The Taal Company, Inc.

(29.97%-owned by Mabuhay Holdings Corporation)

The Taal Company, Inc. was incorporated in the Philippines and registered with the Securities and Exchange Commission.  It was established primarily to invest in, purchase, acquire and own, or otherwise dispose of real and personal properties of every kind and description in any corporation or association.  It has property holdings in Batangas and Cavite provinces.  The Company's immediate parent is Tagaytay Properties and Holdings Corporation.