FI FIRST T QUARTER RTER 2017 17 FI FINANCIAL ANCIAL RES ESULT - - PowerPoint PPT Presentation

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FI FIRST T QUARTER RTER 2017 17 FI FINANCIAL ANCIAL RES ESULT ULTS S ANALYSTS’ BRIEFING

03 May 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

• perate 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 Specialist – Diane A. Martinez (bamartinez@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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1Q2017 CORE INCOME UP 14% TO P3.1B

Expanded presence in the Power Industry and strong growth from Toll Roads and Hospitals

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14% increase in Core Income was driven by:

 Expanded Power portfolio through increased investment in Meralco and Global Business Power Corporation (GBPC) in May 2016  Robust traffic growth for the toll roads  Continuing growth in the Hospitals business

In Millions of Pesos 1Q 2017 1Q 2016 % Change MPIC share Power 2,108 1,621 30% Toll Roads 946 833 14% Water 716 843

• 15%

Hospitals 182 134 36% Rail 69 78

• 12%

Others (15) (28) 46% Share in operating income 4,006 3,481 15% Head office expenses - net (311) (283) 10% Interest expense - net (562) (459) 22% Core income 3,133 2,739 14% Non-core expenses - net (126) (111) 14% Reported income 3,007 2,628 14% In Centavos Diluted EPS on Core Income 9.93 9.81 1%

Increase in interest expense due to new debt drawdowns amounting to P7.5 billion in 2016 (proceeds were primarily used to fund additional investments in Meralco) and interest accretion on P9.2 billion payable to PCEV for the step up in Beacon

POWER

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CO CONTRIB NTRIBUTIO UTION N UP B UP BY 3 Y 30% T % TO O P2.1B 2.1B

Dee eepe pene ned d pa participa ticipation in tion in the the Phili Philipp ppine ine Power er secto sector

*Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016; an additional 5.8% effective interest is held under Meralco

30% increase in contribution from the Power business was driven by:  Increase in effective ownership in Meralco from 32.5% to 41.2% in 27 May 2016  Contribution from Global Business Power Corporation – acquired in May 2016  Higher share in dividend income from Beacon preferred shares offset by increase in interest expense

In Millions CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Meralco (from 32.5% to 41.2%) 1,895 1,491 27% Global Business Power (42.0%)* 212

• N/A

Beacon (from 50.0% to 75.0%) 76 197

• 61%

Fair value adjustments (75) (67) 12% 2,108 1,621 30% STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Revenues 66,576 60,173 11% Core EBITDA 7,922 8,151

• 3%

Core income 4,598 4,590 0% Reported income 4,817 4,547 6% Capital expenditure 2,670 1,836 45% Key Performance Indicators Energy sales (in GWh) 9,317 9,077 3% System loss 6.23% 6.53% N/A Revenues 4,732 3,913 21% Core EBITDA 1,994 1,778 12% Core income 505 422 20% Reported income 508 397 28% Key Performance Indicators Energy sales (in GWh) 909 841 8% MERALCO GLOBAL BUSINESS POWER CORP.*

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  Lower operator’s fee to TMC driven by renegotiated O&M contract

CO CONTRIB NTRIBUTIO UTION N UP B UP BY Y 14% T 4% TO O P94 946M 6M Sur

Surging ging tr traf affic fic growth th

In Millions CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Metro Pacific Tollways (99.9%) 957 845 13% Fair value adjustments (11) (12)

• 8%

946 833 14% STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Revenues 3,102 2,881 8% Core EBITDA 2,126 1,803 18% Core income 958 747 28% Reported income 940 757 24% Key Performance Indicators Average Daily Vehicle Entries NLEX 229,633 214,105 7% CAVITEX 135,047 124,414 9% SCTEX 51,128 42,486 20% Don Muang / CII Bridges & Roads 150,938 145,680 4% Capital expenditure 1,019 725 41% METRO PACIFIC TOLLWAYS CORPORATION

WATER

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CO CONTRIB NTRIBUTIO UTION N DO DOWN WN BY BY 15 15% % TO O P71 716M 6M Fla

lat t volume

• lume s

sales ales an and high d higher op er oper erating ting exp xpen enses ses

In Millions CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Maynilad (52.8%) 780 901

• 13%

Fair value adjustments (58) (42) 38% Metropac Water Investments Corp. (6) (16) 63% 716 843

• 15%

STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Revenues 4,788 4,935

• 3%

Core EBITDA 3,156 3,347

• 6%

Core income 1,477 1,708

• 14%

Reported income 1,208 1,639

• 26%

Key Performance Indicators Billed volume (In MCM) 121 120 0% Non-revenue water % - average 33.2% 30.6% 8% Non-revenue water % - period end 32.9% 30.4% 8% Capital expenditure 2,446 1,241 97% MAYNILAD WATER SERVICES INC.

15% decrease in contribution from the Water business was driven by:  14% decrease in Maynilad’s Core Income

• 3% decline in Revenues due to reduced

consumption per connection reflecting lower temperatures

• Flat volume due to one less billing day in

the quarter and bill cycle rationalization

• Increase in utility costs
• Higher amortization expenses from

completed capital expenditure *Cost-out programs improve full year outlook

HOSPITALS

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In Millions CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Metro Pacific Hospital Holdings (60.0%) 201 147 37% Hospital admin and fair value adjustments (19) (13) 46% 182 134 36% STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Revenues 5,358 4,615 16% Core EBITDA 1,242 1,014 22% Core income 544 408 33% Reported income 547 407 34% Key Performance Indicators Total beds available 2,893 2,637 10% Average standard occupancy rate 65.3% 67.1%

• 3%
• No. of in-patients

41,120 36,721 12%

• No. of out-patients

741,405 604,358 23% HOSPITALS (AGGREGATED)

CO CONTRI NTRIBUTIO UTION N UP BY 3 UP BY 36% T % TO O P18 182M 2M Str

Stron

• ng

g growth th an and d co continu ntinuing e ing exp xpan ansi sion

• n

36% increase in contribution from the Hospital business was driven by:  12% is attributable to contributions from new hospital acquisitions – Sacred Heart Hospital and Marikina Valley Medical Center  24% is attributable to organic growth driven by cost savings from purchasing synergies and increasing patient revenues across all hospitals

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RAI RAIL, L, LOGISTICS OGISTICS AND AND OTHE THERS RS

Exp Expan ansi sion

• n an

and d reh ehabili bilita tation tion to to ca cater to ter to fast g ast growing ing de deman mand

RAIL Decrease in contribution from the Rail business was a function of:  6% growth in average daily ridership  Higher expenses from increased headcount and maintenance in line with expanded operations (increased the number of LRVs thereby improving service levels)

In Millions RAIL CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Light Rail Manila (55.0%) 68 79

• 14%

Holding company admin 1 (1) 175% 69 78

• 12%

STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Revenues 799 746 7% Core EBITDA 192 211

• 9%

Core income 124 144

• 14%

Reported income 124 147

• 16%

Key Performance Indicators Average daily ridership 443,337 419,081 6% OTHERS CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % AF Payments Inc. (20.0%) (34) (32) 6% Metropac Movers Inc. (76.0%)* 12 (2) 700% Indra Philippines (25.0%) 7 6 17% (15) (28)

• 46%

LIGHT RAIL MANILA CORPORATION

*Acquired in May 2016

REVENUE LOSS / UNRECORDED CLAIMS

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WATER

• Pending increase – 10%
• Ongoing arbitration – government to abide by ruling
• Target award of final judgement in 1H 2017

TOLL ROADS

• Cumulative pending tariff increases
• NLEX – 20%
• CAVITEX
• R1 – 25%
• R1 Extension – 42%
• SCTEX – 48%
• Ongoing arbitration – target resolution in 2018

RAIL

• Cumulative pending tariff increase – 20%
• Currently working with the government in establishing

mechanisms for offset available in the concession agreement POWER

• Rate Rebasing process continues to be delayed;

possible roll-forward to 2019

• Power supply agreements being challenged in

Supreme Court

• Status of participation in Open Access and Retail

Electricity – granted approval for RES license

REVENUE LOSS In Peso Billions 2012 2013 2014 2015 2016 1Q 2017 TOTAL WATER – Maynilad

• 1.6

2.1 2.6 2.1 0.6 **9.0 ROADS – NLEX*

• 0.8

0.8 1.2 1.3 0.7 4.8 ROADS – CAVITEX* 0.1 0.2 0.2 0.3 0.3 0.1 1.2 ROADS – SCTEX*

• 0.1

0.4 0.1 0.6 RAIL – LRMC

• 0.2

0.3 0.1 0.6 TOTAL 0.1 2.6 3.1 4.4 4.4 1.6 16.2 MPIC Share (Net of Tax) 0.1 1.1 1.4 1.9 2.0 0.7 7.2

* Net of Government share ** 2013 and 2014 may be dealt with through OCP in the next rebasing

GROWTH STRATEGY

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Leading pure infrastructure business in the Philippines – position built through successive rounds

• f capital raising, acquisitions and new project wins

Major direction in the next five years:  EXECUTE on new toll road construction for traffic growth, network gains and value development ► Close valuation gap with analysts  EXECUTE on new power generation projects (coal and renewables), SUCCEED in the Retail Electricity Sales market, and SOLIDIFY position as the Philippines leading Power company  CRYSTALIZE value in the water concession in Manila to fund toll roads expansion and new water supply projects outside Manila  DEVELOP high growth smaller business such as Hospitals and Logistics  FUND on fixed capital base via MAXIMUM safe use of leverage, eventual IPO of hospitals, SELL- DOWN of Maynilad and REGULATORY RESOLUTION to boost cash flows  PURSUE new solicited / unsolicited infrastructure projects – PPP or other models

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STAND-ALONE PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES

POWER

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MERAL MERALCO CO 1Q 2017 H 1Q 2017 HIGH IGHLIG IGHTS HTS

In Millions 1Q 2017 1Q 2016 % Electricity 64,724 57,851 12% Non-Electricity 1,852 2,322

• 20%

Total revenues 66,576 60,173 11% Purchased power (51,621) (44,929) 15% Operating expenses (8,891) (9,008)

• 1%

Other income 341 250 36% Provision for income tax (1,775) (1,872)

• 5%

Non-controlling interests (32) (24) 33% Core income 4,598 4,590 0% Non-core income (expense) 219 (43)

• 609%

Reported net income 4,817 4,547 6% Core EBITDA Computation: Core income 4,598 4,590 0% Depreciation and amortization 1,737 1,661 5% Interest income - net (157) (148) 6% Provision for income tax 1,775 1,872

• 5%

Others (31) 176

• 118%

Core EBITDA 7,922 8,151

• 3%

In Millions 1Q 2017 1Q 2016 % Stand-alone Core Income 4,598 4,590 0% Meralco (32.5% - 41.2%) 1,895 1,491 27% Fair Value Adjustments (71) (67) 6% Beacon Electric 201 197 2% MPIC Share 2,025 1,621 25%

12% increase in Electricity Revenues was a function of:  3% growth in total energy sales from 9,077 GWh to 9,317 GWh (1% ↑ residential, 3% ↑ commercial and 3% ↑ industrial sector) – one less billing day in 1Q 2017  5% growth in number of customers from 5.8M to 6.1M  15% increase in pass-through revenues driven by higher fuel prices due to the 20-day maintenance shutdown of the Malampaya gas facilities and several forced outages resulting to higher prices in the WESM Offset by:  1% decrease in average consolidated distribution rate from P1.41/kWh to P1.40/kWh 20% decline in Non-electricity Revenues was due to lower percentage completion of projects under MSERV and delays in project awards at MIESCOR Decline in Core EBITDA was due to lower revenues from other subsidiaries (MSERV, MIESCOR and RSIC) Growth in Reported income was driven by foreign exchange fluctuations

POWER KEY METRIC

KEY METRICS S AN AND D PRIOR PRIORITIES ITIES

MERALCO POWER GENER ERATIO ION N UPDATES

KEY METRICS 1Q 2017 1Q 2016

12-MMA System Loss 6.23% 6.53% System Average Interruption Frequency Index 0.24 times 0.40 times Customer Average Interruption Duration Index 124.33 min 116.39 min Number of customers 6.11M 5.84M Capital Expenditure (excluding Singapore Plant) P2,670M P1,836M Energy Sales Residential 2,746 2,714 Commercial 3,742 3,620 Industrial 2,795 2,709 Streetlights 34 34 Total (in GWh) 9,317 9,077 Projects Under Construction  San Buenaventura Power, Mauban, Quezon (Target completion in 2019)

• Awarded the EPC contract to a Korean and Japanese consortium
• EPC work progress is at 39% and is proceeding as scheduled

 Mariveles Power Generation Corporation, Mariveles, Bataan (Target completion of Unit 1 in 2019

• Equipment supply and erection contract awarded to FHI of Taiwan

Projects Under Development  Redondo Peninsula Energy, Subic (Target completion of Phase 1 in 2020)

• Executed EPC contracts with Doosan Heavy Industries & Construction Co.
• Ltd. and Azul Torre Construction Inc.
• Issued limited Notice to Proceed for work activities
• ROW for Phase 1 transmission line secured

 Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021)

• Ongoing evaluation of EPC contractors – target award by 2Q 2017
• Ongoing discussion with local banks on entire debt requirements
• Grid Interconnection approved by the ERC in January 2017; Connection

Agreement with NGCP executed in January 2017

• Site preparation works – target to start by mid 2017

 St. Raphael Power Generation Corporation, Calaca, Batangas

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

by NGCP in March 2017  GLEDC, Luna, La Union

• Early stage of development, target commissioning by 2021

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POWER

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GL GLOB OBAL AL BUSINES USINESS S PO POWER WER 1Q 1Q 2017 2017 HI HIGH GHLIG LIGHT HTS

Core Income growth was driven by 8% increase in volume of power sold – 150MW PEDC commenced

• perations in 1Q 2017 with average availability

factor of 58% Reported Income grew faster due to the settlement

• f tax deficiency recorded only in 1Q 2016

In Millions 1Q 2017 Stand-alone Core Income 505 GBPC (42%) 212 Fair Value Adjustments (4) Beacon PowerGen (125) MPIC Share 83

In Millions 1Q 2017 1Q 2016 % Power billings 4,729 3,883 22% Coal sales 3 30

• 90%

Total revenues 4,732 3,913 21% Power plant costs (1,924) (1,434) 34% Operating expenses (1,402) (1,246) 13% Interest expense - net (490) (540)

• 9%

Other income 11 11 0% Provision for income tax (202) (24) 742% Non-controlling interests (220) (258)

• 15%

Core income 505 422 20% Non-core income (expense) 3 (25)

• 112%

Reported net income 508 397 28% Core EBITDA Computation: Core income 505 422 20% Depreciation and amortization 577 534 8% Interest expense - net 490 540

• 9%

Provision for income tax 202 24 742% Non-controlling interests 220 258

• 15%

Core EBITDA 1,994 1,778 12%

POWER

15 POWER GENER ERATIO ION N UPDATES ES KEY METRICS 1Q 2017 1Q 2016

Volume Sold (in GWh) Bilateral - Generation 740 754 Bilateral - WESM 127 66 WESM - Spot Sales 42 20 Total 909 841

 150 MW CFB Plant, Iloilo

• Project Cost: US$330 million
• Undergoing final acceptance, full availability expected from May onwards
• Supported by a 70MW EPPA contract from Meralco

 36.35 MW Biomass Co-Gen Project, La Carlota, Negros Occidental (Target completion in 1Q 2020)

• Project Cost: US$138 million
• Biomass Renewable Energy Operating Contract (BREOC) submitted to the

Department of Energy last February 2017  140 MW Pump Storage Project

• Project Cost: US$160 million
• Feasibility study for completion in 2017

 670 MW Super Critical Coal Power Plant. La Union, Pangasinan (Target completion in December 2021)

• Project Cost: US$1.4 billion
• Pending ERC approval of 600MW EPPA contract from Meralco
• Obtained local government endorsements and Land Conversion Certificates
• Ongoing EPC selection, transmission route survey and system impact and

facility studies

• ECC targeted to be secured by 3Q 2017

KEY METRIC KEY METRICS S AN AND D PRIOR PRIORITIES ITIES

TOLL ROADS

In Millions 1Q 2017 1Q 2016 % Stand-alone Core Income 958 747 28% MPTC (99.9%) 957 845* 13% Fair Value Adjustments (11) (12)

• 8%

MPIC Share 946 833 14%

*Includes Don Muang Tollway contribution

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MPT MPTC C 1Q 1Q 201 2017 7 HIG HIGHLIGH HLIGHTS TS

Net Toll Revenues increased due to:  NLEX

• Revenues up by 6% from P2,176 million to P2,316 million
• 7% increase in average daily vehicle entries (open & closed systems) from 214,105

to 229,633 – Class 3 grew fastest at 12%

• 4% increase in average daily kilometers travelled from 4.32M to 4.50M – Class 3

grew fastest at 10%  CAVITEX

• Revenues up by 11% from P323 million to P359 million
• 9% increase in average daily vehicle entries from 124,414 to 135,047 –

R1 extension traffic grew fastest at 19%  SCTEX

• Revenues up by 12% from P382 million to P427 million
• 20% increase in average daily vehicle entries from 42,486 to 51,128 – Class 3 grew

fastest at 45% Faster growth in Core EBITDA due to equity share in DMT (transferred to MPTC – Sept. 2016) and lower operators fee driven by the renegotiated O&M contract with TMC Faster growth in Core Income due to flat interest and amortization expenses Don Muang Tollway  Contribution amounted to P99 million net of financing costs  3% increase in average daily vehicles entries for Original Tollway from 96,058 to 99,150  Slight increase in average daily vehicle entries for North Extension from 56,826 to 56,903 CII Bridges & Roads  Contribution amounted to P28 million  4% increase in average daily vehicle entries from 49,622 to 51,788

In Millions 1Q 2017 1Q 2016 % Net toll revenues 3,102 2,881 8% Cost of services (1,193) (1,222)

• 2%

Gross profit 1,909 1,659 15% Operating expenses (358) (307) 17% Other income - net 85 65 31% Share in earnings of associates 219 119 84% Interest expense - net (296) (297) 0% Provision for income tax (338) (275) 23% Non-controlling interest (263) (217) 21% Core income 958 747 28% Non-core income (expense) (18) 10

• 280%

Reported net income 940 757 24% Core EBITDA Computation: Core income 958 747 28% Depreciation and amortization 271 267 1% Interest expense - net 296 297 0% Provision for income tax 338 275 23% Non-controlling interest 263 217 21% Core EBITDA 2,126 1,803 18%

TOLL ROADS

KEY METRIC KEY METRICS S AN AND D PRI PRIOR ORITIES ITIES

KEY METRICS 1Q 2017 1Q 2016 Class 1 176,847 165,644 Class 2 32,813 30,661 Class 3 19,973 17,800 Total 229,633 214,105 Class 1 3,338 3,232 Class 2 700 664 Class 3 465 421 Total 4,503 4,317 Class 1 120,273 110,961 Class 2 10,025 9,300 Class 3 4,749 4,153 Total 135,047 124,414 Class 1 41,565 34,834 Class 2 5,846 5,088 Class 3 3,717 2,564 Total 51,128 42,486 Capital Expenditure P1,019M P725M 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

PROJECTS Length Project Cost Target Completion Status Philippines (In Kms) (In Billions) Expansions to existing roads SFEX widening N/A 1.6 1Q 2018 Detailed engineering design (DED) - Approved by Toll Regulatory Board (TRB); awaiting Notice to Proceed San Fernando Interchange N/A 0.2 2Q 2017 Ongoing construction, 11% completed NLEX R10 Section 2.6 6.5 1Q 2018 Pending TRB approval NLEX Harbour Link (Segment 10) 5.8 10.5 4Q 2017 Ongoing construction, 56% completed; 65% right-of-way (ROW) acquired CAVITEX Segment 4 1.3 1.2 2Q 2019 DED completed; Ongoing ROW acquisition CAVITEX - C5 South Link 7.7 11.7 4Q 2019 Ongoing DED & ROW acquisition NLEX Citi Link 7.5 8.0 2021 DED - Completed & approved by TRB; Ongoing ROW acquisition New road projects awarded Cebu Cordova Link Expressway 8.3 27.9 2020 Groundbreaking held last March 2017; Ongoing DED; Pending Environmental Compliance Certificate (ECC) Permit, TRB & PRA approval Cavite Laguna Expressway 44.6 19.0 2020 DED certified; Laguna section awarded to DMCI NLEX-SLEX Connector Road 8.0 21.8 2021 DED completed; Ongoing ROW acquisition TOTAL 85.8 108.4 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

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MA MAYN YNILAD ILAD 1Q 2017 1Q 2017 HIG HIGHLIGH HLIGHTS TS

MAYNILAD Revenues decreased by 3% due to:  Flat volume sales from 120.3 MCM to 120.7 MCM due to fewer days in 1Q 2017 (Leap year in February 2016 and early billing cut-

• ff in March 2017)
• 4% increase in billed customers from 1,275,902 to 1,323,063

 1% decrease in average effective tariff due to reduced consumption per connection reflecting lower temperatures Core EBITDA dropped given the higher utility costs in 1Q 2017 Core Income was reduced by increased amortization expense from completed capital expenditure Reported income declined faster due to a one-time separation expense as a result of Maynilad’s redundancy and right-sizing program Other Businesses – Stand-alone PhilHydro – Gross Revenues of P52 million and Operating Income

• f P9 million; billed volume increased from 34.8 MLD to 36.7 MLD

Subic Water – Gross Revenues of P158 million and Net Income of P39 million

In Millions 1Q 2017 1Q 2016 % Revenues 4,788 4,935

• 3%

Cost of services (1,462) (1,346) 9% Gross profit 3,326 3,589

• 7%

Operating expenses (685) (655) 5% Other expense - net (188) (177) 6% Interest expense - net (433) (474)

• 9%

Provision for income tax (543) (575)

• 6%

Core income 1,477 1,708

• 14%

Non-core expenses (269) (69) 290% Reported net income 1,208 1,639

• 26%

Core EBITDA Computation: Core income 1,477 1,708

• 14%

Depreciation and amortization 703 590 19% Interest expense - net 433 474

• 9%

Provision for income tax 543 575

• 6%

Core EBITDA 3,156 3,347

• 6%

In Millions 1Q 2017 1Q 2016 % Stand-alone Core Income 1,477 1,708 -14% Maynilad (52.8%) 780 901 -13% Fair Value Adjustments (58) (42) 38% Metropac Water Investments (6) (16) 63% MPIC Share 716 843 -15%

WATER

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KEY METRIC KEY METRICS S AN AND D PRIOR PRIORITIES ITIES

SIGNIFIC NIFICANT ANT EVENTS: : APPLIC ICATIO ION N FOR TARIFF F INCRE REAS ASE

20 February 2015 Maynilad calls on Government’s (Department of Finance) undertaking to indemnify concessionaire for losses caused by delays in implementation of tariff 09 March 2015 Maynilad sends a follow-up letter to the DOF 27 March 2015 Maynilad serves Notice of Arbitration to the Philippine Republic 14 May 2015 MWSS board approves Maynilad’s request for CPI increase 22 October 2015 Arbitral Tribunal for Arbitration with Philippine Republic is constituted December 2016 Arbitration hearings completed 1H 2017 Target award of final judgment

KEY METRICS 1Q 2017 1Q 2016 NRW Average 33.2% 30.6% Period end 32.9% 30.4% Coverage Total population 10.06M 9.89M Population coverage 9.31M 9.25M 24hr availability 98% 100% Minimum 16 psi 72% 74% Customer Mix Residential 81% 81% Commercial 19% 19% Capital Expenditure P2,446M P1,241M

HOSPITALS

In Millions 1Q 2017 1Q 2016 % Stand-alone Core Income 544 408 33% Metro Pacific Hospital Holdings (60.0%) 201 147 37% Hospital admin and fair value adjustments (19) (13) 46% MPIC Share 182 134 36%

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MPHHI MPHHI 1Q 1Q 201 2017 7 HIGHLIGH HIGHLIGHTS

In Millions 1Q 2017 1Q 2016 % Gross revenues 5,358 4,615 16% Discounts (498) (432) 15% Net revenues 4,860 4,183 16% Cost of supplies (1,988) (1,703) 17% Gross profit 2,872 2,480 16% Operating expenses (2,160) (1,934) 12% Interest expense (53) (63)

• 16%

Other income 114 93 23% Provision for income tax (229) (168) 36% Core income 544 408 33% Non-core income (expense) 3 (1)

• 400%

Reported net income 547 407 34% Core EBITDA Computation: Core income 544 408 33% Depreciation and amortization 416 375 11% Interest expense 53 63

• 16%

Provision for income tax 229 168 36% Core EBITDA 1,242 1,014 22%

Hospitals Stand-alone Core Income MPIC Share (In Millions) 1Q 2017 1Q 2016 % 1Q 2017 1Q 2016 % Asian Hospital 115 96 20% 59 49 20% Cardinal Santos 62 39 59% 38 23 65% Riverside 60 57 5% 28 27 4% Makati Med 109 90 21% 21 18 17% Marikina Valley 24

• N/A

14

• N/A

Davao Doctors 60 60 0% 13 13 0% East Manila Hospital 14 9 56% 8 5 60% De Los Santos 25 8 213% 7 3 133% Manila Doctors 55 38 45% 6 5 20% Central Luzon 9 7 29% 3 2 50% West Metro 3 3 0% 2 2 0% Sacred Heart 8 1 700% 2 700% Total 544 408 33% 201 147 37% Hospital Admin/FV adjustments (19) (13) 46% MPIC Share 182 134 36%

Core Income grew 33% due to increased patients served across all hospitals and cost containment from economies of scale. 26% of Core Income growth came from existing hospitals while 7% came from newly-acquired hospitals (Sacred Heart Hospital and Marikina Valley Medical Center) Stand-alone Core Income and MPIC share breakdown as follows:

HOSPITALS

KE KEY MET Y METRIC RICS AND AND PRIOR RIORIT ITIE IES

Invest in more hospitals to expand the chain – Target of 5,000 beds and better coverage Improve existing hospitals through investments in new equipment and renovations / expansions Harvest synergies across the network  Group-wide policies and protocols on equipment and

• ther purchases

 Centralized laboratory – JV under negotiation Integrate into one chain and build centers of excellence across the network  Oncology Centers  Greenfield specialist hospitals Address changes in healthcare delivery  Nonhospital-based primary care centers – in partnership with Sanitas International

KEY EY PRIOR ORITIE ITIES

KEY METRICS 1Q 2017 1Q 2016 Total number of beds 2,893 2,637 Number of accredited doctors 7,667 6,882 Average number of enrollees 6,671 5,793 Average standard occupancy rate 65% 67% Number of patients In patient 41,120 36,721 Out patient 741,405 604,358

21

RAIL

22

LRMC LRMC 1Q 2017 1Q 2017 HIG HIGHLIGH HLIGHTS TS

Rail Revenues increased due to:  6% growth in average daily ridership from 419,081 to 443,337  10% increase in LRVs from 91 to 100 – number of LRVs started at 77 from handover in September 2015 Core Income declined due to higher operating expenses driven by increased headcount and maintenance expenses Key Priorities Improvements on existing LRT1 line: Ongoing rail replacement – 67% accomplished; target completion by 4Q 2017 Station improvement plan ongoing – target completion by 4Q 2017 LRT1 Structural Restoration Project - restoration of 36-year-old parapets, faulty concrete, and repair of river bridges of the railway Station partnership programs and retail space improvement plans Unified Central Station  Agreement signed by DOTr, DPWH and relevant mall and rail

• perators in 18 January 2017

 Discussions on cost allocation ongoing South extension project  Secured financing and EPC contract  On-going right-of-way acquisition – Basic ROW package 1 acquired  Target groundbreaking by May 2017

In Millions 1Q 2017 1Q 2016 % Rail revenue 799 746 7% Cost of services (478) (428) 12% Gross profit 321 318 1% Operating expenses (146) (123) 19% Other income - net 4 11

• 64%

Interest income (expense) - net (1) 4

• 125%

Provision for income tax (54) (66)

• 18%

Core income 124 144

• 14%

Non-core income - net

• 3
• 100%

Reported net income 124 147

• 16%

Core EBITDA Computation: Core income 124 144

• 14%

Depreciation and amortization 13 5 160% Interest income (expense) - net 1 (4)

• 125%

Provision for income tax 54 66

• 18%

Core EBITDA 192 211

• 9%

In Millions 1Q 2017 1Q 2016 % Stand-alone Core Income 124 144 -14% LRMC (55%) 68 79 -14% Holding company admin 1 (1) 175% MPIC Share 69 78 -12%

23

QUARTERLY ANALYSIS

POWER MERAL

MERALCO CO QU QUAR ARTE TERL RLY Y HIG HIGHLIGH HLIGHTS TS

(I (IN MIL N MILLIONS IONS OF OF PE PESOS OS)

4Q 2016 1Q 2017 % Total Revenues 62,017 66,576 7.4% Core EBITDA 7,739 7,922 2.4% Core Income 4,617 4,598

• 0.4%

Reported Income 3,500 4,817 37.6% System Loss (12 mo. moving average) 6.35% 6.23% N/A Number of customers 6.04M 6.11M 1.2% Energy Sales Residential 3,032 2,746

• 9.4%

Commercial 4,011 3,742

• 6.7%

Industrial 2,962 2,795

• 5.6%

Streetlights 34 34 0.0% Total (in gWh) 10,039 9,317

• 7.2%

FINANCIAL HIGHLIGHTS KEY METRICS

24

TOLL ROADS

MP MPTC QU C QUAR ARTERL RLY Y HIG HIGHLIGHT HLIGHTS S (IN MI

IN MILLIONS IONS OF OF PESOS OS)

4Q 2016 1Q 2017 % Net Revenues 3,108 3,102

• 0.2%

Core EBITDA 2,013 2,126 5.6% Core Income 911 958 5.2% Reported Income 923 940 1.8% NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 176,378 176,847 0.3% Class 2 33,178 32,813

• 1.1%

Class 3 19,063 19,973 4.8% Total 228,619 229,633 0.4% Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,330 3,338 0.2% Class 2 717 700

• 2.4%

Class 3 442 465 5.2% Total 4,489 4,503 0.3% CAVITEX Average Daily Vehicle Entries Class 1 115,330 120,273 4.3% Class 2 9,737 10,025 3.0% Class 3 4,577 4,749 3.8% Total 129,644 135,047 4.2% SCTEX Average Daily Vehicle Entries Class 1 39,931 41,565 4.1% Class 2 5,966 5,846

• 2.0%

Class 3 3,371 3,717 10.3% Total 49,268 51,128 3.8% FINANCIAL HIGHLIGHTS KEY METRICS

25

WATER

26

MA MAYN YNILAD ILAD QU QUAR ARTE TERL RLY Y HIG HIGHLIGH HLIGHTS TS

(I (IN MI N MILLIONS IONS OF OF PES PESOS OS)

4Q 2016 1Q 2017 % Revenues 5,004 4,788

• 4.3%

Core EBITDA 3,352 3,156

• 5.8%

Core Income 1,780 1,477

• 17.0%

Reported Income 1,947 1,208

• 38.0%

Billed volume (In MCM) 124.4 120.7

• 3.0%

Billed customers 1,312,223 1,323,063 0.8% Non-revenue water Average 30.6% 33.2% 8.5% Period end 30.6% 32.9% 7.5% Service levels 24-hour coverage 98.2% 98.1%

• 0.1%

Minimum 16 psi 75.8% 71.5%

• 5.7%

FINANCIAL HIGHLIGHTS KEY METRICS

HOSPITALS

HOSPIT HOSPITAL AL GR GROUP OUP QU QUARTE TERLY HI HIGH GHLIG LIGHTS HTS

(I (IN MI N MILLIONS IONS OF OF PES PESOS OS)

4Q 2016 1Q 2017 % Revenues 5,059 5,358 5.9% Core EBITDA 1,072 1,242 15.9% Core Income 423 544 28.6% Reported Income 424 547 29.0% Total number of beds 2,839 2,893 1.9% Number of accredited doctors 7,420 7,667 3.3% Number of enrollees 5,836 6,671 14.3% FINANCIAL HIGHLIGHTS KEY METRICS

27

RAIL

28

LRMC LRMC QU QUAR ARTE TERL RLY Y HIG HIGHLIGH HLIGHTS TS

(IN IN MI MILLIONS IONS OF OF PES PESOS OS)

4Q 2016 1Q 2017 % Net Revenues 792 799 1% Core EBITDA 177 192 8% Core Income 81 124 52% Reported Income 83 124 50% LRMC - Average Daily Ridership 423,590 443,337 5% FINANCIAL HIGHLIGHTS KEY METRICS

29

BALANCE SHEET AND CASH FLOW STATEMENTS

(Tentative)

30

METRO RO PACIFIC CIFIC INV NVES ESTMENTS TMENTS CORPORATION RPORATION – PARENT RENT

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions March 2017 Dec 2016 In PhP Millions March 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 5 5,2 ,299 4,162 Accounts payable and other current liabilities 3 3,1 ,188 877 Receivables - net 1 1,6 ,647 76 Due to related parties 2 2,7 ,732 2,004 Other current assets 2 264 401 Current portion of long-term debt 3 357 357 Total Current Assets 7 7,2 ,210 4,639 Total Current Liabilities 6 6,2 ,277 3,238 Noncurrent Assets Noncurrent Liabilities Investments and advances to subs., associates & JVs 1 167,2 ,296 165,311 Noncurrent portion of long-term debt 3 36,3 ,324 36,382 Other noncurrent assets 6 617 533 Due to related parties 6 6,8 ,804 6,726 Total Noncurrent Assets 1 167,9 ,913 165,844 Other noncurrent liabilities 9 910 861 Total Noncurrent Liabilities 4 44,0 ,038 43,969 TOTAL ASSETS 1 175,1 ,123 170,483 Total Liabilities 5 50,3 ,315 47,207 Equity Capital stock 3 31,6 ,619 31,619 Additional paid-in capital 6 68,4 ,439 68,438 Treasury shares ( (167) (167) Other reserves 1 168 149 Retained earnings 2 24,7 ,749 23,237 Total Equity 1 124,8 ,808 123,276 TOTAL LIABILITIES AND EQUITY 1 175,1 ,123 170,483 As of As of

31

METRO RO PACIFIC CIFIC INV NVES ESTMENTS TMENTS CORPORATION RPORATION – CONSOLIDATED NSOLIDATED

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions March 2017 Dec 2016 In PhP Millions March 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Noncurrent portion of concession fees payable Cash and short-term investments 2 22,3 ,349 21,901 long-term debt and others 1 123,7 ,728 121,458 Receivables 7 7,5 ,501 5,171 Due to related parties 6 6,8 ,806 6,726 Other current assets 4 4,7 ,741 4,728 Deferred tax liabilities 4 4,1 ,114 3,925 Total Current Assets 3 34,5 ,591 31,800 Other noncurrent liabilities 4 4,2 ,297 4,368 Total Noncurrent Liabilities 1 138,9 ,945 136,477 Noncurrent Assets Investments and advances 1 126,7 ,780 126,556 Total Liabilities 1 169,4 ,419 163,521 Goodwill 2 21,3 ,369 21,004 Service concession assets 155,678 152,693 Equity Property and equipment 1 10,6 ,688 10,480 Capital stock 3 31,6 ,619 31,619 Other noncurrent assets 9 9,1 ,114 9,069 Additional paid-in capital 6 68,4 ,439 68,438 Total Noncurrent Assets 3 323,6 ,629 319,802 Treasury shares ( (167) (167) Other equity adjustments and reserves 8 8,4 ,443 8,253 TOTAL ASSETS 3 358,2 ,220 351,602 Retained earnings 4 44,7 ,749 43,889 Total equity attributable to owners of Parent 1 153,0 ,083 152,032 LIABILITIES AND EQUITY Non-controlling interest 3 35,7 ,718 36,049 Current Liabilities Total Equity 1 188,8 ,801 188,081 Accounts payable and other current liabilities 1 18,7 ,756 15,431 Due to related parties 2 2,4 ,440 1,713 TOTAL LIABILITIES AND EQUITY 3 358,2 ,220 351,602 Current portion of concession fees payable long-term debt and others 9 9,2 ,278 9,900 Total Current Liabilities 3 30,4 ,474 27,044 As of As of

WATER

32

MAYNILAD ILAD WATER R SER ERVICE VICES S INC. . & SUBSIDIARIE BSIDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions March 2017 Dec 2016 In PhP Millions March 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 5 5,0 ,039 8,066 Accounts payable and other current liabilities 1 11,8 ,882 10,893 Receivables 2 2,2 ,263 2,493 Current portion of interest-bearing loans 962 962 1,808 Other current assets 3 3,6 ,660 3,470 Current portion of service concession obligation 1 1,1 ,191 1,329 Total Current Assets 1 10,9 ,962 14,029 Total Current Liabilities 1 14,0 ,035 14,030 Noncurrent Assets Noncurrent Liabilities Service concession assets 7 71,0 ,069 69,297 Interest-bearing loans - net of current portion 2 25,6 ,605 24,880 Deferred tax assets 9 909 1,032 Service concession obligation - net of current portion 6 6,5 ,537 6,500 Property and equipment 1 1,2 ,245 1,254 Other noncurrent liabilities 3 344 1,507 Other noncurrent assets 8 803 1,567 Total Noncurrent Liabilities 3 32,4 ,486 32,887 Total Noncurrent Assets 7 74,0 ,026 73,150 Total Liabilities 4 46,5 ,521 46,917 TOTAL ASSETS 8 84,9 ,988 87,179 Equity Capital stock 4 4,5 ,547 4,547 Additional paid-in capital 1 10,0 ,021 10,021 Other equity adjustments and reserves ( (310) (307) Retained earnings 2 24,2 ,209 26,001 Total Equity 3 38,4 ,467 40,262 TOTAL LIABILITIES AND EQUITY 8 84,9 ,988 87,179 As of As of

WATER

33

MAYNILAD NILAD WATER R SER ERVICE VICES S INC NC. . & & SUBSIDIARIE BSIDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions March 2017 March 2016 In PhP Millions March 2017 March 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 1,751 2,182 Additions to service concession assets (2,383) (1,199) Adjustments for: Acquisitions of property and equipment (82) (87) Interest expense 461 461 518 Increase in other noncurrent assets (1) 87 Amortization of service concession assets 611 611 517 Net cash used in investing activities (2,466) (1,199) Interest income (27) (32) Depreciation and amortization 91 91 71 Cash Flows from Financing Activities Others 25 25 55 Proceeds from availment of interest-bearing loans 435 435

• Operating income before working capital changes

2,912 3,311 Payments of: Decrease (increase) in: Dividends (3,000) (2,000) Short-term investments 2,033 4,097 Loans (846) (846) Receivables 230 230 (41) Service concession obligation payable (493) (631) Other current assets (189) 94 Interest (525) (520) Increase (decrease) in other current liabilities 1,396 (413) Increase (decrease) in other noncurrent liabilities (10) (16) Cash generated from operations 6,382 7,048 Others (49) 39 Interest received (449) (432) Net cash used in financing activities (4,488) (3,974) Income taxes paid 27 27 32 Net cash provided by operating activities 5,960 6,648 Net increase (decrease) in cash and cash equivalents (994) 1,475 Cash and cash equivalents at beginning of period 5,025 3,093 Cash and cash equivalents at end of period 4,031 4,568

TOLL ROADS

34

METRO O PACIF CIFIC IC TOLLWAYS CORP RPORA ORATION TION AND SUBSIDIARIES BSIDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions March 2017 Dec 2016 In PhP Millions March 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 4 4,3 ,330 2,733 Accounts payable and accrued liabilities 3 3,2 ,203 3,801 Receivables 8 876 689 Current portion of long-term debt 1 1,0 ,083 1,047 Other current assets 1 1,6 ,689 1,301 Other current liabilities 1 1,4 ,416 882 Total Current Assets 6 6,8 ,895 4,723 Total Current Liabilities 5 5,7 ,702 5,730 Noncurrent Assets Noncurrent Liabilities Service concession assets 62,823 61,828 Long-term debt - net of current portion 3 32,5 ,551 31,309 Goodwill 4 4,9 ,979 4,979 Service concession obligation 1 18,8 ,828 18,551 Investment in associates 11,265 11,318 Deferred tax liabilities 1 1,0 ,071 1,072 Other noncurrent assets 3 3,1 ,168 3,268 Other noncurrent liabilities 1 1,6 ,664 739 Total Noncurrent Assets 82,235 81,393 Total Noncurrent Liabilities 5 54,1 ,114 51,671 TOTAL ASSETS 89,130 86,116 Total Liabilities 5 59,8 ,816 57,401 Equity Capital stock 1 12,7 ,718 12,718 Additional paid-in capital 1 17,5 ,583 17,583 Other equity adjustments and reserves ( (9,6 ,653) (9,822) Retained earnings 6 6,0 ,028 5,859 Total Equity Attributable to Equity Holders of Parent 2 26,6 ,676 26,338 Non-controlling interest 2 2,6 ,638 2,377 Total Equity 2 29,3 ,314 28,715 TOTAL LIABILITIES AND EQUITY 8 89,1 ,130 86,116 As of As of

HOSPITALS

MEDICAL DICAL DO DOCTORS ORS INC NC. . AND ND SUBSIDIARIE BSIDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities 912 912 920 Cash and cash equivalents 559 559 706 Retirement benefit obligation 112 112 106 Receivables - net 894 894 563 Loans payable 964 964 1,018 Inventories - net 212 212 251 Provisions 103 103 103 Other current assets 110 110 72 Total Noncurrent Liabilities 2 2,0 ,091 2,147 Total Current Assets 1 1,7 ,775 1,592 Total Liabilities 3 3,4 ,459 3,376 Noncurrent Assets Property and Equipment - net 7,946 7,915 Equity Other noncurrent assets 132 132 132 Capital stock 3 337 336 Total Noncurrent Assets 8 8,0 ,078 8,047 Capital in excess of par value 1 1,5 ,592 1,572 Other equity adjustments 2 2,4 ,443 2,445 TOTAL ASSETS 9 9,8 ,853 9,639 Retained earnings 2 2,0 ,015 1,902 Treasury Stock ( (15) (15) LIABILITIES AND EQUITY Total Equity Attributable to Equity Holders of Parent 6 6,3 ,372 6,240 Current Liabilities Non-controlling interest 2 22 23 Accounts payable and accrued expenses 1,150 1,011 Total Equity 6 6,3 ,394 6,263 Current portion of long-term liabilities 214 214 214 Other current liabilities 4 4 TOTAL LIABILITIES AND EQUITY 9 9,8 ,853 9,639 Total Current Liabilities 1 1,3 ,368 1,229 As of As of

HOSPITALS

MEDICAL DICAL DO DOCTORS ORS INC NC. . AND ND SUBSIDIARIE BSIDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 159 159 130 Acquisitions of property and equipment (150) (45) Adjustments for: Construction in progress

• (68)

Provisions 17 17 16 Net cash used in investing activities (150) (113) Depreciation and amortization 119 119 114 Retirement benefit expense 12 12 9 Cash Flows from Financing Activities Interest expense 16 16 14 Proceeds from Issuance of capital stock 21 21 2 Interest income (1) (1) Payment of loan (54) (4) Others Interest paid (16) (15) Operating income before working capital changes 322 322 282 Dividends paid (70) (55) Decrease (increase) in: Net cash used in financing activities (119) (72) Receivables (349) (230) Inventories 40 40 23 Net decrease in cash and cash equivalents (147) (32) Prepayments (37) (13) Increase in Accounts payable and accrued expenses 151 151 96 Cash and cash equivalents at beginning of period 706 706 531 Cash generated from operations 127 127 158 Contributions to the retirement fund (6) (6) Cash and cash equivalents at end of period 559 559 499 Interest received 1 1 Net cash provided by operating activities 122 122 153

HOSPITALS

COLINA INAS S VE VERDES RDES (CARDIN RDINAL AL SANT NTOS OS MEDICAL ICAL CENTE NTER) R)

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 343 343 309 Accounts payable and accrued expenses 7 787 699 Receivables - net 225 225 217 Due to related parties 2 2 6 Inventories - net 74 74 71 Other current liabilities 1 19 19 Other current assets 36 36 45 Total Current Liabilities 8 808 724 Total Current Assets 6 678 642 Noncurrent Liabilities Noncurrent Assets Retirement plan 2 21 20 Property and Equipment - net 1 1,2 ,274 1,058 Lease payable 6 677 599 Deferred income tax assets 1 138 115 Total Noncurrent Liabilities 6 698 619 Other noncurrent assets 7 7 6 Total Noncurrent Assets 1 1,4 ,419 1,179 Total Liabilities 1 1,5 ,506 1,343 TOTAL ASSETS 2 2,0 ,097 1,821 Equity Capital stock 5 50 50 Deposit for future stock subscription Other comprehensive income 3 3 Retained earnings 5 538 425 Total Equity 5 591 478 TOTAL LIABILITIES AND EQUITY 2 2,0 ,097 1,821 As of As of

HOSPITALS

COLINA INAS S VE VERDES RDES (CARDIN RDINAL AL SANT NTOS OS MEDICAL ICAL CENTE NTER) R)

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 89 89 55 Acquisitions of property and equipment (75) (55) Adjustments for: Increase in other noncurrent assets (1)

• Provisions

1 1 Net cash used in investing activities (76) (55) Depreciation and amortization 44 44 34 Interest expense 9 26 Cash Flow from a Financing Activity Interest income (1)

• Loans payable

10 10 (74) Operating income before working capital changes 142 142 116 Decrease (increase) in: Net increase in cash and cash equivalents 34 34 87 Receivables (33) (41) Inventories 25 25 7 Cash and cash equivalents at beginning of period 309 309 222 Prepayments (8) (10) Increase (decrease) in: Cash and cash equivalents at end of period 343 343 309 Accounts payable and accrued expenses (27) 144 Refundable deposits and other liabilities (1)

• Cash generated from operations

98 98 216 Interest received 1

• Net cash provided by operating activities

99 99 216

HOSPITALS

DAVAO O DO DOCTORS ORS HOSP SPIT ITAL, AL, INC NC. . AND ND SUBSIDIARIE BSIDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations 4 49 47 Cash and cash equivalents 2 222 228 Other noncurrent liabilities 1 13 11 Receivables, net 2 277 274 Total Noncurrent Liabilities 6 62 58 Inventory, net 1 108 114 Prepaid expenses 3 30 25 Total Liabilities 3 392 410 Total Current Assets 6 637 641 Equity Noncurrent Assets Capital stock 9 91 91 Property and Equipment - net 1 1,1 ,179 1,172 Capital in excess of par value 4 49 49 Deferred income tax assets 2 20 19 Treasury shares ( (7) (7) Other noncurrent assets 6 66 68 Other equity adjustments 3 32 32 Total Noncurrent Assets 1 1,2 ,265 1,259 Retained earnings 1 1,3 ,345 1,325 Total Equity 1 1,5 ,510 1,490 TOTAL ASSETS 1 1,9 ,902 1,900 Non-controlling interest Total Equity 1 1,5 ,510 1,490 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 1 1,9 ,902 1,900 Accounts payable and accrued expenses 3 325 352 Other current liabilities 5 5

• Total Current Liabilities

3 330 352 As of As of

HOSPITALS

DAVAO O DO DOCTORS ORS HOSP SPIT ITAL, AL, INC NC. . AND ND SUBSIDIARIE BSIDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 84 84 83 Acquisitions of property and equipment (51) (39) Adjustment for depreciation 46 46 37 Increase in noncurrent assets 1 (2) Operating income before working capital changes 130 130 120 Net cash used in investing activities (50) (41) Decrease (increase) in: Receivables (3) (41) Net increase (decrease) in cash and cash equivalents (6) 8 Inventories 9 13 Prepayments and others (8) (7) Cash and cash equivalents at beginning of period 228 228 272 Decrease in Accounts payable and accrued expenses (83) (36) Net cash provided by operating activities 45 45 49 Cash and cash equivalents at end of period 222 222 280

HOSPITALS RIVE

VERSIDE SIDE MEDICA DICAL L CENTER NTER GR GROUP UP

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 4 4 4 Cash and cash equivalents 4 413 355 Deferred income tax liabilities 7 76 76 Receivables - net 1 184 270 Accrued retirement costs 8 8 7 Inventories - net 1 110 106 Other noncurrent liabilities 1 15 15 Other current assets 1 12 7 Total Noncurrent Liabilities 1 103 102 Total Current Assets 7 719 738 Total Liabilities 4 487 572 Noncurrent Assets Property and Equipment - net 1 1,0 ,089 1,093 Equity Pension Asset 2 23 23 Capital stock 6 62 62 Other noncurrent assets 2 27 28 Additional paid-in capital stock 3 377 377 Total Noncurrent Assets 1 1,1 ,139 1,144 Other equity adjustments 1 167 167 Retained earnings 7 769 708 TOTAL ASSETS 1 1,8 ,858 1,882 Treasury Stock ( (4) (4) Total Equity 1 1,3 ,371 1,310 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 1 1,8 ,858 1,882 Accounts payable and accrued expenses 3 321 362 Current portion of long-term debt 2 2 2 Unearned tuition and other school fees 2 2 64 Income tax payable 2 28 9 Other current liabilities 3 31 33 Total Current Liabilities 3 384 470 As of As of

HOSPITALS RIVE

VERSIDE SIDE MEDICA DICAL L CENTER NTER GR GROUP UP

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 80 80 73 Acquisitions of property and equipment (17) (23) Adjustments for: Depreciation 21 21 18 Cash Flows from Financing Activities Interest expense

• 1

Payment of long-term debt (1) (7) Interest income (1) (2) Others 1 1 Others 3 3 Net cash used in financing activities

• (6)

Operating income before working capital changes 103 103 93 Decrease (increase) in: Net increase in cash and cash equivalents 58 58 14 Receivables 86 86 65 Inventories (4) 26 Cash and cash equivalents as of beginning of period 355 355 566 Other assets (4) (2) Decrease in: Cash and cash equivalents at end of the period 413 413 580 Accounts payable and accrued expenses (100) (137) Other current liabilities (2)

• Cash generated from operations

79 79 45 Interest received 1 2 Income taxes paid (1)

• Interest paid
• (1)

Retirement payment (4) (3) Net cash provided by operating activities 75 75 43 43

HOSPITALS

EAST T MANI NILA LA HOSPIT SPITAL L MANA NAGE GERS RS CORP RP. . (LOURDES OURDES)

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Accrued retirement 2 29 27 Cash and cash equivalents 7 79 65 Other noncurrent liabilities 3 319 316 Receivables - net 7 74 70 Total Noncurrent Liabilities 3 348 343 Inventories - net 4 43 43 Prepaid expenses 2 2 4 Total Liabilities 5 578 570 Total Current Assets 1 198 182 Equity Noncurrent Assets Capital stock 5 50 50 Property and Equipment - net 3 302 295 Reserves 5 5 5 Deferred income tax 1 112 111 Retained earnings 1 132 118 Other noncurrent assets 1 153 155 Total Equity 1 187 173 Total Noncurrent Assets 5 567 561 TOTAL LIABILITIES AND EQUITY 7 765 743 TOTAL ASSETS 7 765 743 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 1 156 144 Current portion of long-term debt 5 55 70 Due to related parties 1 18 12 Other current liabilities 1 1 1 Total Current Liabilities 2 230 227 As of As of

HOSPITALS

EAST T MANI NILA LA HOSPIT SPITAL L MANA NAGE GERS RS CORP RP. . (LOURDES OURDES)

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 20 20 14 Acquisitions of property and equipment (20) (9) Adjustments for: Increase in other noncurrent assets (1) (1) Depreciation 16 16 18 Net cash used in investing activities (21) (10) Provision for doubtful accounts 2 2 Interest expense 1 1 Cash Flows from Financing Activities Operating income before working capital changes 39 39 35 Loan payment (15)

• Decrease (increase) in:

Increase in: Receivables (6) 11 Due to related parties 6 5 Inventories

• 2

Other noncurrent liabilities 3 3 Other current assets 2 (2) Net cash provided by (used in) financing activities (6) 8 Increase in: Accounts payable and accrued expenses 11 11 17 Net increase in cash and cash equivalents 14 14 58 Retirement fund obligation 2 2 Cash generated from operations 48 48 65 Cash and cash equivalents as of beginning of period 65 65 46 Income taxes paid (7) (5) Net cash provided by operating activities 41 41 60 Cash and cash equivalents at end of the period 79 79 104

HOSPITALS ASIAN

AN HOSPIT SPITAL L INC NC.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 3 393 347 Accounts payable and accrued expenses 6 647 638 Receivables - net 3 339 291 Accrued interest 2 24 22 Inventories - net 1 106 127 Long-term debts, currently due 2 268 309 Other current assets 3 34 18 Refundable deposits and other current liabilities 4 43 47 Prepaid expenses 2 23 18 Total Current Liabilities 9 982 1,016 Total Current Assets 8 895 801 Noncurrent Liability Noncurrent Assets Other non-current liabilities 62 62 58 Property and equipment, net 3 3,6 ,651 3,655 Deferred income tax 1 120 122 Total Liabilities 1 1,0 ,044 1,074 Computer software - net 3 3 3 Other non-current assets 1 15 15 Equity Total Noncurrent Assets 3 3,7 ,789 3,795 Capital stock 1 1,9 ,937 1,937 Capital stock in excess of par value 1 185 185 TOTAL ASSETS 4 4,6 ,684 4,596 Subscription receivable ( (4) (4) Other equity adjustments ( (3) (3) Retained earnings 1 1,5 ,525 1,407 Total Equity 3 3,6 ,640 3,522 TOTAL LIABILITIES AND EQUITY 4 4,6 ,684 4,596 As of As of

HOSPITALS ASIAN

AN HOSPIT SPITAL L INC NC.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 167 167 136 Acquisitions of property and equipment (63) (69) Adjustments for: Provisions 5 7 Cash Flows from Financing Activities Depreciation 73 73 73 Payment of long-term debt (42) (42) Amortization of capitalized borrowing cost

• 1

Interest paid

• (8)

Interest expense 6 16 Net cash used in financing activities (42) (50) Others (4) 1 Operating income before working capital changes 247 247 234 Net increase in cash and cash equivalents 46 46 104 Decrease (increase) in: Receivables (50) 7 Cash and cash equivalents as of beginning of period 347 347 410 Inventories 20 20 22 Other current assets (21) (8) Cash and cash equivalents at end of the period 393 393 514 Increase (decrease) in: Accounts payable and accrued expenses (96) (83) Other current liabilities 51 51 51 Net cash provided by operating activities 151 151 223

HOSPITALS DE

DELOS OS SANT NTOS OS MEDICAL DICAL CENT NTER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 7 78 54 Accounts payable and accrued expenses 8 82 74 Receivables - net 8 80 69 Due to related parties 4 4 4 Inventories - net 3 39 42 Long-term debts, currently due 2 200 200 Prepaid expenses 1 18 17 Refundable deposits and other current liabilities 7 70 51 Total Current Assets 2 215 182 Total Current Liabilities 3 356 329 Noncurrent Assets Noncurrent Liability Property and equipment, net 6 610 596 Retirement Liability 3 30 29 Deferred income tax 2 24 24 Other non-current assets 1 14 14 Total Liabilities 3 386 358 Total Noncurrent Assets 6 648 634 Equity TOTAL ASSETS 8 863 816 Capital stock 1 114 114 Capital stock in excess of par value 2 241 241 Other equity adjustments 2 2 2 Retained earnings 1 120 101 Total Equity 4 477 458 TOTAL LIABILITIES AND EQUITY 8 863 816 As of As of

HOSPITALS DE

DELOS OS SANT NTOS OS MEDICAL DICAL CENT NTER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 28 28 15 Acquisitions of property and equipment (34) (35) Adjustments for: Provisions 3 3 Cash Flows from Financing Activities Depreciation 21 21 18 Proceeds from long term debt

• 75

Interest expense-net 2 1 Interest paid (2) (1) Operating income before working capital changes 54 54 37 Net cash provided by (used in) financing activities (2) 74 Decrease (increase) in: Receivables (14) (6) Net increase in cash and cash equivalents 24 24 11 Inventories 3 (4) Other current assets

• (9)

Cash and cash equivalents as of beginning of period 54 54 21 Increase (decrease) in: Accounts payable and accrued expenses 6 (42) Cash and cash equivalents at end of the period 78 78 32 Other liabilities 11 11 (4) Net cash provided by (used in) operating activities 60 60 (28)

HOSPITALS CENTRAL LUZON DOCTORS’ HOSPITAL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 2 29 49 Accounts payable and accrued expenses 1 102 105 Receivables - net 6 68 74 Dividends payable 1 10 11 Inventories - net 3 32 31 Total Current Liabilities 1 112 116 Prepaid expenses 6 6 - Total Current Assets 1 135 154 Noncurrent Liabilities Retirement Liability 8 8 7 Noncurrent Assets Deferred Income Tax 2 27 27 Property and equipment, net 3 339 328 Total Noncurrent Liabilities 3 35 34 Other non-current assets 3 35 21 Total Noncurrent Assets 3 374 349 Total Liabilities 1 147 150 TOTAL ASSETS 5 509 503 Equity Capital stock 1 106 106 Additional Paid-in Capital 8 82 82 Treasury stock ( (3) (3) Other equity adjustments 8 81 81 Retained earnings 9 96 87 Total Equity 3 362 353 TOTAL LIABILITIES AND EQUITY 5 509 503 As of As of

HOSPITALS CENTRAL LUZON DOCTORS’ HOSPITAL

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 13 13 10 Acquisitions of property and equipment (20) (6) Adjustments for depreciation: 10 10 9 Increase in noncurrent assets (13)

• Operating income before working capital changes

23 23 19 Net cash used in investing activities (33) (6) Decrease (increase) in: Receivables 7 (3) Net decrease in cash and cash equivalents (20) (3) Inventories (1) 1 Other current assets (6) (1) Cash and cash equivalents as of beginning of period 49 49 87 Increase (decrease) in: Accounts payable and accrued expenses (11) (14) Cash and cash equivalents at end of the period 29 29 84 Other current liabilities 1 1 Net cash provided by operating activities 13 13 3

HOSPITALS MEGA

A CLINIC NIC

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 15 10 Accounts payable and accrued expenses 7 73 60 Receivables - net 7 70 60 Loans payable 5 5 5 Inventories - net 5 5 2 Due to related parties 1 14 14 Prepaid expenses 1 12 22 Total Current Liabilities 9 92 79 Total Current Assets 1 102 94 Noncurrent Liability Noncurrent Assets Retirement Liability 1 1 1 Property and equipment, net 3 32 33 Deferred income tax 7 7 7 Total Liabilities 9 93 80 Other non-current assets 2 21 11 Total Noncurrent Assets 6 60 51 Equity Capital stock 6 66 66 TOTAL ASSETS 1 162 145 Retained earnings 3 3 (1) Total Equity 6 69 65 TOTAL LIABILITIES AND EQUITY 1 162 145 As of As of

HOSPITALS MEGA

A CLINIC NIC

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income (loss) before income tax 7 (2) Acquisitions of property and equipment

• (1)

Adjustments for: Increase in noncurrent assets 3 (0) Provisions 1 3 Net cash provided by (used in) investing activities 3 (1) Depreciation 2 3 Operating income before working capital changes 10 10 4 Net decrease in cash and cash equivalents (45) (4) Decrease (increase) in: Receivables (16) (17) Cash and cash equivalents as of beginning of period 60 60 18 Inventories 1 (2) Prepayments (1) (3) Cash and cash equivalents at end of the period 15 15 14 Increase (decrease) in accounts payable and accrued expenses (42) 15 Net cash used in operating activities (48) (3)

HOSPITALS WE

WEST T METRO O MEDICAL DICAL CENT NTER ER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents

• 35

Accounts payable and accrued expenses 2 26 57 Receivables - net 1 17 14 Other non-current assets 3 3 1 Inventories - net 4 45 54 Total Current Liabilities 2 29 58 Prepaid expenses 4 4 2 Total Current Assets 6 66 105 Noncurrent Liability Retirement Liability 1 1 1 Noncurrent Assets Property and equipment, net 9 96 87 Total Liabilities 3 30 59 Other non-current assets 1 119 112 Total Noncurrent Assets 2 215 199 Equity Capital stock 7 75 75 TOTAL ASSETS 2 281 304 Deposit for future stock subscriptions 1 169 166 Other equity 3 3 3 Retained earnings 4 4 1 Total Equity 2 251 245 TOTAL LIABILITIES AND EQUITY 2 281 304 As of As of

HOSPITALS WE

WEST T METRO O MEDICAL DICAL CENT NTER ER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 4 4 Acquisitions of property and equipment (12) (14) Adjustments for: Increase in noncurrent assets (7)

• Provisions
• Net cash used in investing activities

(19) (14) Depreciation 3

• Operating income before working capital changes

7 4 Cash Flows from Financing Activities Increase in: Equity Infusion 3 85 Receivables (3) (3) Increase in Non-Current Assets

• (3)

Inventories (6) (14) Net cash provided by financing activities 3 82 Other current assets (3)

• Increase (decrease) in:

Net increase (decrease) in cash and cash equivalents (35) 65 Accounts payable and accrued expenses (18) 7 Other current liabilities 4 3 Cash and cash equivalents as of beginning of period 35 35 4 Net cash used in operating activities (19) (3) Cash and cash equivalents at end of the period 69

HOSPITALS MANI

NILA LA DO DOCTORS, ORS, INC. NC.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 161 136 Accounts payable and accrued expenses 4 447 422 Receivables - net 3 322 295 Long-term debts, currently due 2 200 150 Inventories - net 1 108 112 Other current liabilities 4 44 13 Other current assets 1 17 1 Total Current Liabilities 6 691 585 Prepaid expenses 4 40 13 Total Current Assets 6 648 557 Noncurrent Liabilities Long-term debt - net of current 2 250 250 Noncurrent Assets Other non-current liabilities 81 81 75 Property and equipment, net 1 1,6 ,618 1,516 Total Noncurrent Liabilities 3 331 325 Deferred income tax 2 28 28 Other non-current assets 1 10 13 Total Liabilities 1 1,0 ,022 910 Total Noncurrent Assets 1 1,6 ,656 1,557 Equity TOTAL ASSETS 2 2,3 ,304 2,114 Capital stock 1 198 198 Capital stock in excess of par value 5 56 56 Other equity adjustments ( (7) (7) Retained earnings 1 1,0 ,035 957 Total Equity 1 1,2 ,282 1,204 TOTAL LIABILITIES AND EQUITY 2 2,3 ,304 2,114 As of As of

HOSPITALS MANI

NILA LA DO DOCTORS, ORS, INC. NC.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 78 78 54 Acquisitions of property and equipment (136) (191) Adjustments for: Decrease (Increase) in noncurrent assets 3 (3) Provisions 4 3 Net cash used in investing activities (133) (194) Depreciation 36 36 35 Operating income before working capital changes 118 118 92 Cash Flow from a Financing Activity Decrease (increase) in: Availment of loan 50 50

• Receivables

(31) 1 Inventories 4 3 Net increase in cash and cash equivalents 25 25 62 Other current assets (45) (21) Increase in: Cash and cash equivalents as of beginning of period 136 136 57 Accounts payable and accrued expenses 18 18 32 Other current liabilities 44 44 149 Cash and cash equivalents at end of the period 161 161 119 Net cash provided by operating activities 108 108 256

HOSPITALS SACRE

CRED D HEA EART T HOSP SPIT ITAL AL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 134 142 Accounts payable and accrued expenses 3 35 43 Receivables - net 3 31 26 Other current liabilities 2 22 22 Inventories - net 1 14 13 Total Current Liabilities 5 57 65 Prepaid expenses 1 1 1 Total Current Assets 1 180 182 Noncurrent Liability Retirement Liability 3 3 3 Noncurrent Assets Property and equipment, net 1 169 166 Total Liabilities 6 60 68 Other non-current assets 4 4 4 Total Noncurrent Assets 1 173 170 Equity Capital stock 2 225 225 TOTAL ASSETS 3 353 352 Other equity adjustments

Retained earnings 6 68 59 Total Equity 2 293 284 TOTAL LIABILITIES AND EQUITY 3 353 352 As of As of

HOSPITALS SACRE

CRED D HEA EART T HOSP SPIT ITAL AL

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 Mar 2016 In PhP Millions Mar 2017 Mar 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 12 12 1 Acquisitions of property and equipment (8) (2) Adjustments for depreciation 6 5 Operating income before working capital changes 18 18 6 Cash Flow from a Financing Activity Decrease (increase) in: Equity Infusion

• 200

Receivables (5) 3 Inventories

• 1

Net increase (decrease) in cash and cash equivalents (8) 135 Other current assets (1) (1) Increase (decrease) in: Cash and cash equivalents as of beginning of period 142 142 30 Accounts payable and accrued expenses (12) (73) Other current liabilities

• 1

Cash and cash equivalents at end of the period 134 134 165 Net cash used in operating activities

• (63)

HOSPITALS MARIKINA

KINA VALLEY LEY MEDICAL DICAL CENT NTER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 Dec 2016 In PhP Millions Mar 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 2 210 218 Accounts payable and accrued expenses 2 252 266 Receivables - net 4 43 38 Other current liabilities 3 34 29 Inventories - net 1 12 16 Total Current Liabilities 2 286 295 Prepaid expenses 1 10 16 Total Current Assets 2 275 288 Noncurrent Liability Retirement Liability 9 9 8 Noncurrent Assets Property and equipment, net 3 308 279 Total Liabilities 2 295 303 Deferred income tax 6 6 6 Other non-current assets 2 2 2 Equity Total Noncurrent Assets 3 316 287 Capital stock 1 126 126 Additional paid in capital 9 96 96 TOTAL ASSETS 5 591 575 Treasury stock Other equity adjustments ( (2) (2) Retained earnings 7 76 52 Total Equity 2 296 272 TOTAL LIABILITIES AND EQUITY 5 591 575 As of As of

HOSPITALS MARIKINA

KINA VALLEY LEY MEDICAL DICAL CENT NTER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 In PhP Millions Mar 2017 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 35 Acquisitions of property and equipment (37) Adjustments for depreciation 8 Increase in noncurrent assets 1 Operating income before working capital changes 43 Net cash used in investing activities (36) Decrease (increase) in: Receivables (5) Net decrease in cash and cash equivalents (8) Inventories 4 Other current assets 5 Cash and cash equivalents as of beginning of period 218 Increase (decrease) in: Accounts payable and accrued expenses (24) Cash and cash equivalents at end of the period 210 Other current liabilities 5 Net cash provided by operating activities 28

HOSPITALS JESUS

SUS DE DELGADO GADO MEMORIAL RIAL HOSP SPIT ITAL AL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2017 In PhP Millions Mar 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 25 Accounts payable and accrued expenses 22 Receivables - net 15 Other current liabilities 2 Inventories - net 8 Total Current Liabilities 24 Prepaid expenses 9 Total Current Assets 57 Noncurrent Liabilities Retirement Liability 7 Noncurrent Assets Other noncurrent liabilities 24 Property and equipment, net 81 Total Noncurrent Liabilities 31 Other non-current assets 9 Total Noncurrent Assets 90 Total Liabilities 55 TOTAL ASSETS 147 Equity Capital stock 45 Retained earnings 47 Total Equity 92 TOTAL LIABILITIES AND EQUITY 147 As of As of

HOSPITALS

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2017 In PhP Millions Mar 2017 Cash Flows from Operating Activities Cash Flows from Financing Activities Operating income before working capital changes

• Loan payments

(15) Increase in: Equity infusion 30 Receivables (9) Net cash provided by financing activities 15 Inventories (5) Other current assets (7) Net increase in cash and cash equivalents 9 Accounts payable and accrued expenses 13 Other current liabilities 2 Cash and cash equivalents as of beginning of period 16 Net cash used in operating activities (6) Cash and cash equivalents at end of the period 25

JESUS SUS DE DELGADO GADO MEMORIAL RIAL HOSP SPIT ITAL AL