UEM DEVELOPMENT PHILS., INC.

UEM Development Philippines, Inc. (MK) was originally incorporated on June 1, 1970 as a mining corporation named Mankayan Minerals Development Company, Inc. On February 22, 1994, the Securities and Exchange Commission approved the company's change in corporate name to UEM Development Philippines, Inc., and the change in primary purpose from engaging in mining activities to general construction and other allied businesses. The amendment in MK's primary purpose came due to the potential opportunity in the construction industry brought about by the entry of a new foreign investor, United Engineers (Malaysia) Berhad. On October 10, 1997, MK again changed its primary purpose from engaging in general construction to investment holding in order to broaden its investment alternatives and to allow  

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greater participation of foreign equity investors in the company. Despite the shift, MK still concentrated its investments in construction and infrastructure activities. At present, MK renders consultancy and advisory services, particularly for construction projects. MK has yet to fully map out its plan of operations, including the determination whether it will need additional employees and raise additional funds for its operations, and whether it will acquire any property. Source: SEC Form 17-A (2008)