Please be informed that IRC Properties, Inc. (“IRC”) today entered into a Subscription Agreement with Rizal Partners Company Limited (the “Subscriber”), a corporation organized and existing under the laws of Japan with principal office located at 1-11 Kioi-cho Chiyoda-ku, Tokyo, whereby the Subscriber agreed to subscribe to One Hundred Twenty Seven Million Two Hundred Thousand (127,200,000) common shares (the “Shares”) of IRC with a par value of One Peso (Php 1.00) per share, at a subscription price of Php 1.40 per share, or for a total subscription price of One Hundred Seventy Eight Million Eighty Thousand Pesos (Php 178,090,000.00).

The Shares which shall be fully paid for in cash by the Subscriber will be issued as a Private Placement to be taken our from an increase in the authorized capital stock of the Corporation as previously authorized by the stockholders and the Board of Directors of IRC.

The necessary application and/or notices for and in connection with the increase of authorized capital stock and amendment of the Articles of Incorporation of IRC, and the listing of the Shares will in due course be filed with the Securities and Exchange Commission and the Philippine Stock Exchange.