ANALYSTS BRIEFING 08 08 No Novemb ember er 2017 1 CAUTIONARY - - PowerPoint PPT Presentation

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NINE NINE MONTH MONTHS S 20 2017 17 FIN FINANCIA ANCIAL L RESUL RESULTS TS ANALYSTS’ BRIEFING

08 08 No Novemb ember er 2017

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, AVP 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

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9M 2017 CORE INCOME UP 22% TO P11.3B

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22% 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 new debt drawdowns amounting to P7.5 billion in 2016 and P10.5 billion in 2017 (proceeds were primarily used to fund additional investments in Power and Toll Roads); and interest accretion on payable to PCEV totaling P16.7 billion for the step up in Beacon in May 2016 and June 2017 Non-core expenses in 9M 2017 are primarily made up

• f refinancing expenses, project expenses and a

separation expense resulting from Maynilad’s redundancy program, largely offset by a realized gain

• n sale of shares in MERALCO

CONSOLIDATED FINANCIAL HIGHLIGHTS

MPIC Group Aggregated Revenues grew by 11% from P252.4 billion to P280.3 billion

In Millions of Pesos 9M 2017 9M 2016 % Change MPIC share Power 7,573 5,685 33% Toll Roads 2,996 2,618 14% Water 2,801 2,705 4% Hospitals 518 443 17% Rail 210 229

• 8%

Others (37) (51)

• 27%

Share of operating income 14,061 11,629 21% Head office expenses (860) (803) 7% Interest expense (1,871) (1,542) 21% Core income 11,330 9,284 22% Non-core expenses (202) 196

• 203%

Reported income 11,128 9,480 17% In Centavos Diluted EPS on Core Income 35.90 31.36 14%

Toll Roads 21% Water 20% Hospitals and Others 5% Power 54%

EARNINGS CONTRIBUTION MIX 9M 2017

Toll Roads 22% Water 23% Hospitals and Others 6% Power 49%

9M 2016

POWER

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CON CONTRIB RIBUTIO UTION UP UP BY 3 BY 33% % TO O P7.6 7.6B

Dee Deepe pene ned d pa participa ticipation tion in in th the e Phil Philippine ippine Power er sec secto tor

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

33% increase in contribution from the Power business was driven by:  Increase in effective ownership in Meralco  Full nine months contribution from Global Business Power Corporation (acquired in May 2016)  Higher share in dividend income from Beacon Electric preferred shares offset by increase in interest expense

CONTRIBUTION TO MPIC 9M 2017 9M 2016 % Meralco (from 32.5% to 45.5%) 6,559 5,471 20% GBPC (from 42.0 to 62.4%)* 1,058 436 143% Beacon (from 75.0% to 100.0%)** 917 26 3427% Fair value / accounting adjustments (961) (248) 288% 7,573 5,685 33% STAND-ALONE PERFORMANCE 9M 2017 9M 2016 % Revenues 214,389 195,164 10% Core EBITDA 26,268 26,216 0% Core income 15,370 14,966 3% Reported income 15,928 15,676 2% Capital expenditure 8,075 7,634 6% Key Performance Indicators Energy sales (in GWh) 31,401 30,103 4% System loss 6.05% 6.40% N/A Revenues 17,227 12,956 33% Core EBITDA 6,979 6,185 13% Core income 2,079 1,939 7% Reported income 2,034 1,850 10% Capital expenditure 1,141 3,545

• 68%

Key Performance Indicators Energy sales (in GWh) 3,278 2,691 22% MERALCO GLOBAL BUSINESS POWER CORPORATION

POWER

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EXP EXPAN ANSION SION 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
• Detailed discussion on concession framework ongoing

GBPC – Acquisition of 50% of Alsons Thermal Energy Corporation

• Cleared by the Philippine Competition Commission on 25 September 2017
• Finalization ongoing

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

• Ongoing construction proceeding as scheduled

2x300 MW Redondo Peninsula Energy, Subic (Target completion of Phase 1 in 2020)

• Construction contracts and debt-financing agreements are in place
• Limited site works ongoing in preparation for full construction works after ERC PSA

approval 2x600MW Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021)

• Connection Agreement with NGCP executed in January 2017; 23-km Transmission Line

approved by the ERC in February 2017

• Evaluation of the EPC bids received from contractors is in the final stage
• Mandate Letter for up to P107.5B from a group of 7 local banks signed

TOLL ROADS

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14% increase in contribution from the Toll Roads business was driven by:  Strong traffic growth on all roads and favorable vehicle mix

• 8% increase in system-wide

average daily vehicle entries to 589,307

CO CONTRI NTRIBUTION UTION UP UP BY BY 14% 4% TO P3.0B 3.0B Sur

Surging ging tr traf affic fic growth wth

In Millions of Pesos CONTRIBUTION TO MPIC 9M 2017 9M 2016 % Metro Pacific Tollways (99.9%) 3,020 2,654 14% Fair value adjustments (24) (36)

• 33%

2,996 2,618 14% STAND-ALONE PERFORMANCE 9M 2017 9M 2016 % Revenues 9,605 8,794 9% Core EBITDA 6,259 5,292 18% Core income 3,024 2,365 28% Reported income 4,507 2,180 107% Key Performance Indicators Average Daily Vehicle Entries NLEX 233,243 217,191 7% CAVITEX 137,627 127,632 8% SCTEX 53,406 43,600 22% Don Muang / CII Bridges & Roads 150,536 144,436 4% Capital expenditure 3,988 3,949 1% METRO PACIFIC TOLLWAYS CORPORATION

TOLL ROADS

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EXP EXPAN ANSION SION UPD UPDATE TES

CAVITEX (14 kms)

140,000 average daily vehicles

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 Ongoing Construction

• Harbour Link Segment 10 – expected to be completed in 2Q 2018
• CAVITEX C5 Link – target completion in 2020

Ongoing Right-of-Way Acquisition

• NLEX-SLEX Connector Road – to begin construction in 2Q 2018;

target completion in 2020

• Cavite Laguna Expressway – ground breaking held in June 2017;

target completion in 2021

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

2017; target completion in 2020 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

TOLL ROADS

ACQUISITION OF 48.3% OF PT NUSANTARA INFRASTRUCTURE TBK

Total Consideration: P7.5 billion to be paid upon completion of closing conditions and deliverables to be funded by bank debt at the MPTC level Company Background: PT Nusantara is a listed Indonesian infrastructure company with investments in tollroads, telecom towers, water, ports and energy. Existing Toll Roads – accounts for approx. 80% of Core Income Financial Highlights (IDR 1: PHP 0.0038)

Bintaro - Serpong Penjaringan Pelabuhan Seksi Empat Makassar Length (In km) 7.25 9.70 5.95 11.57 Concession expiry 2028 2042 2028 2041 Average daily traffic 79,133 103,309 57,232 42,423 Traffic growth (5-year CAGR) 4.8% 31.6% 8.7% 16.9% Toll Rate / Class 1 (In IDR) 6,000 9,500 2,500 / 3,500 4,500 / 8,500

NON-CORE ASSETS Ports - Panjang Seaport ▪ Dry and liquid cargo terminal – concession until 2022 ▪ Current tank storage capacity - 105,000 MT Water Treatment Plants ▪ Cikokol Water – concession until 2019 ▪ Medan Industrial – concession until 2033 ▪ East Serang Regency – concession until 2038 Renewable Energy - Lau Gunung Mini Hydro Power Plant ▪ 15 MW installed capacity ▪ To begin operations in 2H 2018 – concession until 2033 Telecommunications Tower ▪ 1,024 towers – mainly located in Sumatra and Central JAVA ▪ Typical 10 year lease contracts – until 2025

In PHP M 2013 2014 2015 2016 Revenues 1,615 1,966 2,345 3,743 EBITDA 732 1,056 1,325 1,760 Operating income 487 768 997 1,343 8

WATER

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CO CONTRI NTRIBUTION UTION UP UP BY BY 4% % TO O P2.8B 2.8B

Sl Slight ightly y high higher er bill billed ed volume

• lume

In Millions of Pesos CONTRIBUTION TO MPIC 9M 2017 9M 2016 % Maynilad (52.8%) 2,943 2,846 3% Fair value adjustments (144) (120) 20% Metropac Water Investments Corp. (MWIC) 2 (21)

• 110%

2,801 2,705 4% STAND-ALONE PERFORMANCE 9M 2017 9M 2016 % Revenues 15,578 15,220 2% Core EBITDA 10,764 11,051

• 3%

Core income 5,575 5,391 3% Reported income 5,105 4,801 6% Key Performance Indicators Billed volume (In MCM) 383 374 2% Non-revenue water % - average* 32.2% 29.7% 8% Non-revenue water % - period end* 32.5% 30.6% 6% Capital expenditure 7,662 5,929 29% MAYNILAD WATER SERVICES INC.

4% increase in contribution from the Water business was driven by:  3% increase in Maynilad’s Core Income ▪ 2% 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

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EXP EXPAN ANSION SION 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

• Ongoing rehabilitation of water facility; target

completion by 2Q 2018 Laguna Water District Aquatech Resources Corporation

• Commenced operation and management of

the distribution network of the Laguna Water District on 1 January 2016 Cagayan de Oro Water District

• Supply agreement for 100 MLD of treated bulk

water over a term of 30 years, renewable for another 20 years, signed in August 2017 BUSINESS DEVELOPMENT EFFORTS Pampanga Bulk Water Supply Project

• Granted original proponent status in August

2017

• Detailed discussion on concession framework
• ngoing

EXPANSION PIPELINE

TARGET # OF PROJECTS POP. (In Millions) POTENTIAL VOLUME (In MLD) Full Concession 8 4.4 813 Bulk Water 11 7.5 910 Others 7 7.2 1,491 TOTAL 26 19.1 3,214

HOSPITALS

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In Millions of Pesos CONTRIBUTION TO MPIC 9M 2017 9M 2016 % Metro Pacific Hospital Holdings (60.0%) 577 485 19% Hospital admin and fair value adjustments (59) (42) 40% 518 443 17% STAND-ALONE PERFORMANCE 9M 2017 9M 2016 % Revenues 16,530 14,582 13% Core EBITDA 3,629 3,243 12% Core income 1,510 1,333 13% Reported income 1,518 1,335 14% Key Performance Indicators Total beds available 2,967 2,814 5% Average standard occupancy rate 66.4% 70.2%

• 5%
• No. of in-patients

124,573 118,141 5%

• No. of out-patients

2,293,042 2,017,166 14% Capital expenditure 2,478 1,865 33% HOSPITALS (AGGREGATED)

CONTRI TRIBUTION TION UP UP BY BY 17 17% % TO O P51 518M 8M Str

Stron

• ng

g growth wth an and d co cont ntinuing inuing exp xpan ansion sion

17% increase in contribution from the Hospital business was driven by:  7% is attributable to contributions from the new hospital acquisitions – Marikina Valley Medical Center and Jesus Delgado Memorial Hospital  10% is attributable to organic growth driven by: ▪ Lower interest expense ▪ Cost savings from purchasing synergies ▪ Increasing outpatient revenues across all hospitals and increasing enrollees in schools

HOSPITALS

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EXP XPANSION ANSION UPD UPDATES

• 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

Top Health Medical Clinic

• Full service, multi-diagnostic medical facility

located in SM San Lazaro Cancer Center – Batangas

• Joint venture with Lipa Medix

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RA RAIL, IL, LOG OGIST ISTIC ICS S AN AND D OTHERS THERS

RAIL As expected, decrease in contribution from the Rail business was a function of:  7% growth in average daily ridership dampened by higher usage of stored value cards  Higher expenses from increased headcount and maintenance in line with expanded

• perations (increased the number of LRVs

thereby improving service levels)

In Millions of Pesos RAIL CONTRIBUTION TO MPIC 9M 2017 9M 2016 % Light Rail Manila (55.0%) 209 233

• 10%

Holding company admin 1 (4)

• 124%

210 229

• 8%

STAND-ALONE PERFORMANCE 9M 2017 9M 2016 % Farebox revenues 2,327 2,224 5% Core EBITDA 590 557 6% Core income 380 424

• 10%

Reported income 372 428

• 13%

Key Performance Indicators Average daily ridership 431,281 404,307 7% Capital expenditure 959 3,666

• 74%

OTHERS CONTRIBUTION TO MPIC 9M 2017 9M 2016 % AF Payments Inc. (20.0%) (68) (94)

• 28%

Metropac Movers Inc. (76.0%)*

• 19
• 100%

Indra Philippines (25.0%) 31 24 29% (37) (51)

• 27%

LIGHT RAIL MANILA CORPORATION

*Acquired in May 2016

RAIL

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EXP EXPANSIO NSION N UPD UPDATE TES

LRT 1 South Extension Project

• Issued Notice to Proceed to EPC contractors to begin

construction work in August 2017

• On-going right-of-way acquisition – Basic ROW package 1

acquired

• Groundbreaking held in May 2017

MRT 3 – Unsolicited Proposal Full Rehabilitation – capex commitment of P12.5 billion

• Replacement of tracks and signaling equipment - Increase

track speed from 40kph to 65kph and reduce headway from 4 minutes to 2.5 minutes

• Station upgrade; depot rehabilitation

30-year Operations and Maintenance Contract – ensure KPIs are at par with best practices in railway operations

UPDATES ON REGULATORY MATTERS AND 2017 OUTLOOK

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PENDING INCREASE (%) PERIODS COVERED CUMULATIVE REVENUE LOSS / CLAIMS STATUS WATER Maynilad 10% 2013 to 2017 P10.6 billion Maynilad is now in discussion with Government on settling its

• claim. However, the issue of the tariff going forward remains

unresolved. TOLL ROADS* NLEX CAVITEX SCTEX 20% 25% / 42% 48% 2013 to 2017 2012 to 2017 2015 to 2017 P5.4 billion P1.2 billion P0.8 billion Ongoing discussions with Government on possible two-stage settlement Stage 1 - Tariff catch-up Stage 2 – Compensation for cumulative claims RAIL 20% 2015 to 2017 P0.9 billion Establishing mechanisms for offset available in the concession agreement in coordination with the Government TOTAL P18.9 billion MPIC SHARE P8.4 billion

Constructive discussions with Government are in progress and there is agreement that contracts will be honored – resolution of outstanding issues deemed imminent

2017 FULL YEAR CORE INCOME OUTLOOK – P13.8 BILLION Overall Considerations  Does not take into account any resolution of outstanding tariff claims  Stable volume growth across all businesses  Impact of increased ownership in existing business and new acquisitions

*Net of government share

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STAND-ALONE PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES

POWER

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ME MERA RALCO CO 9M 201 9M 2017 HIGHLIGH 7 HIGHLIGHTS TS

In Millions of Pesos 9M 2017 9M 2016 % Stand-alone Core Income 15,370 14,966 3% Meralco (32.5% - 45.5%) 6,559 5,471 20% Fair Value Adjustments (738) (225) 228% Beacon Electric (50.0% - 100.0%) 1,332 176 657% MPIC Share 7,153 5,422 32% 10% increase in Electricity Revenues was a function of:  4% growth in total energy sales from 30,103 GWh to 31,401 GWh (4.4% ↑ commercial, 4.3% ↑ residential, and 4.2% ↑ industrial sector)  5% growth in number of customers from 5.98M to 6.25M  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 8% decline in Non-electricity Revenues was due lower project completion of MIESCOR and MSERV; and lower turn-out of insurance renewal coverages in RSIC Flat EBITDA driven by higher contracted services and lower contribution from subsidiaries Faster growth in Core Income than Core EBITDA was a result of reduced losses from FPM Power In Millions 9M 2017 9M 2016 % Electricity 208,848 189,135 10% Non-Electricity 5,541 6,029

• 8%

Total revenues 214,389 195,164 10% Purchased power (162,777) (144,423) 13% Operating expenses (31,031) (30,518) 2% Other income 1,019 964 6% Provision for income tax (6,140) (6,077) 1% Non-controlling interests (90) (144)

• 38%

Core income 15,370 14,966 3% Non-core income 558 710

• 21%

Reported net income 15,928 15,676 2% Core EBITDA Computation: Core income 15,370 14,966 3% Depreciation and amortization 5,231 5,206 0% Interest income - net (486) (544)

• 11%

Provision for income tax 6,140 6,077 1% Others 14 511

• 97%

Core EBITDA 26,269 26,216 0%

POWER KEY

KEY M MET ETRIC ICS S AND ND PRI PRIOR ORITIES ITIES

MERALCO CO POWER GENERA ERATION ION UPDATES ES

 1x455MW San Buenaventura Power, Mauban, Quezon (Target completion in mid-2019)

• Ongoing construction proceeding as scheduled

 2x300 MW Redondo Peninsula Energy, Subic (Target completion of Phase 1 in 2020)

• Construction contracts and debt-financing agreements are in place
• Limited site works ongoing in preparation for full construction works after

ERC Power Supply Agreement approval  2x600MW Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021)

• Connection Agreement with NGCP executed in January 2017; 23-km

Transmission Line (from Atimonan Power Plant site to New Pagbilao Substation) approved by the ERC in February 2017

• Evaluation of the EPC bids received from contractors is in the final stage
• Mandate Letter for up to P107.5B from a group of 7 local banks signed
• Signed MOU with MIESCOR for the construction of the Transmission Line

 2x350MW St. Raphael Power Generation Corporation, Calaca, Batangas

• Ongoing development activities
• Grid Impact Study for proposed transmission line interconnection

approved by NGCP in February 2017

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KEY METRICS 9M 2017 9M 2016

12-MMA System Loss 6.05% 6.40% System Average Interruption Frequency Index 1.45 times 1.79 times Customer Average Interruption Duration Index 97.23 min 103.61 min Number of customer accounts 6.25M 5.98M Capital Expenditure 8,075 7,634 Energy Sales Residential 9,815 9,412 Commercial 12,382 11,856 Industrial 9,102 8,735 Streetlights 102 100 Total (in GWh) 31,401 30,103

POWER

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GL GLOB OBAL B AL BUSINES USINESS S PO POWER WER CO CORP RP . . 9M 201 9M 2017 7 HIG HIGHLIGH HLIGHTS TS

Revenue growth was mainly driven by the start of commercial operations of PEDC3 Slower growth in Core EBITDA than Revenues due to higher fuel costs Slower growth in Core Income than EBITDA due to expiry

• f the Income Tax Holiday of CEDC and PEDC (1&2) in

November 2016 and March 2017, respectively

In Millions of Pesos 9M 2017 9M 2016 % Stand-alone Core Income 2,079 1,939 7% GBPC (42%)* 1,058 436 143% Fair Value Adjustments (223) (23) 870% Beacon PowerGen (415) (150) 177% MPIC Share 420 263 60% *Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016

In Millions 9M 2017 9M 2016 % Power billings 17,160 12,923 33% Coal sales 67 33 103% Total revenues 17,227 12,956 33% Power plant costs (7,941) (4,651) 71% Operating expenses (4,148) (3,848) 8% Interest expense - net (1,389) (1,580)

• 12%

Other income 111 67 66% Provision for income tax (1,013) (13) 7692% Non-controlling interests (768) (992)

• 23%

Core income 2,079 1,939 7% Non-core expense (45) (89)

• 49%

Reported net income 2,034 1,850 10% Core EBITDA Computation: Core income 2,079 1,939 7% Depreciation and amortization 1,730 1,661 4% Interest expense - net 1,389 1,580

• 12%

Provision for income tax 1,013 13 7692% Non-controlling interests 768 992

• 23%

Core EBITDA 6,979 6,185 13%

KEY METRICS 9M 2017 9M 2016 Volume Sold (in GWh) Bilateral - Generation 2,765 2,398 Bilateral - WESM 261 199 WESM - Spot Sales 252 93 Total 3,278 2,691

TOLL ROADS

In Millions of Pesos 9M 2017 9M 2016* % Stand-alone Core Income 3,024 2,365 28% MPTC (99.9%) 3,020 2,654 14% Fair Value Adjustments (24) (36)

• 33%

MPIC Share 2,996 2,618 14%

*Includes Don Muang Tollway contribution

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MPT MPTC 9M 2017 9M 2017 HI HIGH GHLIG LIGHTS HTS

Net Toll Revenues increased due to:  NLEX - Revenues up by 7% from P6.6 billion to P7.1 billion

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

217,191 to 233,243

• 8% increase in average daily kilometers travelled from 4.27M to 4.59M

 CAVITEX - Revenues up by 11% from P1.0 billion to P1.1 billion

• 8% increase in average daily vehicle entries from 127,632 to 137,627 –

Class 3 grew fastest at 16%  SCTEX - Revenues up by 19% from P1.1 billion to P1.4 billion

• 22% increase in average daily vehicle entries from 43,600 to 53,406 –

Class 3 grew fastest at 30% Faster growth in Core EBITDA due to lower operators fee driven by renegotiated O&M contract with TMC from January to March 2017 and savings from consolidation of TMC starting April 2017 Core Income grew faster due to equity share in DMT (transferred to MPTC in September 2016) Reported income was boosted by a non-cash accounting gain on revaluing TMC in preparation for its merger with NLEX Corp. Don Muang Tollway  Contribution amounted to P315 million net of financing costs  2% increase in average daily vehicles entries for Original Tollway from 95,476 to 97,838  Slight decline in average daily vehicle entries for North Extension from 56,389 to 55,877 CII Bridges & Roads  Contribution amounted to P49 million  8% increase in average daily vehicle entries from 48,960 to 52,698

In Millions 9M 2017 9M 2016 % Net toll revenues 9,605 8,794 9% Cost of services (3,420) (3,671)

• 7%

Gross profit 6,185 5,123 21% Operating expenses (1,028) (928) 11% Other income and expense - net 186 275

• 32%

Share in earnings of associates 507 319 59% Interest expense - net (959) (820) 17% Provision for income tax (998) (900) 11% Non-controlling interest (869) (704) 23% Core income 3,024 2,365 28% Non-core income (expenses) 1,483 (185)

• 902%

Reported net income 4,507 2,180 107% Core EBITDA Computation: Core income 3,024 2,365 28% Depreciation and amortization 916 823 11% Interest expense - net 959 820 17% Provision for income tax 998 900 11% Others (507) (320) 58% Non-controlling interest 869 704 23% Core EBITDA 6,259 5,292 18%

TOLL ROADS

KEY KEY MET METRI RICS CS AN AND D PRIOR PRIORITIES ITIES

KEY METRICS 9M 2017 9M 2016 Class 1 180,127 166,914 Class 2 33,073 31,445 Class 3 20,043 18,832 Total 233,243 217,191 Class 1 137,956 129,113 Class 2 26,700 25,379 Class 3 15,724 14,695 Total 180,380 169,187 Class 1 3,425 3,155 Class 2 701 672 Class 3 465 443 Total 4,591 4,270 Class 1 122,599 113,748 Class 2 9,986 9,520 Class 3 5,042 4,364 Total 137,627 127,632 Class 1 43,621 35,420 Class 2 6,013 5,283 Class 3 3,772 2,897 Total 53,406 43,600 SCTEX (Class 1 Tariff: P2.8/km) Average Daily Vehicle Entries NLEX (Class 1 Tariff: Open system - P40.2/entry / Closed system - P2.4/km) Average Daily Vehicle Entries (Open & Closed) Average Daily Kilometers Travelled (In thousands of kms) CAVITEX (Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1) Average Daily Vehicle Entries Average Daily Vehicle Entries (Open)

PROJECTS Length Project Cost Target Completion Status Philippines (In Kms) (In Billions) Expansions to existing roads NLEX Widening (Phase 2) N/A 3.0 2020 Investment proposal for submission in 4Q 2017 San Fernando Interchange improvement N/A 0.3 1Q 2018 Substantially complete NLEX Harbour Link (Segment 10) 5.8 10.5 2Q 2018 Ongoing construction NLEX Segment 10 - R10 Section 2.6 6.0 2019 Ongoing preconstruction works; groundbreaking held in August 2017 CAVITEX Segment 4 1.3 1.3 2021 Ongoing ROW acquisition CAVITEX - C5 South Link 7.7 12.6 1Q 2020

• Seg. 3A Ph.1 - Ongoing construction;
• Seg. 3A Ph.2 and 3B - Ongoing

discussion on DED for Ph.2 completed; Seg. 2 - Ongoing review

• f DED by independent consultant

NLEX Citi Link 7.5 8.0 2021 Ongoing ROW acquisition New road projects awarded Cebu Cordova Link Expressway 8.3 26.3 2020 Ongoing finalization of agreement with Contractor Cavite Laguna Expressway 44.6 16.9 2021 Laguna segment - Ongoing construction; Ongoing ROW acquisition NLEX-SLEX Connector Road 8.0 23.3 2020 Ongoing ROW acquisition; To begin construction by 2018; certified DED submitted to DPWH TOTAL 85.8 108.2 CII Bridges and Roads ( P 18.4 billion project cost)  38 kilometers under construction – target completion in 2019  23 kilometers under development PROJECTS UNDER CONSTRUCTION / DEVELOPMENT Vietnam

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WATER

22

MA MAYNI NILAD LAD 9M 9M 2017 2017 H HIG IGHLI HLIGH GHTS TS

MAYNILAD Revenues increased by 2% due to:  2% growth in volume sales from 374.2 MCM to 383.4 MCM

• 4% increase in billed customers from 1,301,619 to

1,347,747 Decline in Core EBITDA due to higher indirect tax provisions and utility costs Growth in Core Income due to lower interest expense and provision for deferred tax Reported income grew faster due to lower non-core expenses – 9M 2017 pertains to a one-time separation expense as a result of redundancy program while 9M 2016 is related to deferred tax remeasurement from OSD election Other Businesses – Stand-alone PhilHydro – Gross Revenues of P171 million and Operating Income of P50 million; billed volume increased from 34.1 MLD to 43.5 MLD Subic Water – Gross Revenues of P491 million and Net Income

• f P128 million

In Millions of Pesos 9M 2017 9M 2016 % Stand-alone Core Income 5,575 5,391 3% Maynilad (52.8%) 2,943 2,846 3% Fair Value Adjustments (144) (120) 20% Metropac Water Investments 2 (21) -110% MPIC Share 2,801 2,705 4% In Millions 9M 2017 9M 2016 % Revenues 15,578 15,220 2% Cost of services (4,467) (4,166) 7% Gross profit 11,111 11,054 1% Operating expenses (2,017) (1,791) 13% Other income and expense - net (306) (52) 488% Interest expense - net (1,276) (1,453)

• 12%

Provision for income tax (1,937) (2,367)

• 18%

Core income 5,575 5,391 3% Non-core expenses (470) (590)

• 20%

Reported net income 5,105 4,801 6% Core EBITDA Computation: Core income 5,575 5,391 3% Depreciation and amortization 1,976 1,840 7% Interest expense - net 1,276 1,453

• 12%

Provision for income tax 1,937 2,367

• 18%

Core EBITDA 10,764 11,051

• 3%

WATER

23

KEY KEY MET METRI RICS CS AN AND D AR ARBI BITRA TRATION TION UPD UPDATE TE

ARBITRA RATION WITH REPUBLIC C OF THE PHILIPPINES Salient Points of Arbitral Ruling  The Tribunal ordered the Republic to reimburse Maynilad the amount of P3.4 billion for losses from 11 March 2015 to 31 August 2016  Subsequently, Maynilad agreed with the corrected computation of the Republic’s counsel of revenue losses from 11 March 2015 to 31 August 2016, in the amount of P3.18 Billion (with cost of money as of 31 August 2016)  This reimbursement is without prejudice to any rights that Maynilad may have to seek recourse against MWSS for losses incurred from 1 January 2013 to 10 March 2015  Maynilad is entitled to recover from the Republic its losses from 1 September 2016 onwards. In case a disagreement on the amount of such losses arises, Maynilad may revert to the Tribunal for further determination Status Maynilad is now in discussion with Government on settling its claim. However, the issue of the tariff going forward remains unresolved.

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

Claim on Republic’s letter of undertaking upheld unanimously by arbitral tribunal KEY METRICS 9M 2017 9M 2016 NRW Average 32.2% 29.7% Period end 32.5% 30.6% Coverage Total population 10.06M 9.89M Population coverage 9.36M 9.30M 24hr availability 98% 97% Minimum 16 psi* 70% 73% Customer Mix Residential 81% 81% Commercial 19% 19% Capital Expenditure 7,662 5,929

HOSPITALS

In Millions of Pesos 9M 2017 9M 2016 % Stand-alone Core Income 1,510 1,333 13% Metro Pacific Hospital Holdings (60.0%) 577 485 19% Hospital admin and fair value adjustments (59) (42) 40% MPIC Share 518 443 17%

24

MPHHI MPHHI 9M 2017 9M 2017 HI HIGH GHLIG LIGHTS HTS

Hospitals Stand-alone Core Income MPIC Share (In Millions of Pesos) 9M 2017 9M 2016 % 9M 2017 9M 2016 % Asian Hospital 347 288 20% 179 148 21% Cardinal Santos 178 155 15% 107 93 15% Riverside Medical 147 146 1% 69 68 1% Makati Med 287 256 12% 57 51 12% Davao Doctors 160 189

• 15%

34 40

• 15%

Marikina Valley 78 26 200% 43 14 207% Manila Doctors 144 139 4% 17 17 – Others 169 134 26% 71 54 31% Total 1,510 1,333 13% 577 485 19% Hospital Admin/FV adjustments (59) (42) 40% MPIC Share 518 443 17%

Core Income grew 13% due to increased number of patients served across all hospitals. 9% of Core Income growth came from existing hospitals while 4% came from the newly-acquired hospitals (Marikina Valley Medical Center and Jesus Delgado Memorial Hospital) Stand-alone Core Income and MPIC share breakdown as follows: In Millions 9M 2017 9M 2016 % Gross revenues 16,530 14,582 13% Discounts (1,536) (1,386) 11% Net revenues 14,994 13,196 14% Cost of supplies (6,348) (5,469) 16% Gross profit 8,646 7,727 12% Operating expenses (6,673) (5,937) 12% Interest expense (159) (183)

• 13%

Other income 345 299 15% Provision for income tax (649) (573) 13% Core income 1,510 1,333 13% Non-core income 8 2 300% Reported net income 1,518 1,335 14% Core EBITDA Computation: Core income 1,510 1,333 13% Depreciation and amortization 1,311 1,154 14% Interest expense 159 183

• 13%

Provision for income tax 649 573 13% Core EBITDA 3,629 3,243 12%

HOSPITALS

KEY KEY MET METRI RICS CS AN AND D PRIOR PRIORITIES ITIES

 Continue to expand current chain of 14 hospitals and achieve 5,000 bed group capacity  Expand services and capacities of hospitals through investments in new equipment and facilities  Expand synergy projects across the network ▪ Group-wide policies and protocols on medicine, equipment, and other purchases ▪ Establishing core laboratories –new ▪ Setting up standardized and integrated IT systems  Invest in specialized facilities and link to the hospital network ▪ Primary care centers ▪ Oncology Centers ▪ Greenfield specialist hospitals

KEY PRIORI ORITIES ES

KEY METRICS 9M 2017 9M 2016 Total number of beds 2,967 2,814 Number of accredited doctors 7,781 7,347 Number of enrollees 6,236 5,543 Average standard occupancy rate 66% 70% Number of patients In patient 124,573 118,141 Out patient 2,293,042 2,017,166

25

RAIL

26

LRMC LRMC 9M 201 9M 2017 7 HIG HIGHLIGH HLIGHTS TS

Rail Revenues increased due to:  7% growth in average daily ridership from 404,307 to 431,281, dampened by higher usage of stored value cards  15% increase in LRVs from 92 to 106 – number of LRVs started at 77 from handover in September 2015 Core Income declined due to higher operating expenses driven by increased headcount and regular maintenance expenses Key Priorities Improvements on existing LRT1 line Ongoing rail replacement – 94% accomplished; target completion by 4Q 2017 Station improvement plan ongoing – target completion by 2H 2018 LRT1 Structural Restoration Project – notice to proceed issued in March 2017; target completion by 2019 Station partnership programs and retail space improvement plans South extension project  Issued Notice to Proceed to EPC contractors to begin construction work in August 2017  On-going right-of-way acquisition – Basic ROW package 1 acquired  Groundbreaking held in May 2017

In Millions of Pesos 9M 2017 9M 2016 % Stand-alone Core Income 372 428 -13% LRMC (55%) 209 233 -10% Holding company admin 1 (4) -124% MPIC Share 210 229

• 8%

In Millions 9M 2017 9M 2016 % Rail revenue 2,327 2,224 5% Cost of services (1,378) (1,360) 1% Gross profit 949 864 10% Operating expenses (464) (362) 28% Other income and expense - net 59 30 97% Interest income (3) 8

• 138%

Provision for income tax (161) (116) 39% Core income 380 424

• 10%

Non-core income (expenses) (8) 4

• 300%

Reported net income 372 428

• 13%

Core EBITDA Computation: Core income 380 424

• 10%

Depreciation and amortization 46 25 84% Interest income 3 (8)

• 138%

Provision for income tax 161 116 39% Core EBITDA 590 557 6%

27

QUARTERLY ANALYSIS

QU QUAR ARTE TERL RLY HIG Y HIGHLIGH HLIGHTS TS (IN

N MILLI LLIONS ONS OF OF PE PESOS SOS)

28

MERALCO 1Q 2017 2Q 2017 3Q 2017 FINANCIAL HIGHLIGHTS Total Revenues 66,576 74,456 73,357 Core EBITDA 7,922 9,293 9,053 Core Income 4,598 5,520 5,252 Reported Income 4,817 5,684 5,427 KEY METRICS System Loss 6.23% 6.11% 6.05% Number of customers 6.11M 6.17M 6.25M Energy Sales Residential 2,746 3,587 3,482 Commercial 3,742 4,303 4,337 Industrial 2,795 3,097 3,210 Streetlights 34 34 34 Total (in gWh) 9,317 11,021 11,063 METRO PACIFIC TOLLWAYS 1Q 2017 2Q 2017 3Q 2017 FINANCIAL HIGHLIGHTS Net Revenues 3,102 3,358 3,145 Core EBITDA 2,126 2,092 2,041 Core Income 958 1,100 966 Reported Income 940 2,691 876 KEY METRICS NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 176,848 184,553 178,958 Class 2 32,813 33,125 33,276 Class 3 19,973 19,948 20,205 Total 229,633 237,626 232,440 Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,338 3,734 3,205 Class 2 700 714 689 Class 3 465 469 461 Total 4,503 4,917 4,354 CAVITEX Average Daily Vehicle Entries Class 1 120,273 123,874 123,613 Class 2 10,025 9,973 9,962 Class 3 4,749 5,224 5,146 Total 135,047 139,071 138,721 SCTEX Average Daily Vehicle Entries Class 1 41,564 48,590 40,716 Class 2 5,846 6,215 5,978 Class 3 3,717 4,006 3,595 Total 51,128 58,811 50,289

QU QUAR ARTE TERL RLY HIG Y HIGHLIGH HLIGHTS TS (IN

N MILLI LLIONS ONS OF OF PE PESOS SOS)

29 MAYNILAD 1Q 2017 2Q 2017 3Q 2017 FINANCIAL HIGHLIGHTS Revenues 4,788 5,454 5,336 Core EBITDA 3,156 3,982 3,626 Core Income 1,477 2,199 1,899 Reported Income 1,208 1,989 1,908 KEY METRICS Billed volume (In MCM) 120.7 131.8 131.0 Billed customers 1,323,063 1,336,566 1,347,747 Non-revenue water Average 33.2% 31.2% 32.2% Period end 32.9% 31.2% 32.5% Service levels 24-hour coverage 98.2% 98.0% 98.2% Minimum 16 psi 70.1% 70.6% 70.1%

HOSPITALS - AGGREGATE 1Q 2017 2Q 2017 3Q 2017 Revenues 5,358 5,253 5,919 Core EBITDA 1,242 1,045 1,342 Core Income 544 383 583 Reported Income 547 386 585 Total number of beds 2,893 2,873 2,967 Number of accredited doctors 7,667 7,710 7,781 Number of enrollees 6,671 5,390 6,236 FINANCIAL HIGHLIGHTS KEY METRICS LIGHT RAIL MANILA 1Q 2017 2Q 2017 3Q 2017 FINANCIAL HIGHLIGHTS Net Revenues 799 729 799 Core EBITDA 192 154 244 Core Income 124 97 159 Reported Income 124 97 151 KEY METRIC LRMC - Average Daily Ridership 443,337 416,031 431,281

30

BALANCE SHEET AND CASH FLOW STATEMENTS

(Tentative)

31

MET METRO RO PACI ACIFIC FIC INV INVESTMENT MENTS CO CORPOR RPORATION ATION – PARENT PARENT

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 short-term investments 16,949 4,162 Accounts payable and other current liabilities 1,259 877 Receivables - net 89 76 Due to related parties 4,117 2,004 Other current assets 223 401 Current portion of long-term debt 877 357 Total Current Assets 17,261 4,639 Total Current Liabilities 6,253 3,238 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 173,153 165,311 Noncurrent portion of long-term debt 46,063 36,382 Other noncurrent assets 673 523 Due to related parties 11,622 6,726 Total Noncurrent Assets 173,826 165,834 Other noncurrent liabilities 996 862 Total Noncurrent Liabilities 58,681 43,970 TOTAL ASSETS 191,087 170,473 Total Liabilities 64,934 47,208 EQUITY Capital stock 31,624 31,619 Additional paid-in capital 68,463 68,438 Treasury shares (167) (167) Other reserves 201 152 Retained earnings 26,032 23,223 Total Equity 126,153 123,265 TOTAL LIABILITIES AND EQUITY 191,087 170,473 As of As of

32

MET METRO RO PACI ACIFIC FIC INV INVESTMENT MENTS CO CORPOR RPORATION ATION – CO CONSOLI SOLIDA DATE TED

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Noncurrent portion of concession fees payable Cash and short-term investments 53,144 21,901 long-term debt and others 189,848 121,458 Receivables 10,802 5,171 Due to related parties 11,622 6,726 Other current assets 10,241 4,728 Deferred tax liabilities 7,902 3,925 Total Current Assets 74,187 31,800 Other noncurrent liabilities 9,096 4,368 Total Noncurrent Liabilities 218,468 136,477 NONCURRENT ASSETS Investments and advances 126,427 126,556 Total Liabilities 269,290 163,521 Goodwill 35,536 21,004 Service concession assets 164,077 152,693 EQUITY Property and equipment 64,319 10,480 Capital stock 31,625 31,619 Other noncurrent assets 23,620 9,069 Additional paid-in capital 68,463 68,438 Total Noncurrent Assets 413,979 319,802 Treasury shares (167) (167) Other equity adjustments and reserves 8,190 8,253 TOTAL ASSETS 488,166 351,602 Retained earnings 51,871 43,889 Total equity attributable to owners of Parent 159,982 152,032 LIABILITIES AND EQUITY Non-controlling interest 58,894 36,049 CURRENT LIABILITIES Total Equity 218,876 188,081 Accounts payable and other current liabilities 25,808 15,431 Due to related parties 3,825 1,713 TOTAL LIABILITIES AND EQUITY 488,166 351,602 Current portion of concession fees payable long-term debt and others 21,189 9,900 Total Current Liabilities 50,822 27,044 As of As of

WATER

33

MA MAYN YNILAD ILAD WA WATE TER S R SER ERVI VICES CES IN INC. . AN AND D SUBSID SUBSIDIA IARI RIES ES

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 short-term investments 5,291 8,066 Accounts payable and other current liabilities 11,788 10,893 Receivables 2,502 2,493 Current portion of interest-bearing loans 1,824 1,808 Other current assets 3,699 3,470 Current portion of service concession obligation 1,280 1,329 Total Current Assets 11,492 14,029 Total Current Liabilities 14,892 14,030 Non-current Assets Non-current Liabilities Service concession assets 74,907 69,297 Interest-bearing loans - net of current portion 25,031 24,880 Deferred tax assets 526 1,032 Service concession obligation - net of current portion 6,298 6,500 Property and equipment 1,365 1,254 Other noncurrent liabilities 684 1,507 Other noncurrent assets 812 1,567 Total Noncurrent Liabilities 32,013 32,887 Total Noncurrent Assets 77,610 73,150 Total Liabilities 46,905 46,917 TOTAL ASSETS 89,102 87,179 Equity Capital stock 4,547 4,547 Additional paid-in capital 10,021 10,021 Other equity adjustments and reserves (477) (307) Retained earnings 28,106 26,001 Total Equity 42,197 40,262 TOTAL LIABILITIES AND EQUITY 89,102 87,179 As of As of

WATER

34

MA MAYN YNILAD ILAD WA WATE TER S R SER ERVI VICES CES IN INC. . AND AND SUBSIDIA UBSIDIARIES RIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 7,205 7,630 Additions to service concession assets (7,329) (5,592) Adjustments for: Acquisitions of property and equipment (371) (511) Interest expense 1,363 1,564 Decrease (increase) in other noncurrent assets (10) 81 Amortization of service concession assets 1,720 1,624 Dividends received 10 10 Interest income (68) (85) Depreciation and amortization 260 216 Others 79 44 Net cash used in investing activities (7,700) (6,012) Operating income before working capital changes 10,559 10,993 Decrease (increase) Cash Flows from Financing Activities Short-term investments 1,792 3,744 Proceeds from availment of interest-bearing loans 1,702 825 Receivables (9) (66) Payments of: Other current assets (228) (149) Dividends (3,000) (2,000) Increase in other current liabilities 1,130 36 Loans (1,750) (1,692) Cash generated from operations 13,244 14,558 Service concession obligation payable (997) (1,167) Interest received 68 85 Interest (757) (1,326) Income taxes paid (1,622) (1,634) Increase in other noncurrent liabilities 129 101 Net cash provided by operating activities 11,690 13,009 Others (299) (64) Net cash provided used in financing activities (4,972) (5,323) Net increase (decrease) in cash and cash equivalen (982) 1,673 Cash and cash equivalents at beginning of period 5,025 3,093 Cash and cash equivalents at end of period 4,043 4,766

TOLL ROADS

35

MET METRO O PACI CIFIC FIC TOLL OLLWA WAYS S CO CORPOR RPORATION TION AN AND D SUBSID SUBSIDIA IARI RIES ES

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 short-term investments 3,552 2,733 Accounts payable and accrued liabilities 3,719 3,801 Receivables 689 689 Current portion of long-term debt 5,081 1,047 Other current assets 1,683 1,301 Other current liabilities 1,808 882 Total Current Assets 5,924 4,723 Total Current Liabilities 10,608 5,730 Noncurrent Assets Noncurrent Liabilities Service concession assets 65,761 61,828 Long-term debt - net of current portion 27,969 31,309 Goodwill 8,089 4,979 Service concession obligation 19,367 18,551 Investment in associates 10,701 11,318 Deferred tax liabilities 1,087 1,072 Other noncurrent assets 2,633 3,268 Other noncurrent liabilities 586 739 Total Noncurrent Assets 87,184 81,393 Total Noncurrent Liabilities 49,009 51,671 TOTAL ASSETS 93,108 86,116 Total Liabilities 59,617 57,401 Equity Capital stock 12,786 12,718 Additional paid-in capital 18,945 17,583 Other equity adjustments and reserves (9,808) (9,822) Retained earnings 8,769 5,859

• f Parent

30,692 26,338 Non-controlling interest 2,799 2,377 Total Equity 33,491 28,715 TOTAL LIABILITIES AND EQUITY 93,108 86,116 As of As of

TOLL ROADS

36

MET METRO O PACI CIFIC FIC TOLL OLLWA WAYS S CO CORPOR RPORATION TION AN AND D SUBSID SUBSIDIA IARI RIES ES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Additions/Acquistions: Income before income tax 6,402 3,852 Service concession assets (3,807) (3,820) Adjustments for: Investments in bonds/UTIF (8,731) (4,830) Interest expense 1,089 890 Investment in subsidiary (288) (3,357) Amortization of service concession assets 695 658 Investment property (84) (39) Interest income (49) (71) Property and equipment (205) (74) Equity in net earning of associate (507) (173) Intangible assets (6) (7) Depreciation and amortization 92 46 Proceeds from: Gain on remeasurement of previously held interest (1,801)

• Disposal/Maturity of AFS/investment

8,129 4,908 Others 183 (151) Sale of property and equipment 2 11 Operating income before working capital changes 6,104 5,051 Restricted cash (430) (86) Net cash used in investing activities (3,617) (6,638) Receivables 557 98 Other current assets 70 (159) Cash Flows from Financing Activities Increase (decrease) accounts payable and other curre (623) 555 Proceeds from availment of loans 4,379 1,000 Cash generated from operations 5,678 5,459 Issuance of new shares 1,430 3,707 Income tax paid (1,130) (864) Net cash provided by operating activities 4,548 4,595 Payments of: Loan (3,988) (1,259) Cash Flows from Investing Activities Dividends (2,025) (3,000) Increase in restricted cash Interest (1,040) (898) Dividends received 824 471 Transaction costs and others (19) (6) Interest received 48 206 Acquisition for non-controlling interests

• (23)

Decrease (Increase) in other noncurrent assets 501 (107) Net cash used in financing activities (1,263) (479) Effect of exchange rate changes on cash (3) 4 Net decrease in cash and cash equivalents (335) (2,518) Cash and cash equivalents at beginning of period 1,491 3,989 Cash and cash equivalents at end of period 1,156 1,471

HOSPITALS MEDIC

MEDICAL AL DO DOCT CTOR ORS S IN INC. . AN AND D SUBSID SUBSIDIA IARI RIES ES

37

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities 890 919 Cash and cash equivalents 533 729 Retirement benefit obligation 126 106 Receivables - net 963 573 Loans payable 857 1,018 Inventories - net 174 251 Provisions 103 103 Other current assets 89 57 Total Noncurrent Liabilities 1,976 2,146 Total Current Assets 1,759 1,610 Total Liabilities 3,452 3,393 Noncurrent Assets Property and Equipment - net 8,070 7,915 Equity Other noncurrent assets 134 132 Capital stock 338 336 Total Noncurrent Assets 8,204 8,047 Capital in excess of par value 1,608 1,572 Other equity adjustments 2,438 2,445 TOTAL ASSETS 9,963 9,657 Retained earnings 2,122 1,902 Treasury Stock (15) (15) LIABILITIES AND EQUITY Total Equity Attributable to Equity Holders of Parent 6,491 6,240 Current Liabilities Non-controlling interest 20 23 Accounts payable and accrued expenses 1,212 1,021 Total Equity 6,511 6,263 Current portion of long-term liabilities 214 214 Other current liabilities 50 12 TOTAL LIABILITIES AND EQUITY 9,963 9,656 Total Current Liabilities 1,476 1,247 As of As of

HOSPITALS MEDIC

MEDICAL AL DO DOCT CTOR ORS S IN INC. . AN AND D SUBSID SUBSIDIA IARI RIES ES

38

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

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 413 376 Acquisitions of property and equipment (523) (350) Adjustments for: Increase in other noncurrent assets

• (88)

Provisions 56 57 Net cash used in investing activities (523) (438) Depreciation and amortization 369 342 Retirement benefit expense 37 28 Cash Flows from Financing Activities Interest expense 45 45 Proceeds from: Interest income (2) (2) Loans

• 300

Others (3) Issuance of capital stock 38 27 Operating income before working capital changes 915 846 Payment of loan (161) (96) Decrease (increase): Interest paid (46) (43) Receivables (447) (241) Dividends paid (149) (125) Inventories 77 43 Net cash used in financing activities (318) 63 Prepayments (32) (94) Increase (decrease) in: Accounts payable and accrued expenses 234 116 Net increase (decrease) in cash and cash equivalents (196) 211 Refundable deposits and other liabilities 38

• Cash generated from operations

786 670 Cash and cash equivalents at beginning of period 729

531

Contributions to the retirement fund (18) (14) Income taxes paid (124) (72) Interest received 2 2 Cash and cash equivalents at end of period 533 742 Net cash provided by operating activities 645 586

HOSPITALS

CO COLIN LINAS AS VERD VERDES ES (C (CAR ARDI DINAL AL SANT ANTOS OS MEDICAL MEDICAL CENT CENTER) R)

39

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 247 211 Accounts payable and accrued expenses 713 591 Receivables - net 217 200 Due to related parties 7 13 Inventories - net 64 73 Loans payable, current 45

• Other current assets

34 33 Other current liabilities 20 20 Total Current Assets 562 517 Total Current Liabilities 785 624 Noncurrent Assets Noncurrent Liabilities Property and Equipment - net 1,330 1,085 Retirement plan 34 22 Deferred income tax assets 145 121 Lease payable

• 620

Other noncurrent assets 22 6 Other noncurrent liabilities 634

• Total Noncurrent Assets

1,497 1,212 Total Current Liabilities 668 642 TOTAL ASSETS 2,059 1,729 Total Liabilities 1,453 1,266 Equity Capital stock 50 50 Other comprehensive income 3 3 Retained earnings 553 410 Total Equity 606 463 TOTAL LIABILITIES AND EQUITY 2,059 1,729 As of As of

HOSPITALS CO

COLIN LINAS AS VERD VERDES ES (C (CAR ARDI DINAL AL SANT SANTOS OS MEDIC MEDICAL AL CENTER) CENTER)

40

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

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 253 227 Acquisitions of property and equipment (263) (259) Adjustments for: Increase in other noncurrent assets 11

• Provisions

3 5 Net cash used in investing activities (252) (259) Depreciation and amortization 175 145 Interest expense 77 76 Interest income (1) (1) Cash Flows from Financing Activities Operating income before working capital changes 507 452 Availment of loans payable 45

• Decrease (increase):

Payment of loans payable (63) (86) Receivables (86) (20) Dividend payments (100) (60) Inventories 35 3 Net cash provided by (used in) financing activities (118) (146) Prepayments 42 1 Increase (decrease) in: Net increase (decrease) in cash and cash equivalents 36 68 Accounts payable and accrued expenses (79) 31 Refundable deposits and other liabilities (3) 5 Cash and cash equivalents at beginning of period 211 222 Cash generated from operations 416 472 Interest received 1 1 Cash and cash equivalents at end of period 247 290 Net cash provided by operating activities 417 473

HOSPITALS DAVAO

O DO DOCT CTOR ORS S HO HOSP SPIT ITAL, AL, IN INC. . AN AND D SUBSID SUBSIDIA IARI RIES ES

41

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations 54 47 Cash and cash equivalents 118 228 Other noncurrent liabilities 11 11 Receivables, net 427 274 Total Noncurrent Liabilities 65 58 Inventory, net 130 114 Prepaid expenses 37 25 Total Liabilities 483 410 Total Current Assets 712 641 Equity Noncurrent Assets Capital stock 91 91 Property and Equipment - net 1,294 1,172 Capital in excess of par value 49 49 Deferred income tax assets 23 19 Treasury shares (6) (7) Other noncurrent assets 65 68 Other equity adjustments 32 32 Total Noncurrent Assets 1,382 1,259 Retained earnings 1,445 1,325 Total Equity 1,611 1,490 TOTAL ASSETS 2,094 1,900 Non-controlling interest Total Equity 1,611 1,490 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 2,094 1,900 Accounts payable and accrued expenses 418 352 Total Current Liabilities 418 352 As of As of

HOSPITALS DAVAO

O DO DOCT CTOR ORS S HO HOSP SPIT ITAL, AL, IN INC. . AN AND D SUBSID SUBSIDIA IARI RIES ES

42

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

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 225 266 Acquisitions of property and equipment (265) (163) Adjustments for: Increase in noncurrent assets (0) (18) Depreciation 145 120 Net cash used in investing activities (265) (181) Provision for bad debts

• 1

Operating income before working capital changes 370 387 Cash Flows from Financing Activities Decrease (increase): Dividends paid (41) (50) Receivables (153) (137) Decrease in other noncurrent liabilities

• Inventories

(16) (5) Net cash used in financing activities (41) (50) Prepayments and others (13) (9) Increase (decrease) in: Net decrease in cash and cash equivalents (110) (12) Accounts payable and accrued expenses 8 (17) Net cash provided by operating activities 197 219 Cash and cash equivalents at beginning of period 228 272 Cash and cash equivalents at end of period 118 260

HOSPITALS RI

RIVERSID VERSIDE E MEDIC MEDICAL AL CENTER CENTER GR GROU OUP

43

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 33 4 Cash and cash equivalents 299 355 Deferred income tax liabilities 75 76 Receivables - net 311 270 Accrued retirement costs 7 7 Inventories - net 85 106 Other noncurrent liabilities 17 15 Other current assets 1 7 Total Noncurrent Liabilities 132 102 Total Current Assets 696 738 Total Liabilities 579 572 Noncurrent Assets Property and Equipment - net 1,214 1,093 Equity Investment in associate 43 Capital stock 62 62 Pension Asset 22 23 Additional paid-in capital stock 377 377 Other noncurrent assets 26 28 Other equity adjustments 167 167 Total Noncurrent Assets 1,305 1,144 Retained earnings 820 708 Treasury Stock (4) (4) TOTAL ASSETS 2,001 1,882 Total Equity 1,422 1,310 LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 2,001 1,882 Current Liabilities Accounts payable and accrued expenses 336 362 Current portion of long-term debt 2 2 Unearned tuition and other school fees 50 64 Income tax payable 20 9 Other current liabilities 39 33 Total Current Liabilities 447 470 As of As of

HOSPITALS RI

RIVERSID VERSIDE E MEDIC MEDICAL AL CENTER CENTER GR GROU OUP

44

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 200 195 Acquisitions of property and equipment (186) (196) Adjustments for: Investments in associates (43)

• Depreciation

66 56 Proceed from sale of property and equipment (1) (5) Interest expense

• 3

Increase in investments/other noncurrent assets (1) (5) Interest income (3) (5) Net cash used in investing activities (231) (206) Others 11 9 Operating income before working capital changes 274 258 Cash Flows from Financing Activities Decrease (increase) : Availment of loans 31 Receivables (41) (4) Payment of long-term debt (2) (19) Inventories 21 43 Dividend payments (36) (34) Other assets 7 4 Net cash used in investing activities (7) (53) Increase (decrease) in: Accounts payable and accrued expenses (33) (60) Net decrease in cash and cash equivalents (56) (67) Other current liabilities 3 2 Cash generated from operations 231 243 Cash and cash equivalents as of beginning of period 355 566 Interest received 3 5 Income taxes paid (43) (45) Cash and cash equivalents at end of the period 299 499 Interest paid

• (3)

Retirement payment (9) (8) Net cash provided by operating activities 182 192

HOSPITALS EAST

EAST M MAN ANILA ILA HO HOSP SPIT ITAL AL MA MANAGERS GERS CO CORP RP . . (L (LOU OURD RDES ES)

45

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Accrued retirement 33 27 Cash and cash equivalents 67 65 Other noncurrent liabilities 310 316 Receivables - net 85 70 Total Noncurrent Liabilities 343 343 Inventories - net 38 43 Prepaid expenses 2 4 Total Liabilities 553 570 Total Current Assets 192 182 Equity Noncurrent Assets Capital stock 50 50 Property and Equipment - net 315 295 Reserves 5 5 Deferred income tax 113 111 Retained earnings 159 118 Other noncurrent assets 147 155 Total Equity 214 173 Total NonCurrent Assets 575 561 TOTAL LIABILITIES AND EQUITY 767 743 TOTAL ASSETS 767 743 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 146 144 Current portion of long-term debt 40 70 Due to related parties 23 12 Other current liabilities 1 1 Total Current Liabilities 210 227 As of As of

HOSPITALS EAST

EAST M MAN ANILA ILA HO HOSP SPIT ITAL AL MA MANAGERS GERS CO CORP RP . . (L (LOU OURD RDES ES)

46

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

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 60 51 Acquisitions of property and equipment (59) (17) Adjustments for: Decrease (Increase) in other noncurrent assets (4) (5) Depreciation 47 52 Net cash used in investing activities (63) (22) Provision for doubtful accounts 6 5 Interest expense 1 1 Cash Flows from Financing Activity Operating income before working capital changes 114 109 Loan payment (30)

• Increase:

Increase (decrease) in: Receivables (20) (15) Due to related parties 11 4 Inventories 6

• Other noncurrent liabilities

(5) (3) Other current assets 2 (1) Net cash provided by investing activities (24) 1 Increase in: Accounts payable and accrued expenses

• (5)

Net increase in cash and cash equivalents 2 53 Retirement fund obligation 6 3 Other current liabilities

• Cash and cash equivalents as of beginning of period

65 46 Net cash provided by operating activities 108 91 Income taxes paid (19) (17) Cash and cash equivalents at end of the period 67

99

Net cash provided by operating activities 89 74

HOSPITALS ASIA

ASIAN N HO HOSP SPIT ITAL AL IN INC.

47

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 300 347 Accounts payable and accrued expenses 661 638 Receivables - net 401 291 Accrued interest 3 22 Inventories - net 103 127 Long-term debts, currently due 88 309 Other current assets 26 18 Refundable deposits and other current 40 47 Prepaid expenses 21 18 Total Current Liabilities 792 1,016 Total Current Assets 851 801 Noncurrent Liabilities Noncurrent Assets Other non-current liabilities 66 58 Property and equipment, net 3,673 3,655 Deferred income tax 120 122 Total Liabilities 858 1,074 Computer software - net 2 3 Other non-current assets 16 15 Equity Total Noncurrent Assets 3,811 3,795 Capital stock 1,937 1,937 Capital stock in excess of par value 185 185 TOTAL ASSETS 4,662 4,596 Subscription receivable (4) (4) Other equity adjustments (2) (3) Retained earnings 1,688 1,407 Total Equity 3,804 3,522 TOTAL LIABILITIES AND EQUITY 4,662 4,596 As of As of

HOSPITALS ASIA

ASIAN N HO HOSP SPIT ITAL AL IN INC.

48

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 505 413 Acquisitions of property and equipment (257) (233) Adjustments for: Increase in noncurrent assets Provisions 12 21 Net cash used in investing activities (257) (233) Depreciation 218 218 Amortization of capitalized borrowing cost 1 1 Cash Flows from Financing Activities Interest expense 13 44 Payment of long-term debt (221) (172) Gain (loss) on disposal of property and equipment (1) 1 Dividends paid (72) (39) Others (10) (3) Interest paid (32) (47) Operating income before working capital changes 738 695 Net cash used in investing activities (325) (258) Decrease (increase) : Receivables (113) (74) Net increase in cash and cash equivalents 18 120 Inventories 24 19 Other current assets (10) (7) Cash and cash equivalents as of beginning of period 347 410 Increase (decrease) in: Accounts payable and accrued expenses (71) (30) Cash and cash equivalents at end of the period 365 530 Other current liabilities 32 8 Net cash provided by operating activities 600 611

HOSPITALS DEL

DELOS OS SANT SANTOS OS MEDIC MEDICAL AL CENTER CENTER

49

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

HOSPITALS DEL

DELOS OS SANT SANTOS OS MEDIC MEDICAL AL CENTER CENTER

50

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 70 65 Acquisitions of property and equipment (105) (92) Adjustments for: Provisions 7 10 Cash Flows from Financing Activities Depreciation 65 57 Proceeds from long term debt

• 85

Interest expense-net 5 4 Payment of long term debt Operating income before working capital changes 147 136 Interest paid (5) (4) Decrease (increase) : Dividends (14) (16) Receivables (35) (16) Net cash used in investing activities (19) 65 Inventories (5) 6 Other current assets (7) (9) Net increase in cash and cash equivalents 2 27 Increase (decrease) in: Accounts payable and accrued expenses 14 (79) Cash and cash equivalents as of beginning of period 54 21 Other liabilities 35 16

Cash generated from operations 149 54

Cash and cash equivalents at end of the period 56 48

Income tax paid

(23)

Net cash provided by operating activities 126 54

HOSPITALS CENTRAL LUZON DOCTORS’

HO HOSP SPIT ITAL AL

51

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 41 49 Accounts payable and accrued expenses 122 105 Receivables - net 71 74 Loans payable 50 Inventories - net 35 31 Dividends payable 11 11 Prepaid expenses 48

• Total Noncurrent Liabilities

183 116 Total Current Assets 195 154 Noncurrent Liabilities Noncurrent Assets Retirement Liability 9 7 Property and equipment, net 371 328 Deferred Income Tax 27 27 Other non-current assets 35 21 Total Noncurrent Liabilities 36 34 Total Noncurrent Assets 406 349 Total Liabilities 219 150 TOTAL ASSETS 601 503 Equity Capital stock 106 106 Additional Paid-in Capital 82 82 Treasury stock (3) (3) Other equity adjustments 81 81 Retained earnings 116 87 Total Equity 382 353 TOTAL LIABILITIES AND EQUITY 601 503 As of As of

HOSPITALS CENTRAL LUZON DOCTORS’

HO HOSP SPIT ITAL AL

52

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 46 40 Acquisitions of property and equipment (74) (67) Adjustments for: Increase in noncurrent assets (13) Provisions (87) (67) Depreciation 31 25 Interest expense Cash Flows from Financing Activities Operating income before working capital changes 77 65 Proceeds from loans 50

• Decrease (increase) :

Dividends payment (3) (5) Receivables 3 (8) Subscription receivable

• Inventories

(4) 6 47 (5) Other current assets (48) (3) Increase (decrease) in: Net decrease in cash and cash equivalents (8) (7) Accounts payable and accrued expenses

• 3

Other current liabilities 4 2 Cash and cash equivalents as of beginning of period 49 87 Net cash provided by operating activities 32 65 Cash and cash equivalents at end of the period 41 80

HOSPITALS WES

WEST MET T METRO MEDIC O MEDICAL AL CENTER CENTER

53

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 4 35 Accounts payable and accrued expenses 35 57 Receivables - net 33 14 Other non-current assets 8 1 Inventories - net 34 54 Total Current Liabilities 43 58 Prepaid expenses 3 2 Total Current Assets 74 105 Noncurrent Liabilities Retirement Liability 1 1 Noncurrent Assets Deferred Income Tax

• -

Property and equipment, net 114 87 Total Noncurrent Liabilities 1 1 Other non-current assets 139 112 Total Liabilities 44 59 Total Noncurrent Assets 253 199 Equity TOTAL ASSETS 327 304 Capital stock 75 75 Deposit for future stock subscriptions 182 166 Other equity 3 3 Retained earnings 23 1 Total Equity 283 245 TOTAL LIABILITIES AND EQUITY 327 304 As of As of

HOSPITALS WES

WEST MET T METRO MEDIC O MEDICAL AL CENTER CENTER

54

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 31 12 Acquisitions of property and equipment (25) (52) Adjustments for: Increase in noncurrent assets (29) (26) Provisions 1 (54) (78) Depreciation 11 3 Operating income before working capital changes 43 15 Cash Flows from Financing Activities Decrease (increase) : Equity Infusion 16 91 Receivables (19) (12) Increase in Non-Current Assets Inventories 4 (25) 16 91 Other current assets (1)

• Increase (decrease) in:

Net decrease in cash and cash equivalents (31) (1) Accounts payable and accrued expenses (26) 6 Other current liabilities 6 2 Cash and cash equivalents as of beginning of period 35 4 Net cash provided by operating activities 7 (14) Cash and cash equivalents at end of the period 4 3

HOSPITALS MANI

MANILA LA DOC DOCTORS, ORS, INC INC.

55

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 140 136 Accounts payable and accrued expenses 478 422 Receivables - net 10 295 Long-term debts, currently due 150 150 Inventories - net 246 112 Other current liabilities

• 13

Other current assets 36 1 Total Current Liabilities 628 585 Prepaid expenses 120 13 Total Current Assets 552 557 Noncurrent Liabilities Long-term debt - net of current 350 250 Noncurrent Assets Other non-current liabilities 92 75 Property and equipment, net 1,803 1,516 Total Noncurrent Liabilities 442 325 Deferred income tax 28 28 Other non-current assets 35 13 Total Liabilities 1,070 910 Total Noncurrent Assets 1,866 1,557 Equity TOTAL ASSETS 2,418 2,114 Capital stock 206 198 Capital stock in excess of par value 48 56 Other equity adjustments (7) (7) Retained earnings 1,101 957 Total Equity 1,348 1,204 TOTAL LIABILITIES AND EQUITY 2,418 2,114 As of As of

HOSPITALS MA

MANI NILA LA DO DOCT CTOR ORS, S, IN INC.

56

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 206 199 Acquisitions of property and equipment (392) (563) Adjustments for: Provisions 9 8 Cash Flows from Financing Activities Depreciation 114 118 Availment of loan 100 300 Operating income before working capital changes 329 325 Decrease (increase) : Net increase in cash and cash equivalents 4 101 Receivables (10) (6) Inventories (8) 5 Cash and cash equivalents as of beginning of period 136 57 Other current assets 5 (1) Increase (decrease) in: Cash and cash equivalents at end of the period 140 158 Accounts payable and accrued expenses (26) 79 Other current liabilities 6 (38) Net cash provided by operating activities 296 364

HOSPITALS SACRED HEART HOSPITAL

57

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 143 142 Accounts payable and accrued expenses 37 43 Receivables - net 30 26 Other current liabilities 22 22 Inventories - net 13 13 Total Noncurrent Liabilities 59 65 Prepaid expenses 1 1 Total Current Assets 187 182 Noncurrent Liabilities Retirement Liability 3 3 Noncurrent Assets Property and equipment, net 172 166 Total Liabilities 62 68 Other non-current assets 6 4 Total Noncurrent Assets 178 170 Equity Capital stock 225 225 TOTAL ASSETS 365 352 Retained earnings 78 59 Total Equity 303 284 TOTAL LIABILITIES AND EQUITY 365 352 As of As of

HOSPITALS SACRED

CRED HEAR HEART HOSP HOSPIT ITAL AL

58

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 34 17 Acquisitions of property and equipment (26) (18) Adjustments for: Increase in noncurrent assets Provisions (26) (18) Depreciation 19 11 Interest expense Cash Flows from Financing Activities Operating income before working capital changes 53 28 Equity Infusion

• 149

Decrease (increase) : Dividend payments (5)

• Receivables

(5) (2) (5) 149 Inventories

• (6)

Other current assets (2) (7) Net increase (decrease) in cash and cash equivalents 1 125 Increase (decrease) in: Accounts payable and accrued expenses (14) (19) Cash and cash equivalents as of beginning of period 142 30 Net cash provided by operating activities 32 (6) Cash and cash equivalents at end of the period 143 155

HOSPITALS MA

MARI RIKI KINA A VALLE ALLEY Y MEDIC MEDICAL AL CENTER CENTER

59

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 244 218 Accounts payable and accrued expenses 266 266 Receivables - net 61 38 Other current liabilities 25 29 Inventories - net 26 16 Total Noncurrent Liabilities 291 295 Prepaid expenses 8 16 Total Current Assets 339 288 Noncurrent Liabilities Retirement Liability 9 8 Noncurrent Assets Property and equipment, net 304 279 Total Liabilities 300 303 Deferred income tax 6 6 Other non-current assets 1 2 Equity Total Noncurrent Assets 311 287 Capital stock 126 126 Additional paid in capital 96 96 TOTAL ASSETS 650 575 Other equity adjustments (2) (2) Retained earnings 130 52 Total Equity 350 272 TOTAL LIABILITIES AND EQUITY 650 575 As of As of

HOSPITALS

MA MARI RIKI KINA A VALLE ALLEY Y MEDIC MEDICAL AL CENTER CENTER

60

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 111 37 Acquisitions of property and equipment (50) (3) Adjustments for: Increase in noncurrent assets 1 Provisions 3 (49) (3) Depreciation 25 5 Interest expense Net increase in cash and cash equivalents 26 126 Operating income before working capital changes 136 45 Decrease (increase) : Cash and cash equivalents as of beginning of period 218 35 Receivables (25) 82 Inventories (10) 2 Cash and cash equivalents at end of the period 244 161 Other current assets 8 (2) Increase (decrease) in: Accounts payable and accrued expenses (31) 2 Other current liabilities (3)

• Net cash provided by operating activities

75 129

HOSPITALS JE

JESUS SUS DEL DELGA GADO DO MEMOR MEMORIA IAL L HO HOSP SPIT ITAL AL

61

BALANCE SHEET As of BALANCE SHEET (continued) As of In PhP Millions Sept 2017 In PhP Millions Sept 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 107 Accounts payable and accrued expenses 31 Receivables - net 34 Other current liabilities 2 Inventories - net 6 Total Noncurrent Liabilities 33 Prepaid expenses 12 Total Current Assets 159 Noncurrent Liabilities Retirement Liability 8 Noncurrent Assets Other noncurrent liabilities 18 Property and equipment, net 85 Total Noncurrent Liabilities 26 Other non-current assets 12 Total Noncurrent Assets 97 Total Liabilities 59 TOTAL ASSETS 256 Equity Capital stock 149 Retained earnings 48 Total Equity 197 TOTAL LIABILITIES AND EQUITY 256

HOSPITALS

JE JESUS SUS DEL DELGA GADO DO MEMOR MEMORIA IAL L HO HOSP SPIT ITAL AL

62

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 In PhP Millions Sept 2017 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 4 Acquisitions of property and equipment 2 Adjustments for: Increase in noncurrent assets (3) Depreciation 4 (1) Operating income before working capital changes 8 Decrease (increase) : Cash Flows from Financing Activities Receivables (19) Loan payments (6) Inventories (1) Equity infusion 133 Other current assets (3) Interest paid Increase (decrease) in: Net cash used in financing activities 127 Accounts payable and accrued expenses (21) Other current liabilities 1 Net increase in cash and cash equivalents 91 Net cash provided by operating activities (35) Cash and cash equivalents as of beginning of period 16 Cash and cash equivalents at end of the period 107

HOSPITALS MEGA

MEGA CLIN CLINIC IC

63

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 19 13 Accounts payable and accrued expenses 70 63 Receivables - net 66 60 Loans payable 5 5 Inventories - net 6 2 Due to related parties 14 14 Prepaid expenses 18 22 Total Noncurrent Assets 89 82 Total Current Assets 109 97 Noncurrent Liabilities Noncurrent Assets Retirement Liability 1 1 Property and equipment, net 30 33 Deferred income tax 7 7 Total Liabilities 90 83 Other non-current assets 21 11 Total Noncurrent Assets 58 51 Equity Capital stock 66 66 TOTAL ASSETS 167 148 Other equity adjustments

• -

Retained earnings 11 (1) Total Equity 77 65 TOTAL LIABILITIES AND EQUITY 167 148 As of As of

HOSPITALS MEGA

MEGA CLINIC CLINIC

64

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 15 11 Acquisitions of property and equipment (8) (7) Adjustments for: Provisions 2 3 Cash Flows from Financing Activities Depreciation 7 7 Payment of loans (5) (10) Operating income before working capital changes 24 21 Decrease (increase) : Net increase (decrease) in cash and cash equivalents 6 (7) Receivables (8) (11) Inventories (2) (4) Cash and cash equivalents as of beginning of period 13 18 Prepayments (8) (1) Increase (decrease) in: Cash and cash equivalents at end of the period 19 11 Accounts payable and accrued expenses 13 5 Net cash provided by operating activities 19 10

RAIL

65

LIGH LIGHT T RA RAIL IL MA MANI NILA LA CO CORPOR RPORATIO TION

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 1,212 1,143 Accounts payable and other current liabilities 1,578 509 Receivables 88 88 Income tax payable 75 25 Other current assets 427 239 Total Current Liabilities 1,653 534 Total Current Assets 1,727 1,470 Non-current Liabilities Non-current Assets Service concession obligation 3,146 3,005 Service concession assets 8,301 6,362 Loans payable 3,004 645 Property and equipment 194 179 Other noncurrent liabilities 61 33 Other noncurrent assets 2,633 825 Total Noncurrent Liabilities 6,211 3,683 Total Noncurrent Assets 11,128 7,366 Total Liabilities 7,864 4,217 TOTAL ASSETS 12,855 8,836 Equity Capital stock 4,050 4,050 Other equity adjustments and reserves (21) (21) Retained earnings 962 590 Total Equity 4,991 4,619 TOTAL LIABILITIES AND EQUITY 12,855 8,836 As of As of