In the meeting of the Board of Directors of LFM Properties Corporation held on November 28, 2022, the Board approved the entering and execution of a Memorandum of Understanding (the "MOU") with its shareholder, Liberty Flour Mills, Inc. ("LFMI"), for the potential sale of Liberty Building and the 1,009-square meter parcel of land upon which Liberty Building is constructed (the "Property") by the latter to the former. LFMI is the registered owner of the Property which is located at 835 A. Arnaiz Avenue, Makati City. The consummation of the sale shall be conditioned, among others, on the determination of the purchase price for the transaction based on the issuance of a fairness opinion issued by an independent third-party financial adviser jointly selected by the Company and LFMI.

Given the time needed for the preparation of the fairness opinion and its study upon issuance, the Company and LFMI aim to enter and execute a deed of sale in the first quarter of 2023 if a favorable recommendation/opinion is secured from the independent-third party financial adviser.