UEM Development Phils., Inc. at its special meeting of the stockholders held on July 12, 2012, the stockholders approved the appointment of Robert G. Coyiuto, Jr., Joseph Ferdinand M. Dechavez were elected as directors for 2012 to 2013 or until their successors have been elected and duly qualified. The stockholders also approved the election of Paul P. Sagayo, Jr. as independent director and a member of Nomination and Audit Committee.