The Company's Business Operations

Metro Global Holdings Corporation (MGHC), (formerly Fil-Estate Corporation) is a stakeholder of the Metro Manila Rail Transit Project through its holding company, Metro Rail Transit Holdings, Inc. and its subsidiary Monumento Rail Transit Corporation.

MGHC continues to be a holding corporation with key investment in the form of equity interest in Metro Rail Transit Holdings (MRTH), Inc. and Metro Rail Transit Holdings II (MRTH II). The combined investment in these two holding companies represents approximately 29% interest in the EDSA MRT Systems. The Phase 1 of the MRT Project started full operations on July 15, 2000 with 13 stations from North Avenue in Quezon City to Taft Avenue in Pasay City. The operations for the next 12 months were strictly confined to that of an investee Corporation.

The Company will continue, through its holdings in Monumento Rail to actively pursue its participation in the train system extensions (e.g. Makati Loop) and capacity extension through procurement of additional trains/vehicles.

Other Business Mandate

The Company will pursue its new business mandate of getting involved in property projects relating to resort/leisure and entertainment facilities. A more aggressive outlook in property development is also being adopted by the Company in view of an upsurge in the business process outsourcing sector and the increase in demand for retirement and leisure homes.