GMA Holdings, Inc. (GMAP) was incorporated on February 15, 2006 as a holding company. The Philippine Depositary Receipts (PDRs) issued by GMAP were listed with the Philippine Stock Exchange on July 30, 2007. GMAP does not engage in any other business or purpose except in relation to the issuance of the PDRs relating to GMA Network, Inc. common shares for as long as the PDRs are outstanding. GMAP has undertaken to perform the obligations under the PDRs and the acquisition and holding of the common shares underlying the PDRs, which includes maintaining the listing with the PSE, and maintaining its status as a Philippine person for as long as the Philippine law prohibits ownership of common shares by non-Philippine persons. Source: SEC Form 17-A (2008)