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OFFICIAL STATEMENT FROM MEGAWORLD CORPORATION With the ongoing impeachment proceedings, there have been a number of reports

and news articles that have mentioned the developments of our company, Megaworld Corporation, in relation to the much debated Statement of Assets, Liabilities and Net Worth (SALN) of Chief Justice Renato Corona. In all these reports, we have chosen to remain silent primarily due to our Companys privacy policy of maintaining strict confidentiality with respect to all client information. We believe that it would be most prudent for us to give any and all our statements before the impeachment court since we received subpoenas to appear and to produce specified documents before said court very early in the trial. However, after the exhaustive testimony given by our Finance Director, and after delivering all the documents that were requested by the impeachment court, there were allegations regarding the transactions mentioned, and some of these allegations purport to allege that the sale of the units mentioned in the impeachment proceedings were in consideration for favors received or requested from the Court. These allegations are completely baseless and malicious. A cursory examination of the records of the Courts decisions, which are open to the public, including legal analysts and commentators, would readily show that Megaworld has never requested nor obtained any favor from anyone in the Court, including the Chief Justice who is presently standing trial. From our records, there have been three (3) cases that have been decided with finality by the Court, to wit: 1. The first Megaworld case decided by the Supreme Court penned by Justice Corona was in 2004, four (4) years before the purchase of the Bellagio unit. MEGAWORLD PROPERTIES AND HOLDINGS, INC. vs. HON. JUDGE BENEDICTO G. COBARDE, G.R. No. 156200. (2004) The Third Division rendered the Decision dated 31 March 2004, in favor of Megaworld Properties and Holdings, Inc. All the members of the division concurred. The disposition portion reads: WHEREFORE, premises considered, the instant petition is hereby Granted, the decision of the Court of Appeals dated August 28, 2002 and its resolution of November 20, 2002 are hereby set ASIDE. The order of public respondent judge dated June 29, 2001 executing the compromise agreement as well as the writ of execution and notices of garnishment are hereby declared NULL AND VOID Pursuant to said Decision, Megaworld filed a motion for restitution with the trial court seeking to recover from the respondents the principal amount of Php5,853,793.01 plus interests which was the amount illegally garnished and obtained by the respondents.

2. In 2007, or a year before the purchase of the Bellagio unit, the division in which Justice Corona was a part of, issued an adverse decision dismissing the Petition filed by Megaworld Globus Asia, Inc. MEGAWORLD GLOBUS ASIA, INC., vs. CELERICA HOLDINGS, INC., G.R. No. 175391. (2007) The First Division, of which Justice Corona was part, rendered its Minute Resolution dated 17 January 2007 against Megaworld Globus dismissing its Petition for Review under Rule 45. In effect, the Supreme Court affirmed the adverse Decision against Megaworld Globus. The Judgment awarded by the HLURB against Megaworld Globus is as follows: WHEREFORE, premises considered, judgment is hereby rendered as follows: 1. Declaring as cancelled and rescinded the contract to buy and sell entered into by and between the complainant and respondent; and 2. Ordering Respondent to pay the complainant the following sums: a. The amount of Fourteen Million Five Hundred Twenty Two Thousand Nine Hundred Twenty Five Pesos & 68/100 (P14,522,955.68) with interest thereon at twelve percent (12%) per annum to be computed from the time of Complainants demand for refund on December 12, 2000 until fully paid, b. The amount of Fifty Thousand Pesos (P50,000.00) as exemplary damages, c. The amount of Fifty Thousand Pesos (P50,000.00) as attorneys fees, and d. The cost of suit Megaworld Globus paid the above amounts to respondent, in addition to a threebedroom condominium unit at the Salcedo Park as payment for the interest. The total amount paid to respondent, including the amount of the condominium unit, is about Php 26 Million. 3. About a year after the purchase of the Bellagio unit, the Supreme Court again issued an adverse Decision against Megaworld Globus Asia, Inc. It is a significant to note that even before spouses Corona finished their amortization of the Bellagio unit, Justice Corona voted against Megaworld Globus in: MEGAWORLD GLOBUS ASIA, INC., vs. TANSECO, G.R. No. 181206. (2009) The Second Division rendered the decision dated 9 October 2009, penned by Justice Carpio-Morales against Megaworld Globus Asia, Inc. Justice Corona concurred in the Decision.

The dispositive portion of the Decision reads: WHEREFORE, the challenged Decision of the Court of Appeals is, in light of the foregoing, AFFIRMED with MODIFICATION. As modified, the dispositive portion of the Decision reads: The July 7, 1995 Contract to Buy and Sell between the parties is cancelled. Petitioner, Megaworld Globus Asia Inc., is directed to pay respondent, Mila S. Tanseco, the amount of P14,281,731.70 to bear 6% interest per annum starting May 6, 2002 and 12% interest per annum from the time the judgment becomes final and executory; and to pay P200,000 attorneys fees , P100,000 exemplary damages, and costs of suit. In satisfaction of the judgment, Megaworld Globus paid the total amount in Pesos: Twenty One Million Seven Hundrer Twenty-five Thousand Four Hundred Thirty-eight and 02/100 (P21,725,438.02) to respondent.

The cases speak for themselves. For the record, we wish to state that in all our business dealings with Chief Justice Corona, the Company has neither solicited nor obtained any favor either from the Chief Justice or from the Court. The records of decided cases involving our Company are open to scrutiny since the same form part of public documents. In all these cases, we have followed all judicial processes, availed of all legal remedies and abided by all the final decisions of the Court. As a Company, we shall continue to uphold the highest standard of ethical business practices. With the impeachment trial in progress at the Senate, we shall refrain from giving any further comment on this matter in due deference to the constitutional process taking place at the Senate. Thank you. MEGAWORLD CORPORATION ***
PR REFERENCE: Rommel R. Orbigo AVP for Marketing Communications Megaworld Corporation Tel. (02) 810-3333 local 106 Email