MONDRAGON INTERNATIONAL PHILIPPINES, INCORPORATED

Mondragon International Philippines, Inc. (MON) is a holding company with business interests in the development of resort facilities and gaming. The company was originally incorporated as Mondragon Industries, Inc. on January 28, 1969. Its wholly owned subsidiary, Mondragon Leisure and Resorts Corporation (MLRC), was incorporated on January 6, 1991 primarily to acquire, manage, own, lease, operate, act as consultant of and/or engage in the business of hotels, resorts, inns, casinos, restaurants and other tourism related activities. MLRC operates a 36-hole championship golf course, a 304-room five star hotel, various deluxe furnished villas and gaming casino, all located within the Clark Special Economic Zone. The Company derived its income principally from the earnings of its  

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subsidiaries, from rentals and up to 1997, from management fees. Except for the share in the gross income of the Mimosa Regency Casino since July 2001, MLRC had no commercial operations for 2001 and 2000. Source: SEC Form 17-A