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(“Medco”) Is a Company Incorporated in the Republic of Philippines with Limited Liability Whose Shares Are Listed on the Philippines Stock Exchange, Inc

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(“Medco”) Is a Company Incorporated in the Republic of Philippines with Limited Liability Whose Shares Are Listed on the Philippines Stock Exchange, Inc Medco Holdings, Inc (“Medco”) is a company incorporated in the Republic of Philippines with limited liability whose shares are listed on The Philippines Stock Exchange, Inc. (“PSE”). Lippo China Resources Limited (“LCR”) is currently interested in approximately 70.7 per cent. of the issued share capital of Medco, making it a subsidiary of LCR. Lippo Limited (“Lippo”) owns shares representing approximately 71.1 per cent. of the issued share capital of LCR. Accordingly, each of LCR and Medco is a subsidiary of Lippo. The quarterly report of Medco ended 30th June, 2005 (the “Quarterly Report”) was released on the website of PSE today. The following is a reproduction of the Quarterly Report for information purpose only. COVER SHEET 39652 SEC Registration Number MEDCO HOLD I NGS , I NC . AND SUBS I D I A RY (Company’s Full Name) 31st Floor,Rufino Pacific Tower, 6784 Ayala Avenue , Makat i Ci ty (Business Address: No. Street City/Town/Province) Dionisio E. Carpio, Jr. 811-0465 (Contact Person) (Company Telephone Number) 09 30 17-Q Month Day (Form Type) Month Day 2004 AMENDED (Annual Meeting) (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes. SECURITIES AND EXCHANGE COMMISSION Metro Manila, Philippines ______________________ SEC FORM 17-Q QUARTERLY REPORT PURSUANT TO SECTION 11 OF THE REVISED SECURITIES ACT AND RSA RULE 11(a)-1(b)(2) THEREUNDER ______________________ 1. For the quarterly period ended 30 September 2005 2. SEC Identification Number 39652 3. BIR Tax Identification No. 004-844-938 3. Medco Holdings, Inc. (“Medco”) (formerly Mindanao Exploration and Development Corp.) Exact name of registrant as specified in its charter 4. Metro Manila, Philippines Province, country or other jurisdiction of incorporation or organization 5. (SEC Use Only) Industry Classification Code 6. 31st Floor, Rufino Pacific Tower, 6784 Ayala Avenue, Makati City, Metro Manila, Philippines 1229 Address of principal office Postal Code 7. Registrant's telephone number, including area code: (632) 811-0465 to 67 8. Securities registered pursuant to Sections 4 and 8 of the RSA Title of each class Number of shares of common stock outstanding and amount debt outstanding Common 700,000,000 shares 9. Are any or all of these securities listed on the Philippine Stock Exchange. Yes [ / ]No [ ] 10. Check whether the registrant: (a) has filed all reports required to be filed by Section 11 of the Revised Securities Act (RSA) and RSA Rule 11(a)-1 thereunder and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding 12 months (or for such shorter period that the registrant was required to file such reports). Yes [ / ] No [ ] (b) has been subject to such filing requirements for the past 90 days. Yes [ / ] No [ ] PART I - FINANCIAL INFORMATION Item 1. Financial Statements See Attachment A Item 2. Management's Discussion and Analysis or Results of Operation. 2005 Third Quarter Financial Highlights There was no significant change in the consolidated revenues for the third quarter of 2005. It only posted an increase of approximately 0.71% compared to the prior year’s third quarter figure. During the quarter under review, the revenue account consisted mainly of interest income from short-term placements (69%), fees and other commissions (17%), dividend income (8%) and other income (7%). Last year’s third quarter revenue was composed of interest income from short-term placements (37%), gain from foreign exchange transactions (17%), fees and other commissions (14%), equity in net earnings of investee (12%), gain from trading account securities (11%), and other income (9%). Interest income increased significantly by 87% due to the increase in the dollar deposit placement rate of 2.775% to 5.75%. In spite of the significant increase in this revenue component, total revenue only posted a 0.17% increase due to the non-recognition of equity in the net earnings of investee account and the absence of any foreign exchange gain. In fact, for this year’s third quarter there was an unrealized foreign exchange loss which was presented as part of the expense account. Consolidated expenses increased by approximately 3%. The expenses were mainly composed of salaries and wages (23%), representation and entertainment (21%), interest expense (19%), professional and consultancy fees (13%), unrealized loss from foreign exchange transactions (7%), and other expenses (17%). The Company’s major subsidiary incurred an unrealized foreign exchange loss of P2 million compared to its last year’s third quarter foreign exchange gain of P2.9 million. At the end of the third quarter of 2005, the peso exchange rate stood at P56.055 vis-à-vis the US dollar, appreciating by P0.286 or approximately 0.51% during the said quarter. On the other hand, last year’s exchange rate for the end of the third quarter went up to P56.336 to a dollar compared to the December 31, 2003’s rate of P55.5690. Furthermore, interest expense also increased by 16% due to the additional short- term loans obtained from a local bank for the Company’s working capital requirement. Over all, there was no significant movement in the expense components except for the accounts mentioned above. There was also no significant change with respect to the Balance Sheet account. The equity investment accounted for the 62% of total assets for the third quarter of 2005 and 2004. Cash and cash equivalent comprised 36% in 2005 and 34% in 2004, and the other assets accounted for 1.05% in 2005 and 3.3% in 2004. The significant decrease in the other assets account was a result of the reclassification of the asset component, from the common trust fund which was recorded under the other assets account to the cash and cash equivalent account which bore a higher interest rate. On the liabilities side, as mentioned above, Medco obtained additional short-term loans from a local bank for its working capital requirement and to partially pay-off its advances from affiliates. This transaction caused the loan payable account to increase by 18%. There are no events that will trigger direct or contingent financial obligation that is material to the Company, including any default or acceleration of an obligation. There were also no material off-balance sheet transactions, arrangements, obligations (including contigent obligations), and other relationships of the Company with unconsolidated entities or other persons created during the reporting period. The Company is not aware of any trends, events or uncertainties that would materially affect its liquidity and its operations as a whole. The Company does not also anticipate any liquidity problem within the next twelve (12) months. The Company has no default or breach of any note, loan, lease or other indebtedness or financing arrangement. There are also no past due trade payables. The Company’s internal sources of short-term and long-term liquidity are its liquid assets and those of its subsidiaries, which as at September 30, 2005 consisted of P356 million of cash and cash equivalents. Its external sources of liquidity would consist of advances from its affiliate companies or major shareholders. Furthermore, there were no known trends, events or uncertainties that have had or that are reasonably expected to have a material favorable or unfavorable impact on net sales or revenues or income from continuing operations. The Company is also not aware of any events that will cause a material change in the relationship between costs and revenues. 2004 Third Quarter Financial Highlights Consolidated revenues for the third quarter of 2004 decreased by 11.78% compared to the prior year’s third quarter figure. The revenue account consisted mainly of interest income from short-term placements (37%), gain from foreign exchange transactions (17%), fees and other commissions (14%), equity earnings (12%), gain from trading account securities (11%), and other income (8%). On the other hand, last year’s revenue account for the third quarter were mainly composed of interest income from short-term placements (57%), gain from foreign exchange transactions (31%), and fees and other commissions (11%). The decrease in the consolidated revenues was mainly due to the interest income and gain from foreign exchange transaction accounts. These two accounts significantly decreased during the quarter under review. In 2003, income received from short-term placements was credited to “interest income”. However, in 2004, when Medco’s subsidiary, Medco Asia Investment Corp. (MAIC), started placing its fund in common trust accounts( under trading account securities-TAS), income received or accrued from this transaction are credited to the “gain on trading account securities”. The gain from trading account securities is derived by valuing the TAS at market. As discussed in a succeeding paragraph, there was a shift from cash and cash equivalent to TAS. The income earned from the cash and cash equivalent account is credited to interest income from short-term placements, while the income earned from trading account securities is credited to the gain on trading account securities. Because of the aforementioned shift in the type of investment, interest income from short- term placements decreased and there was a corresponding increase in the gain from trading account securities. Because of the volatile peso, the Company earned consolidated foreign exchange gains of P3.2 million in 2004. However, this amount represented a substantial decrease of 51% relative to the forex gains of 2003. These gains came from the restatement of the US dollar placements, consisting of investments in prime marketable securities and bank placements of MAIC.
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