ASIA AMALGAMATED HOLDINGS CORPORATION

Asia Amalgamated Holdings Corporation (AAA) was originally incorporated as Sulu Sea Development Corporation on October 7, 1970 to engage in the business of hydrocarbon, petroleum and oil exploration and production in the Philippines, with small mineral exploration interests. Following the change in the majority ownership of the company from the National Development Corporation to the present majority stockholders, the Securities and Exchange Commission approved on October 6, 1995 the change of the company's name to Asia Amalgamated Holdings Corporation and its primary purpose to that of a holding company. During the first few years of its operation as an investment holding company, AAA made significant investments in various businesses such as financial and banking services, distribution  

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of household water filtration equipment and industrial waste water treatment, water transport services and non-life insurance brokerage. AAA incorporated four subsidiaries, namely, Ecology Savings Bank, Inc., Unikleen International Corporation, Marilag Transport Systems, Inc. and ESBI Insurance Brokers, Inc. The economic crises that beset the country in 1998 put AAA's main affiliate and major source of business, the Uniwide Group, in a very serious financial problem and had made a significant impact on AAA's operations. From then onwards, AAA began to cease the operations of its subsidiaries one by one due to continued financial losses. Beginning the year 2002, none of the subsidiaries had resumed operations. As of December 31, 2008, AAA and its subsidiaries remained in a non-operating status. Source: SEC Form 17-A (2008)