February 8, 2012

Ms. Janet A. Encarnation
Head, Disclosure Department
Issuer Regulation Division
Philippine Stock Exchange, Inc.
Philippine Stock Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City

Re: IRC Prorperties, Inc. –
Updating of Stock Certificates

Dear Ms. Encarnation,

This refers to the letter we received through electronic mail on February 2, 2012 from your office requesting for the procedure for updating of the old stock certificates of our company (hereafter “IRC”) in view of the change of its corporate name from “Interport Resources Corporation” to “IRC Properties, Inc.” and the declassification of its common shares of capital stock, without any classification.

In reply, please be informed that the following procedure will be adopted for the replacement of old stock certificates with new ones bearing IRC’s new corporate name and the declassification of its common shares of capital stocks:

1. Old stock certificates will be replaced with new stock certificates as the IRC shares are traded or transacted through:
   • Settlement of tan over-the-counter trade;
   • An upliftment request by an investor having position in the PCD;
   • A direct transfer request; or
   • Other similar situation that would require cancellation of old stock certificates and issuance of replacements thereof;
2. Stockholders who wish to replace their old stock certificates without trading them, without any change in the beneficial ownership thereof, may surrender their old certificates to the stock transfer agent of IRC, as follows:
   • Rizal Commercial Banking Corporation Stock Transfer Department
     9th Floor Yuchengco Tower | RCBC Plaza
     6819 Ayala Avenue
     Makati City, Philippines
3. Old stock certificates representing issued and outstanding IRC shares shall continue to be valid and honored as evidence of ownership of the IRC shares represented therein, except that there shall be no more classification of the same into common Class A or common Class B shares.
4. The new stock certificates will be available with the above mentioned stock transfer agent beginning March 31, 2012.

As regards the existing IRC warrants (the “Warrants”), IRC intends to adopt the following policy with respect to the trading and exercise thereof:

1. The present warrant certificates representing the Warrants shall continue to be valid and honored as evidence of ownership of the Warrants and the right of the holder thereof to subscribe to the underlying shares pursuant to the terms contain therein, except that there shall be no more classification of the Warrants and the underlying shares. Accordingly, reference of such classification as indicated in the warrant certificates shall be disregarded.
2. Inasmuch as the Warrants will mature of lapse on June 18, 2013 which is only around 16 months from today, and considering that there had been no trading or uplifting of the Warrants since their issue, IRC intends to no longer provide for the replacement of the warrant certificates with new ones. In connection with the above, IRC intends to use the following new alias and trading symbols on the Exchange:
   • Alias to appear on the Exchange’s ticker tape:
     • “IRCProperties” for all common shares
     • “IRCProperties W” for all warrants
   • Trading symbols:
     • “IRC” for all common shares instead of the present “IRC” (for common A shares) nand “IRCB” (for common B shares); and
     • “IRW” for all warrants instead of the present “TRWA” (for A warrants) and “IRWB (for B warrants). Thanks you.

Very truly yours,
IRC PROPERTIES, INC.
(Formerly: Interport Resources Corporation)
Delfin P. Angcao
Corporate Secretary/Corporate Information Office