ATN Holdings Inc.

ATN Holdings and its subsidiaries are the owners of:

(a) selected units and floors of Summit One Tower at 530 Shaw -Boulevard, Mandaluyong City,

(b) Palladian project in Pasig City,

(c) Lincoln Plaza in San Fernando, Pampanga and

(d) land for development in Montalban, Rizal.

1. Palladian Land Development Inc. (PLDI) is the developer and major owner of the 48-storey Summit One Tower and an adjacent 6 storey parking building, located at 530 Shaw Boulevard, Mandaluyong City, subdivided residential land in Pasig City and the owner of 1.3 hectare commercial property located in San Fernando, Pampanga. The 1.3 hectare Pampanga property contains a 3-storey commercial building with usable area of 3,000 square meters.

PLDI's main sources of revenues include sale and rent of condominium units and residential land.

2. Advanced Home Concept Development Corp. (AHCDC) is a corporation engaged in developing residential properties. AHCDC is a developer of various properties around Ever Gotesco in Pasig City. The main source of revenues of this ATN subsidiary is rent income and sale of residential land.

3. Managed Care Phil. Inc. (MCPI) is a corporation engaged in the healthcare industry with investments in outpatient clinics. One hundred doctors of MCPI manage the healthcare needs of the fifty thousand client patients. The opening of MCPI Ayala branch and Mandaluyong City branch marked the extensive growth of MCPI market share.

MCPI established a relatively large ambulatory surgical center at the ground floor of the Annex Building of Summit One under the umbrella of its subsidiary MCPI. The new state-of-the-art surgical center includes 14 surgery rooms, 20 consultation rooms, 14 recovery rooms and a radiology room equipped with X-ray, and 3D ultrasound. Other facilities include a dental clinic, ECG, tread mill, etc. Prior to its formal opening in June 2007, doctors of various surgical disciplines in medical and aesthetic surgery services committed to practice their respective professions in the center, while 54 HMOs have designated the center to provide the diagnostic and surgical services required by their members.

4. Transpacific Broadcast Group Int'l Inc. (TBGI) is an affiliate of ATN Holdings for 14.3% ownership. The fair value of ATN investment in TBGI was estimated at P73.0 million as of March 31, 2007.

TBGI total assets stood at P316 million as of December 31, 2006, while stockholder's equity was P294 million, representing paid up capital stock of 209 million shares with par value of P1.00 per share,