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Mactan Enerzone Corporation

On June 8, 2007, the Company agreed to acquire from its affiliate, AboitizLand, Inc., a 100.0% ownership interest in Mactan Enerzone Corporation, which owns and operates the power distribution system of the MEPZ 2 export processing zone. The MEPZ 2 export processing zone, which was launched in 1995, is operated by AboitizLand, Inc. under a BOT Agreement entered into with the Mactan-Cebu International Airport Authority. As of JUne 30, 2007, approximately 50 companies are located and operate in the MEPZ 2 economic zone. MEPZ 2 sources its power from NPC pursuant to a Contract to Supply Electric Energy. Pursuant to this contract, NPC is required to provide power to MEPZ 2 up to the amount of contracted load, which is based on projections provided by companies operating in the MEPZ 2. These projections are provided pursuant to a Power Service Contract each company operating in MEPZ 2 enters into with Mactan Enerzone Corporation.

In 2006 and during the first three months of 2007, the total amount of electricity sold to companies operating in MEPZ 2 was 127 GWh and 43 GWh, respectively, with the weighted average cost of electricity purchased during these period being P4,684/kWh and P4,637/kWh, respectively. Electricity losses during each of these periods were approximately 3.0% of total electricity distributed. During 2006, customers within MEPZ2 experienced an average of 6.0 outages totaling 12.1 hours. During the first quarter of 2007, each customer experienced an average of 2.0 outages totaling 0.9 hours.

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