Chairman's Letter

DEAR FELLOW SHAREHOLDERS

Throughout this Annual Report you will read about the operational and financial performance of First Pacific and its operating investments in 2024, a year of record accomplishments for our core holdings, reflected in a recommended record high dividend to shareholders and continuing share price gains.

This comes against a backdrop of stable global growth averaging 3.2% in 2024, led by our largest markets in Indonesia and the Philippines growing at more than 5%. Consumer spending rose to record high levels in Indonesia while unemployment declined. In the Philippines, growth was led by consumers.

While growth in the global economy is expected to throttle back to 2.2% in 2025 and as low as 1.6% in 2026, our markets promise to continue their positive growth rates. We expect to see continuing low inflation accompanied by high consumption and investment, although key domestic and external risks in 2025 include weather disturbances, natural disasters, a slowdown in major economies and the potential for geopolitical tensions spilling over into economic and trade policy.

Against this backdrop we nevertheless expect First Pacific to build on its successes. Our companies will continue to improve productivity, judicious capital expenditure and selective new investments. We continue to be optimistic about the Group’s prospects over the medium term, following years of investments in digital services led in particular by Indofood and PLDT. This brings new and valuable opportunities on our markets while strengthening our ability to act rapidly in the face of emerging prospects.

As our Company moves closer to its 50th anniversary in 6 years as a Hong Kong-listed corporation, First Pacific has never been stronger and our prospects brighter than before.

Yours sincerely
Anthoni Salim
Chairman
28 March 2025