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Ayala companies earned seven of the 11 highest rankings of the Institute of Corporate Directors (ICD)’s Corporate Governance Scorecard Project for 2009.

Ranked in the Gold category were Ayala Corporation and its companies Ayala Land, Inc. (ALI), Bank of the Philippine Islands, Globe Telecom, Manila Water Company and ALI’s listed subsidiaries Cebu Holdings, Inc., and Cebu Property Ventures and Development Corporation, all of which scored 95% or above in the governance scorecard. ICD recognized companies that led its scorecard project on May 27 at Manila Peninsula.

A non-stock, non-profit organization, ICD works closely with the Organisation for Economic Co-Operation and Development (OECD), the Global Corporate Governance Forum, and the International Corporate Governance Network on improving actual boardroom practices in the Philippines. ICD is a founding member and permanent secretariat of the Institute of Directors in East Asia Network composed of representatives from Thailand, Indonesia, Singapore, China, Hong Kong, Philippines, South Korea, Taiwan, and Malaysia.

For the last five years, ICD’s corporate governance scorecard has been used by publicly listed companies as a tool to rate and benchmark their corporate governance practices relative to global and regional standards. The project is jointly administered with the Securities and Exchange Commission, the Philippine Stock Exchange, the Institute of Internal Auditors of the Philippines, the Ateneo Law School, and the Center for International Private Enterprise. In 2009, it developed separate scorecards for banks, government-owned and controlled corporations, government financial institutions, and insurance companies.

Led by the parent company, Ayala group companies assessed their own governance practices using ICD’s scorecard to evaluate their practices in the areas of shareholder rights, equitable treatment of shareholders, role of stakeholders in governance, disclosure and transparency, and board responsibilities—key governance principles used as basis for corporate governance practices globally.

In addition to the Ayala group, other companies cited in the Gold category were Energy Development Corporation, First Gen Corporation, First Philippines Holdings Corporation, and PLDT. Nineteen companies were cited in the Silver category for scoring 90 to 94% in the ICD scorecard, including Aboitiz companies, ABS-CBN Broadcasting, Alaska Milk, Benpres Holdings, Centro Escolar University, Chinabank, GMA Network, Highlands Prime, Panasonic Manufacturing Philippines, Petron, PSBank, Security Bank, Semirara Mining, SM companies, and Unionbank.

“We are very happy with the results as they show continued improvement in compliance and corporate governance practices among our listed companies,” said ICD chairman Dr. Jesus Estanislao. “The challenge is to step up to the plate, go beyond mere compliance and into governance that delivers performance and breakthrough results.” Estanislao said that the ICD is now working with select top-ranked companies on a corporate governance improvement pathway to help cultivate a governance culture in organizations through a performance governance system.

Ayala Corporation chairman and CEO Jaime Augusto Zobel de Ayala received the conglomerate’s Grand Chamber Award of Distinction from the Cebu Chamber of Commerce and Industry (CCCI) for its “exemplary and conscientious adoption of the principles of sustainable development in all its strategies, practices, and activities, as exemplified by its distinction as the first ever group of companies in the Philippines to issue a Global Reporting Initiative-compliant sustainability report in 2009.”

“I share this honor and recognition with the entire Ayala management team who altogether oversee the operations of each of our key businesses,” said Zobel in his acceptance speech. “They have all worked vigorously to realize our commitment to sustainability initiatives while ensuring that we remain competitive and relevant as an enterprise to our stockholders.”

Ayala was among the businesses that were recognized for business excellence at the 15th Grand Chamber Awards Night held on June 25 at Waterfront Cebu City Hotel. Other honorees were Benito Sy Gaisano (Entrepreneur of the Year), Edgar Sia II of Mang Inasal, Rey Calooy of RNC Marketing, Joy Martinez Onazawa of Environment Design, Peter and Susan Holaysan of Sta. Fe Resort, Wesley Chiongbian of Mynimo.com, USC Kapamilya Negosyo Na!, and Rey Merida of Amicha Toledo Multi-Purpose Cooperative.

The event was the highlight of the CCCI’s Visayas Area Business Conference. Cebu Governor Gwendolyn Garcia, PCCI chairman emeritus Miguel Varela, CCCI chairman Consul Samuel Chionson, and conference chairman and Cebu Holdings president Francis Monera led the representatives from the public and private sector in attendance.

In keeping with the theme of the Cebu Business Month 2010, “Get Inspired! Go Green,” Zobel’s remarks focused on the role of business in sustainable development. He enjoined colleagues in the private sector to “take on a broader responsibility to tackle environmental and social development issues with the same discipline and thinking we approach traditional business opportunities and be one in this sustainability journey.”

Ayala Corporation’s consolidated net income in 1Q10 reached P2.1 billion, at par with the P2.2 billion net earnings in the same period in 2009. Equity earnings from its business units rose by 6%, driven by higher equity earnings from its real estate unit Ayala Land, Inc. and a significant turnaround in equity earnings from AC Capital.

Equity earnings from Ayala Land rose by 31% year-on-year driven by the sustained recovery in the real estate sector. Ayala Land attained record-high quarterly net income of P1.2 billion in the first quarter, 32% higher than 1Q09 as it achieved record sales and bookings from its residential project launches. Its leasing portfolio likewise performed steadily with occupancy rate in its malls rising to 94% and occupied business process outsourcing office leasable area expanding by 20% from 4Q09 and by 59% from 1Q09.

All companies under Ayala’s AC Capital unit contributed to the turnaround. Manila Water, IMI, and Ayala Automotive posted substantial growth year-on-year, while AG Holdings and LiveIt recorded lower losses during the period. Combined equity earnings from AC Capital companies improved to P228 million in the first quarter, a turnaround from a P132 million loss in 1Q09.

Equity earnings from Manila Water grew by 78% as its net income rose by 35% to P839 million. Manila Water continued to grow within its concession area as well as in other areas in the Philippines. Revenues rose by 18% to P2.5 billion as a result of higher water sales volume and new service connections in the East Zone. Operating efficiency improved further with better supply and water pressure management and network enhancements. This reduced non-revenue water to 13.7% and kept the company’s service levels unaffected by the El Nino dry spell. The substantial growth in equity earnings was also due to Ayala’s increased ownership stake in the company following its purchase of United Utilities’ 11.6% interest. Manila Water continues to make headway in other parts of the country with operations running in Laguna and Boracay.

A recovery in the global electronics exports sector sustained IMI’s positive momentum. IMI posted earnings of US$3.2 million in 1Q10, reversing the loss in the same period last year. Sales grew by 11% driven by its Philippine and China operations. China operations contributed substantially, making up 58% of revenues. IMI continues to increase its presence in China as it becomes increasingly in the center of the global manufacturing industry. It opened its 6th manufacturing facility in Chengdu last April.

Ayala’s automotive dealerships delivered a 9% growth in unit sales, reflecting the country’s vibrant domestic consumption. This pushed Ayala’s dealership income up by 124% year-on-year as a result of higher vehicle sales, better service income, and improved income from collateral businesses.

Its business process outsourcing investment company, LiveIt, grew its share of investee company revenues to US$67 million in the first quarter, which represents 48% growth over last year, primarily as a result of the eTelecare-Stream merger and Integreon’s acquisitions of Onsite and Grail Research. Revenue growth and enhanced operating efficiencies resulted in a 23% increase in LiveIt’s share of investee company EBITDA to US$3.7 million. LiveIt’s consolidated net loss improved from last year’s Php306 million to this year’s P279 million, which includes acquisition related expenses of P131 million.

Ayala’s other core business units, Globe Telecom and Bank of the Philippine (BPI) Islands reported lower net earnings year-on-year. Globe’s reported net income declined by 26% in 1Q10 vs 1Q09 to P2.9 billion mainly due to the soft performance of the mobile business. Mobile revenues fell by 10% year-on-year and by 3% quarter-on-quarter as the mobile market was weighed down by intense competition and price pressures. Despite this, Globe sustained positive net additions in 1Q10, an improvement from the net reductions last year when the company deliberately recalibrated acquisition efforts. As a result, cumulative mobile subscribers increased by 3% year-to-date to 23.9 million. Recent programs that focused on acquiring new subscribers, stimulating usage, and rewarding loyal Globe customers helped stem the decline in the mobile business. Globe’s broadband business and corporate data business, however, grew at double-digit rate. Its broadband subscriber base nearly tripled from last year’s level driven by wireless broadband, which contributed over 80% of the net adds during the quarter.

Its banking unit, BPI, posted 1Q10 net income of P2.7 billion, 5% lower than same period last year, but remains substantially higher than earnings in the past three successive quarters. The bank’s revenues were steady at P9 billion despite the 54 basis point decline in net interest spreads and weaker trading profits. Compensating for the drop in spreads was an 11% improvement in the bank’s average asset base. Loan growth improved by 8% over the previous year with strong growth registered in the consumer and middle market. Middle market loans were up by 20%, credit card receivables up by 18%, and SME loans were up by 15%. Retail mortgages and auto loans grew by 13%. The bank’s total asset base increased by 8% versus last year with deposits growing by 8% to P558 billion.

Ayala chairman and CEO Jaime Augusto Zobel de Ayala commented, “We are pleased with the trend in earnings performance of the business units, particularly in comparison to the past three quarters. The continued and steady improvement reflects the sustained recovery in the domestic market. We remain confident this trend will continue to improve moving forward in step with the economy and the improving pace of domestic consumption.”

This press statement refers to the disclosure submitted today, May 14, 2010, to the Securities and Exchange Commission and the Philippine Stock Exchange.

FinanceAsia’s 10th annual poll of Asia’s top companies cited Ayala Corporation as the best managed company in the Philippines and Jaime Augusto Zobel de Ayala and Ernest Cu as the country’s best chief executive officers.

In addition to the outstanding overall performance in this year’s survey, Ayala led Philippine companies for “Best Corporate Governance” and “Best Corporate Social Responsibility.” It placed second for “Best Investor Relations” and third in the category “Most Committed to a Strong Dividend Policy.”

Ayala subsidiaries Globe Telecom, Manila Water, and Ayala Land ranked in second, third, and eighth place, respectively, among the Philippines’ best managed companies. Together with Bank of the Philippine Islands, these companies also figured prominently in the four categories. Moreover, Manila Water received the nod for best mid-capitalization company and Cebu Property Ventures and Development Corporation was best small-cap company.

Albert de Larrazabal of Globe and Chito Oreta of Manila Water were named best chief finance officers in the Philippines.

The FinanceAsia poll was conducted among more than 300 investors and analysts across the region. Other companies that made it to the list of best managed companies in the Philippines were PLDT, San Miguel, Aboitiz Power, SM Prime Holdings, SM Investments Corp, Jollibee Foods, and Aboitiz Equity Ventures. Results of the poll were published online on April 29, 2010, at www.financeasia.com.

In a disclosure to the Philippine Stock Exchange, Securities and Exchange Commission, and the Philippine Trading and Exchange Commission (PDex), Ayala Corporation treasurer Ramon G. Opulencia said that Ayala’s application to list its P10 Billion Fixed Rate Putable Bonds (7.20%) Due 2017 for trading on the PDex has been approved effective April 30, 2010.

“The listing of the bonds shall widen the reach of price discovery and transparency for the Ayala issue and enables participation across all markets on PDex. The trading and settlement of the bonds shall be in accordance with the PDex rules,” explained Opulencia.

At its annual stockholders’ meeting held on April 16, 2010, Ayala Corporation chairman and chief executive officer Jaime Augusto Zobel de Ayala announced its group companies is allotting P70 billion in capital expenditure in 2010, the highest on record for the conglomerate. The group’s capital expenditure plan spans investments across the real estate, telecommunications, and water utilities sectors. Mr. Zobel de Ayala said, “We see room for growth moving forward as our businesses expand into new markets and geographies.”

Ayala is increasingly combining its competencies across its core businesses as it seeks to address the needs of a much broader consumer base. The Ayala chief executive stressed, “It is part of our long-term growth strategy to find innovative and creative ways of serving the needs of a much larger segment of our population. We are increasingly aligning our business models across the group to be responsive and relevant to our commitment to provide sustainable growth and development to a broader and more diverse community.”

Ayala recently formed BPI Globe BanKO, a joint venture with its banking unit and telecom unit to develop microfinance services in which Ayala has a 20% stake. The group sees microfinance as a transformational force in society from both a social development perspective and as a profitable enterprise.

Its real estate unit, Ayala Land, Inc. expanded its foray in the economic housing segment to meet the growing demand for housing at much lower price points. The real estate unit also tapped a partnership with the group’s water utilities arm, Manila Water Co., Inc., for the development of water and wastewater facilities of its existing real estate developments.

Ayala is pursuing these new initiatives in tandem with its growth objectives in its traditional markets. Ayala seeks to expand in selective areas overseas and is carrying these out through Manila Water, Integrated Micro electronics, Inc. (IMI), and its business process outsourcing businesses. Manila Water is looking at water and wastewater projects in Vietnam and India, while IMI recently opened its sixth manufacturing facility in China. Its BPO unit continues to participate in acquisition opportunities as the industry continues to consolidate globally.

Ayala president and chief operating officer Fernando Zobel de Ayala, in his report to shareholders, pointed out that most of its business units performed well in 2009 despite a severe slowdown in the global economy, resulting in Ayala’s gains-adjusted earnings rising by 34% in 2009 compared to the prior year. The Ayala President said, “We are optimistic about this year as the economy continues to show positive signs of recovery. Ayala continues to explore new investment opportunities and platforms to enhance value creation for our shareholders.” Earlier this year, Ayala announced its intent to bid for the 246-MW Angat Hydropower plant through a consortium with Metro Pacific Investments and the Lopez group.

At the same meeting the shareholders approved an amendment to Ayala’s Articles of Incorporation creating voting preferred shares which would allow greater foreign ownership of Ayala’s common shares and further enhance liquidity. The amendment included a provision which gives Ayala flexibility to issue shares in exchange for property, such as shares of other companies, and enable the company to act quickly to value-accretive investment opportunities.

Ayala’s share price has risen 14% year-to-date to P342.50 per share, with market capitalization of P172 billion.

Growth Fuelled by Strong Performance of Core Businesses and Turnaround of AC Capital Units

Ayala Corporation’s 2009 unaudited net income reached P8.2 billion at par with prior year’s earnings with substantially lower capital gains from share sales in 2009. Excluding capital gains, net income grew by 34%. The growth was driven by the strong performance of its major business units, even amidst a sluggish economic environment. Ayala’s total equity share in the earnings of its business units rose by 18% to P9.2 billion.

Ayala Corporation president and chief operating officer, Fernando Zobel de Ayala said, “Our efforts the past few years to strengthen our balance sheet prepared us well for the economic downturn. Our healthy cash position and comfortable gearing kept fundamentals intact across the group. This position of financial strength amidst a challenging environment kept our focus on strengthening each of our business units, enhancing our current portfolio, and seeking opportunities for future growth.”

In real estate, Ayala Land’s residential sales recovered beginning the second quarter with take-up rates improving through the fourth quarter. Its leasing revenues from shopping centers and office/BPO spaces grew by 20% with the expansion in gross leasable area and generally steady occupancy rates. Ayala Land posted P4 billion in net income in 2009, 16% lower than prior year which included gains from a lot sale. Excluding the impact of the lot sale, net income was down by only 2%.

The recovery in the residential sector was reaffirmed by two very successful residential project launches in January 2010. Ayala Land is embarking on its most aggressive launch this year as it expands its presence in key cities and areas in the Philippines. The company recently sealed several lease and joint venture agreements with strategic partners for the construction of regional malls in the Subic Bay Freeport Area and Cagayan de Oro. It has opened MarQuee Mall in Pampanga in September last year and will also unveil Abreeza Mall in Davao City by next year.

Its banking unit, Bank of the Philippine Islands (BPI) registered strong business volume, revenue, and earnings growth. Net income was up 33% to P8.5 billion. Net interest income increased by 10% on account of the expansion in asset base and improvement in spreads. Non-interest income grew at an even faster rate of 25%. While corporate lending slowed, challenged by the high level of liquidity and the availability of funding through the capital markets, loans to SME, consumer market, and credit card customers remained robust, expanding at double-digit levels. The bank’s remittance business outpaced industry growth which resulted in BPI capturing over 20% of the overseas Filipino remittance business.

Globe Telecom registered 11% earnings growth to P12.6 billion. While its core mobile business was weighed down by intense competition and subscribers’ increasing preference for value offers on the back of weaker consumption, Globe made significant gains in its broadband business. Globe’s broadband subscribers expanded three-fold to over 715,000, while mobile subscribers reached 23.2 million by year-end following a deliberate churn out of marginal subscribers. Globe continues to invest in its broadband business to augment existing capacity, expand coverage, and improve the availability of 3G, WiMax, and DSL broadband services. Globe recently increased its dividend payout to a range of 75% to 90% of prior year’s earnings as it remains committed to optimizing its capital structure and delivering superior value to its shareholders. In line with this, Globe declared its first semi-annual cash dividend of P40 per common share payable on March 15, 2010.

AC Capital contributed positively in 2009, reversing the loss in 2008. This was driven by the strong earnings growth of water distribution unit, Manila Water Co., Inc., the turnaround of the electronics manufacturing business, Integrated Microelectronics, Inc. (IMI), and the significantly improved performance of Ayala’s holding company for its BPO investments.

Manila Water posted a net income of P3.2 billion, 16% higher than in 2008 as it expanded customer base, increased billed volume, and improved operating efficiency. Manila Water continued to expand its businesses in wastewater management and concessions outside of the east zone. In 2009 the company commissioned the 4–million liter per day Pineda Sewage Treatment Plant, in addition to the five additional sewage treatment facilities currently being constructed in the cities of Makati, Marikina, Quezon, and Taguig. These plants put the company on track to achieve 30% sewerage coverage by 2010. Beyond the east zone, Manila Water commenced the concessions in Laguna and Boracay with plans to improve the system, upgrade the existing network, reduce system losses, and improve reliability of water and wastewater services. Manila Water is also exploring water projects overseas and signed joint venture agreements with REE Corporation in Vietnam and Jindal Water Infrastructure Ltd. of India to explore water and wastewater-related projects in these countries.

IMI posted a turnaround in 2009 with US$10 million in consolidated net income, a reversal of the net loss in 2008. However, with the electronics sector weighed down by the global economic downturn, full year revenues fell by 10% to US$395M. Revenue trends began to improve in the third quarter, with increased volumes for a leading Chinese OEM in the telecom sector, underpinned by 3G network deployments in emerging markets. Philippine revenues were generated mainly from storage device, automotive, and consumer electronics. IMI has a strong balance sheet with consolidated cash of US$54M, strong liquidity, and zero net debt position which gives it sufficient flexibility to support its growth initiatives. IMI is well positioned to capture opportunities as the electronics industry recovers given its solid track record with its OEM customers, global footprint, and robust financial position. It recently completed it listing by way of introduction at the Philippine Stock Exchange in January 2010.

Ayala’s BPO businesses held through LiveIt made considerable gains in achieving both scale and profitability. The merger of eTelecare with Stream in October 2009 created a top 7 global call center company, while Integreon’s acquisitions positioned it as the top global knowledge process outsourcing company. In the fourth quarter of 2009, the BPO companies attained combined annualized run rate revenues of US$911 million and EBITDA of US$77 million, of which LiveIt’s share was US$300 million and US$25 million respectively. LiveIt achieved positive operating net income before deal related charges and interest expense starting in the third quarter, which contributed to a significant reduction in its consolidated net loss to US$12 million in 2009. The loss was largely due to acquisition driven expenses and leverage.

Ayala ended 2009 with cash of P30 billion and parent net debt to equity ratio of 0.04 to 1. It recently announced its intent to bid for the Angat Hydroelectric Plant in early 2010.

Ayala Corporation chairman and CEO, Jaime Augusto Zobel de Ayala, expressed optimism about the strong performance of the Ayala group even amidst a severe global economic slowdown. “We are pleased with the strong performance and resilience of our core businesses and are confident that we are well-positioned to capture opportunities as the economic cycle turns. We are significantly increasing group capital expenditure this year, reinvesting in our existing businesses as well as exploring investments in new sectors where we can lay a platform for a higher growth trajectory moving forward.”

The above statement pertains to the disclosure made to the PSE and SEC by Ayala senior managing director and CFO Rufino Luis T. Manotok on March 8, 2010.

Asiamoney, one of the most widely-read financial magazines in the Asia Pacific region, cited Ayala Corporation as the Overall Best Company in the Philippines for Corporate Governance in its 2009 Corporate Governance Polls.

Ayala also received the highest marks among Philippine companies in two categories, “Best for Responsibilities of Management and Board of Directors” and “Best for Shareholders’ Rights and Equitable Treatment.”

A total of 104 senior executives and research analysts from 96 firms participated in the survey covering more than 250 companies in the region. According to Asiamoney, the latest Corporate Governance Poll was “notable given that the polling period coincided with some of the most pronounced financial volatility in history.”

Never Stop Believing, Ayala’s 175th anniversary program, received the Public Relations Society of the Philippines’ second highest honor, the Bronze Anvil, at the 45th Anvil Awards held on February 26 at EDSA Shangri-La Hotel.

With emphasis on messaging and content, Ayala’s 175th anniversary program made use of multi-media platforms to reach internal and external stakeholders. These include the distinctive “Never Stop Believing” print ad campaign; internal print publications (the Ayala group newsletter Ayala Now and the Ayala at 175 special magazine); an anniversary video featuring chairman emeritus Jaime Zobel de Ayala; a special website and online timeline; animated screensavers; and below-the-line collaterals including banners and exhibits. The 175th anniversary program won an Asian Multimedia Publishing Award in 2009.

Bank of the Philippine Islands’ Herencia, a coffeetable book on its art collection and its supplement teacher’s guide, also received a Bronze Anvil. Ayala at 175, a special publication on Ayala’s history and legacy, was given an Anvil Award of Excellence.

Other Ayala companies figured prominently in the Anvils. Globe Telecom received 4 Excellence and 6 Merit awards for various corporate social responsibility programs. Manila Water received 4 Merit awards for programs in environment and disaster response. Ayala Land’s malls were recognized for unique PR programs: Excellence for Market! Market!‘s Recycliing is in the Bag, and Merit for Cebu Holdings’ Think Pink! health campaign.

Manila Water, Cebu Holdings, and Ayala Foundation also received Merit awards for their annual reports.

PRSP received a total of 292 entries for the 45th Anvil Awards. Winners were selected by an independent board of jurors led by Dr. Cayetano Paderanga, Jr.

Actis, an emerging markets private equity specialist, announced today that it has invested US$50 million to acquire a substantial minority stake in Integreon, the leading global provider of legal support, research and business services to law firms, financial institutions and corporations.

As part of this investment, JM Trivedi, Actis’s Head of South Asia, and Gautham Radhakrishnan, a Director at Actis, will join Integreon’s board of directors.

Actis has invested alongside Ayala Corporation, the oldest and one of the leading conglomerates in the Philippines, which initially invested in Integreon in 2006 through LiveIt Investments, its business process outsourcing holding company. Ayala Corporation will continue to hold a majority stake in Integreon.

Today, professionals at leading organizations including 11 of the top 50 global brands such as Microsoft; 32 of the AmLaw 50 such as Clifford Chance and DLA Piper US LLP; and 9 of the top 10 global investment banks, focus on their ‘highest and best use’ by trusting high-quality research, document, and legal solutions from Integreon.

Integreon revenues have grown at an 83% CAGR since 2006 to an $89 million revenue run rate in Q4 2009.

With Actis’s investment, Integreon plans to grow its range of services and technologies, launch new delivery centers, and seek strategic acquisitions.

Commenting on the transaction, Paul Fletcher, Senior Partner at Actis said, “Outsourced professional services are one of Actis’s core investment strategies and Integreon represents a best in class investment in this sector. Leading international corporations, financial institutions and law firms harness the specialist knowledge capabilities of the emerging markets, and Actis’s investment in Integreon further strengthens this link. We hold the management team of Integreon in high regard and are excited about partnering with Ayala to drive the continued growth, profitability and ambition of the business.”

Fred Ayala, CEO of LiveIt said, “We are very pleased to bring in Actis as a strong new partner whose proven business building skills and deep knowledge of emerging markets will help us to take Integreon to the next level.”

Liam Brown, CEO of Integreon added, “Actis’s long-established understanding of emerging markets, along with their experience investing in business services outsourcing, makes them an ideal partner for Integreon.”

Jefferies India Private Limited acted as financial advisors to Actis. Marks Baughan & Co. served as financial advisors to Integreon.

Actis

Actis is a leading private equity investor in emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$4.8bn funds under management. With over 100 investment professionals on the ground in 9 offices worldwide, Actis identifies investment opportunities in India and the emerging markets by bringing local experts together with specialist sector teams. Actis announced the close of its global emerging markets fund, Actis Emerging Markets 3 on 1 December 2008 with commitments totaling US$2.9bn. Actis announced the close of its global infrastructure fund, Actis Infrastructure 2, on 30 September 2009 with commitments totaling US$750m. www.act.is

Ayala Corporation/LiveIt Investments

Ayala Corporation was founded in 1834 and is the holding company of one of the largest and most diversified business groups in the Philippines, with interests that include real estate, financial services, telecommunications, electronics, water distribution, and information technology. Ayala and its listed subsidiaries and affiliates have a combined market capitalization of approximately US$13 billion. LiveIt is its investment arm in the business process outsourcing (BPO) sector. Its strategy is to acquire or invest in existing global BPO companies that have the potential to become a Global Top 5 leader in their sectors, and can leverage the Philippines; it owns significant shareholdings in Integreon, Stream Global Services (voice BPO), Affinity Express (graphics and creative services) and HRMall (HR and payroll services).

Integreon

Integreon is the premier global provider of outsourced research, legal and business Knowledge Process Outsourcing (KPO) services, and is a trusted partner for demanding professionals at the world’s leading corporations, law firms, and investment banks. Integreon’s nearly 2,000 Associates deliver services from centers in the US, UK, India, China, South Africa and the Philippines. www.integreon.com

The above statement pertains to the Manila press release issued by Integreon on February 16, 2010.