FINANCIAL RESULTS ANALYSTS BRIEFING August 3, 2016 1 DISCLA - - PowerPoint PPT Presentation

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Let’s Move Forward

FIRST HALF 2016 FINANCIAL RESULTS ANALYSTS’ BRIEFING

August 3, 2016

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ABOUT OUT MPIC IC Metro

• Pacif

ific c Inves estmen ments Corpor poration ion (PSE:MPI) is a Philippine-based, publicly listed investment and management company, focused in infrastructure, with holdings in Manila Electric Company, Maynilad Water Services, Inc., Metro Pacific Tollways Corporation, Metro Pacific Hospital Holdings, Inc. and Light Rail Manila Corporation. HEADQU QUARTERS INVESTOR OR RELATIO IONS TEAM (inves estorr

• rrelations

elations@mpic.co mpic.com. m.ph) ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Albert WL Pulido (awlpulido@mpic.com.ph) Legazpi Village, Makati 0721 Philippines AVP Investor Relations – Maricris C. Aldover – Ysmael (mdaldover@mpic.com.ph) Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Investor Relations Specialist – Baby Diane A. Martinez (bamartinez@mpic.com.ph) Email: investorrelations@mpic.com.ph Official Website: www.mpic.com.ph

DISCLA CLAIM IMER ER 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 occur 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 offer to buy or sell securities or related financial instruments of the Company and/ or any of its subsidiaries and/or affiliates. Ticker: er: PSE:MPI :MPI Amer eric ican an Depos

• sit

itar ary Receip ipts ts 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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FI FINANC NCIAL IAL HIGHL HLIGHT IGHTS

19 19% % growth in MPIC Share driven by: POWER Meralco alco – 11% ↑ in energy sales; increased shareholding in Meralco from 32.5% to 41.2% in May 2016; dividend income from Beacon preferred shares (18 months in 1H 2016 vs 6 months in 1H 2015); and lower interest expense at Beacon GBPC – One month contribution from Global Business Power net

• f financing costs

WATER – 4% ↑ in billed volume and 5% ↑ in average effective tariff offset by higher tax expense due to expiration of Maynilad’s Income Tax Holiday in December 2015 TOLLRO ROAD ADS – 21% of increase coming from NLEX backed by 9% ↑ in average daily traffic and 10% ↑ in average kilometers travelled; remaining 11% increase coming mainly from contributions from SCTEX (October 2015) – 9% of the increase HOSPITAL ALS – 25% organic growth with increased patients served

• n all hospitals – 9%

9% from RMCI with increased ownership from 58% to78% (October 2015) and 5% 5% from AHI given its lower interest cost; remaining 8% % ↑ coming from contributions of newly-acquired hospitals – 5% 5% from Manila Doctors RAIL – LRT1 only started operations in September 2015 Increase in interest expense due to new debt drawdowns totaling P25 billion, starting June 2015 Faster growth in reported income driven by reduced expected future tax liabilities related to Maynilad (projected 30% income tax rate vs 18% effective tax rate from use of OSD method)

In Millions of Pesos 1H 2016 1H 2015 % Change MPIC share Power Meralco - Beacon 4,073 2,937 39% GBPC - BPHI 120 120

• N/A

Water (Maynilad) 1,799 2,418

• 26%

Toll Roads (MPTC / DMT) 1,792 1,355 32% Hospitals 249 249 187 33% Rail 159 159 (25) 736% Others (43) (18) 139% Share of operating income 8,149 6,854 19% 19% Head office expenses (539) (554)

• 3%

Interest expense (966) (416) 132% Core income 6,644 5,884 13% 13% Non-core income (expenses) 336 336 (321)

• 205%

Reported income 6,980 5,563 25% 25% In Centavos Dividend income per share 3.20 3.20 0% Diluted EPS on Core Income 23.23 21.40 9%

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Water 22% 22% Power 52% 52% Toll Road ads 22% 22% Hospital als / Rail / Others 4% 4%

Water 35% 35% Power 43% 43% Toll Road ads 20% 20% Hospital als / Rail / Others 2% 2%

*In Millions 1H 2016 Hospitals 249 Rail 159 Others (43) Total 365 365

19% % GROWTH TH IN MPI PIC SHARE RE OF F OPE PERA RATING TING INCOME ME

P8,149M 49M P6,854M 854M

1H 2016 1H 2015

**In Millions 1H 2015 Hospitals 187 Rail (25) Others (18) Total 144 144

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STAND-AL ALONE ONE CORE INCOME ME VS VS MPIC SHARE RE

19% Growt wth h in MPIC IC Share re from m P6.9B B to P8.1B B

POWER In Millions 1H 2016 1H 2015 % Meralco Stand-alone Core Income 10,388 11,640 -11% GBPC Stand-alone Core Income 404 358 13% Meralco (41.22% - 32.48%) 3,584 3,513 2% GBPC (42%) 170

• N/A

Fair Value Adjustments - Meralco (140) (123) 14% Fair Value Adjustments - GBPC ( (13) 13)

• N/A

Beacon 629 (453) 239% BPHI ( (37) 37)

• N/A

MPIC Share 4,193 2,937 43% WATER In Millions 1H 2016 1H 2015 % Stand-alone Core Income 3,603 4,825 -25% Maynilad (52.8%) 1,903 2,547 -25% DMWC Parent and Fair Value Adjustments ( (70) 70) (113) -38% MPWIC/ MWCI ( (34) 34) (16) 113% MPIC Share 1,799 2,418 -26% TOLL ROADS In Millions 1H 2016 1H 2015 % Stand-alone Core Income 1,625 1,244 31% MPTC (99.9%) 1,623 1,243 31% Fair Value Adjustments ( (24) 24) (18) 33% Don Muang Tollways 193 130 48% MPIC Share 1,792 1,355 32% HOSPITALS In Millions 1H 2016 1H 2015 % Stand-alone Core Income 766 766 565 36% Hospitals 274 274 213 29% MPHHI Parent and Fair value adjustments (25) (26)

• 4%

MPIC Share 249 249 187 33% RAIL In Millions 1H 2016 1H 2015 % Stand-alone Core Income 298 (54) 651% LRMC (55%) 164 (30) 645% MPLRC/ LRMH ( (5) 5) 5 -193% MPIC Share 159 (25) 736%

• OTHERS

In Millions 1H 2016 1H 2015 % AFPI ( (64) 64) (18) 256% MMI/MLCI 15 15

• N/A

Indra Phil. 6 6

• N/A

MPIC Share ( (43) 43) (18) 100%

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CUR URRE RENT NT UP UPDATES ES / ISSUES S / O OPPOR ORTUNI UNITI TIES ES WATER TOLL ROADS RAIL

• Ongoing arbitration –

final hearings expected to start in 4Q 2016

• Possible sell-down of

Maynilad

• Signed JVA with Metro

Iloilo Water District (MIWD) to provide 170MLD bulk water supply to MIWD – continue to bid on bulk water supply projects

• utside Maynilad

concession

• Acquired 65% of Eco-

System Technologies International, Inc. – provides wastewater and sewage treatment

• Delayed tariff increases
• NLEX – due January

2013 and 2015

• CAVITEX – due

January 2012 and 2015 for R1; January 2014 for R1 extension

• Filed arbitration

cases for NLEX and CAVITEX in April 2016

• Connector Road –

awaiting Notice of Award

• Cebu Cordova – pending

TRB, DENR and PRA approval

• CALAx – targeted DED

by 3Q 2016; ROW acquisition by 3Q 2017; and completion by 2020

• LRT1
• Filed Claim from Grantors

for various costs (shortfall payments, compliance with maintenance, availability of LRVs, cycle time, premature system degradation etc.)

• n October 26
• Right of Way acquisition
• Unified Central Station –

Technical Specifications Memo target sign-off by 1st week of August; MOA for send out in August

• Awarded installation

contract for rail replacement, lining & leveling to restore train running speed to 60 kph

• MRT 3
• Government requested re-

submission of proposal

HOSPITALS POWER

• Open Access – filed with the

Supreme Court oppositions to the ERC Petition for Certiorari and Prohibition which enjoins RTC Pasig from proceeding to hear Meralco’s Petition for Declaratory Relief on validity

• f ERC resolutions
• Power Generation – Signed

JVAs for 40% of St. Raphael’s 2x350MW plant w/ Semirara and 49% of Mariveles’ 4x150MW plant with SMEC

• Delayed rate rebasing
• Newly-signed Power Supply

Agreements for over 3,500 MW of contracted capacity

• Driving efficiency

improvements at Global Business Power

• Achieve target of 5,000 beds
• Ongoing expansion of

existing hospitals - constructing 4 hospital buildings and 1 parking building; adding 452 beds and 20 clinics; and expanding cancer institute in AHI

• Acquired 93% stake in

Marikina Valley Medical Center

• Expansion to nonhospital-

based primary care centers – signed JVs w/ foreign technical partners

• New disease-specific centers

in Tarlac and Batangas

• Optimize growth of units

through increased operating synergies

• Potential IPO in one to two

years

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PORTF TFOLIO LIO COMPANY ANY RESULTS TS AND KE KEY PRIORITIE ORITIES

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MERAL ALCO O 1H 2016 6 HIGHLIGHTS LIGHTS

Decrease in Electricity Revenues was a function of:  9% 9% decrease in average consolidated distribution rate from P1. 1.58/k /kWh Wh to P1. 1.43/k /kWh Wh  6% 6% decrease in generation, transmission and other electricity revenues due to lower pass-through charges from lower WESM, coal and crude oil prices Offset by:

• 11% growth in total energy sales from 17,753

3 GWh to 19 19,717 7 GWh (17% ↑ residential, 11 11% ↑ commercial and 6% ↑ industrial sector)

• 4%

4% growth in number of customers from 5.7M 5.7M to 5.9M 5.9M 8% 8% growth in Non-electricity Revenues primarily from MServ, CIS Bayad Center and Radius Telecoms Core EBITDA and Core Income declined due to higher costs of labor, contracted services and IT services and maintenance; 1H 2015 included recognition of GRAM2 recoveries Higher Non-core Income driven by foreign exchange fluctuations and MGen’s gain on partial divestment of its investment in GBPC

In Millions 1H 2016 1H 2015 % Electricity 124,769 130,289

• 4%

Non-Electricity 4,035 3,719 8% Total revenues 128,804 134,008

• 4%

Purchased power (95,438) (100,565)

• 5%

Operating expenses (19,401) (17,225) 13% Other income 900 900 289 211% Provision for income tax (4,370) (4,824)

• 9%

Non-controlling interests (107) (43) 149% Core income 10,388 11,640

• 11%

Non-core income 380 380 107 255% Reported net income 10,768 11,747

• 8%

Core EBITDA Computation: Core income 10,388 11,640

• 11%

Depreciation and amortization 3,466 3,243 7% Interest income - net (355) (170) 109% Provision for income tax 4,370 4,824

• 9%

Others 82 82 93

• 12%

Core EBITDA 17,951 19,630

• 9%

In Millions 1H 2016 1H 2015 % Stand-alone Core Income 10,388 11,640 -11% Meralco (41.22% - 32.48%) 3,5 3,584 84 3,513 2% Fair Value Adjustments ( (14 140) 0) (123) 14% Beacon 62 629 9 (453) -239% MPIC Share 4,0 4,073 73 2,937 39%

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KE KEY METRIC ICS S AND KE KEY PRIORIT ORITIES IES

MERALCO POWER GENER ERATIO ION N UPDATES Baseloa load  San Buenaven entura Pow

• wer

er, , Mauban an, , Quezon

• n (Target

get comp mpletion ion in 2019 19)

• Awarded the EPC contract to a Korean and Japanese consortium;

construction ongoing  Redondo do Peninsu insula la Energ ergy, , Subic c (Target get comp mpletion ion of Phase e 1 i in 2019 19)

• Ongoing negotiation for Phase 1 EPC contract
• Target commencement of construction for the first 300MW by 4Q

2016  Atimon

• nan

an One Energy gy, , Quezon

• n (Target

get comp mplet letion ion of Unit t 1 in 2021)

• Environmental Compliance Certificate issued in October 2015
• Commenced EPC tender process; awarding of EPC contract

expected by 4Q 2016

• Target site preparation by mid 2017

Proje ject cts s Under Develop elopme ment nt  St. Raphael el Pow

• wer

er Gener erat ation ion Corpor

• rat

ation, ion, Calaca, , Batangas gas

• 2 x 350MW coal plant JV agreement with Semirara Mining and

Power Corporation

• Ongoing engineering design

 Mariveles iveles Power

• wer Generat

eration ion Corporat

• ration

ion, , Marivele eles, Bataan an

• 4 x 150MW coal-fired power plant with SMC Global Power Holdings

Corporation

KEY METRICS 1H 2016 1H 2015

12-MMA System Loss 6.46% 6.60% System Average Interruption Frequency Index 1.12 times 1.13 times Customer Average Interruption Duration Index 107.31 min 91.77 min Number of customers 5.91M 5.68M Capital Expenditure (excluding Singapore Plant) 4,512 5,270 Energy Sales Residential 6,173 5,289 Commercial 7,758 6,997 Industrial 5,719 5,401 Streetlights 67 67 66 Total (in GWh) 19,717 17,753

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GLOBAL AL BUS USINESS ESS PO POWE WER R 1H 2016 6 HIGHLIGHTS LIGHTS

Revenues for the six months declined due to lower power market prices, fuel and other pass- through costs Core EBITDA grew due to better plant efficiency (reduced forced downtime related to the fuel source issue) with lower corrective maintenance costs and reduced replacement power purchases from WESM Core Income grew faster due mainly to Cebu Energy’s lower financing cost First half 2015 Reported Income included insurance recoveries of P249 million

In Millions 1H 2016 Stand-alone Core Income 40 404 4 GBPC (42%) 17 170 Fair Value Adjustments ( (13 13) BPHI ( (37 37) MPIC Share 12 120

In Millions 1H 2016* 2016* 1H 2015* 2015* % June 2016 2016 June 2015* 2015* % Power billings 8,485 8,916

• 5%

1,645 1,858

• 11%

Coal sales 33 33 22 50%

• 0%

Total revenues 8,518 8,938

• 5%

1,645 1,858

• 11%

Power plant costs (3,029) (3,919)

• 23%

(554) (888)

• 38%

Operating expenses (2,366) (2,371) 0% (390) (370) 5% Interest expense - net (1,053) (1,166)

• 10%

(148) (192)

• 23%

Other income 51 51 38 34% 34 34 29 17% Provision for income tax (28) 95

• 129%

(13) 24

• 154%

Non-controlling interests (674) (500) 35% (170) (103) 65% Core income 1,419 1,115 27% 27% 404 404 358 358 13% 13% Non-core income (expense) (169) 52

• 425%

(13) (39)

• 67%

Reported net income 1,250 1,167 7% 7% 391 391 319 319 23% 23% Core EBITDA Computation: Core income 1,419 1,115 27% 404 404 358 13% Depreciation and amortization 1,086 1,100

• 1%

187 187 179 4% Interest expense - net 1,053 1,166

• 10%

148 148 192

• 23%

Provision for income tax 28 28 (95)

• 129%

13 13 (24)

• 154%

Non-controlling interests 674 674 500 35% 170 170 103 65% Core EBITDA 4,260 3,786 13% 13% 922 922 808 808 14% 14%

*Presented for comparative purposes

Represents MPIC’s share in GBPC’s operations beginning June 2016

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KE KEY METRIC ICS S AND KE KEY PRIORIT ORITIES IES

EXPANS NSIO ION N PLANS KEY METRICS 1H 2016 2016 1H 2015 2015 June 2016 2016 June 2015 2015 Volume Sold (in GWh) Bilateral - Generation 1,604 1,523 293 274 Bilateral - WESM 119 118 1 12 33 WESM - Spot Sales 6 64 80 2 23 27 Total 1,787 1,721 328 334  40 MW Biomass ss Co-Gen Gen Projec ect (La Carlota lota, , Negros

• s Occide

denta tal) l)

• Project Cost: US$111 million
• Projected Income: US$11 million (P517 million) / year
• Target completion in December 2017

 140 MW Pump mp Storage age Projec ject t

• Project Cost: US$206 million
• Projected Income: US$31 million (P1.5 billion) / year
• Target completion in 2019

 670 MW Super Critical itical Coal l Power

• wer Plant (La Union,
• n, Panga

gasin sinan an)

• Project Cost: US$1,435 million
• Projected Income: US$106 million (P5.0 billion) / year

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In Millions 1H 2016 1H 2015 % Stand-alone Core Income 3,603 4,825 -25% Maynilad (52.8%) 1,903 2,547 -25% DMWC Parent and Fair Value Adjustments ( (70 70) (113)

• 38%

MPWIC/ MWCI ( (34 34) (16) 113% MPIC Share 1,799 2,418 -26%

MAYNILAD NILAD 1H 2016 6 HIGHL HLIGHT IGHTS

MAYNIL NILAD AD Revenues increased by 8% due to:  4% increase in billed volume from 238.5 MCM to 247.6 MCM

• 5% increase in billed customers from 1,

1,229,198 to 1, 1,289,2 ,223  5% 5% increase in average effective tariff Core EBITDA grew faster mainly due to lower provisions for indirect tax exposures Core Income dropped significantly due to the expiration of the Income Tax Holiday Reported income declined faster due to deferred tax remeasurement (from 30% to 18% effective tax rate) on Maynilad’s OSD election Other Busin inesse sses s – Stand-alon alone PhilHydr ydro – Gross Revenues of P87 million ion and Operating Income of P6 million ion; billed volume declined from 33.4 MLD to 33.3 MLD Subic Water – Gross Revenues of P320 million ion and Net Income of P90 milli lion

• n

In Millions 1H 2016 1H 2015 % Revenues 10,120 9,336 8% Cost of services (2,721) (2,325) 17% Gross profit 7,399 7,011 6% 6% Operating expenses (1,197) (1,019) 17% Other income and expense - net 138 138 (332) 142% Interest expense - net (967) (980)

• 1%

Benefit from (provision for) income tax (1,770) 145

• 1321%

Core income 3,603 4,825

• 25%

Non-core expenses (593) (67) 785% Reported net income 3,010 4,758

• 37%

Core EBITDA Computation: Core income 3,603 4,825

• 25%

Depreciation and amortization 1,206 1,057 14% Interest expense - net 967 967 980

• 1%

Benefit from (provision for) income tax 1,770 (145)

• 1321%

Core EBITDA 7,546 6,717 12% 12%

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KE KEY METRIC ICS S AND KE KEY PRIORIT ORITIES IES

NON-REVENU VENUE E WATER

Seasonality of water consumption affects NRW

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

20 40 60 80 100 120 140 28. 28.0% 0% 30. 30.0% 0% 32. 32.0% 0% 34. 34.0% 0% 36. 36.0% 0% 38. 38.0% 0% 40. 40.0% 0% 42.0% 42.0% Billed Volume (MCM) Average NRW Period End NRW

20 Februar ruary 2015

Maynilad calls on Government’s (Department of Finance) undertaking to indemnify concessionaire for losses caused by delays in implementation of tariff

09 Marc rch h 2015

Maynilad sends a follow-up letter to the DOF

27 Marc rch h 2015

Maynilad serves Notice of Arbitration to the Philippine Republic

14 4 May 2015

MWSS board approves Maynilad’s request for CPI increase

22 22 Octob tober er 2015

Arbitral Tribunal for Arbitration with Philippine Republic is constituted

Decem ember er 2016

Expected commencement of Arbitration hearings

KEY METRICS 1H 2016 1H 2015 NRW Average 29.3% 32.3% Period end 27.8% 30.0% Coverage Total population 9.89M 9.79M Population coverage 9.27M 9.02M 24hr availability 92% 92% 97% Minimum 16 psi* 68% 68% 99% Customer Mix Residential 81% 81% 80% Commercial 19% 19% 20% Capital Expenditure P3,625M P3,931M

*Starting 2016, Maynilad increased their service obligation to 16 psi from 7 psi last year. 1H 2016 over 7 psi is approximately 100%.

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In Millions 1H 2016 1H 2015 % Stand-alone Core Income 1 1,6 ,625 1,244 31% MPTC (99.9%) 1 1,6 ,623 1,243 31% Fair Value Adjustments ( (24) (18) 33% Don Muang Tollways 1 193 130 48% MPIC Share 1 1,7 ,792 1,355 32%

MPTC 1H 2016 6 HIGHL HLIGHT IGHTS

Net Toll Revenues increased due to:  NLEX EX

• Revenues up by 11% from P4,0

,050 million

• n to P4,4

,488 mil illio ion

• 9%

9% increase in average daily vehicle entries (open & closed systems) from 200,8 ,872 to 219,1 ,132 – Class 1 and Class 3 grew faster at 10%

• 10% increase in average daily kilometers travelled from 4.0

.00M to 4.4 .40M – Class 1 and Class 3 grew faster at 11%  CAVIT ITEX EX

• Revenues up by 8%

% from P620 mil illi lion to P667 mil illi lion

• n
• 6% increase in average daily vehicle entries from 120,3

,323 to 127,3 ,326 – R1 extension traffic grew fastest at 15%  SCTEX EX

• Inclusion of revenues from SCTEX amounting to P791 mil

illi lion

• n – Take-over in

October 2015 Slower growth in Core EBITDA due to higher Government revenue share in SCTEX at 50% vs NLEX at 6% Faster growth in Core Income due to lower interest expense from loan prepayment Don n Mua uang ng Tollway  Contribution amounted to P193 mil illi lion

• n net of financing costs

 16% increase in average daily vehicles entries for Original Tollway from 81,3 ,391 to 94,1 ,199  15% increase in average daily vehicle entries for North Extension from 48,5 ,530 to 55,8 ,898 CII Bridges es & Roads – acquired stake in March 2015  Equity interest in earnings equivalent to P58 million

• n

 5% % increase in average daily vehicle entries from 46,8 ,801 to 48,9 ,950

In Millions 1H 2016 1H 2015 % Net toll revenues 5,946 4,670 27% Cost of services (2,481) (1,716) 45% Gross profit 3,465 2,954 17% 17% Operating expenses (544) (500) 9% Other income - net 115 115 133

• 14%

Share in earnings of associates 216 216 178 21% Interest expense - net (536) (576)

• 7%

Provision for income tax (618) (559) 11% Non-controlling interest (473) (386) 23% Core income 1,625 1,244 31% 31% Non-core expenses (75) (60) 25% Reported net income 1,550 1,184 31% 31% Core EBITDA Computation: Core income 1,625 1,244 31% Depreciation and amortization 542 542 450 20% Interest expense - net 536 536 576

• 7%

Provision for income tax 618 618 559 11% Non-controlling interest 473 473 386 23% Core EBITDA 3,794 3,215 18% 18%

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KE KEY METRIC ICS S AND KE KEY PRIORIT ORITIES IES

NORTH NLEX Harbour ur Link nk  Segment 9 (P1.6 billion project cost)

• Began operations in March 2015

 Segment 10 (P10.5 billion project cost)

• Ongoing construction – target completion in 2017

NLEX Road Widenin ening g (P2.6 billion project cost)  Target completion in 2016 NLEX Citi i Link nk (P8.2 billion project cost)  Ongoing finalization of detailed engineering design  Target completion in 2021 Connecto nector r Road / Metro

• Expressway

ay Link nk (P17.5 billion project cost)  No comparative bids submitted during the Swiss Challenge completed last 25 July 2016  Project award expected within 2016 SCTEX (P600.0 million project cost)  Officially turned-over on 27 October 2015  Integration with NLEX completed in March 2016  Concession until 2043 SOUTH Cavit itex ex C5 South Link nk (12.3 billion project cost)  Target completion in 2019 CALAEX X (P26.5 billion project cost)  Ongoing preparation of detailed engineering design  Target completion in 2Q 2020 CEBU Cebu-Cord

• rdov
• va

a Bridge (P23.0 billion project cost)  Pending TRB approval  35 year concession including construction period  Target completion in 2020 VIETNAM CII Bridges es and Roads (P4.1 billion investment)  53 kilometers under pre and ongoing construction – target completion in 2018  Other projects under development

PRO ROJECT CT UPDATES

KEY METRICS 1H 2016 1H 2015 Class 1 169,026 153,526 Class 2 31,381 30,355 Class 3 18,725 16,991 Total 219,132 200,872 Class 1 3,279 2,959 Class 2 677 677 644 Class 3 442 442 400 Total 4,398 4,003 Class 1 113,535 106,159 Class 2 9,462 9,798 Class 3 4,329 4,366 Total 127,326 120,323 Class 1 37,441 32,287 Class 2 5,364 4,651 Class 3 2,804 2,631 Total 45,609 39,569 Capital Expenditure 2,399 1,910 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

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Hospit ital al / Stand nd-al alone ne % increas ase/(decreas ease) Delos Santos Medical Center 20% Central Luzon Doctors’ Hospital 19% Asian Hospital 14% Davao Doctors 11% Makati Med 9% Cardinal Santos Medical Center 8% Riverside Medical Center 6% Our Lady of Lourdes 6% Mega Clinic 2%

In Millions 1H 2016 1H 2015 % Stand-alone Core Income 766 766 565 36% Hospitals 274 274 213 29% MPHHI Parent and Fair value adjustments (25) (26)

• 4%

MPIC Share 249 249 187 33%

HOSPIT PITAL AL GROUP UP 1H 2016 6 HIGHL HLIGHT IGHTS

25% increase in Gross Revenues due to:  10% from existing hospitals:  15 15% % from contributions of Manila Doctors Hospital, West Metro Medical Center and Sacred Heart Hospital  31% growth in out-patients from 985,009 985,009 to 1, 1,291,08 1,085  25% 25% growth in in-patients from 58,704 58,704 to 73,416 Core Income grew faster due to cost containment from economies of scale and decrease in financing costs

In Millions 1H 2016 1H 2015 % Gross revenues 9,264 7,396 25% Discounts (881) (707) 25% Net revenues 8,383 6,689 25% 25% Cost of supplies (3,498) (2,915) 20% Gross profit 4,885 3,774 29% 29% Operating expenses (3,867) (2,992) 29% Interest expense (122) (134)

• 9%

Other income 193 193 165 17% Provision for income tax (323) (248) 30% Core income 766 766 565 565 36% 36% Non-core expenses 1 2

• 50%

Reported net income 767 767 567 567 35% 35% Core EBITDA Computation: Core income 766 766 565 36% Depreciation and amortization 755 755 625 21% Interest expense 122 122 134

• 9%

Provision for income tax 323 323 248 30% Core EBITDA 1,966 1,572 25% 25%

17

KE KEY METRIC ICS S AND KE KEY PRIORIT ORITIES IES

Invest in more hospitals to expand the chain – Target of 5,000 beds and better coverage Harvest synergies across the network - group-wide policies and protocols on equipment and other purchases Improve existing hospitals through investments in new equipment and renovations / expansions Establish central laboratory for the group Address changes in healthcare delivery  Nonhospital-based diagnostic centers  Non-invasive surgery training center  Specialist cardiology center KEY EY PRIORITIE ORITIES

KEY METRICS 1H 2016 1H 2015 Total number of beds 2,602 2,127 Number of accredited doctors 7,126 5,437 Average number of enrollees 4,912 4,045 Average standard occupancy rate 67% 67% 61% Number of patients In patient 73,416 58,704 Out patient 1,291,085 985,009

18

LRMC 1H 2016 6 HIGHL HLIGHT IGHTS

Rail revenues: Take-over of LRT1 operations beginning September 2015 Average daily ridership at 405,568 Successes: Restored 14 LRVs, bringing total in operation to 91 Signed EPC agreement for the LRT1 Cavite Extension Key priorities: Signed installation contract in July 2016 for rail replacement, lining and leveling, target completion by mid-2017 Unified Central Station – Technical Specifications Memo for target sign-off by 1st week of August; MOA for send out in August On-going preparation work for right of way acquisition Rail opportunities: Government requested re-submission of proposal for MRT3 line

In Millions 1H 2016 1H 2015 % Stand-alone Core Income 2 298 (54) 651% LRMC (55%) 1 164 (30) 645% MPLRC / LRMH ( (5) 5

• 193%

MPIC Share 1 159 (25) 736%

In Millions 1H 2016 1H 2015 % Rail revenue 1,478

• N/A

Cost of services (913)

• N/A

Gross profit 565 565

• 100%

100% Operating expenses (234) (57) 311% Other income and expense - net 18 18

• N/A

Interest income 8 4 100% Provision for income tax (59) (1) 5800% Core income 298 298 (54) 652% 652% Non-core income (expenses) 4 7

• 43%

Reported net income 302 302 (47) 743% 743% Core EBITDA Computation: Core income 298 298 (54) 652% Depreciation and amortization 13 13 1 1200% Interest income (8) (4) 100% Provision for income tax 59 59 1 5800% Core EBITDA 362 362 (56) 746% 746%

19 19

QUARTERL TERLY Y ANALYSIS SIS

20

MERAL ALCO O QUARTERL TERLY Y HIGHLIG LIGHTS HTS (In Millions

ns of Pesos)

1Q 2016 2Q 2016 Total Revenues 60,173 68,631 Core EBITDA 8,151 9,800 Core Income 4,590 5,798 Reported Income 4,547 6,221 System Loss (12 mo. moving average) 6.53% 6.46% Number of customers 5.84M 5.91M Energy Sales Residential 2,714 3,459 Commercial 3,620 4,138 Industrial 2,709 3,010 Streetlights 34 33 33 Total (in gWh) 9,077 10,640 FINANCIAL HIGHLIGHTS KEY METRICS

Revenues increased by 14% due to higher energy sales and average distribution rate Core EBITDA and Core Income grew faster due to slower growth in

• perating expenses and higher interest income

Reported income grew significantly faster due to foreign exchange fluctuations and MGen’s gain on partial divestment of its investment in GBPC

21

MAYNILAD NILAD QUARTERL ERLY Y HIGHL HLIGHT IGHTS S (In Millions

ns of Pesos)

Revenues increased by 5% due to increase in billed volume Core EBITDA grew faster due to lower taxes and licenses and increased other income Core Income grew slower due to higher provision for income taxes Reported income declined due to deferred tax remeasurement (from 30% to 18% effective tax rate) on Maynilad’s OSD election

1Q 2016 2Q 2016 Revenues 4,935 5,185 Core EBITDA 3,347 4,199 Core Income 1,708 1,895 Reported Income 1,639 1,371 Billed volume (In MCM) 120.3 127.3 Billed customers 1,275,902 1,289,223 Non-revenue water Average 30.6% 28.0% Period end 30.4% 27.8% Service levels 24-hour coverage 99.7% 92.1% Minimum 16 psi 73.7% 67.5% FINANCIAL HIGHLIGHTS KEY METRICS

22

MPTC QUARTERL ERLY HIGHL HLIGHT IGHTS S (In Millions

• ns of Pesos)

6% growth in Revenues due to higher traffic on all roads Faster growth in Core EBITDA at 10% due to lower taxes and licenses expense Faster growth in Core Income at 18% due to lower financing costs and higher interest income Slower growth in Reported Income at 5% due to significant non-core expenses this quarter

1Q 2016 2Q 2016 Net Revenues 2,881

3,065

Core EBITDA 1,803

1,991

Core Income 747

878 878

Reported Income 757

793 793

NLEX Average Daily Vehicle Entries (Open & Closed) Class 1

165,569 172,483

Class 2

30,521 32,241

Class 3

17,676 19,774

Total 213,766 224,498 Average Daily Kilometers Travelled (In thousands of kms) Class 1

3,234 3,324

Class 2

662 691 691

Class 3

419 466 466

Total 4,315 4,481 CAVITEX Average Daily Vehicle Entries Class 1 110,961

116,110

Class 2 9,300

9,624

Class 3 4,153

4,504

Total 124,414 130,238 SCTEX Average Daily Vehicle Entries Class 1

35,459 39,424

Class 2

5,134 5,595

Class 3

2,565 3,042

Total 43,158 48,061 FINANCIAL HIGHLIGHTS KEY METRICS

23

HOSPIT PITAL AL GROUP UP QUARTERL TERLY Y HIGHLIGHTS LIGHTS (In Millions

ns of Pesos)

Higher Revenues attributed to higher contributions from new hospitals Core EBITDA declined due to higher cost of supplies Core Income declined faster due to higher depreciation expenses from completed CAPEX projects

1Q 2016 2Q 2016 Revenues 4,615 4,649 Core EBITDA 1,014 952 952 Core Income 408 358 358 Reported Income 407 360 360 Total number of beds 2,637 2,602 Number of accredited doctors 6,882 7,126 Number of enrollees 5,793 4,912 FINANCIAL HIGHLIGHTS KEY METRICS

24

LRMC QUARTERL ERLY Y HIGHL HLIGHT IGHTS S (In Millions

• ns of Pesos)

1Q 2016 2Q 2016 Net Revenues 746 732 732 Core EBITDA 211 151 151 Core Income 144 154 154 Reported Income 147 155 155 LRMC - Average Daily Ridership 419,081 392,649 FINANCIAL HIGHLIGHTS KEY METRICS

Revenue dropped by 2% due to lower average daily ridership Core EBITDA declined faster due to higher personnel costs and supplies and maintenance expenses Core Income grew due to lower provision for income taxes

25 25

BALANC NCE E SHEET T AND CASH FL FLOW W STATEMENT ENTS

26 26

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 3 3,6 ,682 3,463 Accounts payable and other current liabilities 1 1,4 ,420 1,381 Receivables - net 1 1,5 ,568 876 Due to related parties 10,603 8,809 Other current assets 1 1,9 ,909 2,185 Current portion of long-term debt 4 405 382 Total Current Assets 7 7,1 ,159 6,524 Total Current Liabilities 12,428 10,572 Noncurrent Assets Noncurrent Liabilities Investments and advances to subs., associates & JVs 166,320 133,971 Noncurrent portion of long-term debt 30,515 29,296 Other noncurrent assets 5 595 598 Due to related parties 6 6,5 ,538

• Total Noncurrent Assets

166,915 134,569 Other noncurrent liabilities 3 3,7 ,707 3,917 Deposit for future stock subscription(a) 21,960

• TOTAL ASSETS

174,074 141,093 Total Noncurrent Liabilities 62,720 33,213 Total Liabilities 75,148 43,785 Equity Capital stock 28,009 27,935 Additional paid-in capital 50,115 49,981 Other reserves 8 88 108 Retained earnings 20,714 19,284 Total Equity 98,926 97,308 TOTAL LIABILITIES AND EQUITY 174,074 141,093 As of As of

(a) Pending approval by the SEC of MPIC's increase in authorized capital stock, the stock subscription

• f GT Capital Holdings Inc. was booked as "Deposit for Future Stock Subscription"

27 27

METRO RO PACIFIC CIFIC INV NVES ESTMENTS TMENTS CORPORATION RPORATION – CONSO NSOLID LIDATE TED

BALANCE SHEET BALANCE SHEET (continued)

In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Noncurrent portion of concession fees payable Cash and short-term investments 23,000 26,350 long-term debt and others 110,475 108,884 Receivables 6 6,1 ,145 4,441 Due to related parties 6 6,5 ,538

• Other current assets

5 5,9 ,961 5,555 Deferred tax liabilities 3 3,4 ,467 4,610 Total Current Assets 35,106 36,346 Other noncurrent liabilities 3 3,8 ,881 3,996 Deposit for future stock subscription(a) 21,960

• Noncurrent Assets

Total Noncurrent Liabilities 146,321 117,490 Investments and advances 126,603 96,202 Goodwill 20,333 18,308 Total Liabilities 180,934 151,403 Service concession assets 140,884 135,760 Property and equipment 9 9,7 ,709 8,016 Equity Other noncurrent assets 8 8,4 ,447 7,548 Capital stock 28,009 27,935 Total Noncurrent Assets 305,976 265,834 Additional paid-in capital 50,115 49,980 Other equity adjustments and reserves 7 7,3 ,328 6,758 TOTAL ASSETS 341,082 302,180 Retained earnings 40,425 35,149 Total equity attributable to owners of Parent 125,877 119,822 LIABILITIES AND EQUITY Non-controlling interest 34,271 30,955 Current Liabilities Total Equity 160,148 150,777 Accounts payable and other current liabilities 15,306 15,174 Due to related parties 10,317 8,550 TOTAL LIABILITIES AND EQUITY 341,082 302,180 Current portion of concession fees payable long-term debt and others 8 8,9 ,990 10,189 Total Current Liabilities 34,613 33,913

As of As of

(a) Pending approval by the SEC of MPIC's increase in authorized capital stock, the stock

subscription of GT Capital Holdings Inc. was booked as "Deposit for Future Stock Subscription"

28 28

MAYNILAD NILAD WATER R SER ERVICE VICES S INC NC. . & SU & SUBSIDIA BSIDIARIES RIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 7 7,0 ,033 9,182 Accounts payable and other current liabilities 10,460 11,327 Receivables 2 2,5 ,554 2,429 Current portion of interest-bearing loans 1,792 1,742 Other current assets 3 3,4 ,442 3,216 Current portion of service concession obligation 9 998 1,358 Total Current Assets 13,029 14,827 Total Current Liabilities 13,250 14,427 Non-current Assets Non-current Liabilities Service concession assets 64,852 62,488 Interest-bearing loans - net of current portion 23,080 23,337 Deferred tax assets 1 1,0 ,000 2,140 Service concession obligation - net of current portion 6 6,7 ,781 6,737 Property and equipment 1 1,0 ,039 834 Other noncurrent liabilities 9 982 1,313 Other noncurrent assets 6 699 1,064 Total Noncurrent Liabilities 30,843 31,387 Total Noncurrent Assets 67,590 66,526 Total Liabilities 44,093 45,814 TOTAL ASSETS 80,619 81,353 Equity Capital stock 4 4,5 ,547 4,547 Additional paid-in capital 10,021 9,980 Other equity adjustments and reserves ( (305) (240) Retained earnings 22,263 21,252 Total Equity 36,526 35,539 TOTAL LIABILITIES AND EQUITY 80,619 81,353 As of As of

29 29

MAYNILAD NILAD WATER R SER ERVICE VICES S INC NC. . & SU & SUBSIDIA BSIDIARIES RIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions June 2016 June 2015 In PhP Millions June 2016 June 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 5,250 4,601 Acquisitions of property and equipment (345) (95) Adjustments for: Decrease (increase) in: Interest expense 1,039 1,053 Deferred tax asset 1,140 (183) Amortization of service concession assets 1,066 946 Other noncurrent assets 86 86 (11) Interest income (55) (60) Net cash provided by (used in) investing activities 881 881 (289) Depreciation and amortization 140 140 110 Others 7 (31) Cash Flows from Financing Activities Operating income before working capital changes 7,447 6,619 Proceeds from availment of interest-bearing loans 625 625 1,852 Decrease (increase) in: Payments of: Short-term investments 4,422 (1,241) Dividends (2,000) (2,000) Receivables (125) (115) Loans (846) (846) Service concession assets (3,429) (3,213) Service concession obligation payable (1,540) (755) Other current assets (225) (184) Interest (707) (693) Increase in accounts payable and other current liabilities (878) 1,778 Reissuance (acquisition) of treasury shares 81 81 (3) Cash generated from operations 7,212 3,644 Increase in: Interest received 55 55 60 Payable to MWSS (1,437) (14) Income taxes paid

• Other noncurrent liabilities

(43) (803) Net cash provided by operating activities 7,267 3,704 Net cash used in financing activities (5,867) (3,262) Net increase in cash and cash equivalents 2,281 153 Cash and cash equivalents at beginning of period 3,093 4,188 Cash and cash equivalents at end of period 5,374 4,341

30 30

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 4,318 5,606 Accounts payable and accrued liabilities 3,167 2,931 Receivables 9 973 768 Current portion of long-term debt 4 468 1,332 Other current assets 1,310 1,277 Other current liabilities 9 934 1,753 Total Current Assets 6,601 7,651 Total Current Liabilities 4,569 6,016 Noncurrent Assets Noncurrent Liabilities Service concession assets 55,301 52,987 Long-term debt - net of current portion 28,932 28,242 Goodwill 4,979 4,979 Service concession obligation 15,772 15,354 Investment in associates 4,185 4,381 Deferred tax liabilities 1,045 978 Other noncurrent assets 3,695 3,464 Other noncurrent liabilities 7 768 894 Total Noncurrent Assets 68,160 65,811 Total Noncurrent Liabilities 46,517 45,468 TOTAL ASSETS 74,761 73,462 Total Liabilities 51,086 51,484 Equity Capital stock 12,684 12,684 Additional paid-in capital 14,034 13,720 Other equity adjustments and reserves (9,888) (9,997) Retained earnings 4,365 3,452 Total Equity Attributable to Equity Holders of Parent 21,195 19,859 Non-controlling interest 2,480 2,119 Total Equity 23,675 21,978 TOTAL LIABILITIES AND EQUITY 74,761 73,462 As of As of

31 31

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

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions June 2016 June 2015 In PhP Millions June 2016 June 2015 Cash Flows from Operating Activities Additions to: Income before income tax 2,693 2,123 Service concession assets (2,344) (1,949) Adjustments for: Investments (3,800) (4,574) Interest expense 598 598 663 Property and equipment (53) (23) Amortization of service concession assets 447 447 372 Intangible assets (3) (5) Interest income (53) (85) Proceeds from: Equity in net earning of associate (70) (178) Disposal/Maturity of AFS 3,430 5,476 Depreciation and amortization 27 27 29 Sale of property and equipment 3 1 Others (140) (184) Net cash used in investing activities (2,539) (4,469) Operating income before working capital changes 3,502 2,740 Decrease (increase) in: Cash Flows from Financing Activities Restricted cash (32)

• Collection of subscription receivable

342 342

• Receivables

(192) 19 Proceeds from availment of loans 1,000 4,200 Other current assets (238) 58 Deposit for future stock subscription

• 700

Increase (decrease) accounts payable and other current liabilities 272 272 (633) Payments of: Cash generated from operations 3,312 2,184 Loan (1,163) (2,732) Income tax paid (557) (405) Dividends (1,510) (945) Net cash provided by operating activities 2,755 1,779 Interest (626) (630) Transaction costs and others (92) (11) Cash Flows from Investing Activities Net cash provided by (used in) financing activities (2,049) 582 Increase in restricted cash

• (3,611)

Dividends received 252 252 196 Effect of exchange rate changes on cash

• (11)

Interest received 53 53 44 Increase in other noncurrent assets (77) (24) Net decrease in cash and cash equivalents (1,833) (2,119) Cash and cash equivalents at beginning of period 3,989 3,824 Cash and cash equivalents at end of period 2,156 1,705

32 32

MEDICAL DICAL DO DOCTORS ORS INC NC. . AND ND SUBS BSIDIARIES IDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities 811 811 820 Cash and cash equivalents 437 437 531 Retirement benefit obligation 77 77 66 Receivables - net 839 839 620 Loans payable 915 915 931 Inventories - net 185 185 222 Provisions 109 109 109 Other current assets 110 110 52 Total Noncurrent Liabilities 1,912 1,926 Total Current Assets 1,571 1,425 Total Liabilities 2,974 3,008 Noncurrent Assets Property and Equipment - net 7,329 7,343 Equity Other noncurrent assets 44 44 48 Capital stock 3 334 334 Total Noncurrent Assets 7,373 7,391 Capital in excess of par value 1,554 1,543 Deposit for future subscription TOTAL ASSETS 8,944 8,816 Other equity adjustments 2,201 2,205 Retained earnings 1,871 1,714 LIABILITIES AND EQUITY Treasury Stock ( (15) (15) Current Liabilities Total Equity Attributable to Equity Holders of Parent 5,945 5,781 Accounts payable and accrued expenses 941 941 861 Non-controlling interest 2 25 27 Current portion of long-term liabilities 117 117 149 Total Equity 5,970 5,808 Other current liabilities 4 72 Total Current Liabilities 1,062 1,082 TOTAL LIABILITIES AND EQUITY 8,944 8,816 As of As of

33 33

MEDICAL DICAL DO DOCTORS ORS INC NC. . AND ND SUBS BSIDIARIES IDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 225 225 184 Acquisitions of property and equipment (214) (53) Adjustments for: Construction in progress

• (132)

Provisions 36 36 21 Increase in other noncurrent assets

• (5)

Depreciation and amortization 228 228 225 Net cash used in investing activities (214) (190) Retirement benefit expense 19 19 18 Interest expense 28 28 29 Cash Flows from Financing Activities Interest income (1)

• Proceeds from issuance of capital stock

12 12 18 Others Payment of loan (50) (12) Operating income before working capital changes 535 535 477 Interest paid (29) (29) Decrease (increase): Dividends paid (55) (80) Receivables (269) (168) Net cash used in financing activities (122) (103) Inventories 37 37 46 Prepayments (66) (42) Net decrease in cash and cash equivalents (94) (8) Increase (decrease) in: Accounts payable and accrued expenses 12 12 (13) Cash and cash equivalents at beginning of period 531 531 338 Refundable deposits and other liabilities

• (3)

Cash generated from operations 249 249 297 Cash and cash equivalents at end of period 437 437 330 Contributions to the retirement fund (8) (12) Interest received 1

• Net cash provided by operating activities

242 242 285

34 34

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 211 211 222 Accounts payable and accrued expenses 5 592 539 Receivables - net 200 200 172 Due to related parties 1 13 12 Inventories - net 73 73 78 Other current liabilities 2 20 19 Other current assets 33 33 37 Total Current Liabilities 6 625 570 Total Current Assets 5 517 509 Noncurrent Liabilities Noncurrent Assets Retirement plan 2 22 20 Property and Equipment - net 1 1,0 ,085 1,052 Lease payable 6 620 647 Deferred income tax assets 1 121 108 Other noncurrent liabilities

• 30

Other noncurrent assets 7 7 6 Total Noncurrent Liabilities 6 642 697 Total Noncurrent Assets 1 1,2 ,213 1,166 Total Liabilities 1 1,2 ,267 1,267 TOTAL ASSETS 1 1,7 ,730 1,675 Equity Capital stock 5 50 20 Other comprehensive income 3 3 Retained earnings 4 410 385 Total Equity 4 463 408 TOTAL LIABILITIES AND EQUITY 1 1,7 ,730 1,675 As of As of

35 35

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

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 119 119 99 Acquisitions of property and equipment (130) (58) Adjustments for: Provisions 3 6 Cash Flows from Financing Activities Depreciation and amortization 69 69 70 Loans payable (79) (116) Interest expense 51 51 51 Issuance of capital stock

• 45

Interest income (1)

• Dividend payments

(60)

• Operating income before working capital changes

241 241 226 Net cash used in financing activities (139) (71) Decrease (increase): Receivables (30) (23) Net increase (decrease) in cash and cash equivalents (11) 14 Inventories 4

• Prepayments

2 16 Cash and cash equivalents at beginning of period 222 222 127 Increase (decrease) in: Accounts payable and accrued expenses 37 37 (80) Cash and cash equivalents at end of period 211 211 141 Refundable deposits and other liabilities 3 4 Cash generated from operations 257 257 143 Interest received 1 Net cash provided by operating activities 258 258 143

36 36

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations 4 49 46 Cash and cash equivalents 2 219 272 Other noncurrent liabilities 1 12 14 Receivables - net 3 336 211 Total Noncurrent Liabilities 6 61 60 Inventory - net 8 80 92 Prepaid expenses 2 24 18 Total Liabilities 4 432 371 Total Current Assets 6 659 593 Equity Noncurrent Assets Capital stock 9 91 91 Property and Equipment - net 1,092 1,037 Capital in excess of par value 4 48 48 Deferred income tax assets 2 23 25 Treasury shares ( (7) (7) Other noncurrent assets 5 59 59 Other equity adjustments 3 30 30 Total Noncurrent Assets 1,174 1,121 Retained earnings 1,239 1,181 Total Equity 1,401 1,343 TOTAL ASSETS 1,833 1,714 Non-controlling interest Total Equity 1,401 1,343 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 1,833 1,714 Accounts payable and accrued expenses 3 367 301 Other current liabilities 4 4 10 Total Current Liabilities 3 371 311 As of As of

37 37

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

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 153 153 141 Acquisitions of property and equipment (130) (96) Adjustments for: Increase in noncurrent assets (4) (20) Depreciation 76 76 74 Net cash used in investing activities (134) (116) Provision for bad debts

• 3

Operating income before working capital changes 229 229 218 Cash Flows from Financing Activities Decrease (increase): Dividends paid (50) (50) Receivables (126) (45) Decrease in other noncurrent liabilities

• (2)

Inventories 12 12 (13) Net cash used in financing activities (50) (52) Prepayments and others (7) (8) Increase (decrease) in: Net decrease in cash and cash equivalents (53) (51) Accounts payable and accrued expenses 18 18 (40) Other non current liabilities 5 5 Cash and cash equivalents at beginning of period 272 272 228 Net cash provided by operating activities 131 131 117 Cash and cash equivalents at end of period 219 219 176

38 38

RIVE VERSIDE SIDE MEDICA DICAL L CENTER NTER GR GROUP UP

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 8 88 98 Cash and cash equivalents 4 457 566 Deferred income tax liabilities 7 73 71 Receivables - net 2 239 210 Accrued retirement costs 7 7 7 Inventories - net 9 95 110 Other noncurrent liabilities 1 18 19 Other current assets 1 10 10 Total Noncurrent Liabilities 1 186 195 Total Current Assets 8 801 896 Total Liabilities 1,001 673 Noncurrent Assets Property and Equipment - net 1,372 901 Equity Pension Asset 2 21 23 Capital stock 6 62 39 Other noncurrent assets 3 30 18 Additional paid-in capital stock 3 377

• Total Noncurrent Assets

1,423 942 Deposit for future stock subscription

• 400

Other equity adjustments 1 173 172 TOTAL ASSETS 2,224 1,838 Retained earnings 6 615 558 Treasury Stock ( (4) (4) LIABILITIES AND EQUITY Total Equity 1,223 1,165 Current Liabilities Accounts payable and accrued expenses 6 648 370 TOTAL LIABILITIES AND EQUITY 2,224 1,838 Current portion of long-term debt 2 21 24 Unearned tuition and other school fees 9 99 61 Income tax payable 1 14 19 Other current liabilities 3 33 4 Total Current Liabilities 8 815 478 As of As of

39 39

RIVE VERSIDE SIDE MEDICA DICAL L CENTER NTER GR GROUP UP

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 121 121 97 Acquisitions of property and equipment (175) (38) Adjustments for: Proceed from sale of property and equipment (4)

• Depreciation

37 37 41 Increase in investments/other noncurrent assets (4) (1) Interest expense 2 2 Net cash used in investing activities (183) (39) Interest income (3) (1) Others 6 6 Cash Flows from Financing Activities Operating income before working capital changes 163 163 145 Issuance of shares of stock

• 398

Decrease (increase): Payment of long-term debt (14) (12) Receivables (29) (54) Dividend payments (34) (50) Inventories 15 15 9 Others

• 2

Other assets (1)

• Net cash provided by (used in) financing activities

(48) 338 Increase in: Accounts payable and accrued expenses 4 16 Net increase (decrease) in cash and cash equivalents (109) 397 Other current liabilities 4 20 Cash generated from operations 156 156 136 Cash and cash equivalents as of beginning of period 566 566 117 Interest received 3 Income taxes paid (32) (20) Cash and cash equivalents at end of the period 457 457 514 Interest paid (2) (3) Retirement payment (3) (15) Net cash provided by operating activities 122 122 98

40 40

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Accrued retirement 2 21 19 Cash and cash equivalents 7 79 46 Other noncurrent liabilities 3 313 246 Receivables - net 5 54 68 Total Noncurrent Liabilities 3 334 265 Inventories - net 3 33 34 Prepaid expenses 2 2 1 Total Liabilities 5 568 528 Total Current Assets 1 168 149 Equity Noncurrent Assets Capital stock 5 50 50 Property and Equipment - net 2 299 167 Other equity adjustments 6 6 6 Deferred income tax 1 105 316 Retained earnings 1 110 93 Other noncurrent assets 1 162 45 Total Equity 1 166 149 Total Noncurrent Assets 5 566 528 TOTAL LIABILITIES AND EQUITY 7 734 677 TOTAL ASSETS 7 734 677 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 1 128 126 Current portion of long-term debt 9 90 90 Due to related parties 1 15 11 Other current liabilities 1 1 36 Total Current Liabilities 2 234 263 As of As of

41 41

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

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 27 27 24 Acquisitions of property and equipment (13) (65) Adjustments for: Increase in other noncurrent assets (4) (30) Depreciation 35 35 28 Net cash used in investing activities (17) (95) Provision for doubtful accounts 3 3 Interest expense 1 2 Cash Flows from Financing Activities Operating income before working capital changes 66 66 57 Increase (decrease) in: Decrease (increase) in: Due to related parties 4

• Receivables

10 10 (16) Other noncurrent liabilities (6) (4) Inventories 1 4 Net cash used in financing activities (2) (4) Other current assets (1) (3) Increase (decrease) in: Net increase (decrease) in cash and cash equivalents 33 33 (67) Accounts payable and accrued expenses (17) (10) Retirement fund obligation 2 3 Cash and cash equivalents as of beginning of period 46 46 122 Cash generated from operations 61 61 35 Income taxes paid (9) (3) Cash and cash equivalents at end of the period 79 79 55 Net cash provided by operating activities 52 52 32

42 42

ASIAN AN HOSPIT SPITAL L INC NC.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 4 405 410 Accounts payable and accrued expenses 6 630 684 Receivables - net 2 292 269 Accrued interest 1 14 25 Inventories - net 7 77 106 Long-term debts, currently due 2 258 258 Other current assets 8 8 11 Refundable deposits and other current liabilities 4 40 55 Prepaid expenses 1 10 8 Total Current Liabilities 9 942 1,022 Total Current Assets 7 792 804 Noncurrent Liabilities Noncurrent Assets Long-term debt - net of current 1 177 306 Property and equipment, net 3 3,6 ,604 3,657 Other non-current liabilities 73 73 68 Deferred income tax 1 129 128 Total Noncurrent Liabilities 250 250 374 Computer software - net 3 3 5 Other non-current assets 1 14 13 Total Liabilities 1 1,1 ,192 1,396 Total Noncurrent Assets 3 3,7 ,750 3,803 Equity TOTAL ASSETS 4 4,5 ,542 4,607 Capital stock 1 1,9 ,937 1,937 Capital stock in excess of par value 1 185 185 Subscription receivable ( (5) (5) Other equity adjustments ( (12) (12) Retained earnings 1 1,2 ,245 1,106 Total Equity 3 3,3 ,350 3,211 TOTAL LIABILITIES AND EQUITY 4 4,5 ,542 4,607 As of As of

43 43

ASIAN AN HOSPIT SPITAL L INC.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 253 253 226 Acquisitions of property and equipment (148) (156) Adjustments for: Provisions 11 11 1 Cash Flows from Financing Activities Depreciation 145 145 116 Payment of long-term debt (130) (130) Amortization of capitalized borrowing cost 1 1 Dividends paid (39) (39) Interest expense 30 30 40 Interest paid (41) (49) Others (3) (4) Net cash used in financing activities (210) (218) Operating income before working capital changes 437 437 380 Decrease (increase): Net increase (decrease) in cash and cash equivalents (5) 1 Receivables (32) (50) Inventories 29 29 14 Cash and cash equivalents as of beginning of period 410 410 407 Other current assets 1 (1) Increase (decrease) in: Cash and cash equivalents at end of the period 405 405 408 Accounts payable and accrued expenses (76) 23 Other current liabilities (6) 9 Net cash provided by operating activities 353 353 375

44 44

DELOS OS SANTOS OS MEDICAL ICAL CENTE NTER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 2 27 21 Accounts payable and accrued expenses 8 85 186 Receivables - net 8 86 93 Due to related parties 3 3

• Inventories - net

3 34 54 Long-term debts, currently due 2 200 115 Prepaid expenses 2 24 15 Refundable deposits and other current liabilities 3 38

• Total Current Assets

1 171 183 Total Current Liabilities 3 326 301 Noncurrent Assets Noncurrent Liability Property and equipment - net 6 604 539 Retirement Liability 2 29 28 Deferred income tax 1 18 17 Other non-current assets 1 14 17 Total Liabilities 3 355 329 Total Noncurrent Assets 6 636 573 Equity TOTAL ASSETS 8 807 756 Capital stock 1 114 114 Capital stock in excess of par value 2 241 241 Retained earnings 9 97 72 Total Equity 4 452 427 TOTAL LIABILITIES AND EQUITY 8 807 756 As of As of

45 45

DELOS OS SANTOS OS MEDICAL ICAL CENTE NTER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 37 37 25 Acquisitions of property and equipment (77) (97) Adjustments for: Provisions 6 3 Cash Flows from Financing Activities Depreciation 37 37 26 Proceeds from long term debt 85 85 40 Interest expense-net 3

• Interest paid

(3)

• Operating income before working capital changes

83 83 54 Dividends (6) (1) Decrease (increase): Net cash provided by financing activities 76 76 39 Receivables 1 (5) Inventories 8 3 Net increase in cash and cash equivalents 6 8 Other current assets (18)

• Increase (decrease) in:

Cash and cash equivalents as of beginning of period 21 21 19 Accounts payable and accrued expenses (85) 14 Other liabilities 18 18

• Cash and cash equivalents at end of the perio

27 27 27 Net cash provided by operating activities 7 66

46 46

CENTRAL LUZON DOCTORS’ HOSPITAL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 7 77 87 Accounts payable and accrued expenses 8 81 86 Receivables - net 7 72 57 Dividends payable 1 10 11 Inventories - net 2 25 30 Total Current Liabilities 9 91 97 Prepaid expenses 4 4 4 Total Current Assets 1 178 178 Noncurrent Liabilities Retirement Liability 7 7 6 Noncurrent Assets Deferred Income Tax 2 28 28 Property and equipment, net 2 282 274 Total Noncurrent Liabilities 3 35 34 Other non-current assets

• -

Total Noncurrent Assets 2 282 274 Total Liabilities 1 126 131 TOTAL ASSETS 4 460 452 Equity Capital stock 1 103 103 Additional Paid-in Capital 7 76 76 Treasury stock ( (3) (3) Other equity adjustments 7 79 80 Retained earnings 7 79 65 Total Equity 3 334 321 TOTAL LIABILITIES AND EQUITY 4 460 452 As of As of

47 47

CENTRAL LUZON DOCTORS’ HOSPITAL

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 20 20 16 Acquisitions of property and equipment (24) (50) Adjustment for Depreciation 17 17 15 Operating income before working capital changes 37 37 31 Cash Flow from a Financing Activity Decrease (increase) in: Dividends payment (1) (1) Receivables (13) (16) Inventories 5 2 Net decrease in cash and cash equivalents (10) (26) Other current assets (3) (3) Increase (decrease) in: Cash and cash equivalents as of beginning of period 87 87 99 Accounts payable and accrued expenses (12) 10 Other current liabilities 1 1 Cash and cash equivalents at end of the period 77 77 73 Net cash provided by operating activities 15 15 25

48 48

MEGA A CLINIC NIC

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 14 18 Accounts payable and accrued expenses 7 70 61 Receivables - net 5 59 41 Loans payable 2 20 20 Inventories - net 3 3 3 Due to related parties 1 13 18 Prepaid expenses 1 11 30 Total Current Liabilities 1 103 99 Total Current Assets 8 87 92 Noncurrent Liability Noncurrent Assets Retirement Liability 2 2 1 Property and equipment, net 3 34 33 Deferred income tax 8 8 10 Total Liabilities 1 105 100 Other non-current assets 1 18 9 Total Noncurrent Assets 6 60 52 Equity Capital stock 6 66 66 TOTAL ASSETS 1 147 144 Retained earnings ( (24) (22) Total Equity 4 42 44 TOTAL LIABILITIES AND EQUITY 1 147 144 As of As of

49 49

MEGA A CLINIC NIC

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 Jun 2015 In PhP Millions Jun 2016 Jun 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 1 4 Acquisitions of property and equipment (4) (5) Adjustments for: Increase in noncurrent assets (0) (0) Provisions 3 2 Net cash used in investing activities (4) (5) Depreciation 3 4 Operating income before working capital change 7 10 Cash Flows from Financing Activities Increase in: Due to related parties

• (3)

Receivables (17) (9) Payment of Loans

• (3)

Inventories (2) (1) Net cash used in financing activities

• (6)

Prepayments (3) (3) Decrease in: Net increase (decrease) in cash and cash equivalents (4) 1 Accounts payable and accrued expenses 15 15 15 Net cash provided by operating activities

• 12

Cash and cash equivalents as of beginning of period 18 18 14 14 Cash and cash equivalents at end of the period 14 14 15 15

50 50

MANILA LA DOCTORS, ORS, INC. C.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 105 57 Accounts payable and accrued expenses 3 365 334 Receivables - net 2 202 174 Accrued interest 1 1

• Inventories - net

1 131 130 Long-term debts, currently due 1 150 23 Other current assets 5 5 1 liabilities 4 40 17 Prepaid expenses 1 15 5 Total Current Liabilities 5 556 374 Total Current Assets 4 458 367 Noncurrent Liabilities Noncurrent Assets Long-term debt - net of current 1 100 - Property and equipment, net 1 1,3 ,310 1,038 Other non-current liabilities 9 1 Deferred income tax 1 16 14 Total Noncurrent Liabilities 1 109 1 Other non-current assets 1 12 5 Total Noncurrent Assets 1 1,3 ,338 1,057 Total Liabilities 6 665 375 TOTAL ASSETS 1 1,7 ,796 1,424 Equity Capital stock 1 198 198 Capital stock in excess of par value 5 56 56 Other equity adjustments 3 34 33 Retained earnings 8 843 762 Total Equity 1,131 1,049 TOTAL LIABILITIES AND EQUITY 1,796 1,424 As of As of

51 51

MANILA LA DOCTORS, ORS, INC. C.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 In PhP Millions Jun 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 116 Acquisitions of property and equipment (81) Adjustments for: Increase in noncurrent assets (3) Provisions 1 Net cash used in investing activities (84) Depreciation 9 Operating income before working capital changes 126 Cash Flow from a Financing Activity Decrease (increase): Availment of loan 101 Receivables (9) Inventories (1) Net increase in cash and cash equivalents 48 Other current assets 1 Decrease in: Cash and cash equivalents as of beginning of period 57 Accounts payable and accrued expenses (33) Other current liabilities (53) Cash and cash equivalents at end of the period 105 Net cash provided by operating activities 31

52 52

WEST T METRO O MEDICAL ICAL CENTER NTER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 Dec 2015 In PhP Millions Jun 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liability Cash and cash equivalents 4 42 4 Accounts payable and accrued expenses 2 20 18 Receivables - net 7 7 5 Inventories - net 3 33 9 Noncurrent Liabilities Total Current Assets 8 82 18 Retirement Liability 3 3 2 Deferred Income Tax 4 4

• Noncurrent Assets

Total Noncurrent Liabilities 7 7 2 Property and equipment, net 1 17 5 Other non-current assets 1 107 86 Total Liabilities 2 27 20 Total Noncurrent Assets 1 124 91 Equity TOTAL ASSETS 2 206 109 Capital stock 7 75 75 Deposit for future stock subscriptions 1 109 25 Deficit ( (5) (11) Total Equity 1 179 89 TOTAL LIABILITIES AND EQUITY 2 206 109 As of As of

53 53

WEST T METRO O MEDICAL ICAL CENTER NTER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 In PhP Millions Jun 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 8 Acquisitions of property and equipment (24) Adjustment for depreciation 1 Operating income before working capital changes 9 Cash Flows from Financing Activities Increase in: Equity Infusion 85 Receivables (2) Increase in Non-Current Assets (12) Inventories (25) Net cash provided by financing activities 73 Accounts payable and accrued expenses 4 Other current liabilities 3 Net increase in cash and cash equivalents 38 Net cash used in operating activities (11) Cash and cash equivalents as of beginning of period 4 Cash and cash equivalents at end of the period 42

54 54

SACR CRED ED HEA EART T HOSP SPIT ITAL AL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Jun 2016 In PhP Millions Jun 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 157 Accounts payable and accrued expenses 50 Receivables - net 24 Other current liabilities 1 Inventories - net 13 Total Current Liabilities 51 Prepaid expenses 1 Total Current Assets 195 Noncurrent Liability Retirement Liability 3 Noncurrent Assets Property and equipment, net 136 Total Liabilities 54 Other non-current assets 4 Total Noncurrent Assets 140 Equity Capital stock 225 TOTAL ASSETS 335 Retained earnings 56 Total Equity 281 TOTAL LIABILITIES AND EQUITY 335 As of As of

55 55

SACR CRED ED HEA EART T HOSP SPIT ITAL AL

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Jun 2016 In PhP Millions Jun 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 8 Acquisitions of property and equipment (1) Adjustment for depreciation: 9 Operating income before working capital changes 17 Cash Flow from a Financing Activity Decrease (increase): Equity Infusion 150 Receivables (1) Inventories 1 Net increase in cash and cash equivalents 127 Other current assets (4) Decrease in accounts payable and accrued expenses (35) Cash and cash equivalents as of beginning of period 30 Net cash provided by operating activities (22) Cash and cash equivalents at end of the period 157