The year 2007 marked the entry of the Lucio Tan Group of Companies into the property development sector. Through our flagship
real estate firm Eton Properties Philippines, Inc., the Lucio Tan Group is now a major player in the country's booming property
sector.
From being a virtual "unknown" and considered by many as an industry "latecomer", Eton jumped to prominence as one of the
country's most aggressive property development companies having launched 10 projects in 1 year. This feat takes remarkable
vision, courage and effort. The fact that Eton has now become a buzzword in the industry in just one year says it all about
our company.
Our entry into the property development sector comes at an opportune time in our country's economic history. With a bullish
real estate industry, Eton is riding the crest of renewed vigor in the property sector.
The real property sector posted a hefty 22.7 percent growth in real terms in the last quarter of 2007 compared to 16% in
2004 and 2005. This was driven largely by an increase in OFW remittances and a surge in BPO office space demands against a
backdrop of low interest rates which has made housing finance much more accessible.
Brisk growth in the property sector could be around for a while - which is good news for the Philippine economy and Eton
investors in particular. Amidst this backdrop, Eton is slowly, but surely helping reshape the Philippine landscape through
extraordinary and quality projects.
I am pleased to announce that your company exceeded its sales target and posted an impressive P937 Million in assets, up
by 153% as of December 31, 2007. The remarkable performance is due to the brisk take-up of our projects, two of which - The
Eton Residences Greenbelt and Eton Baypark Manila - have been sold-out two months from launching.
Like its sister companies in the Lucio Tan Group, Eton is committed to provide the best value for money to the Filipino
customer. We stand behind every Filipino's dream of home ownership. Our pleasure lies in providing the best property investment
and quality world-class residences to our clients. The real prize is in seeing the smiles of our clients. Delighted with their
good investment in an Eton home, they enthusiastically endorse our projects to family and friends. They are, ultimately, our
best marketers and the secret behind Eton's remarkable transformation as one of the fastest-growing real estate companies
in the country today.
On behalf of the shareholders, officers and staff of Eton Properties Philippines, Inc., I thank you all for your unwavering
support.
Mabuhay!

Dr. Lucio C. Tan
Chairman