The board of directors of Global Estate Resorts, Inc. has elected Mr. Miguel B. Varela as independent director to serve the unexpired term of Mr. Cresencio P. Aquino who had resigned last July 31, 2012 as previously disclosed by the Corporation. Mr. Varela, 72 years old, Filipino has been a member of the board of directors of Megaworld Corporation since June 2006. He is presently the president of the Philippine Chamber of Commerce and Industry (PCCI) was formerly President and now presently Director of Manila Bulletin Publishing Corporation, Director of Ausphil Tollways Corporation, Director, NPC Alliance Corporation, Vice Chairman Richmonde Hotel, among others.

Chairman of the Employers Confederation of the Philippines (ECOP), Board of Trustee of Philippines Trade Foundation, Inc.