| Real Estate: |  | 
| Alveo Land Corporation (Alveo) | 100% | 
|      Serendra, Inc. | 39 | 
|      Solinea, Inc. (Solinea) | 65 | 
|      BGSouth Properties, Inc. (BGS) | 50 | 
|      Portico Land Corp. (Portico) | 60 | 
| Serendra, Inc. | 28 | 
| Amorsedia Development Corporation | 100 | 
|      OLC Development Corporation and Subsidiary | 100 | 
|      HLC Development Corporation | 100 | 
|      Allysonia International Ltd. | 100 | 
| Avida Land Corporation (Avida) | 100 | 
|      Buklod Bahayan Realty and Development Corp. | 100 | 
|      Avida Sales Corp. and Subsidiaries | 100 | 
|      Amicassa Process Solutions, Inc. | 100 | 
|      Avencosouth Corp. (Avencosouth) | 70 | 
|      BGNorth Properties, Inc. (BGN) | 50 | 
| Amaia Land Co. (Amaia) | 100 | 
|      Amaia Southern Properties, Inc. (ASPI) | 65 | 
| AyalaLand Premier, Inc. **** | 100 | 
| Ayala Land International Sales, Inc. (ALISI) | 100 | 
|      Ayalaland International Marketing, Inc. (AIMI) | 100 | 
|      Ayala Land International (Singapore) Pte. Ltd. | 100 | 
|      Ayalaland International Marketing (Hong Kong) Limited          (ALIM HK) | 100 | 
|      Ayala Land International Marketing , SRL  (ALIM SRL) | 100 | 
|      Ayala Land International Marketing  London | 100 | 
| Ayala Land Sales, Inc. | 100 | 
| Southportal Properties, Inc. | 65 | 
| Buendia Landholdings, Inc. | 100 | 
| Crans Montana Holdings, Inc. | 100 | 
| Crimson Field Enterprises, Inc. | 100 | 
| Ecoholdings Company, Inc. (ECI) | 100 | 
| NorthBeacon Commercial Corporation NBCC) | 100 | 
| Red Creek Properties, Inc. | 100 | 
| Regent Time International, Limited (Regent Time) (British Virgin Islands) | 100 | 
| North Eastern Commercial Corp.(formerly Asterion Technopod, Incorporated) (NECC) | 100 | 
| Westview Commercial Ventures Corp. (formerly Crestview E-Office Corporation) (Westview) | 100 | 
| North Ventures Commercial Corp. (formerly Fairview Prime Commercial Corp. (formerly Gisborne Property Holdings, Inc.) | 100 | 
| Hillsford Property Corporation (HPC) | 100 | 
| Primavera Towncentre, Inc. (PTI) | 100 | 
| Summerhill E-Office Corporation (Summerhill) | 100 | 
| Sunnyfield E-Office Corporation (Sunnyfield) | 100 | 
| Subic Bay Town Centre, Inc. | 100 | 
| Regent Wise Investments Limited (Regent Wise) (Hongkong company) | 100 | 
|      AyalaLand Real Estate Investments Inc. | 100 | 
|      AyalaLand Advisory Broadway Inc. | 100 | 
|      AyalaLand Development (Canada) Inc. | 100 | 
|      AyalaLand OpenAsia Holdings  PTE, Limited | 100 | 
|      Blue Horizons  Holdings  PTE, Limited | 100 | 
|      Modular Construction Technology (MCT) Bhd. | 66 | 
| AyalaLand Commercial REIT, Inc. (ALCRI) | 100 | 
| Arvo Commercial Corporation (Arvo) | 100 | 
| BellaVita Land Corporation (BellaVita) | 100 | 
| Nuevo Centro, Inc. (Nuevo Centro) | 55 | 
|      Alviera Country Club, Inc. (Alviera)*** | 50 | 
| Cavite Commercial Town Center, Inc. | 100 | 
| AyalaLand Offices, Inc. (ALO) (formerly ALI Property Partners Corp. (APPCo) | 100 | 
|      One Dela Rosa Property Development, Inc. | 100 | 
|      First Gateway Real Estate Corp. | 100 | 
|      Glensworth Development, Inc. (Glensworth) | 100 | 
|      UP North Property Holdings, Inc. | 100 | 
| ALO Prime Realty Corporation | 100 | 
| Makati Cornerstone Leasing Corp. (MCLC) **** | 100 | 
| Arca South Commercial Ventures Corp. **** | 100 | 
| Capitol Central Commercial Ventures Corp. **** | 100 | 
| Bay City Commercial Ventures Corp. (BCCVC) **** | 100 | 
| Laguna Technopark, Inc. (LTI) | 75 | 
|      Ecozone Power Management, Inc. | 75 | 
| Aurora Properties Incorporated (API) |                             80  | 
|      Soltea Commercial Corp. | 16 | 
| Vesta Property Holdings, Inc. | 70 | 
| Altaraza Prime Realty Corporation (Altaraza) | 100 | 
| Prow Holdings Inc. (Prow) | 55 | 
| Station Square East Commercial Corporation (SSECC) | 69 | 
| Next Urban Alliance Development Corp. | 100 | 
| Accendo Commercial Corp. (Accendo) | 67 | 
|      Avencosouth Corp. | 20 | 
|      Aviana Development Corporation | 7 | 
| Aviana Development Corporation | 50 | 
| Cagayan de Oro Gateway Corp. (CDOGC) | 70 | 
| Ceci Realty, Inc. (Ceci) | 60 | 
|      Soltea Commercial Corp. | 12 | 
| Soltea Commercial Corp. | 60 | 
| CMPI Holdings, Inc. | 60 | 
|      CMPI Land, Inc. | 36 | 
| ALI-CII Development Corporation (ALI-CII) | 50 | 
| Roxas Land Corporation (RLC) | 50 | 
| Adauge Commercial Corporation (Adauge) | 60 | 
| AyalaLand Estates, Inc.(formerly Southgateway Development Corp. (SDC) | 100 | 
| Ayalaland MetroNorth, Inc. (AMNI) | 100 | 
| Verde Golf Development Corporation | 100 | 
| North Triangle Depot Commercial Corporation (NTDCC) | 73 | 
| BGWest Properties, Inc. (BGW) | 50 | 
| Lagdigan Land Corporation | 60 | 
| Central Block Developers, Inc (CBDI) | 35 | 
| Cebu Holdings, Inc. (CHI) | 72 | 
|      Cebu Property Ventures Development Corp (CPVDC) and Subsidiaries | 63 | 
|      Cebu Leisure Company, Inc. | 72 | 
|      CBP Theatre Management Inc. | 72 | 
|      Taft Punta Engaño Property Inc. (TPEPI) | 40 | 
|      Cebu Insular Hotel Company, Inc. (CIHCI) | 27 | 
|      Solinea, Inc. | 25 | 
|      Amaia Southern Properties, Inc. (ASPI) | 25 | 
|      Southportal Properties, Inc. | 25 | 
|      Central Block Developers, Inc. (CBDI)** | 41 | 
| Alabang Commercial Corporation (ACC) | 50 | 
|      South Innovative Theater Management  (SITMI) | 50 | 
| ALI Commercial Center Inc. | 100 | 
| Prime Orion Philippines Inc. (POPI) | 66 | 
|      FLT Prime Insurance Corp. | 43 | 
|      Orion Solutions, Inc | 66 | 
|      Orion I Holdings Philippines, Inc. | 66 | 
|      OE Holdings, Inc. | 66 | 
|      Orion Land Inc. | 66 | 
| Ayalaland Malls Synergies, Inc. | 100 | 
| Ayala Land Malls, Inc. (formerly Solerte, Inc.) | 100 | 
|      AyalaLand Malls Vismin, Inc. | 100 | 
|      AyalaLand Malls NorthEast, Inc. | 100 | 
 |   | 
| Construction: |   | 
| Makati Development Corporation  (MDC) | 100 | 
|      MDC – Subic, Inc. | 100 | 
|      MDC – Build Plus, Inc. | 100 | 
|      MDC Conqrete, Inc. (MCI) | 100 | 
|      MDC Equipment Solutions, Inc. (MESI) | 100 | 
|      MDBI Construction Corp. (formerly MDC Triangle)(MBDI) **** | 67 | 
 |   | 
| Hotels and Resorts: |   | 
| Ayala Hotels, Inc. (AHI) | 50 | 
| AyalaLand Hotels and Resorts Corporation  (AHRC) and Subsidiaries | 100 | 
|      ALI Makati Hotel & Residences, Inc.  (AMRH) (formerly KHI-ALI Manila, Inc.) | 80 | 
|      ALI Makati Hotel Property, Inc. (formerly KHI Manila Property, Inc.) | 80 | 
|      Regent Horizons Conservation Company, Inc. and SubsidiaryAsian Conservation Company Limited and Subsidiary | 100 | 
|      Enjay Hotels, Inc. (Enjay) | 100 | 
|      Greenhaven Property Venture, Inc. (GPVI) | 100 | 
|      Cebu Insular Hotel Company, Inc. (CIHCI) | 63 | 
|      Bonifacio Hotel Ventures, Inc. | 100 | 
|      Southcrest Hotel Ventures, Inc. | 67 | 
|      Northgate Hotel Ventures, Inc. | 70 | 
|      North Triangle Hotel Ventures, Inc. | 100 | 
|      Ecosouth Hotel Ventures, Inc. | 100 | 
|      Sentera Hotel Ventures Inc. | 100 | 
|      Econorth Resorts Ventures, Inc. | 100 | 
|      ALI Triangle Hotel Ventures, Inc. | 100 | 
|      Circuit Makati Hotel Ventures, Inc. | 100 | 
|      Capitol Centre Hotel Ventures, Inc. | 100 | 
|      Arca South Hotel Ventures, Inc. | 100 | 
|      Sicogon Town Hotel, Inc. | 100 | 
|      Bay Area Hotel Ventures, Inc.**** | 100 | 
|      Makati North Hotel Ventures, Inc. (MNHVI)**** | 100 | 
|      One Makati Hotel Ventures, Inc. (OMHVI)**** | 100 | 
|      Sicogon Island Tourism Estate, Corp. | 100 | 
| ALI Makati Hotel & Residences, Inc.  (formerly KHI-ALI Manila, Inc.) | 20 | 
| ALI Makati Hotel Property, Inc. (formerly KHI Manila Property, Inc.) | 20 | 
|      Ten Knots Phils., Inc. (TKPI) | 60 | 
|      Bacuit Bay Development Corporation | 60 | 
|      Lio Resort Ventures Inc. | 60 | 
|      North Liberty Resort Ventures Inc. | 60 | 
|      Paragua Eco-Resort Ventures Inc. | 60 | 
|      Lio Tourism Estate Management Corporation | 60 | 
| Ten Knots Development, Corp. (TKDC) | 60 | 
|      Chirica Resorts Corp. | 60 | 
|      Kingfisher Capital Resources Corp. | 60 | 
|      Pangalusian Island Resort Corporation | 60 | 
 |   | 
| Property Management: |  | 
| Ayala Property Management Corporation (APMC) | 100 | 
|      Prime Support Services, Inc. | 100 | 
| Ayala Theatres Management, Inc. and Subsidiaries | 100 | 
| DirectPower Services, Inc. (DirectPower) | 100 | 
| Philippine Integrated Energy Solutions, Inc. (PhilEnergy) | 100 | 
 |  | 
| Entertainment: |  | 
| Five Star Cinema, Inc. | 100 | 
| Leisure and Allied Industries Philippines, Inc. (LAIP) | 50 | 
 |  | 
| Others: |  | 
| ALInet.com, Inc. (ALInet) | 100 | 
| First Longfield Investments Limited (First Longfield) (Hongkong company) | 100 | 
|      Green Horizons Holdings Limited | 100 | 
| Aprisa Business Process Solutions, Inc. (Aprisa) | 100 | 
| AyalaLand Club Management, Inc. | 100 | 
| ALI Capital Corp. (formerly Varejo Corp.) | 100 | 
|      Integrated Eco-resort Inc. | 100 | 
|      Airswift Transport, Inc.(formerly Island Transvoyager, Inc.)( Airswift) | 100 | 
| Arca South Integrated Terminal, Inc. | 100 | 
| Whiteknight Holdings, Inc. (WHI) | 100 | 
| Ayalaland Medical Facilities Leasing Inc. (Ayala Land Healthcare Leasing Inc.) | 100 | 
| Anvaya Cove Beach and Nature Club, Inc. (Anvaya Cove Beach)*** | 73 | 
| Anvaya Cove Golf and Sports Club, Inc. (Anvaya Cove Golf)*** | 76 |