ANALYSTS BRIEFING 05 05 Mar arch h 20 2019 19 1 TABLE OF - - PowerPoint PPT Presentation

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FULL FULL YEAR YEAR 20 2018 18 FIN FINANCIA ANCIAL L RESUL RESULTS TS ANALYSTS’ BRIEFING

05 05 Mar arch h 20 2019 19

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TABLE OF CONTENTS

Consolidated Financial Highlights Page 3 POWER Financial Highlights 4 Expansion Updates 5 TOLL ROADS Financial Highlights 6 Expansion Updates 7 WATER Financial Highlights 9 Metropac Water 10 HOSPITALS Financial Highlights 11 RAIL, LOGISTICS AND OTHERS Financial Highlights 12 Regulatory Matters 13 Stand-alone Portfolio Company Results and Key Metrics Page 15 POWER MERALCO FY 2018 Highlights and Key Metrics 16 GBPC FY 2018 Highlights and Key Metrics 17 TOLL ROADS MPTC FY 2018 Highlights 18 Key Metrics and Priorities 19 WATER Maynilad FY 2018 Highlights and Key Metrics 20 HOSPITALS MPHHI FY 2018 Highlights and Key Metrics 21 RAIL LRMC FY 2018 Highlights and Key Metrics 22 Quarterly Highlights 23 Statements of Financial Position 26

3 7% increase in Core Income was driven by:  Expanded Power portfolio through increased investment in Beacon Electric Asset Holdings Inc. in 2017  Continuing traffic growth on all domestic roads  Steady volume growth coupled with inflation- linked tariff increase in Maynilad Increase in interest expense is due to a) loan drawdowns amounting to P21.4 billion in FY 2018 (proceeds were used to fund various investments of the group); and b) interest accretion on payable to PCEV for the additional stake in Beacon Non-core expense amounted to ₱930 million primarily due to the net effect of a weaker peso, project write-downs, loan refinancing and provisions for asset impairment

CONSOLIDATED FINANCIAL HIGHLIGHTS EARNINGS CONTRIBUTION MIX

In Millions of Pesos 2018 2017 % Change MPIC share Power 10,823 9,378 15% Toll Roads 4,423 3,901 13% Water 3,794 3,733 2% Hospitals 771 685 13% Rail 394 283 39% Others (642) (133) 383% Share of operating income 19,563 17,847 10% Head office expenses (1,133) (1,074) 5% Interest expense (3,370) (2,669) 26% Core income 15,060 14,104 7% Non-core expense (930) (953)

• 2%

Reported income 14,130 13,151 7% In Centavos Diluted EPS on core income 47.71 44.69 7% Final dividend per share* 7.60 7.60 0% 2018 2017

FY 2018 CORE INCOME UP 7% TO P15.1B

Earnings driven by strong volume growth across the portfolio and increased investment in the power sector

* Final dividend per share kept fixed given current level of CAPEX funding requirements YTD 4Q

• Power distribution in Luzon

↑ 5% ↑ 6%

• Power sold in Visayas

↑ 8% ↓ 2%

• Domestic toll road traffic

↑ 7% ↑ 7%

• Water sold in West Metro Manila

↑ 3% ↑ 4%

• Hospital group census

↑ 8% 0%

Water 19% Power 55% Toll Roads 23% Hospitals and Others 3% Water 21% Power 52% Toll Roads 22% Hospitals and Others 5%

POWER

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CONTRIB CONTRIBUTIO TION N UP BY UP BY 15 15% T % TO O P10 10.8B .8B

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

*Effective interest in GBPC stepped-up to 62% beginning 27 June 2017 **Increased economic interest in Beacon to 75% in May 2016, increased further to 100% in June 2017

15% increase in contribution from the Power business was driven by: MERALCO  5% growth in energy sales  Full year impact of increased ownership in MERALCO to 45.5% GLOBAL BUSINESS POWER CORPORATION  Increase in effective ownership from 47.8% to 62.4%  8% growth in energy sales Offset by:  Higher depreciation and interest costs for PEDC3 starting June 2018  Lower margins from WESM sales due to higher coal and fuel costs In Millions of Pesos CONTRIBUTION TO MPIC 2018 2017 % MERALCO (45.5%) 10,188 8,761 16% GBPC (from 47.8% to 62.4%)* 1,533 1,627

• 6%

Beacon**/FV and accounting adj. (898) (1,010)

• 11%

10,823 9,378 15% STAND-ALONE PERFORMANCE 2018 2017 % Financial Highlights Revenues 304,454 282,556 8% Core EBITDA 37,351 34,638 8% Core income 22,408 20,213 11% Reported income 23,017 20,384 13% Capital expenditure 13,669 12,127 13% Key Performance Indicators Energy sales (in GWh) 44,313 42,102 5% Financial Highlights Revenues 26,822 23,794 13% Core EBITDA 9,159 9,184 0% Core income 2,458 2,883

• 15%

Reported income 2,431 2,808

• 13%

Capital expenditure 514 1,374

• 63%

Key Performance Indicators Energy sales (in GWh) 4,822 4,466 8% MERALCO GLOBAL BUSINESS POWER CORPORATION (GBPC)

POWER

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EXP EXPANSIO ANSION N UPD UPDATE TES

Alsons Thermal Energy Corporation

• 105 MW Expansion Plant, Saranggani – on track to

commence operations in 2019 1x455MW (net) San Buenaventura Power, Quezon

• Ongoing construction proceeding as scheduled – 97.38% EPC
• verall work progress as of December 2018
• Target completion by third quarter of 2019
• Capacity is contracted under ERC-approved power supply

agreement with MERALCO 2x600MW (net) Atimonan One Energy, Quezon

• Committed project with DOE, with Certificate of Energy Project of

National Significance

• 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

MERALCO GLOBAL BUSINESS POWER CORPORATION ENERGY FROM WASTE

Quezon City Waste to Energy Project (P15.3 billion project cost for Phase 1)

• Aims to convert approximately 3,000 tons of waste to 36 MW of energy
• Granted original proponent status
• Notice of Award expected to be received within 1H2019

Biogas – Dole Project (P1.0 billion project cost)

• Aims to derive biogas from the anerobic digestion of fruit waste to supply a portion of the diesel and

power requirements of Dole’s canneries located in South Cotabato

• Target to generate 5.7 MW of clean energy for Dole and reduce its CO2 emission by 100,000/year
• Facilities will be completed by first quarter of 2020

TOLL ROADS

6 13% increase in contribution from the Toll Roads business was driven by:  Strong traffic growth on all domestic roads  11% increase in NLEX Closed System toll rate per kilometer implemented in November 2017

CONTRIB CONTRIBUTIO TION N UP BY UP BY 13 13% T % TO O P4.4B 4.4B Co

Continu inuing ing t traffic fic growth

In Millions of Pesos CONTRIBUTION TO MPIC

2018 2017 %

Metro Pacific Tollways (99.9%)

4,445 3,931 13%

Fair value adjustments

(22) (30)

• 27%

4,423 3,901

13%

STAND-ALONE PERFORMANCE

2018 2017 %

Financial Highlights Revenues

15,486 13,107 18%

Core EBITDA

10,474 8,607 22%

Core income

4,450 3,935 13%

Reported income

4,274 5,423

• 21%

Capital expenditure

11,795 4,425 167%

Key Performance Indicators Average Daily Vehicle Entries NLEX

253,577 237,046 7%

CAVITEX

146,315 139,208 5%

SCTEX

62,684 54,566 15%

DMT / CII / NUS

438,572 458,175

• 4%

METRO PACIFIC TOLLWAYS CORPORATION

• Growth in NLEX and SCTEX was a result of the

integration of these two roads and the opening of additional lanes in 2017

• Increase in CAVITEX traffic driven by growth in

residential communities in Cavite and tourism in Batangas

• System-wide average daily vehicles entries to 916,886

a day which includes road networks in the Philippines, Indonesia, Thailand and Vietnam

TOLL ROADS EXP

EXPANSIO ANSION N UPD UPDATE TES

7 PROJECTS UNDER CONSTRUCTION / DEVELOPMENT PROJECTS Length Construction Cost Target Completion Right-of-way Progress Status (In Km) (In P Billions) EXPANSIONS TO EXISTING ROADS NLEX Harbour Link (Segment 10) 5.8 10.5 2019 100%

• Completed. Began operations on 28

February 2019 NLEX Harbour Link (Radial Road 10) 2.6 6.7 2019 92% Ongoing construction NLEX Lane Widening (Phase 2) N/A 2.1 2020 N/A Ongoing procurement of contractor CAVITEX Segment 4 Extension 1.2 1.2 2021 85% Ongoing pre-construction activities CAVITEX - C5 South Link 7.7 12.7 2021 97%

• Seg. 3A Ph.1 - Ongoing

construction NLEX Citi Link 11.5 15.0 2024 0% Ongoing ROW acquisition NEW ROAD PROJECTS AWARDED NLEX-SLEX Connector Road 8.0 23.3 2021 63% Ongoing pre-construction activities Cebu Cordova Link Expressway 8.5 26.6 2021 100% Ongoing construction Cavite Laguna Expressway 45.4 16.5 2022 40% Laguna segment - Ongoing construction TOTAL 90.7 114.6 Unsolicited Proposal - Cavite Tagaytay Batangas Expressway (50.4 km, P25.0 billion project cost)

• DPWH endorsed the Unsolicited Proposal to

NEDA in January 2019

• Ongoing review with NEDA

PHILIPPINES

TOLL ROADS EXP

EXPANSIO ANSION N UPD UPDATE TES

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REGIONAL INVESTMENTS

INDONESIA – PT NUSANTARA INFRASTRUCTURE

• Increased stake to 74.24% based on issued capital stock of PT Nusantara on a fully-

diluted basis as a result of General Offer and participation in Rights Issue

• Pettarani Toll Road Project (4.4 km)
• Project Cost: P8.4 Billion
• Target completion in 2020

THAILAND – DON MUANG TOLLWAYS

• Seeking new operations and maintenance projects from Thailand Department of

Highways

VIETNAM – CII Bridges & Roads

• Hanoi Highway Expansion (15.7 km)
• Project Cost: P5.4 Billion
• Phase 1 – began operations in 4Q 2018; toll collection to start 3Q 2019
• Phase 2 – target completion in 2020
• Rach Mieu 2 (22.4 km)
• Project Cost: P3.7 Billion
• Target completion in 2019

WATER

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In Millions of Pesos CONTRIBUTION TO MPIC 2018 2017 % Maynilad (52.8%) 4,082 3,896

5%

Fair value adjustments (198) (187)

6%

Metropac Water Investments Corp. (90) 24

• 475%

3,794 3,733 2% STAND-ALONE PERFORMANCE 2018 2017 % Financial Highlights Revenues 22,024

20,774

6% Core EBITDA 15,454

14,136

9% Core income 7,731

7,379

5% Reported income 7,368

6,853

8% Capital expenditure 11,944 12,006

• 1%

Key Performance Indicators Billed volume (In MCM) 527 512 3% *Non-revenue water % - average 29.8% 32.3%

• 8%

*Non-revenue water % - period end 27.1% 31.7%

• 14%

MAYNILAD WATER SERVICES INC.

2% increase in contribution from the Water business was driven by: MAYNILAD WATER SERVICES, INC.  3% volume growth  Tariff increases

• Inflation: 1.9% in April 2017 and 2.8% in January 2018
• Rate Rebasing: 2.7% in October 2018

METROPAC WATER INVESTMENTS CORP.  Build up of head office expenses  Higher interest expense from loan drawdown

*Measured at the District Metered Area level

CONTRIB CONTRIBUTIO TION N UP UP BY BY 2% % TO O P3.8B 3.8B

Volume lume g growth and infla inflation ionary y inc increase se

WATER

10 Industrial Water Municipal Water In Aggregate Bulk Distribution Total

• Max. Potential Volume (mld)

660 305 88 1,053 Installed Capacity (mld) 335 135 51 521 Billed Volume (mld) 102 125 26 253 Regulated Tariff? No No Yes Demand Risk? Yes Mixed No In Aggregate Philippines Vietnam Total

• Max. Potential Volume (mld)

393 660 1,053 Installed Capacity (mld) 186 335 521

OVERVIEW OF EXISTING PORTFOLIO

EXPANSION ▪ Organic growth potential – 268 mld ▪ Investment growth potential – 532 mld UPDATES

• 2018 acquisitions include Phu Ninh (45% in May) and Tuan Loc (49% in June). Phu Ninh to supply water starting 2019
• Signing of the Joint Venture Agreement and the Service Contract Agreement for the Metro Iloilo Distribution project in

November 2018 and February 2019, respectively

HOSPITALS

11 In Millions of Pesos CONTRIBUTION TO MPIC 2018 2017 % Metro Pacific Hospital Holdings (60.1%) 893 781 14% Hospital admin and fair value adjustments (122) (96) 27% 771 685 13% STAND-ALONE PERFORMANCE 2018 2017 % Financial Highlights Revenues 25,655 22,464 14% Core EBITDA 5,559 4,926 13% Core income 2,357 2,046 15% Reported income 2,363 2,052 15% Capital expenditure 3,755 3,509 7% Key Performance Indicators Total beds available 3,200 3,211 0% Average standard occupancy rate 67.9% 69.5%

• 2%
• No. of in-patients (in thousands)

194 174 11%

• No. of out-patients (in thousands)

3,323 3,086 8%

HOSPITALS (AGGREGATE)

CONTRIB CONTRIBUTIO TION N UP BY UP BY 13 13% T % TO O P77 771M 1M St

Strong growth and co continu inuing ing expansi sion

13% increase in contribution from the Hospital business was a function of:  14% growth in revenues

• 12%

is attributable to

• rganic

growth driven by increased patient census across all hospitals

• 2% is attributable to contribution from St.

Elizabeth Hospital

12 RAIL 39% growth contribution from the Rail business was a function of:  5% growth in average daily ridership  Higher advertising income  Lower provision for income tax due to effectivity of Income Tax Holiday beginning 01 January 2018

In Millions of Pesos RAIL CONTRIBUTION TO MPIC 2018 2017 % Light Rail Manila (55.0%) 394 283 39% STAND-ALONE PERFORMANCE 2018 2017 % Financial Highlights Farebox revenues 3,310 3,155 5% Core EBITDA 988 961 3% Core income 716 514 39% Reported income 645 507 27% Capital expenditure 6,639 4,570 45% Key Performance Indicators Average daily ridership 458,021 435,199 5% OTHERS CONTRIBUTION TO MPIC 2018 2017 % Indra Philippines (25.0%) 50 46 9% AF Payments Inc. (20.0%)

• (68)
• 100%

Metropac Movers Inc.* (627) (100) 527% Others (65) (11) 491% (642) (133) 383% LIGHT RAIL MANILA CORPORATION

*Increased effective interest from 76.0% to 100% in February 2018

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

Exp Expansi sion and rehabil ilit itation ion to cater to fast st growing ing de dema mand

LOGISTICS  19% growth in Revenues due to expanded warehousing, improved trucking and freight forwarding business

• 3% rise in average warehouse dispatch to over

60.2 million cases Offset by:  Build-up of operating costs and support services to sustain future business wins

REGUL REGULATOR ORY MA MATT TTERS ERS

TOLL ROADS  Received official resolution on new toll rates for NLEX 2012 and 2014 periodic adjustments (staggered basis)  Awaiting notice to publish Toll Fee Matrix – including additional increase for Harbour Link Segment 10  Target implementation of increases by last week of March (after three-week publication notice)  Awaiting approval for NLEX 2016 cycle, SCTEX and CAVITEX increases (periodic adjustments)  Impact on Revenues based on 2018 actual traffic. Foregone revenues to be settled through 3-year concession extension

NORTH LUZON EXPRESSWAY – CLASS 1 TOTAL 2019 2020 2021 2023 Periodic adjustment – 2012 and 2014 Open system (per entry) 6.20 3.10 1.03 1.03 1.03 Closed system (per km) 0.36 0.18 0.06 0.06 0.06 New extension Harbour Link Segment 10 4.49 4.49

• IMPACT ON REVENUES (In P Million)

2,050 1,051 1,524 1,787 2,050 PENDING INCREASES – CLASS 1 TOTAL 2019 2020 2021 2023 NLEX – 2016 Open system (per entry) 2.37 0.82 0.50 0.50 0.55 Closed system (per km) 0.14 0.05 0.03 0.03 0.03 SCTEX (per km) 0.51 0.51

• CAVITEX

R1 6.31 6.31

• R1 Extension

26.04 7.77 6.09 6.09 6.09 IMPACT ON REVENUES (In P Million) 1,687 852 1,242 1,462 1,687

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REGULA REGULATOR ORY MA MATT TTERS ERS

WATER  16.2% tariff increase awarded following constructive rate rebasing (pending recovery of corporate income tax amounting to P3.89 per cubic meter of additional tariff)  Singapore High Court upholds Arbitral Award in favor of Maynilad; dismisses Philippine Republic’s Setting Aside application

LIGHT RAIL

 LRTA endorsed application for 16% fare increase to DOTR

P per cubic meter TOTAL 2018 2019 2020 2021 2022 Basic tariff 5.73 0.90

• 1.95

1.95 0.93 20% environmental surcharge 1.15 0.18

• 0.39

0.39 0.19 6.88 1.08

• 2.34

2.34 1.12 IMPACT ON REVENUES (In P Million) 3,624 142 569 1,802 3,036 3,624

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STAND-ALONE PORTFOLIO COMPANY RESULTS AND KEY METRICS

POWER

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MERAL MERALCO CO FY FY 2018 HIG HIGHL HLIGH IGHTS TS AND AND KEY KEY ME METRI TRICS CS

7% Increase in Electricity Revenues was a function of: ❑ 5% growth in total energy sales from 42,102 GWh to 44,313 GWh (5% ↑ commercial, 4% ↑ residential, and 7% ↑ industrial sector) ❑ 4% growth in distribution revenues due to increase in volume sold ❑ 8% increase in pass-through revenues driven by the increase in fuel prices in the world market, depreciation of the peso against the U.S. dollar and higher WESM prices 23% increase in non-electricity revenues was due to growth in Radius enterprise sales and increased bills payment in Bayad Center

In Millions of Pesos 2018 2017 % MERALCO (45.5%) 10,188 8,761 16% GBPC (from 47.8% to 62.4%)* 1,533 1,627

• 6%

Beacon**/FV and accounting adj. (898) (1,010)

• 11%

10,823 9,378 15% In Millions of Pesos 2018 2017 % Electricity 295,389 275,172 7% Non-Electricity 9,065 7,384 23% Total revenues 304,454 282,556 8% Purchased power (232,102) (214,558) 8% Operating expenses (43,910) (41,620) 6% Other income 1,244 1,310

• 5%

Provision for income tax (7,193) (7,360)

• 2%

Non-controlling interests (85) (115)

• 26%

Core income 22,408 20,213 11% Non-core income 609 171 256% Reported net income 23,017 20,384 13% Core EBITDA Computation: Core income 22,408 20,213 11% Depreciation and amortization 7,827 7,520 4% Interest income -net (798) (658) 21% Provision for income tax 7,193 7,360

• 2%

Others 721 203 255% Core EBITDA 37,351 34,638 8%

KEY METRICS 2018 2017 Number of customer accounts 6.61M 6.33M Capital Expenditure 13,669 12,127 Energy Sales Residential 13,555 13,060 Commercial 17,463 16,597 Industrial 13,156 12,309 Streetlights 139 136 Total (in GWh) 44,313 42,102

*Effective interest of GBPC 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

POWER

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GBPC GBPC FY Y 2018 HIG HIGHL HLIGH IGHTS TS AND AND KEY KEY ME METRI TRICS CS

Revenue growth was driven by higher coal prices and increased WESM demand Core Income slowed further due to PEDC3 recognition of interest and depreciation starting June 2018 Flat Core EBITDA growth due to lower margins and higher provision for doubtful accounts

In Millions of Pesos 2018 2017 % Power billings 26,535 23,589 12% Coal sales 287 205 40% Total revenues 26,822 23,794 13% Power plant costs (14,359) (11,192) 28% Operating expenses (6,239) (5,977) 4% Interest expense - net (2,162) (1,817) 19% Other income 376 256 47% Share in earnings of associates 249

• 100%

Provision for income tax (1,192) (1,208)

• 1%

Non-controlling interests (1,037) (973) 7% Core income 2,458 2,883

• 15%

Non-core expense (27) (75)

• 64%

Reported net income 2,431 2,808

• 13%

Core EBITDA Computation: Core income 2,458 2,883

• 15%

Depreciation and amortization 2,559 2,303 11% Interest expense - net 2,162 1,817 19% Provision for income tax 1,192 1,208

• 1%

Non-controlling interests 1,037 973 7% Others (249)

• 100%

Core EBITDA 9,159 9,184 0%

VOLUME SOLD (In GWh) REVENUES (In Millions of Pesos) 2018 2017 2018 2017 CEDC (Cebu) 1,861 1,724 9,728 8,752 TPC (Toledo) 834 852 3,668 3,644 PEDC (Panay) 1,803 1,747 10,634 9,442 PPC (Panay) 58 101 609 958 GBH (Mindoro) 34 42 302 307 GESC (RES) 476 408 2,751 2,298 GTERC (TCITRC)

• 458

328 Others/Elimination (244) (408) (1,328) (1,935) TOTAL 4,822 4,466 26,822 23,794

TOLL ROADS

(a) CII BR includes roads under pre- and on-going construction (b) Decrease in traffic with end of concession for the Rach Chiec Bridge; Hanoi Highway expected to start operations later in

2019.

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MP MPTC C FY FY 20 2018 18 HIGHL HIGHLIGHTS IGHTS

PHILIPPINES Net Toll Revenues increased due to: ❑ NLEX - Revenues up by 12% from P9.7 billion to P10.9 billion

• 7% increase in average daily vehicle entries (open and closed systems)

from 237,046 to 253,577

• 6% increase in average daily kilometers travelled from 4.7 million to 5.0

million

• 11% increase in closed system toll rate per kilometer implemented in

November 2017 ❑ CAVITEX - Revenues up by 8% from P1.5 billion to P1.6 billion

• 5% increase in average daily vehicle entries from 139,208 to 146,315

❑ SCTEX - Revenues up by 15% from P1.9 billion to P2.1 billion

• 15% increase in average daily vehicle entries from 54,566 to 62,684

Faster growth in Core EBITDA due to cost savings from synergies with Tollways Management Corporation (TMC) Slower growth in Core Income due to reduced contribution from foreign investments (net of financing costs) Non Core Income in 2017 included gain from TMC and Easytrip revaluation REGIONAL

In Millions of Pesos 2018 2017 % Stand-alone Core Income 4,450 3,935 13% MPTC (99.9%) 4,445 3,931 13% Fair Value Adjustments (22) (30)

• 27%

MPIC Share 4,423 3,901 13% In Millions of Pesos 2018 2017 % Net toll revenues 15,486 13,107 18% Cost of services (5,449) (4,810) 13% Gross profit 10,037 8,297 21% Operating expenses (2,197) (1,417) 55% Other income and expense - net 957 421 127% Share in earnings of associates 826 648 27% Interest expense - net (1,746) (1,399) 25% Provision for income tax (1,849) (1,437) 29% Non-controlling interest (1,578) (1,178) 34% Core income 4,450 3,935 13% Non-core income (expense) (176) 1,488

• 112%

Reported net income 4,274 5,423

• 21%

Core EBITDA Computation: Core income 4,450 3,935 13% Depreciation and amortization 1,720 1,306 32% Interest expense - net 1,746 1,399 25% Provision for income tax 1,849 1,437 29% Non-controlling interest 1,578 1,178 34% Others (869) (648) 34%

2018 CII BR(a,b) DMT NUS Toll Revenues 858 4,933 1,575 Core Income (60) 2,364 467 Traffic (In ‘000) 33 99 306 Length (In km)(a) 146.1 21.9 34.5 2017 CII BR (a,b) DMT NUS Toll Revenues 735 4,428 1,519 Core Income 138 2,088 137 Traffic (In ‘000) 53 98 307 Length (In km)(a) 144.8 21.9 34.5

TOLL ROADS

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

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KEY METRICS 2018 2017 NLEX

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

Average Daily Vehicle Entries (Open & Closed) Class 1 196,672 183,577 Class 2 35,077 33,328 Class 3 21,828 20,141 Total 253,577 237,046 Average Daily Vehicle Entries (Open) Class 1 149,244 140,395 Class 2 28,335 26,862 Class 3 16,865 15,737 Total 194,443 182,994 Average Daily Kilometers Travelled (In 000 km) Class 1 3,723 3,492 Class 2 738 709 Class 3 490 463 Total 4,951 4,664 CAVITEX

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

Average Daily Vehicle Entries Class 1 130,441 124,107 Class 2 10,193 10,033 Class 3 5,681 5,068 Total 146,315 139,208 SCTEX (Class 1 Tariff: P2.7/km) Average Daily Vehicle Entries Class 1 50,888 44,665 Class 2 7,170 6,152 Class 3 4,626 3,749 Total 62,684 54,566

STATUS OF NEW ROADS Completed Expansion

• Harbour Link Segment 10 – start operations in February 2019

Ongoing Construction

• NLEX Harbour Link Radial Road 10 – target completion in 2019
• CAVITEX C5 South Link – target completion in 2021
• Cebu-Cordova Link Expressway – target completion in 2021
• Cavite Laguna Expressway – target completion in 2022
• NLEX-SLEX Connector Road – target completion in 2021

WATER

20

MA MAYNILA YNILAD FY FY 20 2018 18 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY MET METRICS RICS

MAYNILAD Revenues increased by 6% due to : ❑ 3% growth in billed volume from 511.7 MCM to 527.2 MCM

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

1,407,503 ❑ Tariff increases

• Inflation: 1.9% in April 2017 and 2.8% in January 2018
• Rate Rebasing: 2.7% in October 2018

Core EBITDA grew faster than Revenues due to lower indirect taxes and personnel costs Slower Core Income growth due to higher deferred tax Non-Core Expense comprises of refinancing costs lower than last year’s one-time separation pay

In Millions of Pesos 2018 2017 % Stand-alone Core Income 7,731 7,379 5% Maynilad (52.8%) 4,082 3,896 5% Fair Value Adjustments (198) (187) 6% Metropac Water Investments (90) 24

• 475%

MPIC Share 3,794 3,733 2% In Millions of Pesos 2018 2017 % Revenues 22,024 20,774 6% Cost of services (6,537) (6,324) 3% Gross profit 15,487 14,450 7% Operating expenses (3,069) (2,842) 8% Other income and expense - net (89) (258)

• 66%

Interest expense - net (1,611) (1,659)

• 3%

Provision for income tax (2,987) (2,312) 29% Core income 7,731 7,379 5% Non-core expense (363) (526)

• 31%

Reported Net Income 7,368 6,853 8% Core EBITDA Computation: Core income 7,731 7,379 5% Depreciation and amortization 3,125 2,786 12% Interest expense - net 1,611 1,659

• 3%

Provision for income tax 2,987 2,312 29% Core EBITDA 15,454 14,136 9%

KEY METRICS 2018 2017 NRW Average 29.8% 32.3% Period end 27.1% 31.7% Coverage Total population 10.16M 10.06M Population coverage 9.54M 9.40M 24hr availability 98% 98% Minimum 16 psi 67% 71% Customer Mix Residential 80.5% 80.9% Commercial 19.5% 19.1% Capital Expenditure 11,944 12,006

HOSPITALS

21

MPHHI MPHHI FY Y 2018 HIG HIGHL HLIGH IGHTS TS AND AND KEY KEY ME METRI TRICS CS

In Millions of Pesos Stand-alone Core Income MPIC Share 2018 2017 2018 2017 Asian Hospital 480 461 247 237 Cardinal Santos 315 251 190 151 Riverside 224 192 105 90 Makati Medical 540 409 107 81 Davao Doctors 256 238 62 50 Marikina Valley 130 104 73 58 Manila Doctors 228 191 27 23 Others 184 200 82 91 Total 2,357 2,046 893 781 Hospital Admin/FV adjustments (122) (96) MPIC Share 771 685

Growth in Gross Revenues was driven by : ❑ Increase in patient numbers

• Out-patients – 8%
• In-patients – 11%

❑ Contribution from St. Elizabeth Hospital Stand-alone Core Income and MPIC share breakdown as follows:

In Millions of Pesos 2018 2017 % Stand-alone Core Income 2,357 2,046 15% Metro Pacific Hospital Holdings (60.1%) 893 781 14% Admin and fair value adjustments (122) (96) 27% MPIC Share 771 685 13% In Millions of Pesos 2018 2017 % Gross revenues 25,655 22,464 14% Discounts (2,527) (2,090) 21% Net revenues 23,128 20,374 14% Cost of supplies (10,165) (8,752) 16% Gross profit 12,963 11,622 12% Operating expenses (9,885) (8,972) 10% Interest expense (217) (201) 8% Noncontrolling interest (5) (5) 0% Other income 532 492 8% Provision for income tax (1,031) (890) 16% Core income 2,357 2,046 15% Non-core expense (6) (6) 0% Reported net income 2,363 2,052 15% Core EBITDA Computation: Core income 2,357 2,046 15% Depreciation and amortization 1,954 1,790 9% Interest expense 217 201 8% Provision for income tax 1,031 890 16% Core EBITDA 5,559 4,926 13%

KEY METRICS 2018 2017 Total number of beds 3,200 3,211 Number of accredited doctors 8,373 8,057 Number of enrollees 7,506 6,640 Average standard occupancy rate 67.9% 69.5% Number of patients In-patient 193,824 173,939 Out-patient 3,323,104 3,085,638

RAIL

22

LRMC LRMC FY FY 20 2018 18 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY ME METRI TRICS CS

Rail Revenues increased due to: ❑ 5% growth in average daily ridership from 435,199 to 458,021 ❑ 45% increase in LRVs from 77 to 112 – successfully restored 35 LRVs thereby reducing waiting time for passengers to 3.45 minutes from more than five minutes when LRMC took over in 2015 Faster growth in Core Income due to lower provision for income tax due to effectivity of Income Tax Holiday beginning 01 January 2018 Slower growth in reported net income due to higher foreign exchange losses

In Millions of Pesos 2018 2017 % Stand-alone Core Income 716 514 39% LRMC (55%) 394 283 39% MPIC Share 394 283 39% In Millions of Pesos 2018 2017 % Rail revenue 3,310 3,155 5% Cost of services (1,900) (1,773) 7% Gross profit 1,410 1,382 2% Operating expenses (668) (582) 15% Other income and expense - net 154 97 59% Interest expense - net (11) (6) 83% Provision for income tax (169) (377)

• 55%

Core income 716 514 39% Non-core expense (71) (7) 914% Reported net income 645 507 27% Core EBITDA Computation: Core income 716 514 39% Depreciation and amortization 92 64 44% Interest expense - net 11 6 83% Provision for income tax 169 377

• 55%

Core EBITDA 988 961 3%

23

QUARTERLY HIGHLIGHTS

QU QUAR ARTE TERLY Y HIGHL HIGHLIGHTS IGHTS

24

METRO PACIFIC TOLLWAYS 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Net Revenues 3,587 3,802 3,862 4,235 Core EBITDA 2,497 2,684 2,597 2,696 Core Income 1,108 1,188 981 1,173 Reported Income 1,072 1,173 1,067 962 KEY METRICS NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 195,406 201,085 187,528 202,635 Class 2 34,259 35,358 34,479 36,193 Class 3 21,324 22,034 21,511 22,420 Total 250,989 258,477 243,518 261,247 Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,730 3,971 3,326 3,864 Class 2 733 752 701 766 Class 3 485 497 474 505 Total 4,948 5,220 4,501 5,135 CAVITEX Average Daily Vehicle Entries Class 1 130,138 130,149 124,133 137,303 Class 2 10,354 10,154 10,042 10,253 Class 3 5,667 5,706 5,448 5,907 Total 146,159 146,009 139,623 153,462 SCTEX Average Daily Vehicle Entries Class 1 49,195 54,178 45,173 54,883 Class 2 6,721 7,497 6,961 7,469 Class 3 3,896 4,627 4,909 5,098 Total 59,812 66,301 57,044 67,451 MERALCO 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Total Revenues 70,807 79,737 76,867 77,043 Core EBITDA 8,688 8,897 8,980 10,786 Core Income 4,917 5,934 5,835 5,722 Reported Income 5,312 6,661 6,239 4,805 KEY METRICS Number of customers 6.40M 6.47M 6.54M 6.61M Energy Sales Residential 2,999 3,716 3,396 3,444 Commercial 4,036 4,466 4,436 4,525 Industrial 3,076 3,303 3,389 3,388 Streetlights 34 35 35 35 Total (in gWh) 10,145 11,520 11,256 11,392

25

MAYNILAD 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Revenues 5,246 5,715 5,592 5,471 Core EBITDA 3,416 4,499 3,783 3,756 Core Income 1,628 2,598 1,904 1,601 Reported Income 1,350 2,607 1,899 1,512 KEY METRICS Billed volume (In MCM) 126.5 134.5 133.4 132.8 Billed customers 1,373,564 1,386,504 1,395,958 1,407,503 Non-revenue water Average 32.4% 29.7% 29.4% 27.5% Period end 30.5% 28.9% 29.1% 27.1% Service levels 24-hour coverage 97.8% 97.6% 97.7% 97.6% Minimum 16 psi 67.5% 68.1% 68.7% 67.5% HOSPITALS - AGGREGATE 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Revenues 6,143 6,045 6,744 6,724 Core EBITDA 1,355 1,206 1,591 1,411 Core Income 583 462 732 586 Reported Income 585 465 734 585 Total number of beds 3,214 3,197 3,187 3,200 Number of accredited doctors 8,194 8,243 8,613 8,373 Number of enrollees 7,731 5,895 6,738 7,506 FINANCIAL HIGHLIGHTS (In Millions of Pesos) KEY METRICS LIGHT RAIL MANILA 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Net Revenues 803 791 846 870 Core EBITDA 233 223 241 291 Core Income 164 209 171 172 Reported Income 166 223 171 85 KEY METRIC Average Daily Ridership 459,417 447,468 452,892 458,021

QU QUAR ARTE TERLY Y HIGHL HIGHLIGHTS IGHTS

26

STATEMENTS OF FINANCIAL POSITION

(Tentative)

27

MET METRO RO PACIFIC PACIFIC INVESTM INVESTMENT ENTS S CORPOR CORPORATIO ATION – PAR PARENT ENT

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2018 Dec 2017 In PhP Millions Dec 2018 Dec 2017 ASSETS LIABILITIES AND EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash and short-term investments 9,048 14,545 Accounts payable and other current liabilities 2,252 1,242 Receivables - net 1,480 102 Due to related parties 4,385 4,165 Other current assets 1,262 378 Current portion of long-term debt 1,707 971 Total Current Assets 11,790 15,025 Total Current Liabilities 8,344 6,378 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 193,193 173,582 Noncurrent portion of long-term debt 65,294 45,850 Other noncurrent assets 536 715 Due to related parties 7,392 11,767 Total Noncurrent Assets 193,729 174,297 Other noncurrent liabilities 733 1,192 Total Noncurrent Liabilities 73,419 58,809 TOTAL ASSETS 205,519 189,322 Total Liabilities 81,763 65,187 EQUITY Capital stock 31,633 31,626 Additional paid-in capital 68,494 68,465 Treasury shares (178) (167) Other reserves 289 249 Retained earnings 23,518 23,962 Total Equity 123,756 124,135 TOTAL LIABILITIES AND EQUITY 205,519 189,322 As of As of

28

MET METRO RO PACIFIC PACIFIC INVESTM INVESTMENT ENTS S CORPOR CORPORATIO ATION – CONSOLIDA CONSOLIDATE TED

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2018 Dec 2017 In PhP Millions Dec 2018 Dec 2017 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Noncurrent portion of concession fees payable Cash and short-term investments and short term deposits 47,521 49,317 long-term debt and others 235,948 204,489 Receivables 12,495 10,899 Due to related parties 7,392 11,767 Other current assets 19,563 14,729 Deferred tax liabilities 9,930 6,836 Total Current Assets 79,579 74,945 Other noncurrent liabilities 9,411 10,103 Total Noncurrent Liabilities 262,681 233,195 NONCURRENT ASSETS Investments and advances 152,993 150,971 Total Liabilities 318,943 288,072 Service concession assets 205,992 168,783 Property and equipment 71,926 67,606 EQUITY Goodwill 27,856 25,384 Capital stock 31,633 31,626 Other noncurrent assets 19,600 16,062 Additional paid-in capital 68,494 68,465 Total Noncurrent Assets 478,367 428,806 Treasury shares (178) (167) Other equity adjustments and reserves 8,829 7,426 TOTAL ASSETS 557,946 503,751 Retained earnings 64,533 53,894 Total equity attributable to owners of Parent 173,311 161,244 LIABILITIES AND EQUITY Non-controlling interest 65,692 54,435 CURRENT LIABILITIES Total Equity 239,003 215,679 Accounts payable and other current liabilities 33,484 28,557 Due to related parties 4,462 3,879 TOTAL LIABILITIES AND EQUITY 557,946 503,751 Current portion of concession fees payable long-term debt and others 18,316 22,441 Total Current Liabilities 56,262 54,877 As of As of

TOLL ROADS

29

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 2018 Dec 2017 In PhP Millions Dec 2018 Dec 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 7,837 5,399 Accounts payable and accrued liabilities 6,622 4,898 Receivables 1,112 695 Current portion of long-term debt 3,013 5,317 Other current assets 4,733 2,168 Other current liabilities 1,611 1,706 Total Current Assets 13,682 8,262 Total Current Liabilities 11,246 11,921 Noncurrent Assets Noncurrent Liabilities Service concession assets 86,588 66,122 Long-term debt - net of current portion 46,026 37,224 Goodwill 10,417 8,597 Service concession obligation 20,784 19,645 Investment in associates 14,214 17,921 Deferred tax liabilities 3,440 1,102 Other noncurrent assets 9,745 3,958 Other noncurrent liabilities 1,598 1,054 Total Noncurrent Assets 120,964 96,598 Total Noncurrent Liabilities 71,848 59,025 TOTAL ASSETS 134,646 104,860 Total Liabilities 83,094 70,946 Equity Capital stock 13,150 12,786 Additional paid-in capital 26,217 18,945 Deposit for future stock subscription 39

• Other equity adjustments and reserves

(8,975) (10,186) Retained earnings 12,165 9,685 Total Equity Attributable to Equity Holders

• f Parent

42,596 31,230 Non-controlling interest 8,956 2,684 Total Equity 51,552 33,914 TOTAL LIABILITIES AND EQUITY 134,646 104,860 As of As of

WATER

30

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 2018 Dec 2017 In PhP Millions Dec 2018 Dec 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 11,549 5,019 Accounts payable and other current liabilities 16,221 13,050 Receivables 2,859 2,602 Current portion of interest-bearing loans 354 1,816 Other current assets 3,004 4,075 Current portion of service concession obligation 1,039 1,217 Total Current Assets (1) 17,412 11,696 Total Current Liabilities (1) 17,614 16,083 Non-current Assets Non-current Liabilities Service concession assets 88,108 78,392 Interest-bearing loans - net of current portion 34,051 25,281 Deferred tax assets

• 462

Service concession obligation - net of current portion 6,012 6,243 Property and equipment 1,401 1,409 Other noncurrent liabilities 1,991 2,089 Other noncurrent assets 1,028 1,557 Total Noncurrent Liabilities 42,054 33,613 Total Noncurrent Assets 90,537 81,820 Total Liabilities 59,668 49,696 TOTAL ASSETS 107,949 93,516 Equity Capital stock 4,547 4,547 Additional paid-in capital 10,033 10,021 Other equity adjustments and reserves (520) (602) Retained earnings 34,221 29,854 Total Equity 48,281 43,820 TOTAL LIABILITIES AND EQUITY 107,949 93,516 As of As of (1) Current ratio as of December 31, 2018 is less than 1. However, Maynilad has committed undrawn lines of P7.3 billion.

RAIL

31

LIGH LIGHT T RAIL RAIL MANILA MANILA CORPOR CORPORATIO TION

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Dec 2018 Dec 2017 In PhP Millions Dec 2018 Dec 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1,561 1,174 Accounts payable and other current liabilities 715 649 Receivables 132 104 Income tax payable 24 94 Other current assets 530 491 Total Current Liabilities 739 743 Total Current Assets 2,223 1,769 Non-current Liabilities Non-current Assets Service concession obligation 3,396 3,194 Service concession assets 15,971 9,142 Loans payable 7,930 4,566 Property and equipment 259 258 Other noncurrent liabilities 252 188 Other noncurrent assets 2,643 2,649 Total Noncurrent Liabilities 11,578 7,948 Total Noncurrent Assets 18,873 12,049 Total Liabilities 12,317 8,691 TOTAL ASSETS 21,096 13,818 Equity Capital stock 5,050 4,050 Additional paid-in capital 1,963

• Other equity adjustments and reserves

24 (20) Retained earnings 1,742 1,097 Total Equity 8,779 5,127 TOTAL LIABILITIES AND EQUITY 21,096 13,818 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 IR Specialist – Jana Lyra M. Manlangit (jmmanlangit@mpic.com.ph) 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 32