Warner Bros. Studio Stores International Announces Partnership with Ayala Land, Inc. to Develop Stores in the Philippines

May 4, 1998

In a move to further its expansion in the Asia Pacific region, Warner Bros. Studio Stores International has signed an exclusive master franchising agreement with Studio Ventures, Inc., a wholly owned subsidiary of Ayala Land, Inc., for the establishment of Warner Bros. Studio Stores in the Philippines in 1998. The announcement was made today by Peter Starrett, President, Warner Bros. Studio Stores, and Francisco H. Licuanan III, Chairman of Studio Ventures, Inc.

The International division of Warner Bros. Studio Stores establishes Studio Stores outside the United States through agreement with a single premiere operating partner in each country. Studio Ventures, Inc. has sub-franchised the actual operation of the Warner Bros. Studio Store to WBSS Phils, Inc., a Philippine operation.

Stated Mr. Starrett, "We are extremely excited about bringing the Warner Bros. Studio Stores to the Philippines. Given the worldwide popularity of our properties and characters, combined with the marketing and retail expertise of WBSS Phils, Inc., we are certain that our stores will prove to be as successful in the Philippines as they have already been in the Asia Pacific region."

Studio Ventures, Inc., a wholly owned subsidiary of Ayala Land, Inc. was established solely for the purpose of holding the exclusive master franchise rights for Warner Bros. Studio Stores in the Philippines. Ayala Land, Inc. is a part of the group of companies which comes under the umbrella of Ayala Corporation. This group has interests in banking and finance, food retailing, wholesaling, telecommunications and electronics, automobiles and insurance. Ayala Land, Inc. is best known for the transformation of Makati City in 1948 to the country's premiere business district today. Ayala Land, Inc. is also a theatrical exhibitor for Warner Bros. International Theatrical Distribution.

Said Francisco H. Licuanan III, Chairman of Studio Ventures, Inc., "Warner Bros. has revolutionized entertainment retailing and we are excited about bringing a touch of Hollywood to shoppers in the Philippines."

Warner Bros. Studio Stores, a pioneer in the entertainment retail phenomenon, bringing the glamour and excitement of Hollywood to shoppers throughout the world, currently boasts over 185 wholly owned or franchised outlets in 13 countries (including stores in the United States, Great Britain, Scotland, Germany, Australia, Japan, Hong Kong, Indonesia, Singapore, Guam and Taiwan). Warner Bros. Studio Stores is an operating unit of Warner Bros. Consumer Products, a division of Time Warner Entertainment Company, L.P.

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