In re GMA Network, Inc. and GMA Holdings, Inc.

July 16, 2007 SEC-CFD ORDER NO. 123-07 IN THE MATTER OF GMA NETWORK, INC. AND GMA HOLDINGS, INC. , registrants. REGISTRATION OF SECURITIES ORDER Upon consideration of the Registration Statement and other papers and documents attached thereto which were filed for and on behalf of GMA NETWORK, INC. and GMA HOLDINGS, INC., the Commission resolved in its meeting of June 20, 2007, to render effective the same for the registration of the following securities described below at an offer price of Php8.50 each, pursuant to Section 12 of the Securities Regulation Code and its Implementing Rules and Regulations. Number of Shares/PDRs 1. Common Shares (Par Value of P1.00) A. Initial Public Offering (IPO) Primary Common Shares 91,346,000 B. Underlying Common Shares 1. Primary underlying Common Shares for 91,346,000 Philippine Deposit Receipts (PDRs) 2. Secondary underlying Common Shares 730,769,000 for PDRs 3. Secondary underlying Shares for 123,317,000 Over-Allotment PDRs Total Underlying Common Shares 945,432,000 C. Over-Allotment Common Shares 13,701,000 D. Existing Common Shares 2,257,213,000 2. Common Shares covering the Employee 57,000,000 Stock Option Plan (ESOP) Total Common Shares 3,364,692,000 3. (PDRs) PDRs- Domestic Offer- 182,692,000 822,115,000 1 International Offer- 639,423,000 Over-Allotment PDRs 123,317,000 Total PDRs 945,432,000 ========== Let a Certificate of Permit to Offer Securities for Sale be issued in favor of the subject companies authorizing the sale and distribution of the aforementioned securities. DAEIHT Let this Order be published at the expense of the corporations once in a newspaper of general circulation in the Philippines within ten (10) days from date hereof. The corporations are hereby directed to furnish the Commission with a copy of the affidavit of publication of this Order. SO ORDERED. EDSA, Mandaluyong City, Philippines, July 16, 2007. (SGD.) JUSTINA F. CALLANGAN Director Footnotes 1. Consists of the 91,346,000 PDRs to be offered on behalf of the Company and 730,769,000 PDRs to be offered on behalf of certain existing shareholders of the Company.