SRC 20June2024 Final

MINUTES OF THE ANNUAL STOCKHOLDERS’ MEETING OF SEAFRONT RESOURCES CORPORATION

DATE TIME MANNER

: : :

June 20, 2024 3:30 p.m.

Through Electronic Means of Communication

I. CALL TO ORDER The Chairman, Mr. Roberto Jose L. Castillo, welcomed all the stockholders to the 2024 Regular Annual Stockholders’ Meeting (ASM) and mentioned that the ASM will be conducted through online and recorded video-streaming meeting.

He also mentioned that the procedures for the ASM were embodied in the Company’s Definitive Information Statement, which the Securities and Exchange Commission (SEC) approved. He then proceeded to mention that, to accord the Stockholders the opportunity to participate in the ASM, the Stockholders were advised to register online. The stockholders were informed that only questions and concerns submitted online prior to the given deadline will be addressed during the ASM; and that those given during the ASM will be addressed through email after the ASM.

II. CERTIFICATION OF SERVICE OF NOTICE The Corporate Secretary, Atty. Samuel V. Torres, was called to submit proof of the notice of meeting. The Corporate Secretary certified that, pursuant to the alternative mode for distributing and providing the notice of meeting in connection with the holding of the Annual Stockholders’ Meeting for 2024, notices of the meeting were sent to all stockholders of record as of May 3, 2024 in four (4) ways to reach as many stockholders as possible.

First, by publication of the Notice of the ASM, including the agenda, on May 22 and 23, 2024 in The Manila Bulletin and the Philippine Star, both in print and online editions for two (2) consecutive days, as evidenced by the Affidavits of Publications

executed by the respective representatives of the publishers. Second, by disclosure with the Philippine Stock and Exchange, Inc. Third, by posting on the Company’s website. Finally, through email for those who have successfully registered online, consistent with applicable SEC Rules and the Company’s internal guidelines on participation by electronic means of communication or in absentia.

III. DETERMINATION OF QUORUM The Corporate Secretary certified that there was a quorum for the transaction of any business that may be properly brought before the body, with attendance of shareholders represented remotely or in absentia covering 1,430 shares (0.001%) and 99,689,367 shares (61.159%) represented by proxy, for a total of 99,690,797 shares (61.160%) out of the 163,000,000 total outstanding shares. Thereafter, the Chairman called the meeting to order.

He then introduced the incumbent members of the Board of Directors of the Company, who were then present, while their pictures were being shown onscreen, as follows: Mr. Roberto Jose L. Castillo Ms. Milagros V. Reyes Mr. Medel T. Nera Mr. Basil L. Ong Mr. Nicasio I. Alcantara Atty. Ernestine Carmen Jo D. Villareal-Fernando Ms. Yvonne S. Yuchengco Mr. Raul M. Leopando Mr. Victor V. Benavidez

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

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Independent Director Director Director Director

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IV. APPROVAL OF THE MINUTES OF THE LAST REGULAR ANNUAL STOCKHOLDERS’ MEETING HELD ON JUNE 22, 2023 The Chairman mentioned that the minutes of the last Regular Annual Stockholder’s Meeting held on June 22, 2023 was made available in the Company’s website.

Stockholders owning 61.160% of the outstanding shares have voted in favor of the following resolution: “RESOLVED, That the Minutes of the Regular Annual Stockholders’ Meeting held on June 22, 2023 be, as it is hereby, approved.”

V. APPROVAL OF MANAGEMENT REPORT AND THE 2023 AUDITED FINANCIAL STATEMENTS The Chairman then requested the President, Ms. Milagros V. Reyes, to deliver the Management Report as follows: “Dear Fellow Stockholders: We concluded the year 2023 with a net income of P3.97 million. This increase was primarily attributed to our placements in money markets, benefitting from higher interest rates, and cash dividends from our diverse stock investments.

As we recover from the slow sales post-pandemic, we have good expectations from our investments in Hermosa Ecozone Development Corporation (HEDC) amid recent positive developments. The Department of Finance’ issuance of new tax regulations restoring zero VAT on local purchases is expected to enhance investors’ outlook and demand for industrial lands. Moreover, HEDC will roll out plans to fast-track the permitting process of its 20-hectare expansion site, which will result in additional saleable areas.

Looking ahead, Seafront will remain committed to aligning market demands and evolving local regulatory landscape to further the growth of our business and expand our customer base. With your steadfast support, we are poised

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to pursue more resilient, diverse, and forward-looking business initiatives that will ensure the long-term success and sustainability of our Company.

After the presentation by the President, the Corporate Secretary reported that Stockholders owning 61.160 % of the outstanding shares have voted in favor of the following resolution: “RESOLVED, as it is hereby resolved, that the 2023 Management Report and the 2023 Audited Financial Statements, as made available to the stockholders, be as they are hereby, noted and approved.”

VI. CONFIRMATION AND RATIFICATION OF ALL ACTS, RESOLUTIONS, CONTRACTS AND INVESTMENTS MADE AND ENTERED INTO BY THE BOARD OF DIRECTORS AND MANAGEMENT DURING THE PERIOD JUNE 22, 2023 to JUNE 20, 2024 A resolution for the confirmation and ratification of all acts, resolutions, contracts and investments made and entered into by the Management and/or the Board of Directors for the period June 22, 2023 to June 20, 2024 was shown on the screen.

After which, the Corporate Secretary reported that stockholders owning 61.160% of the outstanding shares have voted in favor of the resolution, to wit: “RESOLVED, as it is hereby resolved that all acts, resolutions, contracts and investments made by Management and/or the Board of Directors for the period June 22, 2023 to June 20, 2024, be as they are hereby confirmed, ratified and approved.”

VII. ELECTION OF NINE (9) MEMBERS OF THE BOARD OF DIRECTORS FOR THE YEARS 2024-2025 The Chairman then tackled the next item in the Agenda. He then asked the Corporate Secretary if he has the list of nominees to the Board of Directors. The Corporate Secretary replied in the affirmative and that, as of May 6, 2024, the deadline for nominations, there were nine (9) nominees, screened and short listed

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by the Corporate Governance Committee for election as members of the Board of Directors, namely: 1. MILAGROS V. REYES 2. ROBERTO JOSE L. CASTILLO 3. MEDEL T. NERA 4. YVONNE S. YUCHENGCO 5. VICTOR V. BENAVIDEZ 6. JOSE LUIS F. GOMEZ 7. NICASIO I. ALCANTARA 8. ERNESTINE CARMEN JO D. VILLAREAL-FERNANDO 9. BASIL L. ONG

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Director Director Director Director Director Director Independent Director

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Independent Director Lead Independent Director

Among these nominees, Mr. Nicasio I. Alcantara and Atty. Ernestine Carmen Jo D. Villareal-Fernando, whose respective terms as Independent Director have reached the nine (9) years maximum term limit in 2021, were nominated for retention and reelection as Independent Directors. As set by the Company’s Manual on Corporate Governance, pursuant to Securities and Exchange Commission (SEC) Memorandum Circular No. 19, Series of 2016, they can be retained and reelected upon meritorious justification and Stockholders’ approval.

The justification for said retention and reelection has been provided to the Stockholders in advance through the Information Statement.

The Corporate Secretary reported that all the shares represented in the meeting or 61.160% of the outstanding shares, have been voted in favor of the election of all the nine (9) nominees, including the extension and retention of Mr. Alcantara and Atty. Villareal-Fernando as Independent Directors.

The Chairman then declared/proclaimed the above named nominees as elected members of the Board of Directors of the Corporation for the years 2024-2025.

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