1. THE GRAMERCY RESIDENCES CONSTRUCTION UPDATES Century Properties May 2009

2. THE GRAMERCY RESIDENCES Century City, Makati THE GRAMERCY RESIDENCES Century City, Makati PROJECT TURNOVER DATE: Year 2012 Gramercy construction reaches ground floor Construction at the Gramercy site has commenced at the ground floor level. Following the completion of a 30-meter deep excavation, the 4-meter mat foundation and basements 6 to 4, rebar works, form works and concreting have moved on to Basements 3 up to the ground floor. As of May 29, 2009: ParticularsLEVEL Percentage of Accomplishment Sub-structureBSMT 5 BSMT 4 BSMT 3 BSMT 2 BSMT 1 GF 1. Rebars100% 90%65%40% 2. Forms100% 90%35% 3. Concreting100% 70%35% 30%

3. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 14, 2009

4. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 14, 2009

5. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 14, 2009

6. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 14, 2009

7. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 19, 2009

8. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 29, 2009

9. THE GRAMERCY RESIDENCES Century City, Makati Photo as of May 29, 2009