Cebu Private Power Corporation

On April 20, 2007, the Company acquired from EAUC60.0% of the outstanding common shares of CPPC. CPPC was incorporated on July 13, 1994 and owns and operates a thermal plant in Cebu City with a net dependable capacity of 66 MW, which is one of the largest power plants in the island of Cebu, and supplies 62MW of power to VECO.