ANALYSTS BRIEFING 01 01 MARCH H 20 2018 18 1 TABLE OF CONTENTS - - PowerPoint PPT Presentation

1

FULL FULL YEAR YEAR 20 2017 17 FIN FINANCIA ANCIAL L RESUL RESULTS TS ANALYSTS’ BRIEFING

01 01 MARCH H 20 2018 18

2

TABLE OF CONTENTS

Consolidated Financial Highlights Page 3 POWER Financial Highlights 4 Expansion Updates 5 TOLLROADS Financial Highlights 6 Expansion Updates 7 WATER Financial Highlights 8 Expansion Updates 9 HOSPITALS Financial Highlights 10 Expansion Updates 11 RAIL, LOGISTICS AND OTHERS Financial Highlights 12 RAIL - Expansion Updates 13 Ninoy Aquino Int’l Airport Consortium 14 Regulatory Matters 15-16 Stand-alone Portfolio Company Results and Key Metrics Page 17 POWER MERALCO FY 2017 Highlights and Key Metrics 18 GBPC FY 2017 Highlights 19 TOLLROADS MPTC FY 2017 Highlights 20 Key Metrics and Priorities 21 WATER Maynilad FY 2017 Highlights and Key Metrics 22 HOSPITALS MPHHI FY 2017 Highlights and Key Metrics 23 RAIL LRMC FY 2017 Highlights and Key Metrics 24 Quarterly Highlights 25-26 Balance Sheet and Cash Flow Statements 28-63

FY 2017 CORE INCOME UP 17% TO P14.1 BILLION

Earnings fueled by increased investment growth

3

17% increase in Core Income was driven by:  Expanded Power portfolio through increased investments in MERALCO and Global Business Power Corporation  Robust traffic growth on all toll roads  Continuing growth in the Hospitals business

Increase in interest expense is due to a) new debt drawdowns amounting to P10.5 billion in 2017 (proceeds were primarily used to fund additional investments in Power and Toll Roads); and b) interest accretion on payable to PCEV for the additional stake in Beacon Non-core expenses in 2017 are primarily made up of refinancing expenses, project expenses and separation costs resulting from Maynilad’s redundancy program, largely offset by a gain on sale of shares in MERALCO

CONSOLIDATED FINANCIAL HIGHLIGHTS

MPIC Group Aggregated Revenues grew by 11% from P335.0 billion to P373.0 billion

Toll Roads 22% Water 21% Hospitals and Others 5% Power 52%

EARNINGS CONTRIBUTION MIX

2017

Toll Roads 23% Water 24% Hospitals and Others 5% Power 48%

2016 In Millions of Pesos 2017 2016 % Change MPIC share Power 9,378 7,229 30% Toll Roads 3,901 3,517 11% Water 3,733 3,564 5% Hospitals 685 589 16% Rail 283 273 4% Others (133) (39) 241% Share of operating income 17,847 15,133 18% Head office expenses (1,074) (915) 17% Interest expense (2,669) (2,112) 26% Core income 14,104 12,106 17% Non-core expenses (953) (650) 47% Reported income 13,151 11,456 15% In Centavos Diluted EPS on core income 44.69 40.22 11% Final dividend per share 7.60 6.80 12%

POWER

4

CONTRIB CONTRIBUTIO TION N UP BY UP BY 30 30% T % TO O P9.4B 9.4B

De Deepened participa icipation ion in t in the Phil Philipp ippine ine Power sec sector

*Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016; stepped-up to 62% beginning 27 June 2017 **Increased economic interest from 50% to 75% in May 2016, increased further to 100% in June 2017

30% increase in contribution from the Power business was driven by: MERALCO  Increase in effective ownership from 41.2% to 45.5%  3% growth in Core Income

• 5% growth in energy sales across all customer classes

GLOBAL BUSINESS POWER CORPORATION  First full year contribution (acquired in May 2016) BEACON ELECTRIC  Higher share in dividend income from preferred shares offset by increase in interest expense CONTRIBUTION TO MPIC 2017 2016 % MERALCO (from 41.2% to 45.5%) 8,761 7,375 19% GBPC (from 42.0 to 62.4%)* 1,560 813 92% Beacon (from 75.0% to 100.0%)** 480 (616)

• 178%

Fair value / accounting adjustments (1,423) (343) 315% 9,378 7,229 30% STAND-ALONE PERFORMANCE 2017 2016 % Financial Highlights Revenues 282,556 257,181 10% Core EBITDA 34,638 33,956 2% Core income 20,213 19,583 3% Reported income 20,384 19,176 6% Capital expenditure 12,127 11,584 5% Key Performance Indicators Energy sales (in GWh) 42,102 40,142 5% Financial Highlights Revenues 23,794 17,637 35% Core EBITDA 9,184 8,597 7% Core income 2,883 2,843 1% Reported income 2,808 2,644 6% Capital expenditure 1,374 4,131

• 67%

Key Performance Indicators Energy sales (in GWh) 4,465 3,646 22% MERALCO GLOBAL BUSINESS POWER CORPORATION

POWER

5

EXP EXPANSIO ANSION N UPD UPDATE TES

Quezon City Waste to Energy Project (P15.1 billion project cost for Phase 1)

• Aims to convert approximately 3,000 tons of

waste to 42 MW of energy

• Granted original proponent status; awaiting

swiss challenge in 2018

• Detailed discussion on concession

framework ongoing GBPC – Acquisition of 50% of Alsons Thermal Energy Corporation

• Completed acquisition in November 27,

2017 1x455MW (net) San Buenaventura Power, Quezon (Target completion in 2019)

• Ongoing construction proceeding as scheduled
• Capacity is contracted under ERC-approved

power supply agreement with MERALCO 2x600MW (net) Atimonan One Energy, Quezon (Target completion in 2021/2022)

• Awaiting approval of power supply agreement –

necessary for the issuance of “Notice to Proceed” for the engineering, procurement and construction

• Entire capacity is contracted by MERALCO

TOLL ROADS

6 11% increase in contribution from the Toll Roads business was driven by:  Strong traffic growth on all roads and favorable vehicle mix

• Growth in NLEX and SCTEX traffic was a result of the

integration of these two roads in 2016

• Increase in CAVITEX traffic was due to the growth in

residential communities in Cavite and tourism in Batangas

• 64% increase in system-wide average daily vehicle

entries to 903,525 due to investment in PT Nusantara Infrastructure in November 2017

CONTRIB CONTRIBUTIO TION N UP BY UP BY 11% T 1% TO O P3.9B 3.9B Sur

Surging ing traffic fic growth

In Millions of Pesos CONTRIBUTION TO MPIC 2017 2016 % Metro Pacific Tollways (99.9%) 3,931 3,557 11% Fair value adjustments (30) (40)

• 25%

3,901 3,517 11% STAND-ALONE PERFORMANCE 2017 2016 % Financial Highlights Revenues 13,107 11,902 10% Core EBITDA 8,607 7,020 23% Core income 3,935 3,276 20% Reported income 5,423 3,103 75% Capital expenditure 4,425 8,856

• 50%

Key Performance Indicators Average Daily Vehicle Entries NLEX 237,046 220,010 8% CAVITEX 139,208 128,137 9% SCTEX 54,566 45,025 21% METRO PACIFIC TOLLWAYS CORPORATION

TOLL ROADS

7

EXP EXPANSIO ANSION N UPD UPDATE TES

CAVITEX

(14 kms)

Harbour Link

(11 kms)

part of NLEX concession

NLEX-SLEX Connector Road

(8 kms)

Citi Link

(8 kms)

part of NLEX concession

C5 South Link

(8 kms)

part of CAVITEX concession

CALA Expressway

(47 kms)

PHILIPPINES REGIONAL INVESTMENTS

Existing Roads – expansion to meet rising demand

• NLEX Lane Widening Project – additional 64 lane kilometers
• Completed rehabilitation of SCTEX pavement from Tipo to Tarlac and

modernization of the SCTEX and CAVITEX Traffic Control Room

• Diversified electronic payment options

New Roads Ongoing Construction

• Harbour Link Segment 10 – expected to be completed in 2Q 2018
• CAVITEX C5 Link – target completion in 2020
• Cavite Laguna Expressway (Laguna segment) – target completion in 2019

Ongoing Right-of-Way Acquisition

• NLEX Harbour Link Radial Road 10 – to begin construction in 2Q 2018; target

completion in 2019

• NLEX-SLEX Connector Road – to begin construction in 3Q 2018; target

completion in 2020

• Cavite Laguna Expressway – target completion in 2020 including the Cavite

segment

• Cebu-Cordova Link Expressway – ground breaking held in March 2017; target

completion in 2021 Acquisition of 48.3% of PT Nusantara Infrastructure

• Listed Indonesian infrastructure company with investments in toll roads and other

non-core assets such as telecom towers, water, ports and energy ➢ Toll roads account for 80% of Core Income

WATER

8

CONTRIB CONTRIBUTIO TION N UP BY UP BY 5% T % TO O P3.7B 3.7B

High igher bil illed led v volume lume and tigh ight control l of operating ing expenses ses

In Millions of Pesos CONTRIBUTION TO MPIC 2017 2016 % Maynilad (52.8%) 3,896 3,786 3% Fair value adjustments (187) (170) 10% Metropac Water Investments Corp. (MWIC) 24 (52)

• 146%

3,733 3,564 5% STAND-ALONE PERFORMANCE 2017 2016 % Financial Highlights Revenues 20,774 20,224 3% Core EBITDA 14,136 14,403

• 2%

Core income 7,379 7,171 3% Reported income 6,853 6,748 2% Capital expenditure 12,006 9,664 24% Key Performance Indicators Billed volume (In MCM) 512 499 3% Non-revenue water % - average* 32.3% 29.9% 8% Non-revenue water % - period end* 31.7% 30.6% 4% MAYNILAD WATER SERVICES INC.

5% increase in contribution from the Water business was driven by:  3% increase in Maynilad’s Core Income

• 3% growth in billed volume
• Tight control of operating expenses

 Contribution from MWIC – impact of earnings from Eco- system Technologies (acquired in June 2016)

*NRW increased due to abnormality in water production in connection with last year’s El Niño phenomenon

WATER

9

EXP EXPANSIO ANSION N UPD UPDATE TES

EXISTING BUSINESSES Metro Iloilo Bulk Water Supply Corp.

• Commenced operations on 5 July 2016
• Potential capacity of up to 170 million liters per day of treated bulk

water over a term of 25 years, renewable for another 25 years

• Ongoing rehabilitation of water facility; target completion by 3Q 2018

Laguna Water District Aquatech Resources Corporation

• Commenced operation and management of the distribution network
• f the Laguna Water District on 1 January 2016
• Expanded coverage to additional barangays in Nagcarlan, increased

water pressure in several locations and improved 24/7 water availability coverage from 57% pre-takeover to 95% Cagayan de Oro Bulk Water Inc.

• Commenced operations on 31 December 2017
• Potential capacity of up to 100 million liters per day of treated bulk

water over a term of 30 years, renewable for another 20 years subject to certain conditions BUSINESS DEVELOPMENT Iloilo Full Concession Project

• Awarded in December 2017
• 2Q 2018 target signing of the JV Agreement for the rehabilitation, O&M and

expansion of the water distribution system and provision of wastewater services in the Metro Iloilo Water District’s service area Pampanga Bulk Water Supply Project

• Granted original proponent status in August 2017 by the Office of the Governor
• f Pampanga
• Detailed discussion on concession framework ongoing

Phu Ninh Water (Vietnam)

• Share Purchase Agreement to acquire 45% of BOO Phu Ninh Water (PNW) was

signed in November 2017

• PNW has a license to serve clean water demand in the Chu Lai Open Economic

Zone and adjacent areas in Quang Nam province

• Potential capacity of up to 300 MLD
• Targeted closing by March 2018

EXPANSION PIPELINE TARGET # OF PROJECTS POP. (In Millions) POTENTIAL VOLUME (In MLD)

• EST. 2018-2022

EQUITY REQUIREMENT (In Php Millions) Full Concession 7 4.2 792 3,037 Bulk Water 11 7.5 910 3,320 Others 8 8.4 960 5,192 TOTAL 26 20.1 2,662 11,549

HOSPITALS

10 CONTRIBUTION TO MPIC 2017 2016 % Metro Pacific Hospital Holdings (60.0%) 778 646 20% Hospital admin and fair value adjustments (93) (57) 63% 685 589 16% STAND-ALONE PERFORMANCE 2017 2016 % Financial Highlights Revenues 22,464 19,641 14% Core EBITDA 4,924 4,315 14% Core income 2,046 1,756 17% Reported income 2,052 1,759 17% Capital expenditure 3,509 3,018 16% Key Performance Indicators Total beds available 3,211 2,839 13% Average standard occupancy rate 68.3% 69.2%

• 1%
• No. of in-patients

173,939 160,581 8%

• No. of out-patients

3,085,638 2,702,996 14% HOSPITALS (AGGREGATE)

CONTRIB CONTRIBUTIO TION N UP BY UP BY 16 16% T % TO O P68 685M 5M St

Strong g growth and co continu inuing ing expansi sion

16% increase in contribution from the Hospital business was driven by:  5% is attributable to contributions from the new hospital acquisitions – Marikina Valley Medical Center, Jesus Delgado Memorial Hospital and St. Elizabeth Hospital  11% is attributable to organic growth driven by:

• Lower interest expense
• Cost savings from purchasing synergies
• Increasing patient revenues across all hospitals

HOSPITALS

11

EXP EXPANSIO ANSION N UPD UPDATE TES

• Dr. Jesus C. Delgado Memorial Hospital
• 69 bed capacity
• Acquired 65% ownership in January 2017
• St. Elizabeth Hospital
• 248 bed capacity
• Acquired 54% ownership in October 2017; increased

to 80% ownership in December 2017 Top Health Medical Clinic

• Full service, multi-diagnostic medical facility located in

SM San Lazaro Cancer Center – Batangas

• Joint venture with Lipa Medix

Una Konsulta

• Riverside’s satellite multi-diagnostic clinic in SM

Bacolod

12

RAIL, RAIL, LOGIST OGISTICS ICS AND AND OTHE THERS RS

RAIL 4% growth in contribution from the Rail business was a function

• f:

 6% growth in average daily ridership  Higher advertising income and lower repairs and maintenance expense

In Millions of Pesos RAIL CONTRIBUTION TO MPIC 2017 2016 % Light Rail Manila (55.0%) 283 278 2% Holding company admin

• (5)
• 100%

283 273 4% STAND-ALONE PERFORMANCE 2017 2016 % Financial Highlights Farebox revenues 3,155 3,016 5% Core EBITDA 961 734 31% Core income 514 505 2% Reported income 507 511

• 1%

Capital expenditure 4,558 1,223 273% Key Performance Indicators Average daily ridership 435,199 409,595 6% OTHERS CONTRIBUTION TO MPIC 2017 2016 % Indra Philippines (25.0%) 45 39 15% AF Payments Inc. (20.0%) (68) (127)

• 46%

Metropac Movers Inc. (76.0%)* (100) 49

• 304%

Others (10)

• (133) (39)

241% LIGHT RAIL MANILA CORPORATION

*Acquired in May 2016

RAIL

13

EXP EXPANSIO ANSION N UPD UPDATE TES

LRT1 Existing Line

• Track replacement – to be completed by 2Q 2018; will increase track speed from 40

kph to 60 kph, shorten travel time and add more trips per day

• Station improvement project – to be completed by 4Q 2018

LRT 1 South Extension Project

• On-going right-of-way acquisition
• To start construction in mid-2018

MRT 3 – Unsolicited Proposal

• Received original proponent status in September 2017
• A. Full Rehabilitation – capex commitment of P12.5 billion
• Replacement of tracks and signaling equipment - Increase track speed from 40kph

to 65 kph and reduce headway from 4 minutes to 2.5 minutes

• Station upgrade; depot rehabilitation
• B. 30-year Operations and Maintenance Contract – ensure KPIs are at par with best

practices in railway operations Due diligence on the line is largely complete and MPIC will be ready to take up

• perations as soon as May 2018

CONSORTIUM PROPONENTS

NINOY AQUINO INTERNATIONAL AIRPORT CONSORTIUM

14

Asia’s Emerging Dragon Corp.

Unsolicited Proposal

• Submission date: February 2018
• Estimated project cost: P350 billion over the life of the concession
• Involves the rehabilitation, operation, and maintenance of the Ninoy Aquino

International Airport

• Phase 1: Improvement and expansion of terminals in the current NAIA land

area

• Phase 2: Development of an additional runway, taxiways, passenger

terminals and associated support infrastructure

• Potential growth:
• 11 million additional passengers
• Increase hourly aircraft movement from 40 to 48 movements per hour

Source: www.manila-airport.net

WATER

ARBIT ARBITRATI TION ON BET BETWEE WEEN N MA MAYNILAD YNILAD AND AND REP REPUBLIC UBLIC OF OF THE THE PHILIPP PHILIPPINES INES

TIMELINE OF EVENTS 30 MAR 2012 – 12 SEP 2013 Rate rebasing exercise for Fourth Rebasing Period – MWSS approves a negative 4.8% adjustment 4 OCT 2013 Maynilad files Dispute Notice commencing Rate Rebasing Arbitration before Appeals Panel 29 DEC 2014 Appeals Panel issues Final Award ruling which allows the inclusion of Corporate Income Tax in future cash flows and upholds Maynilad’s proposed rebasing adjustment of 13.4% 20 FEB 2015 Maynilad calls on Republic’s undertaking to indemnify concessionaire for losses caused by delays in implementation of tariff 27 MAR 2015 Maynilad serves Notice of Arbitration to the Republic 22 OCT 2015 Arbitral Tribunal is constituted DEC 2016 Completion of arbitration hearings 24 JUL 2017 Arbitral Tribunal upholds Maynilad’s claim on Republic’s Letter of Undertaking 09 FEB 2018 Republic Seeks to Set Aside Arbitral Award with the High Court of Singapore

15

RECENT EVENTS: On 09 February 2018, the Philippine Republic filed an application with the High Court of Singapore to set aside the Arbitral Award dated 24 July 2017 issued by a unanimous Tribunal in the arbitration between Maynilad and the Republic. Furthermore, the Republic also filed an interlocutory application for the Court files of the main setting aside application to be sealed. The Arbitral Award upheld the validity of Maynilad’s claim and ordered the Republic, through the Department of Finance, to compensate Maynilad for its revenue losses from 11 March 2015

• nwards. These losses resulted from the refusal of the MWSS to implement Maynilad’s relevant

tariffs. NEXT STEPS / TIMELINE: RATE REBASING IMPLICATIONS:  This case has no direct impact to current Rate Rebasing timeline – proceeding as expected (target completion by 3Q 2018)  Latest tariff application assumes that the Republic will settle its obligations from the Arbitral Award in cash

NEXT STEPS INDICATIVE TIMELINE NOTES Pre-trial conference March 1 Court will ask parties to estimate length of substantive hearing. Filing of affidavits March to April All evidence which parties intend to use for the hearing of the case must be adduced by way of affidavit. Substantive hearing April / May 1-3 full hearing days may be required. After the hearing is conducted, the Court may choose to issue a decision immediately. If the Court reserves judgement after hearing parties, there is no set timeframe by which it must release a decision. It would be unusual, however, if a decision took more than three months. Court decision As early as April

• r as late as

August The above timeframes do not include any appeals to the Court of Appeal against the first instance decision made by a Judge.

REGULATORY MATTERS

16 PENDING INCREASE (%) REVENUE LOSS / CLAIMS TOTAL 2012 2013 2014 2015 2016 2017 WATER (10%) MPIC Share

• 1.8

0.7 2.3 0.9 2.8 1.0 2.2 0.8 2.3 0.8 11.4 4.2 TOLL ROADS* NLEX (20%) CAVITEX (25% - 42%) SCTEX (48%) MPIC Share

• 0.1
• 0.1

0.8 0.1

• 0.5

0.8 0.2

• 0.6

1.1 0.3 0.1 0.8 1.3 0.3 0.4 1.1 2.0 0.3 0.5 1.5 6.0 1.3 1.0 4.6 RAIL (20%) MPIC Share

• 0.2

0.1 0.3 0.1 0.4 0.2 0.9 0.4 TOTAL MPIC Share 0.1 0.1 2.7 1.2 3.3 1.5 4.5 1.9 4.5 2.0 5.5 2.5 20.6 9.2

*Net of government share

Resolution of our various regulatory challenges is necessary for us to remain on track with our investment program

In Billions of Pesos

17

STAND-ALONE PORTFOLIO COMPANY RESULTS AND KEY METRICS

POWER

18

MERAL MERALCO CO FY Y 2017 HIG HIGHL HLIGH IGHTS TS AND AND KEY KEY ME METRI TRICS CS

10% increase in Electricity Revenues was a function of:  5% growth in total energy sales from 40,142 GWh to 42,102 GWh (4.6% ↑ commercial, 5.0% ↑ residential, and 5.2% ↑ industrial sector)  5% growth in number of customers from 6.04M to 6.33M  12% increase in pass-through generation charges driven by the scheduled shutdown of Malampaya gas facilities; extended maintenance on other plants; and higher fuel prices and depreciation of the Peso versus US dollar 7% decline in Non-electricity Revenues was due to fewer projects completed by MIESCOR and MSERV; and lower turn-out of insurance renewal coverages in RSIC Flat EBITDA driven by higher contracted services and provisions Faster growth in Core Income than Core EBITDA was a result of reduced losses from FPM Power

In Millions of Pesos 2017 2016 % Stand-alone Core Income 20,213 19,583 3% Meralco (41.2% - 45.5%) 8,761 7,375 19% Fair Value Adjustments (862) (309) 179% Beacon Electric (75.0% - 100.0%) 1,052 (326)

• 423%

MPIC Share 8,951 6,740 33% In Millions of Pesos 2017 2016 % Electricity 275,172 249,206 10% Non-Electricity 7,384 7,975

• 7%

Total revenues 282,556 257,181 10% Purchased power (214,558) (189,853) 13% Operating expenses (41,620) (41,620) 0% Other income 1,310 1,392

• 6%

Provision for income tax (7,360) (7,353) 0% Non-controlling interests (115) (164)

• 30%

Core income 20,213 19,583 3% Non-core income 171 (407)

• 142%

Reported net income 20,384 19,176 6% Core EBITDA Computation: Core income 20,213 19,583 3% Depreciation and amortization 7,520 7,312 3% Interest income - net (658) (737)

• 11%

Provision for income tax 7,360 7,175 3% Others 203 623

• 67%

Core EBITDA 34,638 33,956 2%

KEY METRICS 2017 2016 Number of customer accounts 6.33M 6.04M Capital Expenditure 12,127 11,584 Energy Sales Residential 13,060 12,444 Commercial 16,597 15,867 Industrial 12,309 11,697 Streetlights 136 134 Total (in GWh) 42,102 40,142

POWER

19

GBPC GBPC FY FY 20 2017 17 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY ME METRI TRICS CS

Revenue growth was mainly driven by the start of commercial operations of PEDC3 in January 2017 Slower growth in Core Income than EBITDA due to expiry of the Income Tax Holiday

• f CEDC and PEDC (1&2) in November 2016 and March 2017, respectively, and

reduced capital recovery and O&M fees

In Millions of Pesos 2017 2016 % Stand-alone Core Income 2,883 2,843 1% GBPC (42.0%-62.4%)* 1,560 813 92% Fair Value Adjustments (561) (34) 1550% Beacon PowerGen (572) (290) 97% MPIC Share 427 489

• 13%

In Millions of Pesos 2017 2016 % Power billings 23,589 17,530 35% Coal sales 205 107 92% Total revenues 23,794 17,637 35% Power plant costs (11,192) (6,311) 77% Operating expenses (5,977) (5,108) 17% Interest expense - net (1,817) (2,088)

• 13%

Other income 256 143 79% Provision for income tax (1,208) (41) 2846% Non-controlling interests (973) (1,389)

• 30%

Core income 2,883 2,843 1% Non-core expense (75) (199)

• 62%

Reported net income 2,808 2,644 6% Core EBITDA Computation: Core income 2,883 2,843 1% Depreciation and amortization 2,303 2,236 3% Interest expense - net 1,817 2,088

• 13%

Provision for income tax 1,208 41 2846% Non-controlling interests 973 1,389

• 30%

Core EBITDA 9,184 8,597 7%

*Acquired 42% effective interest of GBPC under Beacon PowerGen in May 2016; stepped-up to 62% beginning 27 June 2017

VOLUME SOLD (In GWh) REVENUES (In Millions of Pesos) 2017 2016 2017 2016 CEDC (Cebu) 1,724 1,723 8,752 7,966 TPC (Toledo) 852 590 3,644 2,293 PEDC (Panay) 1,747 1,193 9,442 6,152 PPC (Panay) 101 159 958 1,327 GBH (Mindoro) 42 40 307 247 GESC (RES) 408 149 2,298 608 GTERC (TCITRC)

• 328

135 Others/Elimination (409) (208) (1,935) (1,092) TOTAL 4,465 3,646 23,794 17,637

TOLL ROADS

20

MP MPTC C FY FY 20 2017 17 HIGHL HIGHLIGHTS IGHTS

PHILIPPINES Net Toll Revenues increased due to:  NLEX - Revenues up by 8% from P9.0 billion to P9.7 billion

• 8% increase in average daily vehicle entries (open & closed systems)
• 8% increase in average daily kilometers travelled

 CAVITEX - Revenues up by 12% from P1.4 billion to P1.5 billion

• 9% increase in average daily vehicle entries

 SCTEX - Revenues up by 19% from P1.6 billion to P1.9 billion

• 21% increase in average daily vehicle entries

Faster growth in Core EBITDA due to lower renegotiated operators fee for TMC from January to March 2017 and consolidation of TMC starting April 2017 Slower growth in Core Income due to financing costs from new loans and higher amortization of concession assets Reported income was boosted by a non-cash accounting gain from the step-up acquisitions of TMC and Easytrip REGIONAL

In Millions of Pesos 2017 2016 % Stand-alone Core Income 3,935 3,276 20% MPTC (99.9%) 3,931 3,557 11% Fair Value Adjustments (30) (40)

• 25%

MPIC Share 3,901 3,517 11% *Includes Don Muang Tollway contribution In Millions of Pesos 2017 2016 % Net toll revenues 13,107 11,902 10% Cost of services (4,810) (4,816) 0% Gross profit 8,297 7,086 17% Operating expenses (1,417) (1,392) 2% Other income and expense - net 421 335 26% Share in earnings of associates 648 606 7% Interest expense - net (1,399) (1,106) 26% Provision for income tax (1,437) (1,251) 15% Non-controlling interest (1,178) (1,002) 18% Core income 3,935 3,276 20% Non-core income (expenses) 1,488 (173)

• 960%

Reported net income 5,423 3,103 75% Core EBITDA Computation: Core income 3,935 3,276 20% Depreciation and amortization 1,306 990 32% Interest expense - net 1,399 1,106 26% Provision for income tax 1,437 1,251 15% Non-controlling interest 1,178 1,002 18% Others (648) (605) 7% Core EBITDA 8,607 7,020 23%

FY 2017 CII BR DMT NUS Toll Revenues(a) 1,253 4,429 1,495 Core Income 91 2,088 545 Traffic (In ‘000) 53 98 307 Length (In km)(b) 144.8 21.9 34.5 FY 2016 CII BR DMT NUS Toll Revenues(a) 952 3,975 1,430 Core income 304 2,016 571 Traffic (In ‘000) 49 96 290 Length (In km)(b) 144.8 21.9 34.5 % Traffic Growth 8% 2% 6%

(a) Represents full year data, note that MPTC acquired 48% of PT

Nusantara Infrastructure only in November 2017

(b) CII BR includes roads under pre- and on-going construction

TOLL ROADS

KEY KEY ME METRI TRICS CS AND AND PRI PRIORITI ORITIES ES

21

KEY METRICS 2017 2016 NLEX

Class 1 Tariff: Open system - P40.6/entry / Closed system - P2.6/km

Average Daily Vehicle Entries (Open & Closed) Class 1 183,577 169,301 Class 2 33,328 31,843 Class 3 20,141 18,866 Total 237,046 220,010 Average Daily Vehicle Entries (Open) Class 1 140,395 130,515 Class 2 26,862 25,655 Class 3 15,737 14,725 Total 182,994 170,895 Average Daily Kilometers Travelled (In 000 km) Class 1 3,492 3,201 Class 2 709 683 Class 3 463 442 Total 4,664 4,326 CAVITEX

Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1)

Average Daily Vehicle Entries Class 1 124,107 114,144 Class 2 10,033 9,575 Class 3 5,068 4,418 Total 139,208 128,137 SCTEX (Class 1 Tariff: P2.7/km) Average Daily Vehicle Entries Class 1 44,665 36,566 Class 2 6,152 5,450 Class 3 3,749 3,009 Total 54,566 45,025

PROJECTS UNDER CONSTRUCTION / DEVELOPMENT PROJECTS Length Project Cost Target Completion Status Philippines (In Kms) (In Billions) EXPANSIONS TO EXISTING ROADS NLEX Harbour Link (Segment 10) 5.8 10.5 2Q 2018 Ongoing construction NLEX Widening (Phase 2) N/A 2.0 2019 Investment proposal for submission in 1Q 2018 NLEX Harbour Link (Radial Road 10) 2.6 6.0 2019 Awaiting approval of investment proposal CAVITEX Segment 4 1.3 1.3 2020 Ongoing pre-construction activities CAVITEX - C5 South Link 7.7 12.6 2020

• Seg. 3A Ph.1 - Ongoing

construction; Seg. 3A Ph.2 and 3B; Seg. 2 – Ongoing review of detailed engineering design NLEX Citi Link 7.5 8.0 2021 Ongoing ROW acquisition NEW ROAD PROJECTS AWARDED NLEX-SLEX Connector Road 8.0 23.3 2020 Ongoing ROW acquisition; to begin construction by 2018 Cebu Cordova Link Expressway 8.3 26.3 2021 EPC contract awarded in November 2017 Cavite Laguna Expressway 44.6 16.9 2020 Laguna segment - Ongoing construction; Ongoing ROW acquisition TOTAL 85.8 106.9

WATER

22

MA MAYNILA YNILAD FY FY 20 2017 17 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY ME METRI TRICS CS

MAYNILAD Revenues increased by 3% due to:  3% growth in billed volume from 498.6 MCM to 511.7 MCM

• 4% increase in billed customers from 1,312,223 to 1,358,758

Decline in Core EBITDA due to higher personnel and utility costs Growth in Core Income due to lower deferred tax expense from Optional Standard Deduction regime

In Millions of Pesos 2017 2016 % Stand-alone Core Income 7,379 7,171 3% Maynilad (52.8%) 3,896 3,786 3% Fair Value Adjustments (187) (170) 10% Metropac Water Investments 24 (52)

• 146%

MPIC Share 3,733 3,564 5% In Millions of Pesos 2017 2016 % Revenues 20,774 20,224 3% Cost of services (6,324) (5,847) 8% Gross profit 14,450 14,377 1% Operating expenses (2,841) (2,438) 17% Other income and expense - net (258) (159) 62% Interest expense - net (1,659) (1,658) 0% Provision for income tax (2,313) (2,951)

• 22%

Core income 7,379 7,171 3% Non-core expenses (526) (423) 24% Reported net income 6,853 6,748 2% Core EBITDA Computation: Core income 7,379 7,171 3% Depreciation and amortization 2,785 2,623 6% Interest expense - net 1,659 1,658 0% Provision for income tax 2,313 2,951

• 22%

Core EBITDA 14,136 14,403

• 2%

KEY METRICS 2017 2016 NRW Average 32.3% 29.9% Period end 31.7% 30.6% Coverage Total population 10.06M 9.89M Population coverage 9.40M 9.33M 24hr availability 98% 98% Minimum 16 psi* 71% 76% Customer Mix Residential 81% 81% Commercial 19% 19% Capital Expenditure 12,006 9,664

HOSPITALS

23

MPHHI MPHHI FY Y 2017 HIG HIGHL HLIGH IGHTS TS AND AND KEY KEY ME METRI TRICS CS

In Millions of Pesos Stand-alone Core Income MPIC Share 2017 2016 % 2017 2016 Asian Hospital 461 379 22% 237 195 Cardinal Santos 251 210 20% 151 126 Riverside 192 185 4% 90 86 Makati Medical 409 326 25% 81 65 Davao Doctors 237 234 1% 50 49 Marikina Valley 104 44 136% 58 25 Manila Doctors 191 196

• 3%

23 24 Others 201 182 10% 88 76 Total 2,046 1,756 17% 778 646 Hospital Admin/FV adjustments (93) (57) MPIC Share 685 589

Core Income grew 17% due to increased number of patients served across all hospitals and cost savings from synergy activities and lower financing costs. 13%

• f Core Income growth came from existing hospitals while 4% came from the

newly-acquired hospitals (Marikina Valley Medical Center, Jesus Delgado Memorial Hospital and St. Elizabeth Hospital) Stand-alone Core Income and MPIC share breakdown as follows:

In Millions of Pesos 2017 2016 % Stand-alone Core Income 2,046 1,756 17% Metro Pacific Hospital Holdings (60.0%) 778 646 20% Admin and fair value adjustments (93) (57) 63% MPIC Share 685 589 16% In Millions of Pesos 2017 2016 % Gross revenues 22,464 19,641 14% Discounts (2,090) (1,820) 15% Net revenues 20,374 17,822 14% Cost of supplies (8,752) (7,336) 19% Gross profit 11,622 10,486 11% Operating expenses (8,972) (8,170) 10% Interest expense (201) (238)

• 16%

Noncontrolling interest (5)

• N/A

Other income 492 425 16% Provision for income tax (890) (747) 19% Core income 2,046 1,756 17% Non-core income 6 3 100% Reported net income 2,052 1,759 17% Core EBITDA Computation: Core income 2,046 1,756 17% Depreciation and amortization 1,787 1,574 14% Interest expense 201 238

• 16%

Provision for income tax 890 747 19% Core EBITDA 4,924 4,315 14%

KEY METRICS 2017 2016 Total number of beds 3,211 2,839 Number of accredited doctors 8,057 7,420 Number of enrollees 6,640 5,836 Average standard occupancy rate 68.3% 69.2% Number of patients In-patient 173,939 160,581 Out-patient 3,085,638 2,702,996

RAIL

24

LRMC LRMC FY FY 20 2017 17 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY ME METRI TRICS CS

Rail Revenues increased due to:  6% growth in average daily ridership from 409,595 to 435,199  9% increase in LRVs from 100 to 109 – number of LRVs started at 77 from handover in September 2015 Core EBITDA grew faster due to higher advertising income and lower repairs and maintenance expense Slower growth in Core Income due to higher effective tax rate in 2017

In Millions of Pesos 2017 2016 % Stand-alone Core Income 514 505 2% LRMC (55%) 283 278 2% Holding company admin 0 (5)

• 106%

MPIC Share 283 273 4% In Millions of Pesos 2017 2016 % Rail revenue 3,155 3,016 5% Cost of services (1,773) (1,850)

• 4%

Gross profit 1,382 1,166 19% Operating expenses (582) (544) 7% Other income and expense - net 97 75 29% Interest income (expense) - net (6) 19

• 132%

Provision for income tax (377) (211) 79% Core income 514 505 2% Non-core income (expenses) (7) 6

• 217%

Reported net income 507 511

• 1%

Core EBITDA Computation: Core income 514 505 2% Depreciation and amortization 64 37 73% Interest expense (income) - net 6 (19)

• 132%

Provision for income tax 377 211 79% Core EBITDA 961 734 31%

25

QUARTERLY HIGHLIGHTS

QU QUAR ARTE TERLY Y HIGHL HIGHLIGHTS IGHTS

26

METRO PACIFIC TOLLWAYS 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Net Revenues 3,102 3,358 3,145 3,502 Core EBITDA 2,126 2,092 2,041 2,348 Core Income 958 1,100 966 911 Reported Income 940 2,691 876 916 KEY METRICS NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 176,848 184,553 179,202 193,569 Class 2 32,813 33,125 33,291 34,071 Class 3 19,973 19,948 20,210 20,426 Total 229,633 237,626 232,703 248,067 Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,338 3,734 3,222 3,675 Class 2 700 714 691 731 Class 3 465 469 462 456 Total 4,503 4,917 4,375 4,862 CAVITEX Average Daily Vehicle Entries Class 1 120,273 123,874 123,613 128,583 Class 2 10,025 9,973 9,962 10,171 Class 3 4,749 5,224 5,146 5,145 Total 135,047 139,071 138,721 143,899 SCTEX Average Daily Vehicle Entries Class 1 41,564 48,590 40,717 47,761 Class 2 5,846 6,215 5,978 6,564 Class 3 3,717 4,006 3,595 3,679 Total 51,128 58,811 50,290 58,004 MERALCO 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Total Revenues 66,576 74,456 73,357 68,167 Core EBITDA 7,922 9,293 9,053 8,370 Core Income 4,598 5,520 5,252 4,843 Reported Income 4,817 5,684 5,427 4,456 KEY METRICS Number of customers 6.11M 6.17M 6.25M 6.33M Energy Sales Residential 2,746 3,587 3,482 3,245 Commercial 3,742 4,303 4,337 4,215 Industrial 2,795 3,097 3,210 3,207 Streetlights 34 34 34 34 Total (in gWh) 9,317 11,021 11,063 10,701

27

MAYNILAD 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Revenues 4,788 5,454 5,336 5,196 Core EBITDA 3,156 3,982 3,626 3,372 Core Income 1,477 2,199 1,899 1,804 Reported Income 1,208 1,989 1,908 1,748 KEY METRICS Billed volume (In MCM) 120.7 131.8 131.0 128.2 Billed customers 1,323,063 1,336,566 1,347,747 1,358,758 Non-revenue water Average 33.2% 31.2% 32.2% 32.4% Period end 32.9% 31.2% 32.5% 31.7% Service levels 24-hour coverage 98.2% 98.0% 98.2% 98.3% Minimum 16 psi 70.1% 70.6% 70.1% 70.5% HOSPITALS - AGGREGATE 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Revenues 5,358 5,253 5,919 5,994 Core EBITDA 1,242 1,045 1,342 1,298 Core Income 544 383 583 533 Reported Income 547 386 585 532 Total number of beds 2,893 2,873 2,967 3,211 Number of accredited doctors 7,667 7,710 7,781 7,951 Number of enrollees 6,671 5,390 6,236 6,640 FINANCIAL HIGHLIGHTS (In Millions of Pesos) KEY METRICS LIGHT RAIL MANILA 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Net Revenues 799 729 799 828 Core EBITDA 192 154 244 371 Core Income 124 97 159 134 Reported Income 124 97 151 135 KEY METRIC Average Daily Ridership 443,492 416,410 433,934 446,120

QU QUAR ARTE TERLY Y HIGHL HIGHLIGHTS IGHTS

28

BALANCE SHEET AND CASH FLOW STATEMENTS

(Tentative)

29

ME METRO TRO PAC PACIFIC IFIC INVES INVESTM TMENTS ENTS CORPOR CORPORATIO ATION – PAR PARENT ENT

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash and short-term investments 14,545 4,162 Accounts payable and other current liabilities 1,147 877 Receivables - net 102 76 Due to related parties 4,165 2,004 Other current assets 378 401 Current portion of long-term debt 971 357 Total Current Assets 15,025 4,639 Total Current Liabilities 6,283 3,238 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 173,582 165,311 Noncurrent portion of long-term debt 45,850 36,382 Other noncurrent assets 715 523 Due to related parties 11,767 6,726 Total Noncurrent Assets 174,297 165,834 Other noncurrent liabilities 1,287 862 Total Noncurrent Liabilities 58,904 43,970 TOTAL ASSETS 189,322 170,473 Total Liabilities 65,187 47,208 EQUITY Capital stock 31,626 31,619 Additional paid-in capital 68,465 68,438 Treasury shares (167) (167) Other reserves 249 152 Retained earnings 23,962 23,223 Total Equity 124,135 123,265 TOTAL LIABILITIES AND EQUITY 189,322 170,473 As of As of

30

ME METRO TRO PAC PACIFIC IFIC INVES INVESTM TMENTS ENTS CORPOR CORPORATIO ATION – CONSOLIDA CONSOLIDATE TED

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Noncurrent portion of concession fees payable Cash and short-term investments 53,364 21,901 long-term debt and others 204,489 121,458 Receivables 10,899 5,171 Due to related parties 11,767 6,726 Other current assets 10,682 4,728 Deferred tax liabilities 6,836 3,925 Total Current Assets 74,945 31,800 Other noncurrent liabilities 10,103 4,368 Total Noncurrent Liabilities 233,195 136,477 NONCURRENT ASSETS Investments and advances 150,971 126,556 Total Liabilities 288,072 163,521 Goodwill 25,384 21,004 Service concession assets 168,783 152,693 EQUITY Property, plant and equipment 67,606 10,480 Capital stock 31,626 31,619 Other noncurrent assets 16,062 9,069 Additional paid-in capital 68,465 68,438 Total Noncurrent Assets 428,806 319,802 Treasury shares (167) (167) Other equity adjustments and reserves 7,426 8,253 TOTAL ASSETS 503,751 351,602 Retained earnings 53,894 43,889 Total equity attributable to owners of Parent 161,244 152,032 LIABILITIES AND EQUITY Non-controlling interest 54,435 36,049 CURRENT LIABILITIES Total Equity 215,679 188,081 Accounts payable and other current liabilities 28,557 15,431 Due to related parties 3,879 1,713 TOTAL LIABILITIES AND EQUITY 503,751 351,602 Current portion of concession fees payable long-term debt and others 22,441 9,900 Total Current Liabilities 54,877 27,044 As of As of

TOLL ROADS

31

ME METR TRO O PACIFIC CIFIC TOLL OLLWA WAYS S CORPOR CORPORATIO TION N AND AND SUBS SUBSIDIA IDIARIE IES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 6,070 2,733 Accounts payable and accrued liabilities 4,520 3,801 Receivables 679 689 Current portion of long-term debt 5,318 1,047 Other current assets 1,354 1,301 Other current liabilities 2,058 882 Total Current Assets 8,103 4,723 Total Current Liabilities 11,896 5,730 Noncurrent Assets Noncurrent Liabilities Service concession assets 66,122 61,828 Long-term debt - net of current portion 37,224 31,309 Goodwill 8,477 4,979 Service concession obligation 19,645 18,551 Investment in associates 17,921 11,318 Deferred tax liabilities 1,102 1,072 Other noncurrent assets 4,221 3,268 Other noncurrent liabilities 1,063 739 Total Noncurrent Assets 96,741 81,393 Total Noncurrent Liabilities 59,034 51,671 TOTAL ASSETS 104,844 86,116 Total Liabilities 70,930 57,401 Equity Capital stock 12,786 12,718 Additional paid-in capital 18,945 17,583 Other equity adjustments and reserves (10,186) (9,822) Retained earnings 9,685 5,859 Total Equity Attributable to Equity Holders

• f Parent

31,230 26,338 Non-controlling interest 2,684 2,377 Total Equity 33,914 28,715 TOTAL LIABILITIES AND EQUITY 104,844 86,116 As of As of

WATER

32

MA MAYNILA YNILAD WA WATE TER R SE SERVICE VICES S INC INC. . AND AND SUBS SUBSIDIA IDIARIE IES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 5,019 8,066 Accounts payable and other current liabilities 13,050 10,893 Receivables 2,602 2,493 Current portion of interest-bearing loans 1,217 1,808 Other current assets 4,074 3,470 Current portion of service concession obligation 1,816 1,329 Total Current Assets 11,695 14,029 Total Current Liabilities 16,083 14,030 Non-current Assets Non-current Liabilities Service concession assets 78,392 69,297 Interest-bearing loans - net of current portion 25,281 24,880 Deferred tax assets 428 1,032 Service concession obligation - net of current portion 6,243 6,500 Property and equipment 1,409 1,254 Other noncurrent liabilities 1,278 1,507 Other noncurrent assets 781 1,567 Total Noncurrent Liabilities 32,802 32,887 Total Noncurrent Assets 81,010 73,150 Total Liabilities 48,885 46,917 TOTAL ASSETS 92,705 87,179 Equity Capital stock 4,547 4,547 Additional paid-in capital 10,021 10,021 Other equity adjustments and reserves (602) (307) Retained earnings 29,854 26,001 Total Equity 43,820 40,262 TOTAL LIABILITIES AND EQUITY 92,705 87,179 As of As of

HOSPITALS

ME MEDICA DICAL L DOCT DOCTORS ORS INC INC. . AND AND SUBS SUBSIDIA IDIARIE IES

33

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities 891 919 Cash and cash equivalents 573 729 Retirement benefit obligation 147 106 Receivables - net 690 573 Loans payable 789 1,018 Inventories - net 260 251 Provisions 117 103 Other current assets 72 57 Total Noncurrent Liabilities 1,944 2,146 Total Current Assets 1,595 1,610 Total Liabilities 3,284 3,393 Noncurrent Assets Property and Equipment - net 8,094 7,915 Equity Other noncurrent assets 133 133 Capital stock 338 336 Total Noncurrent Assets 8,227 8,048 Capital in excess of par value 1,617 1,572 Other equity adjustments 2,412 2,444 TOTAL ASSETS 9,822 9,658 Retained earnings 2,167 1,905 Treasury Stock (15) (15) LIABILITIES AND EQUITY Total Equity Attributable to Equity Holders of Parent 6,519 6,242 Current Liabilities Non-controlling interest 19 23 Accounts payable and accrued expenses 1,099 1,021 Total Equity 6,538 6,265 Current portion of long-term liabilities 229 214 Other current liabilities 12 12 TOTAL LIABILITIES AND EQUITY 9,822 9,658 Total Current Liabilities 1,340 1,247 As of As of

HOSPITALS

ME MEDICA DICAL L DOCT DOCTORS ORS INC INC. . AND AND SUBS SUBSIDIA IDIARIE IES

34

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 589 484 Acquisitions of property and equipment (658) (683) Adjustments for: Increase in other noncurrent assets 9 (88) Provisions 92 93 Net cash used in investing activities (649) (771) Depreciation and amortization 496 478 Retirement benefit expense 35 47 Cash Flows from Financing Activities Interest expense 61 64 Proceeds from: Interest income (2) (4) Loans

• 300

Others 1 Issuance of capital stock 48 31 Operating income before working capital changes 1,272 1,162 Payment of loan (214) (149) Increase in: Interest paid (60) (62) Receivables (211) (46) Dividends paid (149) (125) Inventories (8) (30) Net cash used in financing activities (376) (5) Prepayments (15) (43) Increase in: Net increase (decrease) in cash and cash equivalents (156) 198 Accounts payable and accrued expenses 25 56 Refundable deposits and other liabilities 12

• Cash and cash equivalents at beginning of period

729 531 Cash generated from operations 1,075 1,099 Contributions to the retirement fund (27) (20) Cash and cash equivalents at end of period 573 729 Income taxes paid (181) (109) Interest received 3 4 Net cash provided by operating activities 869 974

HOSPITALS

COLIN COLINAS AS VER VERDES DES (CARD (CARDIN INAL L SANT SANTOS OS MEDICA MEDICAL CENTER) CENTER)

35

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 212 212 Accounts payable and accrued expenses 809 662 Receivables - net 261 193 Due to related parties 7 25 Inventories - net 97 99 Loans payable, current

• -

Other current assets 35 28 Other current liabilities 20 19 Total Current Assets 605 532 Total Current Liabilities 836 706 Noncurrent Assets Noncurrent Liabilities Property and Equipment - net 1,314 1,242 Retirement plan 30 21 Deferred income tax assets 149 133 Lease payable

• 658

Other noncurrent assets 20 7 Other noncurrent liabilities 650

• Total Noncurrent Assets

1,483 1,382 Total Current Liabilities 680 679 TOTAL ASSETS 2,088 1,914 Total Liabilities 1,516 1,385 Equity Capital stock 50 50 Other comprehensive income 4 3 Retained earnings 518 476 Total Equity 572 529 TOTAL LIABILITIES AND EQUITY 2,088 1,914 As of As of

HOSPITALS

COLIN COLINAS AS VER VERDES DES (CARD (CARDIN INAL L SANT SANTOS OS ME MEDICA DICAL L CENT CENTER) ER)

36

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 356 298 Acquisitions of property and equipment (309) (390) Adjustments for: Increase in other noncurrent assets 11

• Provisions

4 6 Net cash used in investing activities (298) (390) Depreciation and amortization 237 199 Interest expense 102 102 Cash Flows from Financing Activities Interest income (1) (2) Payment of loans payable (73) (92) Operating income before working capital changes 698 603 Dividend payments (200) (120) Decrease (increase): Net cash used in financing activities (273) (212) Receivables (132) (27) Inventories 2 (21) Net increase (decrease) in cash and cash equivalents

• (10)

Prepayments 41 7 Increase (decrease) in: Cash and cash equivalents at beginning of period 212 222 Accounts payable and accrued expenses 36 27 Refundable deposits and other liabilities (64) 1 Cash and cash equivalents at end of period 212 212 Cash generated from operations 581 590 Interest received 1 2 Net cash provided by operating activities 582 592

HOSPITALS

DAVAO DOCT DOCTORS ORS HOSP HOSPIT ITAL, AL, INC INC. . AND AND SUBS SUBSIDIA IDIARIES IES

37

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations 41 47 Cash and cash equivalents 154 228 Other noncurrent liabilities 12 11 Receivables, net 315 274 Total Noncurrent Liabilities 53 58 Inventory, net 146 114 Prepaid expenses 16 25 Total Liabilities 576 410 Total Current Assets 631 641 Equity Noncurrent Assets Capital stock 91 91 Property and Equipment - net 1,509 1,172 Capital in excess of par value 49 49 Deferred income tax assets 18 19 Treasury shares (7) (7) Other noncurrent assets 66 68 Other equity adjustments 34 32 Total Noncurrent Assets 1,593 1,259 Retained earnings 1,481 1,325 Total Equity 1,648 1,490 TOTAL ASSETS 2,224 1,900 Non-controlling interest Total Equity 1,648 1,490 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 2,224 1,900 Accounts payable and accrued expenses 523 352 Total Current Liabilities 523 352 As of As of

HOSPITALS

DAVAO DOCT DOCTORS ORS HOSP HOSPIT ITAL, AL, INC INC. . AND AND SUBS SUBSIDIA IDIARIES IES

38

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 331 329 Acquisitions of property and equipment (525) (319) Adjustments for: Increase in noncurrent assets 49 2 Depreciation 189 120 Net cash used in investing activities (476) (317) Provision for bad debts

• 1

Operating income before working capital changes 520 450 Cash Flows from Financing Activities Decrease (increase): Dividends paid (81) (90) Receivables (87) (137) Decrease in other noncurrent liabilities

• Inventories

(32) (5) Net cash used in financing activities (81) (90) Prepayments and others 9 (9) Increase in: Net increase in cash and cash equivalents (74) (44) Accounts payable and accrued expenses 73 64 Net cash provided by operating activities 483 363 Cash and cash equivalents at beginning of period 228 272 Cash and cash equivalents at end of period 154 228

HOSPITALS

RIV RIVERS RSIDE MEDIC DICAL L CE CENT NTER R GR GROUP OUP

39

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 33 4 Cash and cash equivalents 352 355 Deferred income tax liabilities 83 76 Receivables - net 297 270 Accrued retirement costs

• 7

Inventories - net 129 106 Other noncurrent liabilities 17 15 Other current assets 14 7 Total Noncurrent Liabilities 133 102 Total Current Assets 792 738 Total Liabilities 679 572 Noncurrent Assets Property and Equipment - net 1,253 1,093 Equity Investment in associate 43 Capital stock 62 62 Pension Asset 35 23 Additional paid-in capital stock 377 377 Other noncurrent assets 27 28 Deposit for future stock subscription

• -

Total Noncurrent Assets 1,358 1,144 Other equity adjustments 171 167 Retained earnings 865 708 TOTAL ASSETS 2,150 1,882 Treasury Stock (4) (4) Total Equity 1,471 1,310 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 2,150 1,882 Accounts payable and accrued expenses 437 362 Current portion of long-term debt 2 2 Unearned tuition and other school fees 57 64 Income tax payable 11 9 Other current liabilities 39 33 Total Current Liabilities 546 470 As of As of

HOSPITALS RIV

RIVERS RSIDE MEDIC DICAL L CE CENT NTER R GR GROUP OUP

40

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 262 249 Acquisitions of property and equipment (254) (285) Adjustments for: Investments in associates (43)

• Depreciation

93 56 Proceed from sale of property and equipment (3)

• Interest expense

1 3 Increase in investments/other noncurrent assets (3)

• Interest income

(4) (5) Net cash used in investing activities (303) (285) Others 15 9 Operating income before working capital chang 367 312 Cash Flows from Financing Activities Decrease (increase) : Availment of loans 31 Receivables 9 (4) Payment of long-term debt (2) (116) Inventories (23) 43 Dividend payments (36) (34) Other assets (7) 4 Net cash used in financing activities (7) (150) Increase (decrease) in: Accounts payable and accrued expenses 31 (82) Net decrease in cash and cash equivalents (3) (211) Other current liabilities 7 2 Cash generated from operations 384 275 Cash and cash equivalents as of beginning of period 355 566 Interest received 4 5 Income taxes paid (64) (45) Cash and cash equivalents at end of the period 352 355 Interest paid (1) (3) Retirement payment (16) (8) Net cash provided by operating activities 307 224

HOSPITALS

EAS EAST T MANILA MANILA HOSP HOSPIT ITAL AL MAN MANAGER GERS S CORP CORP . . (L (LOURDES OURDES)

41

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Accrued retirement 33 27 Cash and cash equivalents 37 65 Other noncurrent liabilities 313 316 Receivables - net 85 70 Total Noncurrent Liabilities 346 343 Inventories - net 40 43 Prepaid expenses 2 4 Total Liabilities 548 570 Total Current Assets 164 182 Equity Noncurrent Assets Capital stock 50 50 Property and Equipment - net 320 295 Reserves 8 5 Deferred income tax 116 111 Retained earnings 138 118 Other noncurrent assets 144 155 Total Equity 196 173 Total NonCurrent Assets 580 561 TOTAL LIABILITIES AND EQUITY 744 743 TOTAL ASSETS 744 743 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 182 144 Current portion of long-term debt

• 70

Due to related parties 19 12 Other current liabilities 1 1 Total Current Liabilities 202 227 As of As of

HOSPITALS

EAS EAST T MANILA MANILA HOSP HOSPIT ITAL AL MAN MANAGER GERS S CORP CORP . . (L (LOURDES OURDES)

42

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 93 80 Acquisitions of property and equipment (77) (38) Adjustments for: Increase in other noncurrent assets (7)

• Depreciation

63 68 Net cash used in investing activities (84) (38) Provision for doubtful accounts 8 7 Interest expense 31 32 Cash Flows from Financing Activity Operating income before working capital changes 195 187 Loan payment (70) (20) Decrease (increase) in: Dividend payment (40) (20) Receivables (22) (7) Increase (decrease) in: Inventories 3 (7) Due to related parties 7

• Other current assets

2 (2) Other noncurrent liabilities (1)

• Increase (decrease) in:

Net cash used in financing activities (104) (40) Accounts payable and accrued expenses 9 (48) Retirement fund obligation 6 6 Net increase in cash and cash equivalents (28) 19 Other current liabilities

• 2

Net cash provided by operating activities 193 131 Cash and cash equivalents as of beginning of period 65 46 Income taxes paid (33) (34) Net cash provided by operating activities 160 97 Cash and cash equivalents at end of the period 37 65

HOSPITALS ASI

ASIAN AN HOSP HOSPIT ITAL AL INC INC.

43

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 232 347 Accounts payable and accrued expenses 708 638 Receivables - net 370 291 Accrued interest

• 22

Inventories - net 153 127 Long-term debts, currently due

• 309

Other current assets 15 18 Refundable deposits and other current liabilities 48 47 Prepaid expenses 16 18 Total Current Liabilities 756 1,016 Total Current Assets 786 801 Noncurrent Liabilities Noncurrent Assets Long-term debt - net of current

• -

Property and equipment, net 3,741 3,655 Other non-current liabilities 62 58 Deferred income tax 109 122 Computer software - net 5 3 Total Liabilities 818 1,074 Other non-current assets 17 15 Total Noncurrent Assets 3,872 3,795 Equity Capital stock 1,937 1,937 TOTAL ASSETS 4,658 4,596 Capital stock in excess of par value 185 185 Subscription receivable (4) (4) Other equity adjustments (5) (3) Retained earnings 1,727 1,407 Total Equity 3,840 3,522 TOTAL LIABILITIES AND EQUITY 4,658 4,596 As of As of

HOSPITALS

44

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 665 541 Acquisitions of property and equipment (365) (360) Adjustments for: Increase in noncurrent assets

• Provisions

16 23 Net cash used in investing activities (365) (360) Depreciation 291 290 Amortization of capitalized borrowing cost 1 2 Cash Flows from Financing Activities Interest expense 13 55 Payment of long-term debt (309) (260) Loss on disposal of property and equipment (1)

• Dividends paid

(145) (77) Others (9) (2) Interest paid (35) (58) Operating income before working capital changes 976 909 Net cash used in financing activities (489) (395) Decrease (increase) : Receivables (88) (42) Net decrease in cash and cash equivalents (115) (63) Inventories (27) (21) Other current assets 6 (17) Cash and cash equivalents as of beginning of period 347 410 Increase (decrease) in: Accounts payable and accrued expenses (134) (115) Cash and cash equivalents at end of the period 232 347 Other current liabilities 6 (22) Net cash provided by operating activities 739 692

ASI ASIAN AN HOSP HOSPIT ITAL AL INC INC.

HOSPITALS

45

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 56 54 Accounts payable and accrued expenses 89 74 Receivables - net 97 69 Due to related parties 4 4 Inventories - net 47 42 Long-term debts, currently due 200 200 Prepaid expenses 25 17 Refundable deposits and other current 83 51 Total Current Assets 225 182 Total Current Liabilities 376 329 Noncurrent Assets Noncurrent Liabilities Property and equipment, net 636 596 Retirement Liability 31 29 Deferred income tax 25 24 Other non-current assets 14 14 Total Liabilities 407 358 Total Noncurrent Assets 675 634 Equity TOTAL ASSETS 900 816 Capital stock 114 114 Capital stock in excess of par value 241 241 Other equity adjustments 2 2 Retained earnings 136 101 Total Equity 493 458 TOTAL LIABILITIES AND EQUITY 900 816 As of As of

DE DELOS OS SA SANT NTOS OS ME MEDICAL DICAL CE CENTE NTER

HOSPITALS DE

DELOS OS SA SANT NTOS OS ME MEDICAL DICAL CE CENTE NTER

46

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 88 72 Acquisitions of property and equipment (170) (109) Adjustments for: Proceeds from disposal of assets

• Provisions

10 13 Net cash used in investing activities (170) (109) Depreciation 85 76 Interest expense-net 7 5 Cash Flows from Financing Activities Operating income before working capital changes 190 166 Proceeds from long term debt 100 85 Decrease (increase) : Payment of long term debt Receivables (48) 3 Interest paid (7) (5) Inventories (16)

• Dividends

(29) (27) Other current assets (19) (6) Net cash provided by financing activities 64 53 Increase (decrease) in: Accounts payable and accrued expenses 23 (62) Net increase in cash and cash equivalents 32 33 Other liabilities 38 14 Cash generated from operations 168 115 Cash and cash equivalents as of beginning of period 54 21 Income tax paid (30) (26) Net cash provided by operating activities 138 89 Cash and cash equivalents at end of the period 86 54

HOSPITALS

CENTRAL LUZON DOCTORS’ HOSP HOSPIT ITAL AL

47

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 33 49 Accounts payable and accrued expenses 137 107 Receivables - net 84 74 Loans payable 100 Inventories - net 43 31 Dividends payable 11 11 Prepaid expenses 45

• Total Noncurrent Liabilities

248 118 Total Current Assets 205 154 Noncurrent Liabilities Noncurrent Assets Retirement Liability 9 7 Property and equipment, net 485 328 Deferred Income Tax 41 27 Other non-current assets 35 23 Total Noncurrent Liabilities 50 34 Total Noncurrent Assets 520 351 Total Liabilities 298 152 TOTAL ASSETS 725 505 Equity Capital stock 109 106 Additional Paid-in Capital 88 82 Treasury stock (3) (3) Other equity adjustments 119 81 Retained earnings 114 87 Total Equity 427 353 TOTAL LIABILITIES AND EQUITY 725 505 As of As of

HOSPITALS

CENTRAL LUZON DOCTORS’ HOSP HOSPIT ITAL AL

48

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 56 49 Acquisitions of property and equipment (145) (88) Adjustments for: Investment in joint venture (13) (21) Provisions Net cash used in investing activities (158) (109) Depreciation 43 34 Interest expense Cash Flows from Financing Activities Operating income before working capital changes 99 83 Proceeds from loans 100

• Decrease (increase) :

Dividends payment (13) (12) Receivables (10) (15) Subscription receivable 9 9 Inventories (12) (2) Net cash provided by (used in) financing activities 96 (3) Other current assets (45) 1 Increase in: Net decrease in cash and cash equivalents (16) (38) Accounts payable and accrued expenses 7 15 Other current liabilities 7 1 Cash and cash equivalents as of beginning of period 49 87 Net cash provided by operating activities 46 83 Cash and cash equivalents at end of the period 33 49

HOSPITALS WES

WEST T ME METR TRO O ME MEDICAL DICAL CENT CENTER ER

49

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 24 35 Accounts payable and accrued expenses 39 57 Receivables - net 30 14 Loans payable 40 Inventories - net 39 54 Other non-current assets

• 1

Prepaid expenses

• 2

Total Current Liabilities 79 58 Total Current Assets 93 105 Noncurrent Liabilities Noncurrent Assets Retirement Liability 1 1 Property and equipment, net 115 87 Deferred Income Tax

• -

Other non-current assets 182 112 Total Noncurrent Liabilities 1 1 Total Noncurrent Assets 297 199 Total Liabilities 80 59 TOTAL ASSETS 390 304 Equity Capital stock 75 75 Deposit for future stock subscriptions 207 166 Other equity 2 3 Retained earnings 26 1 Total Equity 310 245 TOTAL LIABILITIES AND EQUITY 390 304 As of As of

HOSPITALS WES

WEST T ME METR TRO O ME MEDICAL DICAL CENT CENTER ER

50

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 36 16 Acquisitions of property and equipment (45) (87) Adjustments for: Increase in noncurrent assets (68) (28) Provisions 2 1 Net cash used in investing activities (113) (115) Depreciation 17 5 Interest expense

• Cash Flows from Financing Activities

Operating income before working capital changes 55 22 Proceeds rom Loans 40

• Decrease (increase) :

Advances from Shareholders 41

• Receivables

(18) (9) Equity Infusion

• 141

Inventories 15 (45) Net cash provided by financing activities 81 141 Other current assets 1 (1) Increase (decrease) in: Net increase (decrease) in cash and cash equivalents (11) 31 Accounts payable and accrued expenses (13) 38 Other current liabilities (19)

• Cash and cash equivalents as of beginning of period

35 4 Net cash provided by operating activities 21 5 Cash and cash equivalents at end of the period 24 35

HOSPITALS MANILA

MANILA DOCT DOCTORS, ORS, INC INC.

51

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 119 136 Accounts payable and accrued expenses 560 431 Receivables - net 5 236 Long-term debts, currently due 222 150 Inventories - net 253 112 Other current liabilities

• 13

Other current assets 159 1 Total Current Liabilities 782 594 Prepaid expenses 133 13 Total Current Assets 669 498 Noncurrent Liabilities Long-term debt - net of current 350 250 Noncurrent Assets Other non-current liabilities 98 75 Property and equipment, net 1,900 1,530 Total Noncurrent Liabilities 448 325 Deferred income tax 28 28 Other non-current assets 28 67 Total Liabilities 1,230 919 Total Noncurrent Assets 1,956 1,625 Equity TOTAL ASSETS 2,625 2,123 Capital stock 206 198 Capital stock in excess of par value 48 56 Subscription receivable

• Other equity adjustments

(7) (7) Retained earnings 1,148 957 Total Equity 1,395 1,204 TOTAL LIABILITIES AND EQUITY 2,625 2,123 As of As of

HOSPITALS MANILA

MANILA DOCT DOCTORS, ORS, INC INC.

52

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 272 280 Acquisitions of property and equipment (535) (634) Adjustments for: Provisions 15 12 Cash Flows from Financing Activities Depreciation 164 142 Availment of loan 172 388 Operating income before working capital changes 451 434 Decrease (increase) in: Net increase (decrease) in cash and cash equivalents (17) 79 Receivables (19) (61) Inventories (20) 17 Cash and cash equivalents as of beginning of period 136 57 Other current assets (107) (6) Increase (decrease) in: Cash and cash equivalents at end of the period 119 136 Accounts payable and accrued expenses 40 (28) Other current liabilities 1 (31) Net cash provided by operating activities 346 325

HOSPITALS

53

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 130 142 Accounts payable and accrued expenses 3 34 43 Receivables - net 3 31 26 Other current liabilities 2 21 22 Inventories - net 1 15 13 Total Noncurrent Liabilities 5 55 65 Prepaid expenses 1 1 1 Total Current Assets 1 177 182 Noncurrent Liabilities Retirement Liability 4 4 3 Noncurrent Assets Total Noncurrent Liabilities 4 4 3 Property and equipment, net 1 182 166 Other non-current assets 5 5 4 Total Liabilities 5 59 68 Total Noncurrent Assets 1 187 170 Equity TOTAL ASSETS 3 364 352 Capital stock 2 225 225 Retained earnings 8 80 59 Total Equity 3 305 284 TOTAL LIABILITIES AND EQUITY 3 364 352 As of As of

SA SACRE CRED HEAR HEART T HOSP HOSPIT ITAL AL

HOSPITALS SA

SACRE CRED HEAR HEART T HOSP HOSPIT ITAL AL

54

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 36 17 Acquisitions of property and equipment (43) (59) Adjustments for: Net cash used in investing activities (43) (59) Provisions Depreciation 26 23 Cash Flows from Financing Activities Interest expense Equity Infusion

• 200

Operating income before working capital changes 62 40 Dividend payments (5)

• Increase in:

Net cash provided by (used in) financing activities (5) 200 Receivables (6) (2) Inventories (2)

• Net increase (decrease) in cash and cash equivalents

(12) 112 Other current assets

• Decrease in:

Cash and cash equivalents as of beginning of period 142 30 Accounts payable and accrued expenses (18) (67) Other current liabilities

• Cash and cash equivalents at end of the period

130 142 Net cash provided by (used in) operating activities 36 (29)

HOSPITALS

55

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 285 218 Accounts payable and accrued expenses 323 266 Receivables - net 84 38 Other current liabilities 23 29 Inventories - net 37 16 Total Noncurrent Liabilities 346 295 Prepaid expenses 11 16 Total Current Assets 417 288 Noncurrent Liabilities Retirement Liability 7 8 Noncurrent Assets Total Noncurrent Liabilities 7 8 Property and equipment, net 303 279 Deferred income tax 11 6 Total Liabilities 353 303 Other non-current assets 1 2 Total Noncurrent Assets 315 287 Equity Capital stock 126 126 TOTAL ASSETS 732 575 Additional paid in capital 96 96 Other equity adjustments 1 (2) Retained earnings 156 52 Total Equity 379 272 TOTAL LIABILITIES AND EQUITY 732 575 As of As of

MARI MARIKI KINA VALL ALLEY EY ME MEDICA DICAL L CENT CENTER ER

HOSPITALS

MARI MARIKI KINA VALL ALLEY EY ME MEDICA DICAL L CENT CENTER ER

56

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 152 63 Acquisitions of property and equipment (59) 35 Adjustments for: Increase in noncurrent assets (4) Provisions 12 4 Net cash provided by (used in) investing activities (63) 35 Depreciation 34 10 Interest expense Net increase in cash and cash equivalents 67 183 Operating income before working capital changes 198 77 Decrease (increase) in: Cash and cash equivalents as of beginning of period 218 35 Receivables (57) 74 Inventories (21)

• Cash and cash equivalents at end of the period

285 218 Other current assets 4 32 Increase (decrease) in: Accounts payable and accrued expenses 12 (35) Other current liabilities (6)

• Net cash provided by operating activities

130 148

HOSPITALS

JESUS JESUS DEL DELGADO GADO ME MEMORIA MORIAL L HOSP HOSPIT ITAL AL

57

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 In PhP Millions Dec 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 108 Accounts payable and accrued expenses 56 Receivables - net 20 Other current liabilities 8 Inventories - net 11 Total Noncurrent Liabilities 64 Prepaid expenses 10 Total Current Assets 148 Noncurrent Liabilities Retirement Liability 8 Noncurrent Assets Other noncurrent liabilities 10 Property and equipment, net 94 Total Noncurrent Liabilities 18 Other non-current assets 1 Total Noncurrent Assets 95 Total Liabilities 82 TOTAL ASSETS 243 Equity Capital stock 149 Retained earnings 12 Total Equity 161 TOTAL LIABILITIES AND EQUITY 243 As of As of

HOSPITALS

JESUS JESUS DEL DELGADO GADO ME MEMORIA MORIAL L HOSP HOSPIT ITAL AL

58

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 In PhP Millions Dec 2017 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 5 Acquisitions of property and equipment (30) Adjustments for: Increase in noncurrent assets (3) Provisions 2 Net cash used in investing activities (33) Depreciation 4 Interest expense

• Cash Flows from Financing Activities

Operating income before working capital changes 11 Loan payments (10) Decrease (increase) : Equity infusion 133 Receivables (19) Interest paid

• Inventories

(7) Net cash provided by financing activities 123 Other current assets (11) Increase (decrease) in: Net increase in cash and cash equivalents 92 Accounts payable and accrued expenses 27 Other current liabilities 1 Cash and cash equivalents as of beginning of period 16 Net cash provided by operating activities 2 Cash and cash equivalents at end of the period 108

HOSPITALS ST

ST. . ELIZA ELIZABET BETH H HOSP HOSPIT ITAL AL

59

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 In PhP Millions Dec 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 480 Accounts payable and accrued expenses 217 Receivables - net 103 Loans payable 31 Inventories - net 27 Other current liabilities 1 Prepaid expenses 1 Total Noncurrent Liabilities 249 Total Current Assets 611 Noncurrent Liabilities Noncurrent Assets Retirement Liability 39 Property and equipment, net 220 Other noncurrent liabilities 21 Other non-current assets 26 Total Noncurrent Liabilities 60 Total Noncurrent Assets 246 Total Liabilities 309 TOTAL ASSETS 857 Equity Capital stock 442 Retained earnings 106 Total Equity 548 TOTAL LIABILITIES AND EQUITY 857 As of As of

HOSPITALS

60

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 In PhP Millions Dec 2017 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 10 Acquisitions of property and equipment (2) Adjustments for: Increase in noncurrent assets

• Provisions

1 Net cash used in financing activities (2) Depreciation 6 Interest expense

• Cash Flows from Financing Activities

Operating income before working capital changes 17 Equity infusion 422 Increase in : Interest paid

• Receivables

(20) Net cash provided by financing activities 422 Inventories (5) Other current assets (10) Net increase in cash and cash equivalents 422 Increase in: Accounts payable and accrued expenses 19 Cash and cash equivalents as of beginning of period 58 Other current liabilities 1 Net cash provided by operating activities 2 Cash and cash equivalents at end of the period 480

ST ST. . ELIZA ELIZABET BETH H HOSP HOSPIT ITAL AL

HOSPITALS ME

MEGA GA CLINIC CLINIC

61

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 In PhP Millions Dec 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 5 56 Accounts payable and accrued expenses 8 83 Receivables - net 6 65 Other current liabilities 1 1 Inventories - net 7 7 Total Noncurrent Liabilities 8 84 Prepaid expenses 2 22 Total Current Assets 1 150 Noncurrent Liabilities Retirement Liability 2 2 Noncurrent Assets Other noncurrent liabilities 2 2 Property and equipment, net 3 34 Total Noncurrent Liabilities 4 4 Other non-current assets 1 108 Total Noncurrent Assets 1 142 Total Liabilities 8 88 TOTAL ASSETS 2 292 Equity Capital stock 2 249 Retained earnings ( (45) Total Equity 2 204 TOTAL LIABILITIES AND EQUITY 2 292 As of As of

HOSPITALS MEGA

MEGA CL CLINIC INIC

62

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Dec 2017 In PhP Millions Dec 2017 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 21 21 Acquisitions of property and equipment (9) Adjustments for: Increase in noncurrent assets (73) Provisions 3 Net cash used in investing activities (82) Depreciation 12 12 Interest expense

• Cash Flows from Financing Activities

Operating income before working capital changes 36 36 Equity infusion 95 95 Increase in: Interest paid

• Receivables

(13) Net cash provided by financing activities 95 95 Inventories (3) Other current assets (3) Net increase in cash and cash equivalents 14 14 Decrease in: Accounts payable and accrued expenses (6) Cash and cash equivalents as of beginning of period 42 42 Other current liabilities (10) Net cash provided by operating activities 1 Cash and cash equivalents at end of the period 56 56

RAIL

63

LIGH LIGHT T RAIL RAIL MANILA MANILA CORPOR CORPORATIO TION

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1,174 1,143 Accounts payable and other current liabilities 649 509 Receivables 104 88 Income tax payable 94 25 Other current assets 490 239 Total Current Liabilities 743 534 Total Current Assets 1,768 1,470 Non-current Liabilities Non-current Assets Service concession obligation 3,194 3,005 Service concession assets 9,142 6,362 Loans payable 4,566 645 Property and equipment 258 179 Other noncurrent liabilities 188 33 Other noncurrent assets 2,650 825 Total Noncurrent Liabilities 7,948 3,683 Total Noncurrent Assets 12,050 7,366 Total Liabilities 8,691 4,217 TOTAL ASSETS 13,818 8,836 Equity Capital stock 4,050 4,050 Other equity adjustments and reserves (20) (21) Retained earnings 1,097 590 Total Equity 5,127 4,619 TOTAL LIABILITIES AND EQUITY 13,818 8,836 As of As of

CAUTIONARY STATEMENTS This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Metro Pacific Investments Corporation (the “Company”). This presentation, as well as discussions arising therefrom, may contain statements relating to future expectations and/or projections of the Company by its management team, with respect to the Company and its portfolio companies. These statements are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,””estimate,” “expect,” “may,” “will,” or other similar words. These statements are: (i) presented on the basis of current assumptions which the company’s management team believes to be reasonable and presumed correct based on available data at the time these were made, (ii) based on assumptions regarding the Company’s present and future business strategies, and the environment in which it will operate in the future, (iii) a reflection of our current views with respect to future events and not a guarantee of future performance, and (iv) subject to certain factors which may cause some or all of the assumptions not to

• ccur or cause actual results to diverge significantly from those projected. Any and all forward looking

statements made by the Company or any persons acting on its behalf are deemed qualified in their entirety by these cautionary statements. This presentation is solely for informational purposes and should in no way be construed as a solicitation or an

• ffer to buy or sell securities or related financial instruments of the Company and/ or any of its subsidiaries

and/or affiliates.

ABOUT MPIC Metro Pacific Investments Corporation (PSE:MPI) is a Philippine-based, publicly listed investment and management company, focused on infrastructure, with holdings in Manila Electric Company, Maynilad Water Services, Inc., MetroPac Water Investments Corporation, Metro Pacific Tollways Corporation, Metro Pacific Hospital Holdings Inc., Light Rail Manila Corporation and MetroPac Movers Inc.. HEADQUARTERS INVESTOR RELATIONS (investorrelations@mpic.com.ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, Head, Investor Relations – Maricris C. Aldover - Ysmael (mdaldover@mpic.com.ph) Legazpi Village, Makati 0721 Philippines IR Manager – Owen Kieffer D. Ocampo (odocampo@mpic.com.ph) Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Official Website: www.mpic.com.ph Ticker: PSE:MPI American Depositary Receipts ADR Ticker: MPCIY CUSIP: US59164L2007 Ratio: 1 ADR : 100 Ordinary Shares Depositary Bank: Deutsche Bank Trust Company Americas ADR Broker Helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London) E-mail: adr@db.com ADR Website: www.adr.db.com Depositary Bank’s Local Custodian: Deutsche Bank Manila 64