Manila Water Company: Partners

Partners

Ayala Corporation is the Philippines' oldest business house. Ayala is a publicly listed diversified conglomerate with businesses in real estate, banking and financial services, telecommunications, utilities, electronics and information technology, automotive, and international operations. Its subsidiaries are market leaders in their respective fields.

Ayala Land, Inc., Ayala's principal real estate subsidiary is the premiere property developer in the Philippines. Bank of the Philippine Islands, Ayala's principal financial services subsidiary is the oldest and one of the largest banks in the Philippines.

Globe Telecom, Inc., Ayala's telecommunications subsidiary is one of the leading telecommunications companies in the Philippines. In 2004, Ayala had net income of P7.1 billion, and revenues of P43.7 billion and P167.9 billion of assets as of December 31, 2004.

UNITED UTILITIES PACIFIC HOLDINGS B.V.

United Utilities Pacific Holdings, B.V. is a subsidiary that is wholly owned and controlled by United Utilities PLC, the United Kingdom's first multi-utility operator engaged in water and wastewater services, electricity distribution, telecommunications, and contract asset management.

United Utilities PLC is one of the world's largest water and wastewater enterprises. United Utilities international subsidiaries have extensive experience throughout the world, with involvement in over 4,000 wastewater plants, 250 water treatment plants, 50,000 km of water mains, and 50,000 km of sewers.

It has businesses in various Asia-Pacific countries including China, Malaysia, Thailand, Indonesia, Hong Kong, and the Philippines, as well as in India and Australia, and manages approximately U.S.$3 billion in investments in Asia.

MITSUBISHI CORPORATION

Mitsubishi Corporation is one of Japan's premier general trading and investment companies, and a leader in many key markets worldwide. Mitsubishi currently ranks among the largest corporations in the world in terms of turnover.

Mitsubishi's business activities span from information systems, fuels, metals, machinery, power generation, chemicals, and textiles to general merchandise. While Mitsubishi's activities are well distributed across the world, a large emphasis is placed on trading and business investments in the Asian region.

In Asia, Mitsubishi is focused on expanding its presence through investments in production, distribution, marketing and infrastructure development projects. These activities serve to benefit the expansion of various economies within Asia, as well as fostering intra-regional growth. Mitsubishi is also the second largest shareholder of Ayala.

BPI CAPITAL CORPORATION

BPI Capital Corporation, one of the Philippine's leading investment banks, is the wholly-owned investment banking subsidiary of the Bank of the Philippine Islands. BPI Capital Corporation had total assets of P 7.7 billion and total capital funds of P 4.6 billion as of December 31, 2003.

INTERNATIONAL FINANCE CORPORATION

International Finance Corporation, a member of the World Bank Group, was founded in 1956 and is the world's largest multilateral organization providing financial assistance to private enterprises in member countries in the form of loans and equity. The mission of the IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. Since its founding, the IFC has committed more than U.S.$ 44 billion of its own funds and has arranged U.S.$ 23 billion in syndications for 3,143 companies in 140 developing countries.

PHILWATER HOLDINGS COMPANY, INC.

Philwater is a special purpose company that is 60.0% owned by Ayala and 40.0% owned by United Utilities. Philwater was incorporated as a holding company and was organized primarily to hold Ayala's and United Utilities' indirect equity interest in the Company.

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