POLAR PROPERTY HOLDINGS CORPORATION

Polar Property Holdings Corporation (PO) was originally incorporated on October 16, 1969 as Polar Mines and Development Corporation primarily to pursue mineral exploration. In September 2004, the Board of PO approved the change in the company's corporate name to its present name, as well as the change in its primary business purposes from mineral exploration to that of a holding company and real estate business. PO virtually conducts all of its operations through its subsidiaries. These subsidiaries are principally engaged in the development and marketing of medium cost lot and condominiums in Cavite, Muntinlupa City, Quezon City, and Manila. The subsidiaries are involved in the acquisition of undeveloped land, the planning and design of community developments, the securing of regulatory  

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approvals for development and sale, the processing of mortgage financing for homebuyers, the supervision of land development and house construction, and the marketing and selling of new homes and lots. PO's subsidiaries are Polar Mines Realty Ventures, Inc., Crown Asia Properties (North), Inc., Masterpiece Asia Properties, Inc., Brittany Estate Corporation and Crown Asia Properties, Inc. It also has one associate, Vista Land & Lifescapes, Inc. Source: SEC Form 17-A (2008)