ABS-CBN Holdings Corporation (ABSP) is a company incorporated in the Philippines on 30 March 1999. ABSP is 50% owned by Lopez, Inc. and 50% owned by certain directors and officers of Lopez, Inc. Lopez, Inc. has undertaken to procure and ABSP has also undertaken that, for as long as the PDRs are outstanding, the Iatter will not engage in any activities other than in connection with the issue of the PDRs, the performance of obligations under the PDRs and the acquisition and holding of shares underlying the PDRs in issue from time to time. Lopez, Inc. has also undertaken to maintain at least 50% shareholding and control in the outstanding equity of ABSP for as long as the PDRs are outstanding. Source: The Company