Metro Retail Stores Group, Inc. announced that in a Special Board Meeting of the Company held on October 23, 2023, the following individuals were unanimously elected as new Directors of the Company effective on October 23, 2023, until the next Annual Stockholders' Meeting: Medel T. Nera - Independent Director to replace the late Guillermo L. Parayno, Jr.; Sherisa P. Nuesa - Non-Executive Director In the same meeting, Mr. Nera was also elected as Chair of the Audit and Risk Committee, and Member of the Corporate Governance Commitee. Ms. Nuesa was also elected as a Member of the Investment Committee. Resume of MEDEL T. NERA: Mr. Medel (Ding) Nera currently serves in the Board of Directors of the following companies: House of Investments, Inc.; IPeople, Inc.; EEI Corporation; Seafront Resources Corporation; National Reinsurance Corporation of the Philippines, Inc.; Ionics, Inc.; Holcim Philippines, Inc. He is currently either chairman or member of the audit committees of 6 of the foregoing listed entities.

Mr. Nera was the President and CEO of House of Investments, Inc. (HOI) from July 2011 to July 2019, a holding company of the Yuchengco group. HOI has more than a dozen significant subsidiaries and associates. These include EEI Corporation, iPeople, Inc. (which includes the Mapua University), and Honda and Isuzu Car dealership groups.

He was formerly a Director of RCBC (Rizal Commercial Banking Corporation). Mr. Nera was formerly a Senior Partner of SyCip Gorres Velayo and Co. (SGV & Co.), where he had about 35 years of experience in professional services.

He had served as Markets leader and Financial Services Practice Head at SGV. From 2008 -2010, he served as Assurance Leader for the Financial Services Assurance practice of Ernst and Young in the Far East covering China, Taiwan, Hongkong, Korea, Singapore, Philippines and Vietnam. Mr. Nera was a partner for 22 years and had served in various other leadership positions.

Previous Responsibilities/Affiliations: Vice President and member of the Board of Governors of the Management; Association of the Philippines. Member, Ernst & Young Far East Area Advisory Council. Educational Credentials: Certified Public Accountant; Master of Business Administration, Stern School of Business, New York University, New York, New York, USA; Bachelor of Science in Commerce, Far Eastern University, Manila, Philippines Pacific Rim Bankers Program, University of Washington, Seattle, Washington, USA.

Resume of SHERISA P. NUESA: Sherisa P. Nuesa was formerly a Senior Adviser to the Board of Metro Retail Stores Group, Inc. (MRSGI). Concurrently, she sits on the Boards of Directors of Manila Water Company, Inc. (MWC), AREIT, Inc. (AREIT), Far Eastern University, Incorporated (FEU), FERN Realty Corporation, and Integrated Micro-Electronics, Inc. (IMI). She is an accredited lecturer of the Institute of Corporate Directors (ICD) and the FINEX (Financial Executives Institute of the Philippines) Academy, and the Vice President of NextGen Organization of Women Corporate Directors (NOWCD).

Nuesa formerly served as Managing Director of the Ayala Corporation; Chief Finance Officer of MWC from 2000 to 2008 and Integrated Micro-Electronics, Inc. (IMI) from 2009 to 2010; Group Controller and Group Head for Commercial Centers of Ayala Land, Inc. (ALI); Board Member of various subsidiaries of ALI and MWC. Among her past directorships are: Ayala Land Inc., ACEN Corporation, ALFM Mutual Funds Group, Generika/Actimed Group, Blackhorse Emerging Enterprises Fund(Singapore), the state-owned Philippine Reclamation Authority and PSi Technologies. A Certified Public Accountant, she graduated summa cum laude with a Bachelor of Science degree in Commerce from the Far Eastern University and earned her Master's degree in Business Administration from the Ateneo-Regis Graduate School of Business.

She also attended the Advanced Management Program of the Harvard Business School in 1999. Nuesa is the recipient of the ING-FINEX Philippines CFO of the Year Award for 2008.