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[insert Company letterhead]

April 15, 2024

DEVELOPERS GROUP
150 Fifth Street, Cleveland
Ohio 44106

Attention: MR. JOHN RAY P. OLIVER

Senior Vice President

Re: Apology Letter on Project Alpha Delay

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Gentlemen:

On behalf of Waterfront Hotels & Casinos (the “Company”), I am writing to

express our sincerest apology due to the delay in the commencement of Project
Alpha’s implementation, which was scheduled on April 1, 2024. The commencement
of Project Alpha involves the delivery of the first batch of ingredients to be used for
the event set on April 10, 2024, at SMX Convention Center, Mall of Asia.

From March 28 to April 2, 2024, a nationwide transport strike was held by

various transport groups which led to several road closures including Roxas
Boulevard and Taft Avenue. The said roads were the intended alternate routes to be
utilized by our logistics team in transporting the initial batch of ingredients.

However, due to road blockages, our logistics team deemed it best to

reschedule the delivery on April 3, 2024, after the cessation of the nationwide
transport strike. The said decision was reached in order to preserve the quality of
ingredients to be delivered, and to prevent spoilage due to prolonged exposure to
warm temperature during its transport.

The Company took accountability for the delay by ensuring that the delivery
of the first batch of ingredients was completed in one day. Rest assured that the delay
in Project Alpha was not deliberate nor due to the negligence of the Company. The
delay was an isolated case due to the exigencies of the previously mentioned
circumstance.

Again, I, on behalf of the Company, hereby apologize for any inconvenience

it may have caused you. We will do our best to prevent this from happening again.

The Company would like to extend its deepest gratitude for your continued
patronage with us.

Very truly yours,

WATERFRONT HOTELS & CASINOS

By:

MR. JUAN DELA CRUZ

Project Head