidence of the current fair value as long as there has not been a significant change in economic circumstances since the time of the transaction.

For unquoted financial securities, the Company uses its judgment to select the most appropriate valuation methodology to value its unquoted equity investments and make assumptions that are mainly based on market conditions existing at each reporting period. It involves directly measuring the fair value of the assets and liabilities of the investee company, as mainly determined by the Company’s external appraiser.

Assets of the investee company consist mainly of parcels of land for sale which is adjusted to its fair value.

Schedule B. Amounts Receivable from Directors, Officers, Employees, Related Parties and Principal Stockholders (Other than Related Parties) The Company has no outstanding receivables from its directors, officers, employees and principal stockholders as of December 31, 2023.

Schedule C. Amounts Receivable from/Payable to Related Parties which are Eliminated during the Consolidation of Financial Statements Not applicable.

Schedule D. Long-term Debt The Company has no outstanding long-term debt as of December 31, 2023.

Schedule E. Indebtedness to Related Parties (Long Term Loans from Related Companies) The Company has no long-term indebtedness to related parties as of December 31, 2023.

Schedule F. Guarantees of Securities of Other Issuers The Company does not have guarantees of securities of other issuers as of December 31, 2023.

Schedule G. Capital Stock

Title of issue Common Shares

Number of shares authorized 388,000,000

Number of shares issued and outstanding as shown under related balance sheet caption 163,000,000

Number of Shares reserved for options, warrants, conversion and other rights

−

Number of shares held by related parties 30,469,858

Directors, officers and employees 4,926

Others 132,525,216

SEAFRONT RESOURCES CORPORATION SCHEDULE OF FINANCIAL SOUNDNESS INDICATORS AS OF DECEMBER 31, 2023 AND 2022

Financial Soundness Indicators Below are the financial ratios that are relevant to the Company for the years ended December 31, 2023 and 2022: Financial ratios Current ratio

Current assets Current liabilities

2023 155.16:1

2022 121.91:1

Debt to assets

Total debt Total assets

0.002:1

0.002:1

Asset-to-equity ratio

Total assets Total equity

1.10:1

1.10:1

Earnings per share

Net income Weighted average no. of shares

0.02433:1

0.00743:1

Price earnings ratio

Closing price Earnings per share

57.94

228.65

Return on revenue

Net income Total revenue

0.60

0.48

Long-term debt to equity ratio

Long-term debt Equity

N/A

N/A

EBITDA to total interest paid

EBITDA* Total interest paid

N/A

N/A

*Earnings before interest, taxes, depreciation and amortization (EBITDA)

SEAFRONT RESOURCES CORPORATION SCHEDULE OF RECONCILIATION OF RETAINED EARNINGS AVAILABLE FOR DIVIDEND DECLARATION DECEMBER 31, 2023

The table below presents the retained earnings available for dividend declaration as of December 31, 2023: Unappropriated retained earnings, as adjusted to available for dividend distribution, beginning Net income during the period closed to retained earnings Add: Non-actual/unrealized income net of tax Fair value loss adjustments (market-to-market) Less: Non-actual/unrealized income net of tax Fair value gain adjustments (mark-to-market) Impairment loss on financial assets at fair value through other comprehensive income Net income earned during the year Less: Dividend declarations during the year Total unappropriated retained earnings available for dividend declaration as of December 31, 2023

P =100,947,670 3,966,998 ‒ 1,279,003 ‒ 2,687,995 ‒ P =103,635,665

SEAFRONT RESOURCES CORPORATION MAP OF RELATIONSHIPS OF THE COMPANIES WITHIN THE GROUP

Group Structure All existing stockholders as of December 31, 2023 neither constitute control nor significant influence over the Company. Also, the Company’s investments neither constitute control nor significant influence.

SEAFRONT RESOURCES CORPORATION INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES SEC FORM 17-A

FINANCIAL STATEMENTS Statement of Management’s Responsibility for Financial Statements Report of Independent Auditors’ Report Statements of Financial Position as at December 31, 2023 and 2022 Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 Statements of Changes in Equity for the years ended December 31, 2023, 2022 and 2021 Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 Notes to Financial Statements SUPPLEMENTARY SCHEDULES Report of Independent Auditors’ on Supplementary Schedules Schedules Required under SRC Rule 68-E A. Financial Assets B. Amounts Receivable from Directors, Officers, Employees, Related Parties, and Principal Stockholders (Other than Related Parties) C. Amounts Receivable from Related Parties which are Eliminated during the Consolidation of Financial Statements D. Long-term Debt E. Indebtedness to Related Parties F. Guarantees of Securities of Other Issuers G. Capital Stock Additional Components Schedule of Financial Soundness Indicators Reconciliation of Retained Earnings Available for Dividend Declaration Map of Relationship of the Companies within the Group

Annex A to the SEC Form 17-A: SRC Sustainability Report Contextual Information Company Details Name of Organization

Seafront Resources Corporation (SPM or SRC)

Location of Headquarters

7F, JMT Building, ADB Avenue, Ortigas Center, Pasig City

Location of Operations

Pasig City, Metro Manila; Bataan, Philippines This report mainly covers SRC’s business as a Holding Company and its investment in Hermosa Ecozone Development Corporation (HEDC).

Report Boundary: Legal entities (e.g. subsidiaries) included in this report* Business Model, including Primary Activities, Brands, Products, and Services

SRC, as a holding company, owns investments in shares of stocks of HEDC and in various shares of stocks of companies listed in the Philippine Stock Exchange. These investments represent 82.83% of the total Assets of the Company.

Reporting Period

January 1 to December 31, 2023

Highest Ranking Person responsible for this report

Milagros V. Reyes - President

Materiality Process Explain how you applied the materiality principle (or the materiality process) in identifying your material topics As a holding Company, SRC has very minimal operations. Its sustainability focus was to ensure that its investment in capital market and business venture would yield optimum values for its shareholders. For this report, the material topics that were identified were those relating to economic impact and how the Company mitigates risks and recognizes opportunities.

In succeeding Sustainability Reports, the following additional steps will be employed to identify other material topics: a) Identification – this involves discussion on sustainability issues and how the Company can focus its efforts on crafting its sustainability agenda; b) Prioritization – this entails determination and prioritization of the material topics based on the relevance and degree of impact to business’ operations; and c) Validation – this pertains to the process of gathered pertinent data to further deliberate on the topic and validate results.

SRC 2023 Sustainability Report

1 of 11

ECONOMIC Economic Performance Direct Economic Value Generated and Distributed Disclosure Direct economic value generated (revenue)* Direct economic value distributed: a. Operating costs b. Taxes given to government

Amount 6,641,812 2,668,396 2,572,959 95,437

Units PhP PhP PhP PhP

* Direct economic value generated (revenue) and operating costs includes SRC’s revenues and operating costs from its investments in capital markets and in Hermosa Ecozone Development Corporation (HEDC).

Direct Economic Value Discussion on Impact, Risks, and Management Approach Seafront Resources Corporation (SPM or SRC) was registered with the Securities and Exchange Commission (SEC) on April 16, 1970 as an oil exploration and production company. On October 18, 1996, the Company amended its Articles of Incorporation which provides for the revision of its primary purpose from engaging in the business of oil exploration and production into a holding company.

On January 31, 1997, the Company entered into a Project Shareholders’ Agreement with five other companies led by Investment and Capital Corporation of the Philippines and Penta Capital Investment Corporation to develop 500 to 600 hectares of raw land in Hermosa, Bataan (through Hermosa Ecozone Development Corporation or HEDC) into a new township consisting of industrial estates, residential communities, a golf and country club and a commercial center. SRC holds 11.33% shares interest in HEDC. HEDC started its land development in 2002 and has developed a total of 163 hectares in the industrial area.

The remaining 368 hectares are allocated for leisure area. Initial sale of lot was at Php1,400/sqm in 2007. Sales started to pick up from 2017 to 2023. From 2017 to 2023, HEDC sold a total of 1,034,104 sqm of lots for a gross revenue of Php3.691 billion.

HEDC has already declared and paid a total of Php1.049 million of dividends, wherein SRC received its share in the amount of Php119 million.

For 2023, the direct economic value contributed by SRC amounted to Php 6.64 million composed of costs from operation and taxes to government.

SRC’s management and administration are done by its affiliate Company, PetroEnergy Resources Corporation (PERC). PERC oversees the financial, treasury, legal, and administrative functions of SRC. As a holding company, SRC has very minimal to no environmental and social impact. However, its generated economic value, which include taxes paid to government, indirectly contributes to social development projects of host local government units where it operates.

SRC recognizes the following risks and implements several management approaches to mitigate the identified risks.

(1) Political, Economic, and Legal Risks in the Philippines As an emerging market, the Philippines is exposed to various political and economic risks that may affect the Company. Over the years, the country was met with political instability brought by mass demonstrations, military coup, and election-related issues. These scenarios undeniably affect the Philippine economy resulting in negative impact such as decline in Peso, higher interest rates , increased SRC 2023 Sustainability Report

2 of 11

unemployment, greater volatility and lower value of stock market, lower credit rating of the country, and the reduction of the country’s foreign currency reserves. Any negative impact may also pose a negative effect to SRC’s financial performance.

(2) Equity Partnership Risk The Company entered into a Project Shareholder’s Agreement with five other companies led by Investment and Capital Corporation of the Philippines and Penta Capital Investment Corporation to develop 500-600 hectares of raw land in Hermosa, Bataan into a township consisting of industrial estates, residential communities, a golf and country club and a commercial center. This situation may involve special risks associated with the possibility that the equity partner (i) may have economic or business interests or goals that are inconsistent with those of the Company; (ii) take actions contrary to the interests of the Company; (iii) be unable or unwilling to fulfill its obligations under the Project Shareholder’s Agreement; or (iv) experience financial difficulties. These conflicts may adversely affect the Company’s operations.

(3) Financial Risk The main financial risks arising from the Company’s financial instruments are liquidity risk, market risk and interest rate risk.

Liquidity risk is the risk that the Company is unable to meet its financial obligation when due. The Company has substantial investments in shares of stock which are not listed in the Philippine Stock Exchange and may not be readily convertible to liquid assets necessary to meet any potential additional liquidity requirements of the Company.

Market risk is the risk of loss on future earnings, on fair values or on future cash flows that may result from changes in market prices. The value of a financial instrument may change as a result of changes in interest rates, foreign currency exchanges rates, commodity prices, equity prices and other market changes. The Company’s market risk emanates from its holdings in debt and equity securities.

The Company’s exposure to market risk for changes in fixed interest rates relates primarily to the Company’s money market placements and debt securities.

(4) Risks due to health crisis or pandemic Health crisis, such as the COVID-19 pandemic which started in late 2019 has also negatively affected the financial markets. SRC is exposed to this risk because of its investments in HEDC shares of stocks. On the other hand, as Company with limited or very little on-site operations, SRC was also able to perform its corporate function despite many disruptions in many businesses.

To mitigate these risks, SRC closely monitors global and national economic and political issues that may have impact to the Company. In addition, it also establishes and cultivates good relationship and mutual respect among its partners to ensure that equity risk is mitigated.

To manage health-related risks, SRC will ensure unhampered operations by employing business continuity practices and tools.

To manage its financial risks, SRC continuously monitors its cash position and overall liquidity position. The Company maintains a level of cash and cash equivalents deemed sufficient to finance operations and to SRC 2023 Sustainability Report

3 of 11

mitigate the effects of fluctuation in cash flows.

SRC also closely monitors the prices of its debt and equity securities as well as macroeconomic and entityspecific factors which could directly or indirectly affect the prices of these instruments. In case of an expected decline in its portfolio of equity securities, the Company readily disposes or trades the securities for replacement.

Discussion on Opportunities To further improve the economic value of SRC, the Company recognizes other opportunities in capital market by building up on its reputation as a profitable holding company. SRC also expects to increase its direct and indirect economic impact when HEDC is fully developed and operated.

Climate-related risks and opportunities As a holding Company, SRC is not directly at risk of climate-related threats. However, the SRC Board of Directors is tasked to primarily manage the overall risks and opportunities by establishing the Board Risk Oversight Committee (BROC).

At present the Company has no formal climate-related risk strategies and metrics. Nonetheless, the Company will consider adopting a formal enterprise risk management program.

Procurement Practices Proportion of spending on local suppliers Disclosure Percentage of procurement budget used for significant locations of operations that is spent on local suppliers

Quantity

Units

N/A

%

Quantity

Units

N/A*

%

N/A

%

N/A

%

N/A

%

Quantity

Units

0

#

The current operations of SRC does not involve spending on local suppliers.

Anti-corruption Training on Anti-corruption Policies and Procedures Disclosure Percentage of employees to whom the organization’s anticorruption policies and procedures have been communicated to Percentage of business partners to whom the organization’s anticorruption policies and procedures have been communicated to Percentage of directors and management that have received anti-corruption training Percentage of employees that have received anti-corruption training *SRC has no employees.

Incidents of Corruption Disclosure Number of incidents in which directors were removed or disciplined for corruption SRC 2023 Sustainability Report

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Number of incidents in which employees were dismissed or disciplined for corruption Number of incidents when contracts with business partners were terminated due to incidents of corruption

0

#

0

#

Anti-Corruption SRC’s Board of Directors participate in annual seminar on Corporate Governance to be abreast of the best practices in corporate governance. No corruption incidents were reported in 2023.

ENVIRONMENT Over the years, SRC’s investee, HEDC follows best practices in environmental management and adheres to the highest environmental protection standards. It likewise implements waste reduction and proper disposal protocols to ensure that impact to environment is managed and mitigated. HEDC also encourages and welcomes locators who are into the renewable energy business. In 2016, an all-Filipino solar company, YH Green Energy Company, started to generate electricity from its 14.5 MW utility scale solar power project located in HEDC. This project does not only contribute to power stability in the country, but most importantly help combat GHG emissions.

Resource Management Energy consumption within the organization: Disclosure Energy consumption (renewable sources) Energy consumption (gasoline) Energy consumption (LPG) Energy consumption (diesel) Energy consumption (electricity)

Quantity N/A 4.50 N/A 9.89 2,806.7

Units GJ GJ GJ GJ kWh

Quantity 120 96 0

Units m3 m3 m3

Water consumption within the organization Disclosure Water withdrawal Water consumption Water recycled and reused

Materials used by the organization Disclosure Materials used by weight or volume  Renewable  Non-renewable

SRC 2023 Sustainability Report

Quantity

Units

20 N/A

kg/liters

5 of 11

Ecosystems and biodiversity (whether in upland/watershed or coastal/marine) Disclosure Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas Habitats protected or restored IUCN1 Red List species and national conservation list species with habitats in areas affected by operations

Quantity N/A

Units

N/A N/A

ha

Quantity N/A N/A N/A

Units Tonnes CO2e Tonnes CO2e Tonnes

Environmental impact management Air Emissions GHG Disclosure Direct (Scope 1) GHG Emissions Energy indirect (Scope 2) GHG Emissions Emissions of ozone-depleting substances (ODS) Air pollutants Disclosure NOx SOx Persistent organic pollutants (POPs) Volatile organic compounds (VOCs) Hazardous air pollutants (HAPs) Particulate matter (PM)

Quantity N/A N/A N/A N/A N/A N/A

Units kg kg kg kg kg kg

Solid Waste Disclosure Total solid waste generated Reusable Recyclable Composted Incinerated Residuals/Landfilled

Quantity 100 N/A 30 60 N/A 10

Units kg kg kg kg kg kg

Hazardous Waste Disclosure Total weight of hazardous waste generated Total weight of hazardous waste transported

Quantity N/A N/A

Units kg kg

Solid and Hazardous Wastes

Effluents Disclosure Total volume of water discharges

Quantity 24

Units Cubic meters 6 of 11

SRC 2023 Sustainability Report

Percent of wastewater recycled

0

%

Environmental compliance

Non-compliance with Environmental Laws and Regulations Disclosure Total amount of monetary fines for non-compliance with environmental laws and/or regulations No. of non-monetary sanctions for non-compliance with environmental laws and/or regulations No. of cases resolved through dispute resolution mechanism

Quantity 0

Units PhP

N/A

#

N/A

#

SOCIAL This section is not applicable directly to SRC since the Company has no employees. The data presented in this section pertains to the HEDC’s which SRC owns 11.33% interest.

Employee Management Employee Hiring and Benefits Employee data Disclosure Total number of employees2 a. Number of female employees b. Number of male employees Attrition rate3 Ratio of lowest paid employee against minimum wage Employee benefits List of Benefits SSS PhilHealth Pag-ibig Parental leaves Vacation leaves Sick leaves Medical benefits (aside from PhilHealth) Housing assistance (aside from Pagibig) Retirement fund (aside from SSS) 2

Y/N

Quantity 1 1 0

Units # # rate ratio

Y Y Y N/A Y Y HMO

% of female employees who availed for the year 100% 100% 100% N/A 100% 100% N/A

% of male employees who availed for the year N/A N/A N/A N/A N/A N/A N/A

N/A

N/A

N/A

N/A

N/A

N/A 7 of 11

Employees are individuals who are in an employment relationship with the organization, according to national law or its application (GRI Standards 2016 Glossary) 3 Attrition are = (no. of new hires – no. of turnover)/(average of total no. of employees of previous year and total no. of employees of current year)

SRC 2023 Sustainability Report

Further education support Company stock options Telecommuting Flexible-working Hours (Others)

N/A N/A N.A N/A

N/A N/A N/A N/A

N/A N/A N/A N/A

Employee Training and Development Disclosure Total training hours provided to employees a. Female employees b. Male employees Average training hours provided to employees a. Female employees b. Male employees

Quantity

Units

0 0

hours hours

0 0

hours/employee hours/employee

Quantity N/A

Units %

N/A

#

Quantity N/A N/A N/A

Units % % #

Labor-Management Relations Disclosure % of employees covered with Collective Bargaining Agreements Number of consultations conducted with employees concerning employee-related policies

Diversity and Equal Opportunity Disclosure % of female workers in the workforce % of male workers in the workforce Number of employees from indigenous communities and/or vulnerable sector*

*Vulnerable sector includes, elderly, persons with disabilities, vulnerable women, refugees, migrants, internally displaced persons, people living with HIV and other diseases, solo parents, and the poor or the base of the pyramid (BOP; Class D and E).

Workplace Conditions, Labor Standards, and Human Rights Occupational Health and Safety Disclosure Safe Man-Hours No. of work-related injuries No. of work-related fatalities No. of work related ill-health No. of safety drills

Quantity N/A N/A N/A N/A N/A

Units Man-hours # # # #

Labor Laws and Human Rights Disclosure No. of legal actions or employee grievances involving forced or child labor

Quantity

Units #

Do you have policies that explicitly disallows violations of labor laws and human rights (e.g. harassment, SRC 2023 Sustainability Report

8 of 11

bullying) in the workplace?

Topic Forced labor Child labor Human Rights

Y/N N N N

If Yes, cite reference in the company policy

Supply Chain Management

Do you have a supplier accreditation policy? If yes, please attach the policy or link to the policy: _________________________ Do you consider the following sustainability topics when accrediting suppliers?

Topic Y/N If Yes, cite reference in the supplier policy Environmental performance N Forced labor N Child labor N Human rights N Bribery and corruption N

Relationship with Community Significant Impacts on Local Communities Operations with significant (positive or negative) impacts on local communities (exclude CSR projects; this has to be business operations)

Location

Vulnerable groups (if applicable)*

Does the particular operation have impacts on indigenous people (Y/N)?

Collective or individual rights that have been identified that or particular concern for the community

Mitigating measures (if negative) or enhancement measures (if positive)

Customer Management Customer Satisfaction Disclosure

Score

Customer satisfaction

N/A

Health and Safety Disclosure

SRC 2023 Sustainability Report

Did a third party conduct the customer satisfaction study (Y/N)?

Quantity

Units 9 of 11

No. of substantiated complaints on product or service N/A # health and safety* No. of complaints addressed # *Substantiated complaints include complaints from customers that went through the organization’s formal communication channels and grievance mechanisms as well as complaints that were lodged to and acted upon by government agencies.

Marketing and labelling Disclosure Quantity Units No. of substantiated complaints on marketing and N/A # labelling* No. of complaints addressed # *Substantiated complaints include complaints from customers that went through the organization’s formal communication channels and grievance mechanisms as well as complaints that were lodged to and acted upon by government agencies.

Customer privacy Disclosure Quantity Units No. of substantiated complaints on customer privacy* 0 # No. of complaints addressed # No. of customers, users and account holders whose # information is used for secondary purposes *Substantiated complaints include complaints from customers that went through the organization’s formal communication channels and grievance mechanisms as well as complaints that were lodged to and acted upon by government agencies.

Data Security Disclosure No. of data breaches, including leaks, thefts and losses of data

SRC 2023 Sustainability Report

Quantity 0

Units #

10 of 11

UN SUSTAINABLE DEVELOPMENT GOALS Product or Service Contribution to UN SDGs Key products and services and its contribution to sustainable development.

Key Products and Societal Value / Potential Negative Services Contribution to UN SDGs Impact of Contribution Investment in stocks and capital market

SRC’s investment in HEDC contributes to SDG 9 by helping companies finance projects that will boost manufacturing industries and infrastructure

Absence of risk management program may consequently result in negative impact to financed businesses and investments

Management Approach to Negative Impact SRC closely monitors the various economic, political, and financial risks that may affect the Company.

* None/Not Applicable is not an acceptable answer. For holding companies, the services and products of its subsidiaries may be disclosed.

SRC 2023 Sustainability Report

11 of 11

Control No.: Form Type:

GFFS (rev 2006)

GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

PSIC:

Table 1. Statements of Financial Position FINANCIAL DATA A.

ASSETS (A.1 + A.2 + A.3 + A.4 + A.5 + A.6 + A.7 + A.8 + A.9 + A.10) A.1 Current Assets (A.1.1 + A.1.2 + A.1.3 + A.1.4 + A.1.5) A.1.1 Cash and cash equivalents (A.1.1.1 + A.1.1.2 + A.1.1.3) A.1.1.1 On hand A.1.1.2 In domestic banks/entities A.1.1.3 In foreign banks/entities A.1.2 Trade and Other Receivables (A.1.2.1 + A.1.2.2) A.1.2.1 Due from domestic entities (A.1.2.1.1 + A.1.2.1.2 + A.1.2.1.3 + A.1.2.1.4) A.1.2.1.1 Due from customers (trade) A.1.2.1.2 Due from related parties A.1.2.1.3 Others, specify (A.1.2.1.3.1+A.1.2.1.3.2) A.1.2.1.3.1 Receivables from a consortium operator A.1.2.1.3.2 Accrued interest A.1.2.1.3.3 Loans receivable A.1.2.1.3.4 Dividends receivable A.1.2.1.3.5 Advances to Suppliers A.1.2.1.3.6 Receivable from HEDC A.1.2.1.3.7 Others A.1.2.1.4 Allowance for doubtful accounts (negative entry) A.1.2.2 Due from foreign entities, specify (A.1.3.2.1 + A.1.3.2.2 + A.1.3.2.3 + A.1.3.2.4) A.1.2.2.1 A.1.2.2.2 A.1.2.2.3 Allowance for doubtful accounts (negative entry) A.1.3 Inventories (A.1.3.1 + A.1.3.2 + A.1.3.3 + A.1.3.4 + A.1.3.5 + A.1.3.6) A.1.3.1 Raw materials and supplies A.1.3.2 Goods in process (including unfinished goods, growing crops, unfinished seeds) A.1.3.3 Finished goods A.1.3.4 Merchandise/Goods in transit A.1.4 Financial Assets other than Cash/Receivables/Equity investments (A.1.4.1 + A.1.4.2 + A.1.4.3 + A.1.4.4+A.1.4.5+A.1.4.6) A.1.4.1 Financial Assets at Fair Value through Profit or Loss - issued by domestic entities (A.1.4.1.1 + A.1.4.1.2 + A.1.4.1.3 + A.1.4.1.4 + A.1.4.1.5) A.1.4.1.1 National Government A.1.4.1.2 Public Financial Institutions A.1.4.1.3 Public Non-Financial Institutions A.1.4.2 Held to Maturity Investments - issued by domestic entities (A.1.4.2.1 + A.1.4.2.2 + A.1.4.2.3 + A.1.4.2.4 + A.1.4.2.5)

2023

2022

( in P'000 )

( in P'000 )

667,405 152,699 111,061

679,336 138,727 99,386

111,061

99,386

1,854 1,854

1,066 1,066

1,854

1,066

904

500

858

477

92

88

38,107

36,828

38,107

36,828

38,107

36,828

NOTE: This general form is applicable to companies engaged in Agriculture, Fishery, Forestry, Mining, and Quarrying, Manufacturing, Electricity, Gas and Water, Construction, Wholesale and Retail Trade, Transportation, Storage and Communications, Hotels and Restaurants, Real Estate, Community, Social and Personal Services, other forms of production, and general business operations. This form is also applicable to other companies that do not have industry-specific Special Forms. Special forms shall be used by publicly-held companies and those engaged in non-bank financial intermediation activities, credit granting, and activities auxiliary to financial intermediation, which require secondary license from SEC. Domestic corporations are those which are incorporated under Philippine laws or branches/subsidiaries of foreign corporations that are licensed to do business in the Philippines where the center of economic interest or activity is within the Philippines. On the other hand, foreign corporations are those that are incorporated abroad, including branches of Philippine corporations operating abroad.

Financial Institutions are corporations principally engaged in financial intermediation, facilitating financial intermediation, or auxiliary financial services. Non-Financial institutions refer to corporations that are primarily engaged in the production of market goods and non-financial services.

Page 1

Control No.: Form Type: GFFS (rev 2006) GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

Table 1. Statements of Financial Position

PSIC: 2023 ( in P'000 )

Table 1. Statements of Financial Position A.1.4.3 Loans and Receivables - issued by domestic entities: A.1.4.3.1 National Government A.1.4.3.2 Public Financial Institutions A.1.4.3.3 Public Non-Financial Institutions A.1.4.4 Financial Assets at Fair Value Thruogh other Comprhensive Income (FVOCI) A.1.4.4.1 National Government A.1.4.4.2 Public Financial Institutions A.1.4.4.3 Public Non-Financial Institutions A.1.4.4.4 Private Financial Institutions A.1.4.4.5 Private Non-Financial Institutions A.1.4.5 Financial Assets issued by foreign entities: (A.1.4.5.1+A.1.4.5.2+A.1.4.5.3+A.1.4.5.4) A.1.4.5.1 Financial Assets at fair value through profit or loss A.1.4.5.2 Held-to-maturity investments A.1.4.6 Allowance for decline in market value (negative entry) A.1.5 Other Current Assets (state separately material items) (A.1.5.1 + A.1.5.2 + A.1.5.3) A.1.5.1 Creditable Input VAT A.1.5.2 Other investment A.1.5.3 Prepaid taxes A.1.5.3 Supplies Inventory A.1.5.3 Prepaid expenses A.1.5.3 Other current asset A.2 Property, plant, and equipment (A.2.1 + A.2.2 + A.2.3 + A.2.4 + A.2.5 + A.2.6 + A.2.7+A.2.8) A.2.1 Land A.2.2 Building and improvements including leasehold improvement A.2.3 Machinery and equipment (on hand and in transit) A.2.4 Transportation/motor vehicles, automotive equipment, autos and trucks, and delivery equipment A.2.5 Others, specify (A.2.5.1 + A.2.5.2 + A.2.5.3 + A.2.5.4 + A.2.5.5) A.2.5.1 Property, or equipment used for education purposes A.2.5.2 Construction in progress A.2.6 Appraisal increase, specify (A.2.6.1 + A.2.6.2 + A.2.6.3 + A.2.6.4) A.2.7 Accumulated Depreciation (negative entry) A.2.8 Impairment Loss or Reversal (if loss, negative entry) A.3 Investments accounted for using the equity method (A.3.1 + A.3.2 + A.3.3 ) A.3.1 Equity in domestic subsidiaries/affiliates A.3.2 Equity in foreign branches/subsidiaries/affiliates A.3.3 Others, specify (A.3.1.1 + A.3.2.1 + A.3.3.1 + A.3.3.4) A.3.3.1 A.3.3.2 A.4 Investment Property A.5 Biological Assets A.6 Intangible Assets (A.6.1 + A.6.2) A.6.1 Major item/s, specify (A.6.1.1 + A.6.1.2 + A.6.1.3 + A.6.1.4) A.6.1.1 A.6.1.2 A.6.1.3 A.6.2 Others, specify (A.6.2.1 + A.6.2.2 + A.6.2.3 + A.6.2.4) A.6.2.1 A.7 Assets Classified as Held for Sale A.8 Assets included in Disposal Groups Classified as Held for Sale

Page 2

2022 ( in P'000 )

514,706 4,993

540,609 3,885

509,713

536,724

1,677 1,167

1,446 985

509

461

Control No.: Form Type:

Control No.: Form Type:

GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

Table 1. Statements of Financial Position

PSIC: 2023 ( in P'000 )

Table 1. Statements of Financial Position A.9 Long-term receivables (net of current portion) (A.9.1 + A.9.2 + A.9.3) A.9.1. From domestic entities, specify (A.9.1.1 + A.9.1.2 + A.9.1.3 + A.9.1.4) A.9.1.1 A.9.1.2 A.9.1.3 A.9.1.4 A.9.2 From foreign entities, specify (A.9.2.1 + A.9.2.2 + A.9.2.3 + A.9.2.4) A.9.2.1 A.9.2.2 A.9.2.3 A.9.3 Allowance for doubtful accounts, net of current portion (negative entry) A.10 Other Assets (A.10.1 + A.10.2 + A.10.3 + A.10.4+A.10.5) A.10.1 Deferred charges - net of amortization A.10.2 Deferred Income Tax A.10.3 Advance/Miscellaneous deposits A.10.4 Others, specify (A.10.4.1 + A.10.4.2 + A.10.4.3 + A.10.4.4) A.10.5 Allowance for write-down of deferred charges/bad accounts (negative entry) B. LIABILITIES (B.1 + B.2 + B.3 + B.4 + B.5) B.1 Current Liabilities (B.1.1 + B.1.2 + B.1.3 + B.1.4 + B.1.5 + B.1.6 + B.1.7) B.1.1 Trade and Other Payables to Domestic Entities B.1.1.1 Loans/Notes Payables B.1.1.2 Trade Payables B.1.1.3 Payables to Related Parties, specify (B.1.1.3.1 + B.1.1.3.2 + B.1.1.3.3) B.1.1.3.1 B.1.1.3.2 B.1.1.3.3 B.1.1.4 Others, specify (B.1.1.4.1 + B.1.1.4.2 + B.1.1.4.3) B.1.1.4.1 Accruals B.1.1.4.2 Withholding tax payable B.1.1.4.3 Deferred credits B.1.1.4.4 Accounts payable B.1.1.4.5 Due from broker B.1.2 Trade and Other Payables to Foreign Entities (specify) (B.1.2.1+B.1.2.2+B.1.2.3+B.1.2.4) B.1.2.1 Derivative liability B.1.2.2 B.1.2.3 B.1.3 Provisions B.1.4 Financial Liabilities (excluding Trade and Other Payables and Provisions) B.1.5 Liabilities for Current Tax B.1.6 Deferred Tax Liabilities B.1.7 Others, specify (If material, state separately; indicate if the item is payable to public/private or B.1.7.1 Dividends declared and not paid at balance sheet date B.1.7.2 Acceptances Payable B.1.7.3 Liabilities under Trust Receipts B.1.7.4 Portion of Long-term Debt Due within one year B.1.7.5 Deferred Income B.1.7.6 Any other current liability in excess of 5% of Total Current Liabiilities, specify: B.1.7.6.1 B.1.7.6.2

Page 3

GFFS (rev 2006)

2022 ( in P'000 )

59,573 984 984

62,323 1,138 1,138

984 926 6 4 47

1,138 639 11 489

58,589

61,185

Control No.: Form Type: GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City CURRENT ADDRESS: TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

Table 1. Statements of Financial Position

PSIC: 2023 ( in P'000 )

Table 1. Statements of Financial Position B.2 Long-term Debt - Non-current Interest-bearing Liabilities (B.2.1 + B.2.2 + B.2.3 + B.2.4 + B.2.5) B.2.1 Domestic Public Financial Institutions B.2.2 Domestic Public Non-Financial Institutions B.2.3 Domestic Private Financial Institutions B.2.4 Domestic Private Non-Financial Institutions B.2.5 Foreign Financial Institutions B.3 Indebtedness to Affiliates and Related Parties (Non-Current) B.4 Liabilities Included in the Disposal Groups Classified as Held for Sale B.5 Other Liabilities (B.5.1 + B.5.2) B.5.1 Deferred Income Tax B.5.2 Others, specify (B.5.2.1 + B.5.2.2 + B.5.2.3 + B.5.2.4) B.5.2.1 Subscription payable B.5.2.2 B.5.2.3 B.5.2.4 C. EQUITY (C.3 + C.4 + C.5 + C.6 + C.7 + C.8 + C.9+C.10) C.1 Authorized Capital Stock (no. of shares, par value and total value; show details) C.1.1 Common shares 388,000,000 shares, P1 par value C.1.2 Preferred Shares C.1.3 Others C.2 Subscribed Capital Stock (no. of shares, par value and total value) (C.2.1 + C.2.2 + C.2.3) C.2.1 Common shares C.2.2 Preferred Shares C.2.3 Others C.3 Paid-up Capital Stock (C.3.1 + C.3.2) C.3.1 Common shares C.3.2 Preferred Shares C.4 Additional Paid-in Capital / Capital in excess of par value / Paid-in Surplus C.5 Minority Interest C.6 Others, specify (C.6.1 + C.6.2 + C.6.3 + C.6.4 + C.6.5) C.6.1 Net unrealized gains on financial assets at FVOCI C.6.2 C.6.3 C.6.4 C.6.5 C.7 Appraisal Surplus/Revaluation Increment in Property/Revaluation Surplus C.8 Retained Earnings (C.8.1 + C.8.2) C.8.1 Appropriated C.8.2 Unappropriated C.9 Head / Home Office Account (for Foreign Branches only) C.10 Cost of Stocks Held in Treasury (negative entry) D. TOTAL LIABILITIES AND EQUITY (B + C)

Page 4

2022 ( in P'000 )

607,832 388,000 388,000

617,013 388,000 388,000

163,000 163,000

163,000 163,000

337,294 337,294

361,526 361,526

107,538

92,487

107,538

92,487

667,405

679,336

GFFS (rev 2006)

Control No.: Form Type: GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

GFFS (rev 2006)

PSIC:

Table 2. Statements of Income 2022 ( in P'000 )

FINANCIAL DATA A.

B.

C.

D.

REVENUE / INCOME (A.1 + A.2 + A.3) A.1 Net Sales or Revenue / Receipts from Operations (manufacturing, mining,utilities, trade, A.2 Share in the Profit or Loss of Associates and Joint Ventures accounted for using the A.3 Other Revenue (A.3.1 + A.3.2 + A.3.3 + A.3.4 + A.3.5) A.3.1 Rental Income from Land and Buildings A.3.2 Receipts from Sale of Merchandise (trading) (from Secondary Activity) A.3.3 Sale of Real Estate or other Property and Equipment A.3.4 Royalties, Franchise Fees, Copyrights (books, films, records, etc.)

A.3.5 Others, specify (A.3.5.1 + A.3.5.2 + A.3.5.3 + A.3.5.4 + A.3.5.5 + A.3.5.6 + A.3.5.7) A.3.5.1 Net gains on fair value changes on financial assets at FVPL A.4 Other Income (non-operating) (A.4.1 + A.4.2 + A.4.3 + A.4.4) A.4.1 Interest Income A.4.2 Dividend Income A.4.3 Net gain on FV changes on financial asset at FVPTL A.4.4 Gain / (Loss) from selling of Assets, specify A.4.3.1 Gain from sale of financial assets A.4.4 Gain / (Loss) on Foreign Exchange (A.4.4.1 + A.4.4.2 + A.4.4.3 + A.4.4.4) A.4.4.1 Net foreign currency exchange gain A.4.4.2 Miscellaneous A.4.4.3 COST OF GOODS SOLD (B.1 + B.2 + B.3) B.1 Cost of Goods Manufactured (B.1.1 + B.1.2 + B.1.3 + B.1.4 + B.1.5) B.1.1 Direct Material Used B.1.2 Direct Labor B.1.3 Other Manufacturing Cost / Overhead B.3 Finished Goods, End (negative entry) COST OF SALES (C.1 + C.2 + C.3) C.1 Purchases C.2 Merchandise Inventory, Beginning C.3 Merchandise Inventory, End (negative entry) COST OF SERVICES, SPECIFY (D.1 + D.2 + D.3 + D.4 + D.5 + D.6) D.1 D.2 D.3 D.4 D.5

Page 5

2022 ( in P'000 )

2021 ( in P'000 )

6,641

3,222

32,675

6,641 4,271 696 1,279

3,222 1,681 419 716

32,675 624 31,710

395 -.36 396

406 3 402

342 2 340

Control No.: Form Type: GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

GFFS (rev 2006)

PSIC:

Table 2. Statements of Income 2023 ( in P'000 )

FINANCIAL DATA E. OTHER DIRECT COSTS, SPECIFY (E.1 + E.2 + E.3 + E.4 + E.5 + E.6) E.1 E.2 E.3 E.4 E.5 E.6 F. GROSS PROFIT (A - B - C - D - E) G. OPERATING EXPENSES (G.1 + G.2 + G.3 + G.4) G.1 Selling or Marketing Expenses G.2 Administrative Expenses G.3 General Expenses G.4 Other Expenses, specify (G.4.1 + G.4.2 + G.4.3 + G.4.4 + G.4.5 + G.4.6) G.4.1 Net loss on fair value changes on financial assets at FVPL G.4.2 Unrealized foreign currency exchange loss G.4.3 Realized foreign currency exchange loss G.4.4 Unrealized marked-to market loss from currency forward G.4.5 Impairment loss on available-for-sale financial assets G.4.6 H. FINANCE COSTS I. NET INCOME (LOSS) BEFORE TAX ( F - G - H) J. INCOME TAX EXPENSE (negative entry) K. INCOME AFTER TAX L. Amount of (i) Post-Tax Profit or Loss of Discontinued Operations; and (ii) L.1 L.2 M. Profit or Loss Attributable to Minority Interest N. Profit or Loss Attributable to Equity Holders of the Parent

Page 6

2022 ( in P'000 )

2021 ( in P'000 )

6,641 2,668

3,222 2,006

32,675 12,542

2,668

2,006

10,255 2,287 2,287

3,973 6 3,967

1,216 4 1,212

20,133 2 20,131

Control No.: Form Type: GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas Center, Pasig City TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

GFFS (rev 2006)

PSIC:

Table 3. Statements of Cash Flows 2023 ( in P'000 )

Table 1. Statements of Financial Position CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) Before Tax and Extraordinary Items Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Amortization, specify: Impairment (recovery of) loss on receivables Others, specify: Net unrealized foreign currency exchange loss (gain) Net unrealized loss (gains) on financial assets at FVTPL Net unrealized loss (gains) on sale financial assets at FVTPL Unrealized marked-to-market loss from currency forward Dividend income Interest income Impairment loss on available-for-sale financial assets Write-down of Property, Plant, and Equipment Changes in Assets and Liabilities: Decrease (Increase) in: Receivables Short-term investment Inventories Other Current Assets Others, specify: Increase (Decrease) in: Trade and Other Payables Income and Other Taxes Payable Subscriptions payable Dividends received Interest received Income taxes paid A. Net Cash Provided by (Used in) Operating Activities (sum of above rows) CASH FLOWS FROM INVESTING ACTIVITIES Reductions/(Additions) to Property, Plant, and Equipment Others, specify: Proceeds from sale of financial assets at FVPL Proceeds from disposal of AFS financial assets Acquisitions of AFS financial assets Acquisitions of financial assetsat FVPL Decrease in AFS Payment of subscriptions payable B. Net Cash Provided by (Used in) Investing Activities (sum of above rows) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from: Issuance of Securities Payments of: (Stock Subscriptions) C. Net Cash Provided by (Used in) Financing Activities (sum of above rows) NET INCREASE IN CASH AND CASH EQUIVALENTS (A + B + C) Cash and Cash Equivalents Beginning of year End of year

Page 7

2022 ( in P'000 )

2021 ( in P'000 )

3,973

1,216

20,133

-1,279

-716

2,287

-696 -4,271

-419 -1,681

-31,710 -624

-4

-35

-230

-168

-103

-160

500

-170

315 3,867

181 1,219

31,710 647

1,515

96

22,171

11,159 -1,000

-1,002

10,159

-1,002

1,004

11,674

-906

23,175

99,386 111,061

100,293 99,386

77,118 100,293

1,004

Control No.: Form Type: GFFS (rev 2006) GENERAL FORM FOR FINANCIAL STATEMENTS NAME OF CORPORATION: SEAFRONT RESOURCES CORPORATION CURRENT ADDRESS: 7th Floor JMT Building, ADB Avenue, Ortigas TEL. NO.: 8637-2917 FAX NO.: COMPANY TYPE : HOLDING If these are based on consolidated financial statements, please so indicate in the caption.

Table 4. Statements of Changes in Equity (Amount in P'000)

Table 1. Statements of Financial Position

FINANCIAL DATA A. Balance, 1-Jan-21 A.1 Correction of Error (s) A.2 Changes in Accounting B. Restated Balance C. Surplus C.1 Surplus (Deficit) on C.2 Surplus (Deficit) on C.3 Currency Translation C.4 Other Surplus (specify) C.4.1 C.4.2 C.4.3 C.4.4 C.4.5 D. Net Income (Loss) for the Period E. Dividends (negative entry) F. Appropriation for (specify) F.1 F.2 F.3 F.4 F.5 G. Issuance of Capital Stock G.1 Common Stock G.2 Preferred Stock G.3 Others H. Balance, 1-Jan-22 H.1 Correction of Error (s) H.2 Changes in Accounting I. Restated Balance J. Surplus J.1 Surplus (Deficit) on J.2 Surplus (Deficit) on J.3 Currency Translation J.4 Other Surplus (specify) J.4.1 J.4.2 J.4.3 J.4.4 J.4.5 K. Net Income (Loss) for the Period L. Dividends (negative entry) M. Appropriation for (specify) M.1 M.2 M.3 M.4 M.5 N. Issuance of Capital Stock N.1 Common Stock N.2 Preferred Stock N.3 Others O. Balance, 1-Jan-23 O.1 Correction of Error (s) O.2 Changes in Accounting P. Restated Balance Q. Surplus Q.1 Surplus (Deficit) on Q.2 Surplus (Deficit) on Q.3 Currency Translation Q.4 Other Surplus (specify) Q.4.1 Transfer of cumulative gain on equity securities at FVOCI realized through disposal Q.4.2 Q.4.3 Q.4.4 Q.4.5 R. Net Income (Loss) for the Period S. Dividends (negative entry) T. Appropriation for (specify) T.1 T.2 T.3 T.4 T.5 U. Issuance of Capital Stock U.1 Common Stock U.2 Preferred Stock U.3 Others V. Balance, 31-Dec-23

PSIC:

Capital Stock 163,000

Additional Paidin Capital

Revaluation Increment

Translation Differences

Net Unrealized Gains (Losses) on Financial Assets at FVOCI 298,044

Retained Earnings 71,144

-24,980

TOTAL 532,189

-24,980

-24,980

163,000

273,064

20,131

20,131

91,275

527,340

88,461

88,461

88,461

163,000

1,212

1,212

361,526

92,487

617,013

-24,232

11,084

-13,148

-13,148 -11,084

163,000

337,294

Page 8

11,084

3,967

3,967

107,538

607,832

4/15/24, 10:45 AM

Notice of Annual or Special Stockholders' Meeting

C02419-2023

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Mar 30, 2023 2. SEC Identification Number

40979 3. BIR Tax Identification No.

000-194-465 4. Exact name of issuer as specified in its charter

SEAFRONT RESOURCES CORPORATION 5. Province, country or other jurisdiction of incorporation

Metro Manila, Philippines 6. Industry Classification Code(SEC Use Only) 7. Address of principal office

7F JMT BUILDING ADB AVE., ORTIGAS CENTER, PASIG CITY 1605 Postal Code

1605

8. Issuer's telephone number, including area code

(632) 86372917 9. Former name or former address, if changed since last report

-10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

COMMON

163,000,000

11. Indicate the item numbers reported herein

Item No. 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

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4/15/24, 10:45 AM

Notice of Annual or Special Stockholders' Meeting

Seafront Resources Corporation SPM PSE Disclosure Form 7-1 - Notice of Annual or Special Stockholders' Meeting References: SRC Rule 17 (SEC Form 17-C) and Sections 7 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Notice of Annual Stockholders' Meeting of Seafront Resources Corporation Background/Description of the Disclosure

Please be informed that at the Board of Directors' meeting of Seafront Resources Corporation, held on March 30, 2023 through Electronic Means of Communication, at which a quorum was present, the Board of Directors approved the holding of the Annual Stockholders' Meeting on June 22, 2023. The record date of stockholders entitled to notice and to vote at the meeting shall be on May 5, 2023.

Type of Meeting Annual Special

Date of Approval by Board of Directors

Mar 30, 2023

Date of Stockholders' Meeting

Jun 22, 2023

Time

4:00 PM

Venue

Thru Electronic Means of Communication

Record Date

May 5, 2023

Agenda

Agenda to be announced and to be included in the Information Statement.

Inclusive Dates of Closing of Stock Transfer Books Start Date

N/A

End Date

N/A

Other Relevant Information

--

Filed on behalf by: Name

Louie Mark Limcolioc

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4/15/24, 10:45 AM

Designation

Notice of Annual or Special Stockholders' Meeting

Asst. Corporate Secretary

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COVER SHEET 4 0 9 7 9 SEC Registration Number

S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

(Company’s Full Name)

7 T H

F L O O R

A D B

A V E N U E

P A S I G

J M T

B U I L D I N G

O R T I G A S

C E N T E R

C I T Y (Business Address: No. Street City/Town/Province)

LOUIE MARK R. LIMCOLIOC

8637-2917

(Contact Person)

(Company Telephone Number)

1 2

3 1

Month

Day

17C_Notice of ASM 2023

6 Month

(Fiscal Year)

2 2 Day

(Annual Meeting)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section Total Amount of Borrowings

Total No. of Stockholders

Domestic

Foreign

To be accomplished by SEC Personnel concerned

File Number

LCU

Document ID

Cashier

STAMPS Remarks: Please use BLACK ink for scanning purposes.

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1.

March 30, 2023 Date of Report (Date of earliest event reported)

2.

SEC Identification Number: 40979

3.

BIR Tax Identification Number: 000-194-465

4.

SEAFRONT RESOURCES CORPORATION Exact name of issuer as specified in its charter

5.

Metro Manila, Philippines Province, country or other jurisdiction of incorporation

7.

6.

(SEC Use Only)

Industry Classification Code:

7F JMT BUILDING, ADB AVE., ORTIGAS CENTER, PASIG CITY Address of principal office

1605 Postal Code

8. (632) 86372917 Issuer's telephone number, including area code 9. N/A Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Number of Shares of Common Stock Title of Each Class Outstanding and Amount of Debt Outstanding Common stock shares 163,000,000

11.

Indicate the item numbers reported herein: Item No. 9 – Other Events At the meeting of the Board of Directors of Seafront Resources Corporation (SPM), held on March 30, 2023, through electronic means of communication, at which meeting a quorum was present, the Board approved the holding of the Annual Stockholders’ Meeting (ASM) of SPM thru electronic means of communication on June 22, 2023 and the setting of the record date for said ASM on May 5, 2023.

SIGNATURES Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

SEAFRONT RESOURCES CORPORATION Issuer

By:

Atty. Louie Mark R. Limcolioc Assistant Corporate Secretary

Alternate Information Officer Compliance Officer

Date: March 30, 2023

4/15/24, 10:47 AM

Material Information/Transactions

C02698-2023

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Apr 14, 2023 2. SEC Identification Number

40979 3. BIR Tax Identification No.

000-194-465 4. Exact name of issuer as specified in its charter

SEAFRONT RESOURCES CORPORATION 5. Province, country or other jurisdiction of incorporation

Metro Manila, Philippines 6. Industry Classification Code(SEC Use Only) 7. Address of principal office

7th Floor, JMT Building, ADB Ave., Ortigas Center, Pasig City Postal Code

1605

8. Issuer's telephone number, including area code

(632) 86372917 9. Former name or former address, if changed since last report

-10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

COMMON

163,000,000

11. Indicate the item numbers reported herein

Item No. 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

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4/15/24, 10:47 AM

Material Information/Transactions

Seafront Resources Corporation SPM PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Please be informed that, at the meeting of the Board of Directors of Seafront Resources Corporation, held on April 14, 2023, through electronic means of communication, at which meeting a quorum was present, upon recommendation by the Audit Committee, the Board approved the 2022 Audited Financial Statements.

Background/Description of the Disclosure

-Other Relevant Information

Please see attached SEC 17C

Filed on behalf by: Name

Louie Mark Limcolioc

Designation

Asst. Corporate Secretary

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COVER SHEET 4 0 9 7 9 SEC Registration Number

S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

(Company’s Full Name)

7 T H

F L O O R

A D B

A V E N U E

P A S I G

J M T

B U I L D I N G

O R T I G A S

C E N T E R

C I T Y (Business Address: No. Street City/Town/Province)

LOUIE MARK R. LIMCOLIOC

88637-2917

(Contact Person)

(Company Telephone Number)

1 2

3 1

Month

Day

17C Month

(Fiscal Year)

Day

(Annual Meeting)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section Total Amount of Borrowings

Total No. of Stockholders

Domestic

Foreign

To be accomplished by SEC Personnel concerned

File Number

LCU

Document ID

Cashier

STAMPS Remarks: Please use BLACK ink for scanning purposes.

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1.

April 14, 2023 Date of Report (Date of earliest event reported)

2.

SEC Identification Number: 40979

3.

BIR Tax Identification Number: 000-194-465

4.

SEAFRONT RESOURCES CORPORATION Exact name of issuer as specified in its charter

5.

Metro Manila, Philippines Province, country or other jurisdiction of incorporation

7.

6.

(SEC Use Only)

Industry Classification Code:

7F JMT BUILDING, ADB AVE., ORTIGAS CENTER, PASIG CITY Address of principal office

1605 Postal Code

8. (632) 86372917 Issuer's telephone number, including area code 9. N/A Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Number of Shares of Common Stock Title of Each Class Outstanding and Amount of Debt Outstanding Common stock shares 163,000,000

11.

Indicate the item numbers reported herein: Item No. 9 – Other Events At the meeting of the Board of Directors of Seafront Resources Corporation (SPM), held on April 14, 2023, through electronic means of communication, at which meeting a quorum was present, upon recommendation by the Audit Committee, the Board approved and authorized the release of the 2022 Audited Financial Statements.

SIGNATURES Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

SEAFRONT RESOURCES CORPORATION Issuer

By:

Atty. Louie Mark R. Limcolioc Assistant Corporate Secretary

Alternate Information Officer Compliance Officer

Date: April 14, 2023

4/15/24, 10:47 AM

Results of Annual or Special Stockholders' Meeting

C04942-2023

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jun 22, 2023 2. SEC Identification Number

40979 3. BIR Tax Identification No.

000-194-465 4. Exact name of issuer as specified in its charter

SEAFRONT RESOURCES CORPORATION 5. Province, country or other jurisdiction of incorporation

Philippines 6. Industry Classification Code(SEC Use Only) 7. Address of principal office

7F, JMT Building, ADB Ave., Ortigas Center, Pasig City Postal Code

1605

8. Issuer's telephone number, including area code

(632) 8637-2917 9. Former name or former address, if changed since last report

---10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

common

163,000,000

11. Indicate the item numbers reported herein

Item No. 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

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1/3

4/15/24, 10:47 AM

Results of Annual or Special Stockholders' Meeting

Seafront Resources Corporation SPM PSE Disclosure Form 4-24 - Results of Annual or Special Stockholders' Meeting References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Results of Seafront Resources Corporation's Annual Stockholders' Meeting 2023 Background/Description of the Disclosure

Seafront Resources Corporation’s 2022 ASM was conducted through Remote Means of Communication today, June 22, 2023 (Thursday) at 4:00 P.M.

List of elected directors for the ensuing year with their corresponding shareholdings in the Issuer Name of Person

Shareholdings in the Listed Company Direct

Nature of Indirect Ownership

Indirect

Roberto Jose L. Castillo

1

- -

Milagros V. Reyes

1

- -

Medel T. Nera

1

- -

Ernestine Carmen Jo D. Villareal-Fernando

1

- -

Nicasio I. Alcantara

425

2,834 Lodged with PDTC

Basil L. Ong

1

- -

Yvonne S. Yuchengco

1

- -

Raul M. Leopando

-

Victor V. Benavidez

1,000

External auditor

661 Lodged with PDTC - -

SyCip Gorres Velayo & Co.

List of other material resolutions, transactions and corporate actions approved by the stockholders

(1) Certification of Service of Notice; (2) Determination of Quorum/Call to Order; (3) Approval of Minutes of the last Regular Stockholders’ Meeting held on June 23, 2022; (4) Approval of Management Report and the 2022 Audited Financial Statements contained in the 2022 Annual Report; (5) Confirmation and Ratification of all acts, contracts and investments made and entered into by Management and/or the Board of Directors during the period July 23, 2022 to June 22, 2023; (6) Election of nine (9) members of the Board of Directors for the year 2023-2024: (7) Appointment of External Auditors; (8) Other Matters; and (9) Adjournment.

Other Relevant Information

Please see attached SEC Form 17C on the Results of Annual Stockholders' Meeting of Seafront Resources Corporation. https://edge.pse.com.ph/openDiscViewer.do?edge_no=3b519659455601439e4dc6f6c9b65995

2/3

4/15/24, 10:47 AM

Results of Annual or Special Stockholders' Meeting

Filed on behalf by: Name

Louie Mark Limcolioc

Designation

Asst. Corporate Secretary

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3/3

COVER SHEET 4 0 9 7 9 SEC Registration Number

S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

(Company’s Full Name)

7 T H

F L O O R

A D B

A V E N U E

P A S I G

J M T

B U I L D I N G

O R T I G A S

C E N T E R

C I T Y (Business Address: No. Street City/Town/Province)

LOUIE MARK R. LIMCOLIOC

8637-2917

(Contact Person)

(Company Telephone Number)

1 2

3 1

6

17C_RESULTS OF THE

2 2

ASM 2023 Month

Day

Month

(Fiscal Year)

Day

(Annual Meeting)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section Total Amount of Borrowings

Total No. of Stockholders

Domestic

Foreign

To be accomplished by SEC Personnel concerned

File Number

LCU

Document ID

Cashier

STAMPS Remarks: Please use BLACK ink for scanning purposes.

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1.

June 22, 2023 Date of Report (Date of earliest event reported)

2.

SEC Identification Number: 40979

3.

BIR Tax Identification Number: 000-194-465

4.

SEAFRONT RESOURCES CORPORATION Exact name of issuer as specified in its charter

5.

Metro Manila, Philippines Province, country or other jurisdiction of incorporation

7.

6.

(SEC Use Only)

Industry Classification Code:

7F JMT BUILDING, ADB AVE., ORTIGAS CENTER, PASIG CITY Address of principal office

1605 Postal Code

8. (632) 86372917 Issuer's telephone number, including area code 9. N/A Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Number of Shares of Common Stock Title of Each Class Outstanding and Amount of Debt Outstanding Common stock shares 163,000,000

11. Indicate the item numbers reported herein: Item No. 9 – Other Events At the Annual Stockholders’ Meeting held today, June 22, 2023, the Stockholders approved the following: (1) Approval of Minutes of the last Regular Stockholders’ Meeting held on June 23, 2022; (2) Approval of Management Report and the 2022 Audited Financial Statements contained in the 2022 Annual Report;

(3) Confirmation and Ratification of all acts, contracts and investments made and entered into by Management and/or the Board of Directors during the period June 23, 2022 to June 22, 2023; (4) Election of the following nine (9) members of the Board of Directors for the year 20232024 and until their successors are elected and qualified: ROBERTO JOSE L. CASTILLO MILAGROS V. REYES MEDEL T. NERA BASIL L. ONG ERNESTINE CARMEN JO D. VILLAREAL-FERNANDO NICASIO I. ALCANTARA YVONNE S. YUCHENGCO RAUL M. LEOPANDO VICTOR V. BENAVIDEZ

Director/Chairman Director/President Director/Treasurer Lead Independent Director Independent Director Independent Director Director Director Director

(5) Appointment of SyCip Gorres Velayo & Company (SGV & Co.), as the External Auditors of the Company for the year 2022-2023.

SIGNATURES Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

SEAFRONT RESOURCES CORPORATION Issuer

By:

Atty. Louie Mark R. Limcolioc Assistant Corporate Secretary

Alternate Information Officer Compliance Officer

Date: June 22, 2023

4/15/24, 10:48 AM

Results of Organizational Meeting of Board of Directors

C04943-2023

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jun 22, 2023 2. SEC Identification Number

40979 3. BIR Tax Identification No.

000-194-465 4. Exact name of issuer as specified in its charter

SEAFRONT RESOURCES CORPORATION 5. Province, country or other jurisdiction of incorporation

Metro Manila, Philippines 6. Industry Classification Code(SEC Use Only) 7. Address of principal office

7F, JMT Building, ADB Ave., Ortigas Center, Pasig City Postal Code

1605

8. Issuer's telephone number, including area code

(632) 8637-2917 9. Former name or former address, if changed since last report

Item 9 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

common

163,000,000

11. Indicate the item numbers reported herein

Item No. 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

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4/15/24, 10:48 AM

Results of Organizational Meeting of Board of Directors

Seafront Resources Corporation SPM PSE Disclosure Form 4-25 - Results of Organizational Meeting References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Results of Seafront Resources Corporation's Organizational Meeting of the Board of Directors after the Annual Stockholders' Meeting on June 22, 2023.

Background/Description of the Disclosure

Results of Seafront Resources Corporation’s Organizational Meeting of the Board of Directors on June 22, 2023.

(Thursday) at 4:00 P.M.

List of elected officers for the ensuing year with their corresponding shareholdings in the Issuer Name of Person

Shareholdings in the Listed Company

Position/Designation

Direct

Nature of Indirect Ownership

Indirect

Roberto Jose L. Castillo

Chairman

1

- -

Milagros V. Reyes

President

1

- -

Medel T. Nera

Treasurer

1

- -

Samuel V. Torres Corporate Secretary, Chief Information Officer

-

- -

Louie Mark R. Limcolioc

Assistant Corporate Secretary, Alternate Information Officer, Compliance Officer

-

- -

Vanessa G. Peralta

Data Privacy Officer

-

- -

List of Committees and Membership Name of Committees

Members

Position/Designation in Committee

Corporate Governance Committee

Ernestine Carmen Jo D. Villareal-Fernando

Chairman

Corporate Governance Committee

Nicasio I. Alcantara

Member

Corporate Governance Committee

Basil L. Ong

Member

Audit Committee/BROC

Nicasio I. Alcantara

Chairman

Audit Committee/BROC

Ernestine Carmen Jo D. Villareal-Fernando

Member

Audit Committee/BROC

Basil L. Ong

Member

List of other material resolutions, transactions and corporate actions approved by the Board of Directors

Please see attached SEC Form 17-C Cover for SRC Organizational Meeting.

Other Relevant Information

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4/15/24, 10:48 AM

Results of Organizational Meeting of Board of Directors

--

Filed on behalf by: Name

Louie Mark Limcolioc

Designation

Asst. Corporate Secretary

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COVER SHEET 4 0 9 7 9 SEC Registration Number

S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

(Company’s Full Name)

7 T H

F L O O R

A D B

A V E N U E

P A S I G

J M T

B U I L D I N G

O R T I G A S

C E N T E R

C I T Y (Business Address: No. Street City/Town/Province)

LOUIE MARK R. LIMCOLIOC

8637-2917

(Contact Person)

(Company Telephone Number)

1 2

3 1

17C_RESULTS OF THE

6

2 2

ORGANIZATIONAL MEETING 2023 Month

Day

Month

(Fiscal Year)

Day

(Annual Meeting)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section Total Amount of Borrowings

Total No. of Stockholders

Domestic

Foreign

To be accomplished by SEC Personnel concerned

File Number

LCU

Document ID

Cashier

STAMPS Remarks: Please use BLACK ink for scanning purposes.

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1.

June 22, 2023 Date of Report (Date of earliest event reported)

2.

SEC Identification Number: 40979

3.

BIR Tax Identification Number: 000-194-465

4.

SEAFRONT RESOURCES CORPORATION Exact name of issuer as specified in its charter

5.

Metro Manila, Philippines Province, country or other jurisdiction of incorporation

7.

6.

(SEC Use Only)

Industry Classification Code:

7F JMT BUILDING, ADB AVE., ORTIGAS CENTER, PASIG CITY 1605 Postal Code

Address of principal office 8. (632) 86372917 Issuer's telephone number, including area code 9. N/A Former name or former address, if changed since last report

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Number of Shares of Common Stock Title of Each Class Outstanding and Amount of Debt Outstanding Common stock shares 163,000,000

11. Indicate the item numbers reported herein: Item No. 9 – Other Events At the Organizational Meeting held immediately after the Annual Stockholders, the Board of Directors elected the following:

1. Corporate Officers Mr. Roberto Jose L. Castillo Ms. Milagros V. Reyes Mr. Medel T. Nera

– – –

Chairman President Treasurer

– –

Atty. Samuel V. Torres Atty. Louie Mark R. Limcolioc

Corporate Secretary Assistant Corporate Secretary

2. Chairperson and Members of Board Committees a) Corporate Governance Committee Chairperson

Atty. Ernestine Carmen Jo D. Villareal-Fernando Independent Director

Member

Mr. Nicasio I. Alcantara Independent Director

Member

Mr. Basil L. Ong Lead Independent Director

b) Audit Committee and Board Risk Oversight Committee Chairperson

Mr. Nicasio I. Alcantara Independent Director

Member

Atty. Ernestine Carmen Jo D. Villareal-Fernando Independent Director

Member

Mr. Basil L. Ong Lead Independent Director

3. Other Appointments Atty. Samuel V. Torres Atty. Louie Mark M. Limcolioc

– –

Ms. Vanessa G. Peralta

–

Chief Information Officer Alternate Information Officer and Compliance Officer Data Privacy Officer

SIGNATURES Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

SEAFRONT RESOURCES CORPORATION Issuer

By:

Atty. Louie Mark R. Limcolioc Assistant Corporate Secretary

Alternate Information Officer Compliance Officer

Date: June 22, 2023

4/15/24, 10:50 AM

Change in Stock Transfer Agent

C08425-2023

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Nov 29, 2023 2. SEC Identification Number

40979 3. BIR Tax Identification No.

000-194-465 4. Exact name of issuer as specified in its charter

SEAFRONT RESOURCES CORPORATION 5. Province, country or other jurisdiction of incorporation

METRO MANILA, PHILIPPINES 6. Industry Classification Code(SEC Use Only) 7. Address of principal office

7F, JMT Building, ADB Ave., Ortigas Center, Pasig City Postal Code

1605

8. Issuer's telephone number, including area code

(632) 8637-2917 9. Former name or former address, if changed since last report

--10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

common

163,000,000

11. Indicate the item numbers reported herein

Item No. 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

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4/15/24, 10:50 AM

Change in Stock Transfer Agent

Seafront Resources Corporation SPM PSE Disclosure Form 12-1 - Change in Stock Transfer Agent References: Section 12 of the Revised Disclosure Rules

Subject of the Disclosure

Change of Stock Transfer Agent Background/Description of the Disclosure

RCBC Trust Corporation as the Company’s new Stock Transfer Agent of our company.

Details of Changes in Stock Transfer Agent Date of Approval by Board of Directors

Nov 29, 2023

Previous Stock Transfer Agent

RCBC Stock Transfer Department

Effective Date of Termination

Dec 31, 2023

New Stock Transfer Agent

RCBC Trust Corporation

Date of Engagement

Jan 1, 2024

Effective Date of Engagement

Jan 1, 2024

Reason(s) for Replacement

The Board approved the termination of the services of Rizal Commercial Banking Corporation (“RCBC”), through its Stock Transfer Department, as the Company’s Stock Transfer Agent effective December 31, 2023, and the engagement of RCBC Trust Corporation as the Company’s new Stock Transfer Agent effective January 1, 2024, following RCBC’s spin-off of its Trust and Investments Group into a Stand-Alone Trust Corporation, pertaining to the RCBC Trust Corporation.

Other Relevant Information

Please see attached SEC FORM 17C.

Filed on behalf by: Name

Louie Mark Limcolioc

Designation

Asst. Corporate Secretary

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COVER SHEET 4 0 9 7 9 SEC Registration Number

S E A F R O N T

R E S O U R C E S

C O R P O R A T I O N

(Company’s Full Name)

7 T H

F L O O R

A D B

A V E N U E

P A S I G

J M T

B U I L D I N G

O R T I G A S

C E N T E R

C I T Y (Business Address: No. Street City/Town/Province)

LOUIE MARK R. LIMCOLIOC

8637-2917

(Contact Person)

(Company Telephone Number)

1 2

3 1

Month

Day

17C

6 Month

(Fiscal Year)

2 2 Day

(Annual Meeting)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section Total Amount of Borrowings

Total No. of Stockholders

Domestic

Foreign

To be accomplished by SEC Personnel concerned

File Number

LCU

Document ID

Cashier

STAMPS Remarks: Please use BLACK ink for scanning purposes.

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1.

November 29, 2023 Date of Report (Date of earliest event reported)

2.

SEC Identification Number: 40979

3.

BIR Tax Identification Number: 000-194-465

4.

SEAFRONT RESOURCES CORPORATION Exact name of issuer as specified in its charter

5.

Metro Manila, Philippines Province, country or other jurisdiction of incorporation

7.

6.

(SEC Use Only)

Industry Classification Code:

7F JMT BUILDING, ADB AVE., ORTIGAS CENTER, PASIG CITY Address of principal office

1605 Postal Code

8. (632) 86372917 Issuer's telephone number, including area code 9. N/A Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Number of Shares of Common Stock Title of Each Class Outstanding and Amount of Debt Outstanding Common stock shares 163,000,000

11. Indicate the item numbers reported herein: Item No. 9 – Other Events

Please be informed that the Board of Directors of Seafront Resources Corporation held its regular meeting today, November 29, 2023. The highlights of the meeting is as follows: The Board approved the termination of the services of Rizal Commercial Banking Corporation (“RCBC”) through its Stock Transfer Department, as the Company’s Stock Transfer Agent effective December 31, 2023, and the engagement of RCBC Trust Corporation as the Company’s new Stock Transfer Agent effective January 1, 2024, following RCBC’s spin-off of its Trust and Investments Group into a Stand-Alone Trust Corporation, pertaining to the RCBC Trust Corporation.

SIGNATURES Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

SEAFRONT RESOURCES CORPORATION Issuer

By:

Atty. Louie Mark R. Limcolioc Assistant Corporate Secretary

Alternate Information Officer Compliance Officer

4/15/24, 10:51 AM

[Amend-1]Change in Stock Transfer Agent

C08751-2023

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Dec 15, 2023 2. SEC Identification Number

40979 3. BIR Tax Identification No.

000-194-465 4. Exact name of issuer as specified in its charter

SEAFRONT RESOURCES CORPORATION 5. Province, country or other jurisdiction of incorporation

METRO MANILA, PHILIPPINES 6. Industry Classification Code(SEC Use Only) 7. Address of principal office

7F, JMT Building, ADB Ave., Ortigas Center, Pasig City Postal Code

1605

8. Issuer's telephone number, including area code

(632) 8637-2917 9. Former name or former address, if changed since last report

--10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class

Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

common

163,000,000

11. Indicate the item numbers reported herein

Item No. 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

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4/15/24, 10:51 AM

[Amend-1]Change in Stock Transfer Agent

Seafront Resources Corporation SPM PSE Disclosure Form 12-1 - Change in Stock Transfer Agent References: Section 12 of the Revised Disclosure Rules

Subject of the Disclosure

Change of Stock Transfer Agent Background/Description of the Disclosure

Following the spin-off of the stock transfer business of the Trust and Investments Group of Rizal Commercial Banking Corporation ("RCBC") to RCBC Trust Corporation, the Company approved the appointment of RCBC Trust Corporation and the termination of RCBC as the Company’s stock transfer agent subject to compliance by RCBC Trust Corporation of regulatory requirements.

Details of Changes in Stock Transfer Agent Date of Approval by Board of Directors

Nov 29, 2023

Previous Stock Transfer Agent

RCBC Stock Transfer Department

Effective Date of Termination

TBA

New Stock Transfer Agent

RCBC Trust Corporation

Date of Engagement

TBA

Effective Date of Engagement

TBA

Reason(s) for Replacement

RCBC's spin off of its Trust and Investments Group into a stand-alone trust corporation, pertaining to the RCBC Trust Corporation Other Relevant Information

The amendment is being made to change to "TBA" the following: (1) Effective date of termination of RCBC Trust and Investments Group; (2) Date of engagement of RCBC Trust Corporation; and (3) Effective date of engagement of RCBC Trust Corporation.

The Corporation will disclose in due course the new effectivity date of the engagement with RCBC Trust Corporation after the latter's completion of all regulatory requirements.

Filed on behalf by: Name

Louie Mark Limcolioc

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4/15/24, 10:51 AM

Designation

[Amend-1]Change in Stock Transfer Agent

Asst. Corporate Secretary

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