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FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.

2007

Item No.4

(a) Dr. Fiorello Estuar has been appointed as First Philippine Holdings Corporation’s
(“FPHC”) Head of Infrastructure Business Development. He is presently the Vice Chairman and Chief Executive Officer of First Balfour, Incorporated, the company’s construction arm. He will hold the two posts concurrently.

(b) Mr. Ernesto A. Esguerra, Vice President and Head of Internal Audit and Mr. Cesar Z. Gomez, Vice President and Head of Corporate Communications, have retired under FPHC’s retirement plan.

Following the retirements, Mr. Benjamin R. Lopez, Vice President, has been designated Head of Corporate Communications, and Mr. Ramon T. Pagdagdagan has been appointed Vice President and Head of Internal Audit.

Item No.9

The board has approved an amendment to Article SEVENTH of FPHC’s Articles of Incorporation by increasing the authorized capital stock to Pesos Thirty Two Billion One Hundred Million (P32,100,000.00) from Pesos Twelve Billion One Hundred Million (P12,100,000.00) and creating 200,000,000 preferred shares with a par value of P100 each share. This is part of FPHC’s financial plan to raise funds for corporate purposes, including strategic acquisitions of shares in Manila Electric
Company, as previously disclosed, and other businesses in the power, infrastructure and manufacturing industries.

The board also resolved to call for a special stockholders meeting on October 10, 2007 to ratify the aforementioned approval. Stockholders of record as of September 5, 2007 shall be entitled to attend and cast their votes at said meeting.