Ambassador Manuel M. Lopez, chairman of Lopez Holdings Corporation (LPZ), expressed confidence in the economy's growth potentials and in the ability of the Lopez Group to benefit from it.

Fellow shareholders:

The world economy in 2011 was in a state of constant turmoil that saw Europe and the United States in so much trouble. Recent developments seem to indicate the fragility of the global economy.

MANILA, Philippines - Lopez Holdings Corporation reported P2.634 billion in net income attributable to equity holders of the Parent for the first quarter of 2012. This is 192% higher than the P902 million in net income attributable to equity holders of the Parent reported in the first quarter of 2011. This was primarily due to the 826% year-on-year (YoY) increase in equity in net earnings of associates to P2.417 billion from P261 million, after associate First Philippine Holdings Corporation (FPH) sold a 2.66% stake (30 million shares) in Meralco in January 2012.