MACROASIA CORPORATION

MacroAsia Corporation was incorporated under the name "Infanta Mineral and Industrial Corporation" on February 16, 1970 to engage in the business of geological exploration and development. On January 26, 1994, its Articles of Incorporation was amended to change its primary purpose from exploration and development to that of engaging in the business of a holding company, and to change its name to "Cobertson Holdings Corporation".

In 1995, a group of local and foreign investors bought into the Company. Subsequently, on November 6, 1995, the Company's Articles of Incorporation was again amended to change its corporate name to its present name. The year 1996 was MacroAsia's first year of commercial operations as a holding company.

The Company's operations are subject to the relevant rules and regulations imposed by government and private institutions such as the Air Traffic Office, Civil Aeronautics Board, Securities and Exchange Commission as well as the Philippine Stock Exchange. Moreover, being a part of the air travel industry, the Company is subject to various stringent international standards for cleanliness, health and safety.

The Company has complied with the rules and guidelines set by the above regulators. MacroAsia Air Taxi Services has obtained its license from the Civil Aeronautics Board and it also holds an Air Carrier Operating Certificate issued by the ATO. Another subsidiary, MacroAsia-Eurest Catering Services, has already passed all audits conducted by the National Quarantine Office, Bureau of Quarantine, Philippine Aw'qaf Foundation (Office of Muslim Affairs) and the Medina Audit for Northwest Airlines. This includes periodic audits by other foreign airlines as part of their quality and hygiene check. MECS has been given the ISO 9002 certification on March 28, 2000.

MacroAsia Corporation signed a Letter of Intent with Lufthansa Technik (AG) of Germany on June 19, 1999, which was subsequently ratified by the Board of Directors on June 29, 1999. The Letter of Intent provides for the establishment of a company in the Philippines to engage in the business of providing maintenance and engineering services to domestic and international airline customers. Lufthansa Technik will have a 51% stake in the joint venture company to be called Lufthansa Technik Philippines, Inc., while MacroAsia will hold the remaining 49%. The Joint Venture Agreement is expected to be signed during the second quarter of this year, while start of commercial operations shall be within the year.

Lufthansa Technik is an independent company within the Deutsche Lufthansa Group whose headquarters is located in Hamburg, Germany. The company serves more than 230 customers in the field of aircraft engine and component services.