SKYWAY O & M CORPORATION

        The Skyway O&M Corporation (SOMCO) is the company nominated by Citra Metro Manila Tollways Corporation (CMMTC) and confirmed by the Toll Regulatory Board (TRB) to operate and maintain the South Metro Manila Skyway Project (SMMSP). SOMCO replaced PNCC Skyway Corporation (PSC), a government-acquired asset corporation and 100% owned by Philippine National Construction Corporation (PNCC).

            CMMTC is a joint venture between Indonesia’s Citra group of companies and the Philippine National Construction Corporation (PNCC) mandated by the government, through TRB, to implement Stages 1 and 2 of the South Metro Manila Skyway Project.  Stage 1 is the 9.3-km. elevated expressway from Buendia, Makati to Bicutan, Parañaque and the 13.5-km. at-grade South Luzon Expressway from Magallanes to Alabang.  Stage 2, currently under construction until 2010, is the 6.88-km. elevated expressway from Bicutan to Alabang.

            SOMCO is 72% Filipino-owned.  The key shareholders are CMMTC (40%), Toll Road Operations & Maintenance Venture Corporation (42.59%), Assets Values Holdings, Inc. (15.43%) and Metro Strategic Infrastructure Holdings, Inc. (1.96%).  Individual shareholders hold .02% share.

            The Securities & Exchange Commission approved the incorporation of SOMCO on December 13, 2007.  SOMCO’s Board of Directors is composed of Pablo V. Galvez as Chairman with Fema P. Sayson, Alvin B. Bugtas, Robero O. Parel, Sahra M. Mayor, Dodik Marseno Catur Utomo and Nadiya W. Stamboel as Directors.  Appointed as SOMCO’s Officer-In-Charge is Ramon M. Borromeo.

           SOMCO officially assumed from PSC the responsibility for the operation and maintenance (O&M) of the Skyway System at 10:00 p.m. on December 31, 2007.  The Skyway’s O&M mandate involves traffic and safety management (including assistance to motorists), tollway maintenance and engineering, toll collection operation (including the operation of the Customer Service Center).