Background First Pacific (HKEx: 00142) is a Hong Kong-based investment and management company with operations located in Asia. Its principal business interests relate to Telecommunications, Consumer Food Products and Infrastructure. Listed in Hong Kong, First Pacific's shares are also available in the United States through American Depositary Receipts. Chairman's message Dear Shareholder The transformation that I reported on last year has moved along well, and the year just passed has seen further progress at First Pacific. Our telecommunications business has reported another year of record profits, and our food business has posted much improved results. The investment in the water business in the Philippines through Metro Pacific Investments Corporation (MPIC), and the introduction of Ashmore Investment Management Limited into MPIC, have enabled First Pacific to participate in future infrastructure opportunities in the Philippines. The successful restructuring and recapitalization of MPIC's predecessor - Metro Pacific Corporation - and the subsequent listing of MPIC in the course of the year has consolidated First Pacific's commitment to this market. The entrepreneurial and innovative spirit that drives PLDT will be crucial as PLDT enters its next stage of development. The continuous development of new offerings in its traditional business will be complemented by enhanced products, services and solutions from new technology platforms and through its Next Generation Network, as well as additional services through its call center and business process outsourcing businesses. The significant improvements made to Indofood's distribution network will be further enhanced moving forward, and with the growth in all Indofood's consumer products, I believe it will contribute to the strengthening of Indofood's leading market position as evidenced in the increasing market share of most of Indofood's product categories. The expansion opportunities for the edible oils and fats business will be addressed as we increase our investments in plantations. This will enable Indofood to generate greater value from its oil palm plantation and refining business. Notwithstanding the transition phase that First Pacific is currently undergoing, our outlook for 2007 remains positive. I would ask for your continued support, on behalf of the Board, as we continue to search for new investments in this, our part of the world. Sincerely ANTHONI SALIM Chairman 11 April 2007 Contact Name: Sara Cheung Title: Assistant Vice President Group Corporate Communications Email: info@firstpac.com.hk Telephone: (852) 2842 4374 Fax: (852) 2845 9243 Address: 24/F, Two Exchange Square 8 Connaught Place Central Hong Kong SAR Management Anthoni Salim Chairman Age 58, born in Indonesia. Mr. Salim is the son of Soedono Salim. He graduated from Ewell County Technical College in London. Mr. Salim is the President and CEO of the Salim Group, President Director and CEO of PT Indofood Sukses Makmur Tbk, and holds positions as Commissioner and Director in various companies, including Futuris Corporation Limited, Australia. Mr. Salim serves on the Boards of Advisors of several multinational companies. He was a member of the GE International Advisory Board from September 1994, and is currently a member of the Advisory Board of ALLIANZ Group, an insurance company based in Germany, and Rabo Bank of the Netherlands. He joined the Asia Business Council in September 2004. Mr. Salim has served as a Director of First Pacific since 1981 and assumed the role of Chairman in June 2003. Manuel V. Pangilinan Managing Director and Chief Executive Officer Age 60, born in the Philippines. Mr. Pangilinan received a BA from Ateneo de Manila University and an MBA from University of Pennsylvania's Wharton School before working in the Philippines and Hong Kong for the PHINMA Group, Bancom International Limited and American Express Bank. He served as First Pacific's Managing Director after founding the Company in 1981, was appointed Executive Chairman in February 1999 and resumed the role of Managing Director and CEO in June 2003. Mr. Pangilinan also served as President and CEO of PLDT since November 1998 and was appointed Chairman of PLDT in February 2004. He is the Chairman of Metro Pacific Investments Corporation, Metro Pacific Corporation, Smart Communications, Inc., Pilipino Telephone Corporation, and Landco Pacific Corporation, as well as the President Commissioner of PT Indofood Sukses Makmur Tbk. He also holds directorship in Citra Metro Manila Tollways, Corporation. In May 2006, the Office of the President of the Philippines awarded Mr. Pangilinan the Order of Lakandula, rank of Komandante in recognition of his contributions to the country. He was named Management Man of the Year 2005 by the Management Association of the Philippines and was awarded Honorary Doctorates in Humanities by Xavier University in 2007 and by San Beda College in 2002 in the Philippines. He is Chairman of the Board of Trustees of Ateneo de Manila University, Chairman of the Board of Directors of Medical Doctors Inc (Makati Medical Center), and Chairman of the non-profit organization, Philippine Business for Social Progress. Mr. Pangilinan is also Chairman of the Hong Kong Bayanihan Foundation, a civic organization based in Hong Kong. Edward A. Tortorici Executive Director Age 67, born in the United States. Mr. Tortorici received a BS from New York University and an MS from Fairfield University. Mr. Tortorici has served in a variety of senior and executive management positions, including Corporate Vice President for Crocker Bank and Managing Director positions at Olivetti Corporation of America and Fairchild Semiconductor Corporation. Mr. Tortorici subsequently founded EA Edwards Associates, an international management and consulting firm specializing in strategy formulation and productivity improvement with offices worldwide. In 1987 Mr. Tortorici joined First Pacific as an Executive Director and launched the Group's entry into the telecommunications and technology sectors. Presently, he oversees corporate strategy for First Pacific and guides the Group¡¦s strategic planning and corporate restructuring activities. Mr. Tortorici also serves as a Commissioner of consumer foods company PT Indofood Sukses Makmur Tbk and is a Director of ACeS International Limited, both corporations are based in Indonesia. He is also a Director of Metro Pacific Corporation and Landco Pacific Corporation, companies located in the Philippines. Robert C. Nicholson Executive Director Age 51, born in Scotland. Mr. Nicholson qualified as a solicitor in England and Wales in 1980 and in Hong Kong in 1982. He was a senior partner of Richards Butler from 1985 to 2001 where he established the corporate and commercial department. He has had wide experience in corporate finance and cross-border transactions, including mergers and acquisitions, regional telecommunications, debt and equity capital markets, corporate reorganizations and the privatization of state-owned enterprises in the People's Republic of China. Mr. Nicholson was a senior advisor to the Board of Directors of PCCW Limited between August 2001 and September 2003. He is an Independent Non-executive Director of QPL International Holdings Limited and Pacific Basin Shipping Limited. In November 2005, he became a Non-executive Director of India Capital Growth Fund Limited which is listed on the AIM market of the London Stock Exchange. Mr. Nicholson serves as a Commissioner of PT Indofood Sukses Makmur Tbk and is a Director of Level Up! International Holdings Pte Ltd. He joined First Pacific's Board in June 2003 and was named an Executive Director in November 2003. Professor Edward K.Y. Chen, GBS, CBE, JP Independent Non-executive Director Age 63, born in Hong Kong and educated at the University of Hong Kong and Oxford University. Professor Chen is an Independent Non-executive Director of Asia Satellite Telecommunications and Wharf Holdings Limited. He was a trustee for Eaton Vance Management Funds. Formerly, Professor Chen served as President of Lingnan University from 1995 to 2007, and Professor and Director of the Centre of Asian Studies of the University of Hong Kong; Chairman of Hong Kong's Consumer Council; as an Executive Councillor of the Hong Kong Government; and as a Legislative Councillor. Professor Chen joined First Pacific's Board in 1993. Graham L. Pickles Independent Non-executive Director Age 50, born in Australia. Mr. Pickles holds a Bachelor of Business degree (majoring in accounting). He is a member of the Certified Practising Accountants of Australia, and is a Fellow of the Australian Institute of Directors. Mr. Pickles has significant experience in the distribution and technology sectors, running several distribution businesses in Asia and Australasia in the IT and telecommunications industries, over a career spanning more than 20 years. Mr. Pickles serves as a Commissioner of PT Indofood Sukses Makmur Tbk and was appointed Chairman of Asia Pacific Brands India Limited in 2005. He was previously the CEO of Tech Pacific Holdings Limited, a wholly-owned subsidiary of First Pacific Company Limited until Tech Pacific was sold in 1997. Mr. Pickles was also a member of the executive committee of Hagemeyer N.V. in which First Pacific had a controlling interest until 1998. Mr. Pickles joined First Pacific's Board in 2004. Sir David W.C. Tang, KBE, Chevalier de L'Ordre des Arts et des Lettres Independent Non-executive Director Age 52, born in Hong Kong, Mr. Tang was educated locally and then Cambridge, London and Beijing, where he also taught English and Philosophy. Mr. Tang is the founder of Shanghai Tang; the China Clubs in Beijing, Hong Kong and Singapore; China Tang in London and Pacific Cigars. He joined First Pacific's Board in 1989. Ambassador Albert F. del Rosario Non-executive Director Age 67, born in the Philippines. The former Ambassador of the Republic of the Philippines to the United States of America from October 2001 to August 2006. Ambassador del Rosario earned his Bachelor's Degree in Economics at New York University. He is currently Chairman of Gotuaco, del Rosario and Associates, Inc., BusinessWorld Publishing Corporation, Makati Foundation for Education and is President of Philippine Telecommunications Investment Corporation and the Management Association of the Philippines. Ambassador del Rosario serves as Commissioner or Director in numerous companies and non-profit organizations including PT Indofood Sukses Makmur Tbk, Philippine Long Distance Telephone Company, Infrontier (Philippines), Inc., Metro Pacific Investments Corporation, Asia Traders Insurance Corporation, Landco Pacific Corporation, Philippine Cancer Society and is a member of the Board of Trustees of the International Graduate University, Washington, DC. He also headed the development of Pacific Plaza Towers, Metro Pacific Corporation's signature project in Fort Bonifacio's Global City. In September 2004, Ambassador del Rosario was conferred the Order of Sikatuna, Rank of Datu, by H.E. President Gloria Macapagal-Arroyo for his outstanding efforts in promoting foreign relations. He is moreover a recipient of the EDSA II Presidential Heroes Award in recognition of his work in fostering Philippine Democracy and the Philippine Army Award from H.E. President Corazon Aquino for his accomplishments as Chairman of the Makati Foundation for Education. He was recently elevated to the Xavier Hall of Fame in New York City. Ambassador del Rosario joined First Pacific's Board in June 2003. Sutanto Djuhar Non-executive Director Age 78, born in Indonesia. Mr. Djuhar has founded numerous Indonesian companies involved primarily in real estate development. He is a Commissioner of PT Kartika Chandra and serves as a Director of PT Bogasari Flour Mills and Pacific Industries and Development Limited. Mr. Djuhar, who is the father of Tedy Djuhar, joined First Pacific's Board in 1981. Tedy Djuhar Non-executive Director Age 55, born in Indonesia. Mr. Djuhar received a Bachelor of Economics degree from the University of New England in Australia. Mr. Djuhar is the Vice President Director of PT Indocement Tunggal Prakarsa Tbk, Director of Pacific Industries and Development Limited, and Director of a number of other Indonesian companies. He is the son of Sutanto Djuhar. Mr. Djuhar joined First Pacific's Board in 1981. Ibrahim Risjad Non-executive Director Age 73, born in Indonesia. Mr. Risjad serves as a Commissioner of PT Indofood Sukses Makmur Tbk. He joined First Pacific's Board in 1981. Benny S. Santoso Non-executive Director Age 49, born in Indonesia. Mr. Santoso graduated from Ngee Ann College in Singapore. He serves as a Director of PT Indocement Tunggal Prakarsa Tbk, and a Commissioner of PT Indofood Sukses Makmur Tbk and PT Indosiar Visual Mandiri Tbk. He also serves as a Director or a Commissioner of a number of other Indonesian companies. Mr. Santoso joined First Pacific's Board in June 2003. Advisors Soedono Salim Honorary Chairman and Advisor to the Board Age 92, born in China. Mr. Salim served as First Pacific's Chairman from 1981 until February 1999, when he assumed his current titles. He serves as Chairman of the Salim Group. Sudwikatmono Advisor to the Board Age 73, born in Indonesia. Mr. Sudwikatmono served as a Director of First Pacific from 1981 until February 1999, when he assumed his current title. He is a Vice President Commissioner of PT Indocement Tunggal Prakarsa Tbk and holds board positions with a number of other Indonesian companies. Senior Executives Richard L. Beacher Executive Vice President, Group Financial Controller Age 48, born in United Kingdom. Mr. Beacher received a BA (Hons) in Economics and Accounting from University of Newcastle Upon Tyne, U.K. He is a member of the Institute of Chartered Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants. Mr. Beacher moved to Hong Kong in 1984 with PriceWaterhouse and most recently served in financial positions with Hagemeyer Cosa Lieberman and latterly with Siemens Building Technologies as Global Business Line Controller. He joined First Pacific in 2006. Maisie M.S. Lam Executive Vice President, Group Human Resources Age 52, born in Hong Kong. Ms. Lam received a Diploma from the Hong Kong Polytechnic University/Hong Kong Management Association. She joined First Pacific in 1983. Joseph H.P. Ng Executive Vice President, Group Finance Age 44, born in Hong Kong. Mr. Ng received an MBA and a Professional Diploma in Accountancy from the Hong Kong Polytechnic University. He is a member of the Hong Kong Institute of Certified Public Accountants and of the Association of Chartered Certified Accountants. Mr. Ng joined First Pacific in 1988 from PriceWaterhouse¡¦s audit and business advisory department in Hong Kong. Prior to his appointment as Executive Vice President, Group Finance in May 2002, Mr. Ng was Group Treasurer of the First Pacific group and served in several senior finance positions within the First Pacific group. He is a Director of Level Up! International Holdings Pte Ltd. Richard P.C. Chan Vice President, Group Finance Age 37, born in Hong Kong. Mr. Chan received a BBA (Hons) degree from the Hong Kong Baptist University and an MBA from the Chinese University of Hong Kong. He is a Certified Public Accountant (Practising), a CFA charterholder and a fellow of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. He has over 10 years' experience in auditing, accounting, finance and management spanning a diverse range of business activities. Mr. Chan joined First Pacific in 1996 from KPMG. Sara S.K. Cheung Vice President, Group Corporate Communications Age 43, born in Hong Kong. Ms. Cheung received a BA in Business Economics from UCLA (University of California, Los Angeles) and an MBA from Southern Illinois University, Carbondale. She is a member of the National Investor Relations Institute. Ms. Cheung joined First Pacific in 1997 from the Public Affairs department of Wharf Limited and Wheelock and Company Limited. Nancy L.M. Li Vice President, Company Secretary Age 49, born in Hong Kong. Ms. Li received a BA from McMaster University in Canada and a MSc in Corporate Governance and Directorship from Hong Kong Baptist University. She is a fellow of the Hong Kong Institute of Company Secretaries and The Institute of Chartered Secretaries & Administrators of Great Britain. Ms. Li joined First Pacific in 1987 from the Hong Kong Polytechnic University¡¦s academic secretariat. Prior to that, she worked in the company secretarial department of Coopers & Lybrand. Ms. Li was appointed as First Pacific¡¦s Company Secretary in May 2003. Peter T.H. Lin Vice President, Group Tax and Treasury Age 37, born in Hong Kong. Mr. Lin received an MSc in Management Sciences and BSc in Economics and Statistics from the University of Southampton and Coventry University respectively. He is a Fellow of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. He is also a member of the Institute of Chartered Accountants in England and Wales and the Hong Kong Tax Institute. Mr. Lin joined First Pacific in 1998 from KPMG where he was a Tax Manager specializing in Corporate Tax. Share information Stock Codes The Stock Exchange of Hong Kong: 00142 Bloomberg: 142 HK Reuters: 0142.HK Listing Date 12 September 1988 Listing Venue Main Board of The Stock Exchange of Hong Kong Par Value US1 cent per share Lot Size 2,000 shares Number of Ordinary Shares Issued 3,224,143,003 (as at 13 November 2007) Registered Office Canon's Court 22 Victoria Street Hamilton HM12, Bermuda Telephone: (1 441) 295 2244 Fax: (1 441) 295 8666 Principal Share Registrar and Transfer Office Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM08, Bermuda Hong Kong Branch Registrar and Transfer Office Computershare Hong Kong Investor Services Limited Registrar Office 46th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong SAR Telephone: (852) 2862 8628 Fax: (852) 2865 0990 / (852) 2529 6087 Email: hkinfo@computershare.com.hk Transfer Office Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong SAR Level 1 ADRs OTC Symbol: FPAFY CUSIP reference number: 335889200 ADRs to Ordinary Shares Ratio 1:5 ADRs Depositary Bank The Bank of New York Investor Services P. O. Box 11258 Church Street Station New York, NY 10286-1258 U.S.A. Email: shareowners@bankofny.com Website: www.stockbny.com Recent developments Indofood's Fourth-Quarter Net Rises 92% on Higher Noodle Prices By Naila Firdausi March 31 (Bloomberg) -- PT Indofood Sukses Makmur, Indonesia's biggest instant-noodle maker, posted a 92 percent increase in fourth-quarter profit after boosting prices, more than offsetting increased raw-material costs, including wheat. Net income rose to 297.1 billion rupiah ($32 million) from 155.1 billion rupiah, according to figures derived by Bloomberg from full-year earnings released today. Company Secretary Werianty Setiawan confirmed the figures. Sales rose 39 percent to 8.19 trillion rupiah. Indofood has been raising prices of its Indomie, Sarimi and other brands to bolster profit margins. The Jakarta-based company, which controls the nation's second-largest publicly traded agriculture company, also benefited from record palm oil prices. ``Indofood has strong brands,' Siswa Rizali, who helps to manage $391 million at PT NISP Sekuritas, said before the results were announced. Pack-price increases help ``offset rising production cost of noodles and the flour business,' he said. Full-year profit rose 48 percent to 980.4 billion rupiah, or 115 rupiah a share, from 661.21 billion rupiah, or 78 rupiah, a year earlier, Indofood said in a statement. That exceeded the median estimate of 870 billion rupiah from 14 analysts compiled by Bloomberg. Sales rose 27 percent to 27.85 trillion rupiah. Indofood, which has gained 55 percent in the past year in Jakarta trading, rose 1.1 percent to 2,375 rupiah on March 28. Of the 18 analysts whose recommendations are tracked by Bloomberg, 16 have a ``buy' rating on the stock. Price Increases Indofood on March 12 confirmed a Credit Suisse Group report that it raised noodle prices earlier this month, the fifth gain in ten months, to recover costs. The company began boosting prices last May after keeping rates unchanged for more than three years. The latest price increase, of 100 rupiah a pack, ``reaffirms our view of Indofood's focus on profitability and a better competitive environment,' Credit Suisse's Arief Wana said in the report. The price of wheat on the Chicago Board of Trade, the global benchmark, has more than doubled in the past 12 months, touching a record $13.495 a bushel on Feb. 27 on speculation world growers won't produce enough to meet needs. Wheat is used to make instant noodles, a staple food in Indonesia. The price of palm oil, also used in noodle manufacture, surged to a record 4,486 ringgit ($1,406) a metric ton in Kuala Lumpur on March 4, spurred by rising demand and increased investor interest in commodities. Indofood, on balance, benefits from higher palm oil prices as it makes the commodity at its own unit, Indofood Agri Resources Ltd., Morgan Stanley analysts Hozefa Topiwalla and Kalpesh Makwana said in a March 18 report. The company also controls PT Perusahaan Perkebunan London Sumatra Indonesia, which on March 13 said full-year profit almost doubled to 564 billion rupiah on rising palm oil prices. The pack-price increases will improve Indofood's profit margins, wrote Topiwalla and Makwana, who raised the stock to ``overweight' from ``equal-weight' and boosted their 2008 earnings estimate. To contact the reporter on this story: Naila Firdausi in Jakarta at nfirdausi@bloomberg.net Last Updated: March 30, 2008 21:35 EDT -- -- -- -- -- -- -- Indofood Increases Noodle Prices for Fifth Time on Wheat Costs By Arijit Ghosh and Naila Firdausi March 12 (Bloomberg) -- PT Indofood Sukses Makmur, the world's biggest instant-noodle maker, raised prices for a fifth time in ten months to recover record wheat and palm oil costs. Prices of its Indomie, Sarimi and Supermie brands rose by 100 rupiah (1 cent) a pack from March 10, the company said today, confirming a report by Credit Suisse today. Rival Wings Group also increased prices of its product, the brokerage said. Wheat, soybeans, corn and palm oil are among commodities that have touched records this year, stoking prices of bread, pasta and noodles worldwide. The increases have driven up costs for food companies from Kellogg Co. to Nissin Food Products Co. and fueled inflation across Asia. Indofood began raising prices in May after keeping rates unchanged for more than three years. Noodle sales account for about 31 percent of the company's revenue. The increase ``reaffirms our view of Indofood's focus on profitability and a better competitive environment,'' Credit Suisse analyst Arief Wana said in the report. ``We believe that instant noodle's position as a cheaper meal remains intact.'' PT Mayora Indah, an Indonesian maker of biscuits and candies, increased prices by an average 5 percent last month after cost of raw materials such as coffee, wheat and cocoa surged. Nissin Food, the Japanese maker of Cup O' Noodles, raised prices in January. Indofood shares were little changed at 2,650 rupiah at 2:30 p.m. in Jakarta. Wheat prices have risen 34 percent this year, making it the best-performing commodity in the UBS Bloomberg Constant Maturity Commodity Index, a gauge of 26 commodities. Palm oil reached a record 4,486 ringgit ($1,408) a ton on March 4. To contact the reporter on this story: Arijit Ghosh in Jakarta at aghosh@bloomberg.net; Naila Firdausi in Jakarta at nfirdausi@bloomberg.net. Last Updated: March 12, 2008 04:49 EDT Share price