Philippine Infradev Holdings Inc. received on 19 July 2019 a copy of the letter from the Makati City Government informing that the ordinance approving the terms and conditions of the Joint Venture Agreement (JVA) to construct, operate and manage the Subway System (the "Project") within Makati City has been approved by the City Council of Makati. Execution of the JVA is scheduled on 29 July 2019 at 10:00 am at the 21st floor of the Makati City Hall, subject to compliance by the Company of certain conditions such as performance security, list and role of final members of the Private Proponent's consortium that shall undertake the project, company registration documents, and copies of the resolutions adopted by the Board of Directors.