Ayala Automotive Holdings Corporation is a leading vehicle dealership network of both Honda and Isuzu brands with 9% share of industry sales. Its products in the passenger car category include Honda City, Jazz, Civic and Accord. In the commercial vehicle segment, it has Honda CR-V, and Isuzu Crosswind, D-Max, Alterra and Isuzu trucks.

KEY HIGHLIGHTS

* Achieved 10% growth in unit sales, outpacing industry growth * Ayala's Honda dealerships cornered 50% of total Honda network sales * Ayala's Isuzu dealerships captured 31% of total Isuzu sales * Ayala's Honda Cars Alabang and Isuzu Alabang were the topselling dealers nationwide for Honda and Isuzu, respectively. In million pesos ROE (%) 10.0% 222 207

CONSOLIDATED NET INCOME

253 297 177 219

05 06 07 08 09

11%

11.7% 262 5-YEAR AVERAGE CONSOLIDATED NET INCOME GROWTH

RETURN ON EQUITY (%)

16.7% 387 275

12%

10.3% 8.5%

05 06 07 08 09

Equitized HCPI net income and IPC dividends Net income attributable to dealership operations 229 5-YEAR AVERAGE RETURN ON EQUITY LiveIt Investments Ltd. is the holding company for Ayala Corporation's investments in the business process outsourcing (BPO) sector. Its four investee companies are leaders in their respective sectors: * Stream Global Services is a Top 7 global call center company * Integreon is the leading integrated global provider of knowledge process outsourcing (KPO) services * Affinity Express is a leader in the emerging outsourced graphics and creative services sector * HRMall is a leading local provider of outsourced HR services locally

KEY HIGHLIGHTS

* LiveIt's share of the revenues of its investee companies grew by 76% to US$226 million, and its share of their EBITDA grew by 239% to US$16 million * Stream Global Services combined with eTelecare Global Solutions in October 2009, creating an approximately US$800 million company with 30,000 employees in over 20 countries * Integreon strengthened its position as the leading global KPO company with the acquisitions of Grail Research and Onsite, and the launch of its U.K. operations In million US$

LIVEIT SHARE OF REVENUES

1

76%

$128.4 $226.4

08 09

1 Share of revenues is based on management reporting and its equity ownership in each investee company In million US$

LIVEIT SHARE OF EBITDA

1

239%

$4.7 $16.1 1 Share of EBITDA is based on management reporting and its equity ownership in each investee company 2 Net loss includes net impact of acquisition-related items such as amortization of intangibles, deal expenses and leverage driven interest: US$9.1 million in 2009 and US$13.6 million in 2008

08 09

Reported Net Income/ (Loss) 2 ($20.8) ($12.2) 2009 ANNUAL REPORT 5

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