MABUHAY HOLDINGS CORPORATION - Manila, Philippines

Mabuhay Holdings Corporation (MHC) is a holding company incorporated on April 6, 1988. MHC is a holding company principally engaged in the acquisition and disposition of investments in securities, stocks, real and personal properties, and of any kind of properties and of investments in other entities. As of December 31, 2008, MHC held directly or indirectly substantial investments in several corporations. Three of these are wholly owned subsidiaries while the rest are investees in which MHC has sizeable claims and interests. For the past five years, operating activities of the company and its subsidiaries and affiliates have been kept to the minimum. The company's affiliates engaged in the property business have likewise experienced a slowdown in growth and development. MHC's  

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subsidiaries and affiliates are engaged in businesses such as real estate and investment holdings. At present, MHC's subsidiaries and affiliates are T&M Holdings, Inc., M&M Holdings Corporation, Shiun-Tung Investment Co., Ltd., Interport Resources Corporation, Tagaytay Properties and Holdings Corporation, The Taal Company, Inc., The Angeles Corporation and Mindanao Appreciation Corporation. Source: SEC Form 17-A (2008)