FINANCIAL RESULTS ANALYSTS BRIEFING 4 May 2016 1 DISCLA CLAIM - - PowerPoint PPT Presentation

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Let’s Move Forward

FIRST QUARTER 2016 FINANCIAL RESULTS ANALYSTS’ BRIEFING

4 May 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:MP :MPI Amer eric ican n Depos

• sit

itary Receipts ipts 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

16 16% % growth in MPIC Share driven by:  POWER – 12 12% % ↑ in energy sales; increased shareholding in MERALCO from 27.5% to 32.5%; increased dividend income from Beacon preferred shares; and lower interest expense at Beacon  WATER – 5% ↑ in billed volume and average effective tariff offset by higher tax expense due to expiration of Maynilad’s Income Tax Holiday in December 2015  TOLLRO ROADS ADS – 9% ↑ in average daily traffic and 12% ↑ in average kilometers travelled on NLEX; 5% ↑ in average daily traffic on CAVITEX; 16% ↑ in average daily traffic on DMT and contribution from CII B&R (Mar 2015) and SCTEX (Oct 2015)  HOSPITAL ALS – 24% ↑ in in-patient and out-patient treatments across hospitals; lower interest cost in Asian Hospital; contribution from newly-acquired hospitals; and increased

• wnership in Riverside Medical Center from 58% to78% (October

2015)  RAIL – LRT1 only started operations in September 2015 Increase in interest expense due to new debt drawdown of P23.5 billion in 2H 2015 and accretion of interest arising from payable to Beacon for the acquisition of MERALCO shares Faster growth in reported income due to foreign exchange fluctuations In Millions of Pesos 1Q 2016 1Q 2015 % Change MPIC share Power (MERALCO / Beacon) 1,621 1,107 46% Water (Maynilad) 843 843 1,120

• 25%

Toll Roads (MPTC / DMT) 833 833 683 22% Hospitals 134 134 105 28% Rail 78 78 (5) 1660% Others (28) (7) 300% Share of operating income 3,481 3,003 16% 16% Head office expenses (283) (281) 1% Interest expense (459) (156) 194% Core income 2,739 2,566 7% 7% Non-core expenses (111) (122)

• 9%

Reported income 2,628 2,444 8% 8% Diluted EPS on Core Income In Centavos 9.81 9.47 4%

4 4

Maynila lad 37% 37% MERALCO / Beacon 37% 37% MPTC / DMT 23% 23% Hospita itals ls / Ra Rail il / Others* s** 3% 3%

Maynilad 24% MERALCO / Beacon 46% 46% MPTC / DMT MT 24% Hospitals / Rail / Others* 6% 6%

*In Millions 1Q 2016 Hospitals 134 Rail 78 Others (28) Total 184 184

16% % GROWTH TH IN MPIC SHARE RE OF OP F OPERA RATI TING NG INCOME ME

P3,48 481M 1M P3,003M 003M

1Q 2016 1Q 2015

**In Millions 1Q 2015 Hospitals 105 Rail (5) Others (7) Total 93 93

5 5

STAND-AL ALONE ONE CORE INCOME ME VS VS MPIC SHARE RE 16% % Growth wth in in MPIC Share e from

• m P3.0B

.0B to P3.5B .5B

POWER

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 4,590 4,416 4% MERALCO (32.5% - 27.5%) 1,491 1,214 23% Fair Value Adjustments ( (67) 67) (55) 22% Beacon 197 197 (52) 479% MPIC Share 1,621 1,107 46%

WATER

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 1,708 2,250

• 24%

Maynilad (52.8%) 902 902 1,188

• 24%

MWHCI Parent and Fair Value Adjustments ( (42) 42) (57)

• 26%

MPWIC/ MWCI ( (17) 17) (11) 55% MPIC Share 843 843 1,120

• 25%

TOLL ROADS

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 7 747 628 19% MPTC (99.9%) 7 746 627 19% Fair Value Adjustments ( (12) (7) 71% Don Muang Tollways / AIF 9 99 63 57% MPIC Share 8 833 683 22%

HOSPITALS

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 408 408 293 39% Hospitals 147 147 106 39% MPHHI Parent and Fair value Adjustments (13) (1) 1200% MPIC Share 134 134 105 28%

RAIL

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 1 144 (16) 1028% LRMC (55.0%)* 7 79 (9) 1028% MPLRC / LRMH* ( (1) 4 -134% MPIC Share 7 78 (5) 1660%

*Take-over of operations starting September 2015

OTHERS

In Millions 1Q 2016 1Q 2015 % AFPI ( (32) (7) 357% Indra Phil. / Logistics 4 4

• 100%

MPIC Share ( (28) (7) 300%

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CUR URRE RENT NT PE PENDING DING ISSUE UES S / OP OPPOR PORTUNITI UNITIES ES WATER TOLL ROADS RAIL

• Maynilad calls on the

Government’s Undertaking to indemnify concessionaire for losses caused by delays in tariff implementation

• Ongoing arbitration –

hearings expected to commence in 4Q 2016

• Continue to bid and

execute on attractive bulk water supply projects

• Delayed tariff increases
• NLEX – due January

2013 and 2015

• CAVITEX – due

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

• Issued a Demand

Letter to the Philippine Republic for the delayed toll increase implementation on August 26

• Filed arbitration cases

for NLEX and CAVITEX in April 2016

• Connector Road –
• ngoing Swiss Challenge
• Filed Claim from

Grantors for various LRT1 costs (shortfall payments, compliance with maintenance, availability of LRVs, cycle time, premature system degradation etc.) on October 26

• Right of Way

acquisition – ongoing preparation work

HOSPITALS POWER

• Memo by Department
• f Energy on DU

participation in Open Access

• Delayed rate rebasing
• Execution of power

generation agenda

• Achieve target of

5,000 beds

• Evaluate greenfield

hospitals and expansion of nonhospital-based diagnostic centers

• Continue expanding

existing hospitals to

• ptimize growth

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PO PORTF TFOLIO LIO COMPANY ANY RESUL ULTS TS AND KE KEY PR PRIORITIES ORITIES

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MERAL ALCO O 1Q 2016 6 HIGHL HLIGHT IGHTS

Electricity Revenues were a function of:  12% 12% growth in total energy sales from 8,092 GWh to 9,077 GWh (20% ↑ residential, 13 13% ↑ commercial and 5% ↑ industrial sector)

• 4%

4% growth in number of customers from 5.6M to 5.8M  8% decrease in average distribution rate from P1. 1.54/kW /kWh to P1. 1.41/kW kWh  7% 7% decrease in generation, transmission and

• ther electricity revenues due to lower pass-

through charges as a result of lower WESM, fuel and natural gas cost Growth of 53% 53% in Non-electricity Revenues was primarily from MServ, CIS Bayad Center and Radius Telecoms

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 4,590 4,416 4% MERALCO (32.5% - 27.5%) 1,491 1,214 23% Fair Value Adjustments ( (67 67) (55) 22% Beacon 19 197 7 (52) 479% MPIC Share 1,621 1,107 46%

In Millions 1Q 2016 1Q 2015 % Electricity 57,851 61,073

• 5%

Non-Electricity 2,322 1,517 53% Total revenues 60,173 62,590

• 4%

Purchased power (44,929) (48,124)

• 7%

Operating expenses (9,008) (8,002) 13% Other income 250 250 (106)

• 336%

Provision for income tax (1,872) (1,925)

• 3%

Non-controlling interests (24) (17)

• 41%

Core income 4,590 4,416 4% 4% Non-core income (expense) (43) 5

• 960%

Reported net income 4,547 4,421 3% 3% Core EBITDA Computation: Core income 4,590 4,416 4% Depreciation and amortization 1,661 1,608 3% Interest expense (income) - net (148) 58

• 355%

Provision for income tax 1,872 1,925

• 3%

Others 176 176 220

• 20%

Core EBITDA 8,151 8,227

• 1%

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KE KEY METRIC ICS S AND KE KEY PRIORIT ORITIES IES

POWER GENER ERATIO ION N UPDATES ES

Baseloa seload  San Buena naven entur tura a Pow Power er, , Mauban an, , Quezon

• n (Target

rget comple leti tion

• n in

2019)

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

construction ongoing  Redondo ndo Pe Penin insula la Energy rgy, , Subic ic (Target get completion letion in 2019)

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

2016  Atim imonan

• nan One Energy

gy, , Quezon n (Target get completion letion of Unit it 1 in 2021)

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

expected by 3Q 2016

• Target site preparation by mid 2017

Other er Investment ents  Pacific ific Light ht Pow Power er, , Singap apore

• re (28%

% ow

• wnership

hip)

• 2 x 400MW combined cycle LNG plant in Jurong Island

 Global bal Busines ess Pow Power er Corporat

• ration

ion (22% 2% ow

• wner

ership hip)

• Largest IPP in Visayas with 854MW gross capacity – including

150MW CFB coal-fired plant being built with target COD by 3Q 2016 KEY METRICS 1Q 2016 1Q 2015

12-MMA System Loss 6.53% 6.50% System Average Interruption Frequency Index 0.40 times 0.47 times Customer Average Interruption Duration Index 116.39 min 82.74 min Number of customers 5.84M 5.63M Capital Expenditure (excluding Power Generation) 1,187 3,438 Energy Sales Residential 2,714 2,262 Commercial 3,620 3,213 Industrial 2,709 2,584 Streetlights 34 34 33 Total (in GWh) 9,077 8,092

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In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 1,708 2,250

• 24%

Maynilad (52.8%) 90 902 2 1,188

• 24%

MWHCI Parent and Fair Value Adjustments ( (42 42) (57)

• 26%

MPWIC / MWCI ( (17 17) (11) 55% MPIC Share 84 843 3 1,120

• 25%

MAYNILAD NILAD 1Q 2016 6 HIGHL HLIGHT IGHTS

MAYN YNILA ILAD Revenues increased by 10% due to:  5% increase in billed volume from 114.7 4.7 MCM to 120 20.3 .3 MCM

• 5% increase in billed customers from 1,2

,211,9 ,954 to 1,2 ,275,9 ,902  5% increase in average effective tariff Core EBITDA grew slower due to a) higher repairs and maintenance due to timing issues; b) reversal of provision for doubtful accounts in 1Q 2015; and c) higher sanitation expenses Core Income dropped significantly due to the expiration of Maynilad’s Income Tax Holiday Other r Busines esses es – Stand-alone alone PhilHyd lHydro – Gross Revenues of P44 million lion and Operating Loss of P2 milli lion; billed volume improved from 32.7 .7 MLD to 34.8 .8 MLD Subic ic Water – Gross Revenues of P153 million lion and Net Income of P44 4 milli lion

In Millions 1Q 2016 1Q 2015 % Revenues 4,935 4,487 10% Cost of services (1,346) (1,151) 17% Gross profit 3,589 3,336 8% 8% Operating expenses (655) (538) 22% Other income and expense - net (177) (154) 15% Interest expense - net (474) (482)

• 2%

Benefit from (Provision for) income tax (575) 88

• 753%

Core income 1,708 2,250

• 24%

Non-core expenses (69) (31) 123% Reported net income 1,639 2,219

• 26%

Core EBITDA Computation: Core income 1,708 2,250

• 24%

Depreciation and amortization 590 590 527 12% Interest expense - net 474 474 482

• 2%

Provision for (Benefit from) income tax 575 575 (88)

• 753%

Core EBITDA 3,347 3,171 6% 6%

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KEY METRICS 1Q 2016 1Q 2015 NRW Average 30.6% 34.1% Period end 30.4% 32.7% Coverage Total population 9.89M 9.79M Population coverage 9.25M 8.99M 24hr availability 100% 100% 100% Over 16 psi* 74% 74% N/A Customer Mix Residential 81% 81% 80% Commercial 19% 19% 20% Capital Expenditure P1,241M P1,719M

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

KE KEY METRICS ICS AND KE KEY PR PRIORITIES ORITIES

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

95 100 105 110 115 120 125 130 28. 28.0% 0% 30. 30.0% 0% 32.0% 32.0% 34. 34.0% 0% 36. 36.0% 0% 38. 38.0% 0% 40. 40.0% 0% 42. 42.0% 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 7 March rch 2015

Maynilad serves Notice of Arbitration to the Philippine Republic

14 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

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MPT PTC 1Q 2016 6 HIGHL HLIGHTS IGHTS

Net Toll Revenues increased due to:  NLEX EX

• Revenues up by 10% from P1,9

,970 mill llion

• n to P2,1

,176 mil illi lion

• 9%

9% increase in average daily vehicle entries (open & closed systems) from 196,0 ,058 to 214,6 ,664 – Class 1 grew fastest at 11%

• 12% increase in average daily kilometers travelled from 3.8

.83M to 4.2 .28M – Class 1 grew fastest at 15%  CAVIT ITEX EX

• Revenues up by 7%

% from P302 mil illi lion to P323 mil illi lion

• n
• 5% increase in average daily vehicle entries from 118,4

,435 to 124,4 ,414 – R1 extension traffic grew fastest at 14%  SCTEX EX

• Inclusion of revenues from SCTEX amounting to P382 mil

illi lion

• n – Takeover in

October 2015 Slower growth in Core Income due to a) lower profit ratio for SCTEX given its higher government revenue share at 50%; and b) 1Q 2015 includes P46 mill llion

• n dividend

income from CITRA Don Muang Toll llway – increased stake from 7.4 .4% to 29.5 .5% in 31 July 2014  Contribution amounted to P99 mil illi lion

• n net of financing costs

 16% increase in average daily vehicle entries for Original Tollway from 82,7 ,772 to 96,0 ,058  16% increase in average daily vehicle entries for North Extension from 49,1 ,193 to 56,8 ,826 CII Bridges es & Roads – acquired stake in March 2015  Equity interest in earnings equivalent to P44 mill llion

• n

 8% % increase in average daily vehicle entries from 46,3 ,365 to 50,0 ,078

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 7 747 628 19% MPTC (99.9%) 7 746 627 19% Fair Value Adjustments ( (12) (7) 71% Don Muang Tollways / AIF 9 99 63 57% MPIC Share 8 833 683 22%

In Millions

1Q 2016 1Q 2015

% Net toll revenues 2,881 2,272 27% Cost of services (1,222) (832) 47% Gross profit 1,659 1,440 15% 15% Operating expenses (307) (221) 39% Other income - net 65 65 84

• 23%

Share in earnings of associates 119 119 77 55% Interest expense - net (297) (282) 5% Provision for income tax (275) (272) 1% Non-controlling interest (217) (198) 10% Core income 747 747 628 628 19% 19% Non-core income (expenses) 10 10 (37) 127% Reported net income 757 757 591 591 28% 28% Core EBITDA Computation: Core income 747 747 628 19% Depreciation and amortization 267 267 217 23% Interest expense - net 297 297 282 5% Provision for income tax 275 275 272 1% Non-controlling interest 217 217 198 10% Core EBITDA 1,803 1,597 13% 13%

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KE KEY METRICS ICS AND KE KEY PR PRIORITIES ORITIES

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 ning g (P2.4 billion project cost)  Target completion in 2017 NLEX Citi i Link nk (P8.2 billion project cost)  Ongoing finalization of detailed engineering design Connecto nector r Road / Metro

• Expressway

ay Link nk (P18.0 billion project cost)  Approved by the National Economic and Development Authority  Swiss Challenge published in April 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 (11.7 billion project cost)  Target completion in 2020 CALAEX X (P28.7 billion project cost)  Ongoing preparation of detailed engineering design  Target completion in 2020 CEBU Cebu-Cordov Cordova a Bridge (P27.9 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 1Q 2016 1Q 2015 Class 1 165,697 148,845 Class 2 31,021 30,195 Class 3 17,946 17,018 Total 214,664 196,058 Class 1 3,200 2,794 Class 2 660 660 637 Class 3 423 423 397 Total 4,283 3,828 Class 1 110,961 104,367 Class 2 9,300 9,747 Class 3 4,153 4,321 Total 124,414 118,435 Class 1 34,352 28,646 Class 2 4,778 4,519 Class 3 2,610 2,295 Total 41,740 35,460 Capital Expenditure 725 725 799 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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In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 408 408 293 39% Hospitals 147 147 106 39% MPHHI Parent and Fair value Adjustments (13) (1) 1200% MPIC Share 134 134 105 28%

HOSPIT PITAL AL GROUP UP 1Q 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  24% growth in patients Core Income grew faster due to cost containment from economies of scale and decrease in financing costs

In Millions 1Q 2016 1Q 2015 % Gross revenues 4,615 3,683 25% Discounts (432) (349) 24% Net revenues 4,183 3,334 25% 25% Cost of supplies (1,703) (1,453) 17% Gross profit 2,480 1,881 32% 32% Operating expenses (1,934) (1,475) 31% Interest expense (63) (70)

• 10%

Other income 93 93 82 13% Provision for income tax (168) (125) 34% Core income 408 408 293 293 39% 39% Non-core expenses (1) (1) 0% Reported net income 407 407 292 292 39% 39% Core EBITDA Computation: Core income 408 408 293 39% Depreciation and amortization 375 375 313 20% Interest expense 63 63 70

• 10%

Provision for income tax 168 168 125 34% Core EBITDA 1,014 801 801 27% 27%

Hospit ital al / Stand nd-al alone ne % increas ase/(decreas ease) Central Luzon Doctors’ Hospital 17% Delos Santos Medical Center 15% Asian Hospital 15% Davao Doctors 12% Riverside Medical Center 10% Cardinal Santos Medical Center 9% Makati Med 8% Our Lady of Lourdes 8% Mega Clinic (4%)

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KE KEY METRICS ICS AND KE KEY PR PRIORITIES ORITIES

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 PRIOR ORITIE ITIES

KEY METRICS 1Q 2016 1Q 2015 Total number of beds 2,637 2,135 Number of accredited doctors 6,882 5,477 Average number of enrollees 5,793 4,972 Average standard occupancy rate 67% 67% 62% Number of patients In patient 36,721 29,720 Out patient 604,358 488,935

16

LRMC 1Q 2016 6 HIGHL HLIGHT IGHTS

Rail revenues: Take-over of LRT1 operations beginning September 2015 Average daily ridership at 419,081 Successes: Restored 14 LRVs, bringing total in operation to 91 Signed EPC agreement for the LRT1 Cavite Extension Key priorities: Replacement of rails commenced in April 2016, target completion by end of 2017 On-going preparation work for right of way acquisition Upgrade of signaling system

In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 1 144 (16) 1028% LRMC (55%) 7 79 (9) 1028% MPLRC/ LRMH ( (1) 4 -134% MPIC Share 7 78 (5) 1660%

In Millions

1Q 2016 1Q 2015

% Rail revenue 746 746 100% Cost of services (428)

• 100%

Gross profit 318 318

• 100%

100% Operating expenses (123) (17) 624% Other income and expense - net 11 11

• 100%

Interest income 4 1 300% Provision for income tax (66)

• 100%

Core income 144 144 (16) 1000% 1000% Non-core income 3

• 100%

Reported net income 147 147 (16) 1019% 1019% Core EBITDA Computation: Core income 144 144 (16) 1000% Depreciation and amortization 5 1 400% Interest income (4) (1) 300% Provision for income tax 66 66

• 100%

Core EBITDA 211 211 (16)

• 1419%

17 17

QUARTERL TERLY Y ANALYSIS SIS

18

MERAL ALCO O QUARTERL TERLY Y HIGHLIGHTS LIGHTS (In Millions

ns of Pesos)

4Q 2015 1Q 2016 Total Revenues 61,352 60,173 Core EBITDA 3,820 8,151 Core Income 3,092 4,590 Reported Income 2,949 4,547 System Loss (12 mo. moving average) 6.47% 6.53% Number of customers 5.78M 5.84M Energy Sales Residential 2,881 2,714 Commercial 3,805 3,620 Industrial 2,908 2,709 Streetlights 34 34 34 Total (in gWh) 9,628 9,077 FINANCIAL HIGHLIGHTS KEY METRICS

Revenues dropped by 2% due to lower energy sales, average distribution rate and non-electricity revenues Core EBITDA and Core Income grew significantly higher due to higher operating expenses in 4Q

19

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

ns of Pesos)

Revenues increased by 2% despite slight drop in billed volume due to inflationary tariff increases Core EBITDA dropped by 11% due to higher taxes and licenses and reversal of provision for doubtful accounts in the previous quarter Core Income affected by expiry of Income Tax Holiday

4Q 2015 1Q 2016 Revenues 4,855 4,935 Core EBITDA 3,777 3,347 Core Income 2,523 1,708 Reported Income 2,480 1,639 Billed volume (In MCM) 120.8 120.3 Billed customers 1,265,625 1,275,902 Non-revenue water Average 28.6% 30.6% Period end 29.3% 30.4% Service levels 24-hour coverage 99.8% 99.7% Over 16 psi* N/A 73.7% FINANCIAL HIGHLIGHTS KEY METRICS

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

20

MPT PTC QUARTERL ERLY HIGHL HLIGHT IGHTS S (In Millions

• ns of Pesos)

6% growth in Revenues due to higher traffic on all roads Slower growth in Core EBITDA at 3% due to higher government revenue share in SCTEX at 50% vs. NLEX at 6% Core Income grew faster at 25% due to lower financing costs and provision for heavy maintenance and depreciation expenses Reported income grew faster at 57% due to significant non-recurring expenses in the previous quarter

4Q 2015 1Q 2016 Net Revenues 2,720 2,881 Core EBITDA 1,746 1,803 Core Income 599 747 747 Reported Income 482 757 757 NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 161,242 165,697 Class 2 30,989 31,021 Class 3 16,988 17,946 Total 209,219 214,664 Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,129 3,200 Class 2 675 660 660 Class 3 406 423 423 Total 4,210 4,283 CAVITEX Average Daily Vehicle Entries Class 1 105,318 110,961 Class 2 9,116 9,300 Class 3 3,933 4,153 Total 118,367 124,414 SCTEX Average Daily Vehicle Entries Class 1 28,689 34,352 Class 2 4,926 4,778 Class 3 2,351 2,610 Total 35,966 41,740 FINANCIAL HIGHLIGHTS KEY METRICS

21

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

ns of Pesos)

Higher Revenues attributed to seasonality during the Christmas holidays, contributions from new hospitals and increased enrollees in schools Core EBITDA and Core Income grew slower due to increased operating and personnel expenses Reported Income grew faster at 40% due to a one-time non-core expense in the previous quarter

4Q 2015 1Q 2016 Revenues 3,812 4,615 Core EBITDA 914 1,014 Core Income 363 408 408 Reported Income 291 407 407 Total number of beds 2,510 2,637 Number of accredited doctors 5,869 6,882 Number of enrollees 4,938 5,793 FINANCIAL HIGHLIGHTS KEY METRICS

22

LRMC QUARTERL ERLY Y HIGHL HLIGHT IGHTS S (In Millions

• ns of Pesos)

*Take-over of operations starting 12 September 2015

4Q 2015* 1Q 2016 Net Revenues 746 746 746 Core EBITDA 165 211 211 Core Income 132 144 144 Reported Income 131 147 147 LRMC - Average Daily Ridership 389,478 419,081 FINANCIAL HIGHLIGHTS KEY METRICS

Core EBITDA and Core Income grew due to significantly lower

• perating expenses this quarter

23 23

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

24 24

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash and short-term investments 5 5,7 ,754 3,463 Accounts payable and other current liabilities 2 2,8 ,854 1,381 Receivables - net 2 2,7 ,796 876 Due to related parties 8 8,9 ,907 8,809 Other current assets 1 1,6 ,681 2,185 Current portion of long-term debt 3 305 382 Total Current Assets 10,231 6,524 Total Current Liabilities 12,066 10,572 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 134,198 133,971 Noncurrent portion of long-term debt 30,737 29,296 Other noncurrent assets 5 595 598 Other noncurrent liabilities 3 3,6 ,625 3,917 Total Noncurrent Assets 134,793 134,569 Total Noncurrent Liabilities 34,362 33,213 TOTAL ASSETS 145,024 141,093 Total Liabilities 46,428 43,785 EQUITY Capital stock 27,945 27,935 Additional paid-in capital 50,023 49,981 Other reserves 1 100 108 Retained earnings 20,528 19,284 Total Equity 98,596 97,308 TOTAL LIABILITIES AND EQUITY 145,024 141,093 As of As of

25 25

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Noncurrent portion of concession fees payable Cash and short-term investments 26,453 26,350 long-term debt and others 110,873 108,884 Receivables 6 6,6 ,636 4,441 Deferred tax liabilities 4 4,5 ,544 4,610 Other current assets 5 5,2 ,299 5,555 Other noncurrent liabilities 3 3,9 ,970 3,996 Total Current Assets 38,388 36,346 Total Noncurrent Liabilities 119,387 117,490 NONCURRENT ASSETS Total Liabilities 153,672 151,403 Investments and advances 95,660 96,202 Goodwill 18,308 18,308 EQUITY Service concession assets 137,351 135,760 Capital stock 27,945 27,935 Property and equipment 8 8,2 ,225 8,016 Additional paid-in capital 50,023 49,980 Other noncurrent assets 7 7,6 ,632 7,548 Other equity adjustments and reserves 6 6,5 ,553 6,758 Total Noncurrent Assets 267,176 265,834 Retained earnings 36,073 35,149 Total equity attributable to owners of Parent 120,594 119,822 TOTAL ASSETS 305,564 302,180 Non-controlling interest 31,298 30,955 Total Equity 151,892 150,777 LIABILITIES AND EQUITY CURRENT LIABILITIES TOTAL LIABILITIES AND EQUITY 305,564 302,180 Accounts payable and other current liabilities 15,710 15,174 Due to related parties 8 8,6 ,628 8,550 Current portion of concession fees payable long-term debt and others 9 9,9 ,947 10,189 Total Current Liabilities 34,285 33,913 As of As of

26 26

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 6 6,5 ,559 9,182 Accounts payable and other current liabilities 10,827 11,327 Receivables 2 2,3 ,382 2,429 Current portion of interest-bearing loans 1,742 1,742 Other current assets 3 3,3 ,327 3,216 Current portion of service concession obligation 1 1,0 ,086 1,358 Total Current Assets 12,268 14,827 Total Current Liabilities 13,655 14,427 Non-current Assets Non-current Liabilities Service concession assets 63,169 62,488 Interest-bearing loans - net of current portion 22,451 23,337 Deferred tax assets 1 1,9 ,996 2,140 Service concession obligation - net of current portion 6 6,6 ,673 6,737 Property and equipment 8 850 834 Other noncurrent liabilities 1 1,1 ,130 1,313 Other noncurrent assets 7 786 1,064 Total Noncurrent Liabilities 30,254 31,387 Total Noncurrent Assets 66,801 66,526 Total Liabilities 43,909 45,814 TOTAL ASSETS 79,069 81,353 Equity Capital stock 4 4,5 ,547 4,547 Additional paid-in capital 10,021 9,980 Other equity adjustments and reserves ( (299) (240) Retained earnings 20,891 21,252 Total Equity 35,160 35,539 TOTAL LIABILITIES AND EQUITY 79,069 81,353 As of As of

27 27

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

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 2,203 2,125 Acquisitions of property and equipment (88) (40) Adjustments for: Decrease (increase) other noncurrent assets 143 143 (100) Interest expense 518 518 521 Net cash provided by (used in) investing activities 55 55 (140) Amortization of service concession assets 518 518 472 Interest income (32) (32) Cash Flows from Financing Activities Depreciation and amortization 71 71 55 Proceeds from availment of interest-bearing loans

• 984

Others 6 (17) Payments of: Operating income before working capital changes 3,284 3,124 Dividends (2,000) (2,000) Decrease (increase) Loans (846) (838) Short-term investments 3,971 (518) Service concession obligation payable (631) (457) Receivables 47 47 110 Interest (520) (539) Service concession assets (1,199) (1,686) Reissuance (acquisition) of treasury shares 87 87

• Other current assets

(110) 139 Increase (decrease) in: Increase accounts payable and other current liabilities (336) (80) Customers' deposits Cash generated from operations 5,657 1,089 Other noncurrent liabilities (480) 423 Interest received 32 32 32 Net cash used in financing activities (4,390) (2,427) Net cash provided by operating activities 5,689 1,121 Net increase (decrease) in cash and cash equivalents 1,354 (1,446) Cash and cash equivalents at beginning of period 3,093 4,188 Cash and cash equivalents at end of period 4,447 2,742

28 28

METRO O PACIF CIFIC IC TOLLWAYS CORPORA RPORATION TION AND ND SUBS BSIDIARIES IDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 5 5,7 ,710 5,606 Accounts payable and accrued liabilities 2 2,3 ,354 2,931 Receivables 8 873 768 Current portion of long-term debt 1 1,1 ,121 1,332 Other current assets 1 1,1 ,192 1,277 Other current liabilities 1 1,5 ,544 1,753 Total Current Assets 7 7,7 ,775 7,651 Total Current Liabilities 5 5,0 ,019 6,016 Noncurrent Assets Noncurrent Liabilities Service concession assets 53,710 52,987 Long-term debt - net of current portion 29,286 28,242 Goodwill 4 4,9 ,979 4,979 Service concession obligation 15,563 15,354 Investment in associates 4 4,3 ,310 4,381 Deferred tax liabilities 8 890 978 Other noncurrent assets 3 3,7 ,750 3,464 Other noncurrent liabilities 1 1,0 ,078 894 Total Noncurrent Assets 66,749 65,811 Total Noncurrent Liabilities 46,817 45,468 TOTAL ASSETS 74,524 73,462 Total Liabilities 51,836 51,484 Equity Capital stock 12,684 12,684 Additional paid-in capital 14,028 13,720 Other equity adjustments and reserves (9,927) (9,997) Retained earnings 3 3,5 ,588 3,452 Total Equity Attributable to Equity Holders of Parent 20,373 19,859 Non-controlling interest 2 2,3 ,315 2,119 Total Equity 22,688 21,978 TOTAL LIABILITIES AND EQUITY 74,524 73,462 As of As of

29 29

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities 816 816 820 Cash and cash equivalents 499 499 531 Retirement benefit obligation 70 70 66 Receivables - net 825 825 620 Loans payable 928 928 931 Inventories - net 199 199 222 Provisions 109 109 109 Other current assets 67 67 52 Total Noncurrent Liabilities 1 1,9 ,923 1,926 Total Current Assets 1 1,5 ,590 1,425 Total Liabilities 3 3,0 ,080 3,008 Noncurrent Assets Property and Equipment - net 7,342 7,343 Equity Other noncurrent assets 44 44 48 Capital stock 3 334 334 Total Noncurrent Assets 7 7,3 ,386 7,391 Capital in excess of par value 1 1,5 ,545 1,543 Deposit for future subscription TOTAL ASSETS 8 8,9 ,976 8,816 Other equity adjustments 2 2,2 ,203 2,205 Retained earnings 1 1,8 ,803 1,714 LIABILITIES AND EQUITY Treasury Stock ( (15) (15) Current Liabilities Total Equity Attributable to Equity Holders of Parent 5 5,8 ,870 5,781 Accounts payable and accrued expenses 1,004 861 Non-controlling interest 2 26 27 Current portion of long-term liabilities 149 149 149 Total Equity 5 5,8 ,896 5,808 Other current liabilities 4 72 Total Current Liabilities 1 1,1 ,157 1,082 TOTAL LIABILITIES AND EQUITY 8 8,9 ,976 8,816 As of As of

30 30

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

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 130 130 102 Acquisitions of property and equipment (45) (21) Adjustments for: Construction in progress (68) (72) Provisions 16 16 11 Net cash used in investing activities (113) (93) Depreciation and amortization 114 114 114 Retirement benefit expense 9 9 Cash Flows from Financing Activities Interest expense 14 14 14 Proceeds from issuance of capital stock 2 6 Interest income (1)

• Payment of loan

(4) (9) Others

• Interest paid

(15) (15) Operating income before working capital changes 282 282 250 Dividends paid (55) (80) Decrease (increase): Net cash used in financing activities (72) (98) Receivables (230) (81) Inventories 23 23 13 Net increase (decrease) in cash and cash equivalents (32) 76 Prepayments (13) (13) Increase (decrease) in: Cash and cash equivalents at beginning of period 531 531 338 Accounts payable and accrued expenses 96 96 107 Refundable deposits and other liabilities

• (3)

Cash and cash equivalents at end of period 499 499 414 Cash generated from operations 158 158 273 Contributions to the retirement fund (6) (6) Interest received 1

• Net cash provided by operating activities

153 153 267

31 31

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 Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 309 309 222 222 Accounts payable and accrued expenses 6 699 536 Receivables - net 217 217 172 172 Due to related parties 6 6 12 Inventories - net 71 71 78 78 Other current liabilities 1 19 19 Other current assets 45 45 35 35 Total Current Liabilities 7 724 567 Total Current Assets 6 642 5 507 Noncurrent Liabilities Noncurrent Assets Retirement plan 2 20 20 Property and Equipment - net 1 1,0 ,058 1,052 Lease payable 5 599 647 Deferred income tax assets 1 115 1 108 Total Noncurrent Liabilities 6 619 667 Other noncurrent assets 6 6.0 .00 6 6 Total Noncurrent Assets 1 1,1 ,179 1,166 Total Liabilities 1 1,3 ,343 1,234 TOTAL ASSETS 1 1,8 ,821 1,673 Equity Capital stock 2 20 20 Deposit for future stock subscription 30 30 30 Other comprehensive income 3 3 Retained earnings 4 425 386 Total Equity 4 478 439 TOTAL LIABILITIES AND EQUITY 1 1,8 ,821 1,673 As of As of

32 32

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 Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 55 55 46 Acquisitions of property and equipment (55) (28) Adjustments for: Provisions 1 3 Cash Flows from Financing Activities Depreciation and amortization 34 34 49 Loans payable (74) (38) Interest expense 26 26 26 Issuance of capital stock

• 45

Operating income before working capital changes 116 116 124 Net cash provided by (used in) financing activities (74) 7 Decrease (increase): Receivables (41) (13) Net increase in cash and cash equivalents 87 87 41 Inventories 7 (9) Prepayments (10)

• Cash and cash equivalents at beginning of period

222 222 127 Increase (decrease) in: Accounts payable and accrued expenses 144 144 (43) Cash and cash equivalents at end of period 309 309 168 Refundable deposits and other liabilities

• 3

Net cash provided by operating activities 216 216 62

33 33

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

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations 4 47 46 Cash and cash equivalents 2 280 272 Other noncurrent liabilities 1 12 14 Receivables, net 2 251 211 Total Noncurrent Liabilities 5 59 60 Inventory, net 7 79 92 Prepaid expenses 2 24 18 Total Liabilities 3 351 371 Total Current Assets 6 634 593 Equity Noncurrent Assets Capital stock 9 91 91 Property and Equipment - net 1,039 1,037 Capital in excess of par value 4 48 48 Deferred income tax assets 2 22 25 Treasury shares ( (7) (7) Other noncurrent assets 5 58 59 Other equity adjustments 3 30 30 Total Noncurrent Assets 1,119 1,121 Retained earnings 1,240 1,181 Total Equity 1,402 1,343 TOTAL ASSETS 1,753 1,714 Non-controlling interest Total Equity 1,402 1,343 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 1,753 1,714 Accounts payable and accrued expenses 2 288 301 Other current liabilities 4 4 10 Total Current Liabilities 2 292 311 As of As of

34 34

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 Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 83 83 77 Acquisitions of property and equipment (39) (60) Adjustments for: Increase in noncurrent assets (2) (9) Depreciation 37 37 36 Net cash used in investing activities (41) (69) Provision for bad debts

• 2

Operating income before working capital changes 120 120 115 Net increase in cash and cash equivalents 8 19 Decrease (increase): Receivables (41) 1 Cash and cash equivalents at beginning of period 272 272 228 Inventories 13 13 3 Prepayments and others (7) (6) Cash and cash equivalents at end of period 280 280 247 Increase (decrease) in: Accounts payable and accrued expenses (38) (27) Other non current liabilities 2 2 Net cash provided by operating activities 49 49 88

35 35

RIVE VERSIDE SIDE MEDICA DICAL L CENTER NTER GR GROUP UP

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 9 93 98 Cash and cash equivalents 5 580 566 Deferred income tax liabilities 7 74 71 Receivables - net 1 145 210 Accrued retirement costs 6 6 7 Inventories - net 8 83 110 Other noncurrent liabilities 1 19 19 Other current assets 1 11 10 Total Noncurrent Liabilities 1 192 195 Total Current Assets 8 819 896 Total Liabilities 5 541 673 Noncurrent Assets Property and Equipment - net 9 905 901 Equity Pension Asset 2 22 23 Capital stock 3 39 39 Other noncurrent assets 1 18 18 Deposit for future stock subscription 4 400 400 Total Noncurrent Assets 9 945 942 Other equity adjustments 1 173 172 Retained earnings 6 615 558 TOTAL ASSETS 1 1,7 ,764 1,838 Treasury Stock ( (4) (4) Total Equity 1 1,2 ,223 1,165 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 1 1,7 ,764 1,838 Accounts payable and accrued expenses 2 288 370 Current portion of long-term debt 2 23 24 Unearned tuition and other school fees 2 2 61 Income tax payable 3 32 19 Other current liabilities 4 4 4 Total Current Liabilities 3 349 478 As of As of

36 36

RIVE VERSIDE SIDE MEDICA DICAL L CENTER NTER GR GROUP UP

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 74 74 52 Acquisitions of property and equipment (23) (13) Adjustments for: Decrease (increase) in investments/other noncurrent ass

• 5

Depreciation 18 18 20 Net cash used in investing activities (23) (8) Interest expense 1 2 Interest income (2)

• Cash Flows from Financing Activities

Others 3 2 Payment of long-term debt (7) (5) Operating income before working capital changes 94 94 76 Others 1 1 Decrease (increase) : Net cash used in financing activities (6) (4) Receivables 65 65 24 Inventories 26 26 12 Net increase in cash and cash equivalents 14 14 14 Other assets (2) (2) Decrease in: Cash and cash equivalents as of beginning of period 566 566 117 Accounts payable and accrued expenses (138) (9) Other current liabilities

• (63)

Cash and cash equivalents at end of the period 580 580 131 Cash generated from operations 45 45 38 Interest received 2

• Interest paid

(1) (1) Retirement payment (3) (11) Net cash provided by operating activities 43 43 26 26

37 37

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 Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS Noncurrent Liabilities Current Assets Accrued retirement 2 21 19 Cash and cash equivalents 1 104 46 Other noncurrent liabilities 3 323 246 Receivables - net 5 58 68 Total Noncurrent Liabilities 3 344 265 Inventories - net 3 32 34 Prepaid expenses 2 2 1 Total Liabilities 6 614 528 Total Current Assets 1 196 149 Equity Noncurrent Assets Capital stock 5 50 50 Property and Equipment - net 3 310 167 Other equity adjustments 6 6 6 Deferred income tax 1 101 316 Retained earnings 1 102 93 Other noncurrent assets 1 165 45 Total Equity 1 158 149 Total Noncurrent Assets 5 576 528 TOTAL LIABILITIES AND EQUITY 7 772 677 TOTAL ASSETS 7 772 677 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 1 163 126 Current portion of long-term debt 9 90 90 Due to related parties 1 16 11 Other current liabilities 1 1 36 Total Current Liabilities 2 270 263 As of As of

38 38

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 Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 14 14 13 Acquisitions of property and equipment (9) (25) Adjustments for: Decrease (Increase) in other noncurrent assets (1)

• Depreciation

18 18 14 Net cash used in investing activities (10) (25) Provision for doubtful accounts 2 2 Interest expense 1 1 Cash Flows from Financing Activity Operating income before working capital changes 35 35 30 Increase in: Increase: Due to related parties 5 5 Receivables 11 11 (24) Other noncurrent liabilities 3 4 Inventories 2 1 Net cash provided by financing activities 8 9 Other current assets (2) (1) Increase in: Net increase (decrease) in cash and cash equivalents 58 58 (32) Accounts payable and accrued expenses 17 17 (24) Retirement fund obligation 2 2 Cash and cash equivalents as of beginning of period 46 46 122 Cash generated from (used in) operations 65 65 (16) Income taxes paid (5)

• Cash and cash equivalents at end of the period

104 104 90 Net cash provided by (used in) operating activities 60 60 (16)

39 39

ASIAN AN HOSPIT SPITAL L INC NC.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 5 514 410 Accounts payable and accrued expenses 6 673 684 Receivables - net 2 253 269 Accrued interest 3 33 25 Inventories - net 8 84 106 Long-term debts, currently due 2 258 258 Other current assets 2 20 11 Refundable deposits and other current liabilities 4 47 55 Prepaid expenses 8 8 8 Total Current Liabilities 1 1,0 ,011 1,022 Total Current Assets 8 879 804 Noncurrent Liabilities Noncurrent Assets Long-term debt - net of current 2 264 306 Property and equipment, net 3 3,6 ,624 3,657 Other non-current liabilities 71 71 68 Deferred income tax 1 132 128 Total Noncurrent Liabilities 3 335 3 374 Computer software - net 3 3 5 Other non-current assets 1 14 13 Total Liabilities 1 1,3 ,346 1,396 Total Noncurrent Assets 3 3,7 ,773 3,803 Equity TOTAL ASSETS 4 4,6 ,652 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 ,201 1,106 Total Equity 3 3,3 ,306 3,211 TOTAL LIABILITIES AND EQUITY 4 4,6 ,652 4,607 As of As of

40 40

ASIAN AN HOSPIT SPITAL L INC.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 136 136 106 Acquisitions of property and equipment (69) (101) Adjustments for: Provisions 7 (2) Cash Flows from Financing Activities Depreciation 73 73 59 Payment of long-term debt (42) (42) Amortization of capitalized borrowing cost 1 1 Interest paid (8) (11) Interest expense 16 16 21 Net cash used in financing activities (50) (53) Others 1 (1) Operating income before working capital changes 234 234 184 Net increase in cash and cash equivalents 104 104 22 Decrease (increase) : Receivables 7 (22) Cash and cash equivalents as of beginning of period 410 410 407 Inventories 22 22 2 Other current assets (8) (6) Cash and cash equivalents at end of the period 514 514 429 Increase (decrease) in: Accounts payable and accrued expenses (83) 14 Other current liabilities 51 51 4 Net cash provided by operating activities 223 223 176

41 41

DELOS OS SANTOS OS MEDICAL ICAL CENTE NTER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 3 32 21 Accounts payable and accrued expenses 1 118 186 Receivables - net 9 96 93 Due to related parties 3 3

• Inventories - net

5 58 54 Long-term debts, currently due 1 190 115 Prepaid expenses 2 23 15 Refundable deposits and other current liabilities 2 25

• Total Current Assets

2 209 183 Total Current Liabilities 3 336 301 Noncurrent Assets Noncurrent Liability Property and equipment, net 5 561 539 Retirement Liability 2 29 28 Deferred income tax 1 18 17 Other non-current assets 1 13 17 Total Liabilities 3 365 329 Total Noncurrent Assets 5 592 573 Equity TOTAL ASSETS 8 801 756 Capital stock 1 114 114 Capital stock in excess of par value 2 241 241 Retained earnings 8 81 72 Total Equity 4 436 427 TOTAL LIABILITIES AND EQUITY 8 801 756 As of As of

42 42

DELOS OS SANTOS OS MEDICAL ICAL CENTE NTER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 15 15 9 Acquisitions of property and equipment (35) (44) Adjustments for: Provisions 3 1 Cash Flows from Financing Activities Depreciation 18 18 13 Proceeds from long term debt 75 75 15 Interest expense-net 1

• Interest paid

(1)

• Operating income before working capital changes

37 37 23 Net cash provided by financing activities 74 74 15 Increase in: Receivables (6) (4) Net increase in cash and cash equivalents 11 11 2 Inventories (4) (2) Other current assets (9) (2) Cash and cash equivalents as of beginning of period 21 21 19 Increase (decrease) in: Accounts payable and accrued expenses (42) 16 Cash and cash equivalents at end of the period 32 32 21 Other liabilities (4)

• Net cash used in operating activities

(28) 31

43 43

CENTRAL LUZON DOCTORS’ HOSPITAL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 8 84 87 Accounts payable and accrued expenses 7 77 86 Receivables - net 6 63 57 Dividends payable 1 11 11 Inventories - net 2 29 30 Total Current Liabilities 8 88 9 97 Prepaid expenses 3 3 4 Total Current Assets 1 179 178 Noncurrent Liabilities Retirement Liability 7 7 6 Noncurrent Asset Deferred Income Tax 2 28 28 Property and equipment, net 2 271 274 Total Noncurrent Liabilities 3 35 3 34 TOTAL ASSETS 4 450 452 Total Liabilities 1 123 1 131 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 72 65 Total Equity 3 327 321 TOTAL LIABILITIES AND EQUITY 4 450 452 As of As of

44 44

CENTRAL LUZON DOCTORS’ HOSPITAL

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 10 10 9 Acquisitions of property and equipment (6) (39) Adjustment for depreciation 9 7 Operating income before working capital changes 19 19 16 Cash Flow from a Financing Activity Decrease (increase) : Dividends payment

• (1)

Receivables (3) (7) Inventories 1 2 Net decrease in cash and cash equivalents (3) (20) Other current assets (1) (2) Increase (decrease) in: Cash and cash equivalents as of beginning of period 87 87 99 Accounts payable and accrued expenses (14) 11 Other current liabilities 1

• Cash and cash equivalents at end of the period

84 84 79 Net cash provided by operating activities 3 20

45 45

MEGA A CLINIC NIC

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 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 20 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 Liabilities 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

46 46

MEGA A CLINIC NIC

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015 Cash Flows from Operating Activities Cash Flows from Investing Activities Income (Loss) before income tax (2) 3 Acquisitions of property and equipment (1) (2) Adjustments for: Increase in noncurrent assets (0)

• Provisions

3 2 Net cash used in investing activities (1) (2) Depreciation 3 2 Operating income before working capital change 4 7 Cash Flows from Financing Activities Decrease (increase) : Due to related parties

• (6)

Receivables (17) (7) Payment of Loans

• (1)

Inventories (2)

• Net cash used in financing activities
• (7)

Prepayments (3) (2) Increase (decrease) in: Net increase (decrease) in cash and cash equivalents (4)

• Accounts payable and accrued expenses

15 15 11 Net cash provided by (used in) operating activitie (3) 9 Cash and cash equivalents as of beginning of period 18 18 14 Cash and cash equivalents at end of the period 14 14 14

47 47

MANILA LA DOCTORS, ORS, INC. C.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 119 57 Accounts payable and accrued expenses 3 383 334 Receivables - net 1 173 174 Long-term debts, currently due 1 180 23 Inventories - net 1 127 130 Refundable deposits and other current liabilities

• 17

Other current assets 1 12 1 Total Current Liabilities 5 563 374 Prepaid expenses 1 16 5 Total Current Assets 4 447 367 Noncurrent Liabilities Other non-current liabilities 5 1 Noncurrent Assets Property and equipment, net 1 1,1 ,197 1,038 Total Liabilities 5 568 375 Deferred income tax 1 14 14 Other non-current assets 8 8 5 Equity Total Noncurrent Assets 1 1,2 ,219 1,057 Capital stock 1 198 198 Capital stock in excess of par value 5 56 56 TOTAL ASSETS 1 1,6 ,666 1,424 Other equity adjustments 3 34 33 Retained earnings 8 810 762 Total Equity 1 1,0 ,098 1,049 TOTAL LIABILITIES AND EQUITY 1 1,6 ,666 1,424 As of As of

48 48

MANILA LA DOCTORS, ORS, INC. C.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 In PhP Millions Mar 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 54 54 Acquisitions of property and equipment (191) Adjustments for: Increase in noncurrent assets (3) Provisions 3 Net cash used in investing activities (194) Depreciation 35 35 Operating income before working capital changes 92 92 Net increase in cash and cash equivalents 62 62 Decrease (increase) : Receivables 1 Cash and cash equivalents as of beginning of period 57 57 Inventories 3 Other current assets (21) Cash and cash equivalents at end of the period 119 119 Increase in: Accounts payable and accrued expenses 32 32 Other current liabilities 149 149 Net cash provided by operating activities 256 256

49 49

WEST T METRO O MEDICAL ICAL CENTER NTER

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 6 69 4 Accounts payable and accrued expenses 2 26 18 Receivables - net 8 8 5 Inventories - net 2 23 9 Noncurrent Liabilities Total Current Assets 1 100 18 Retirement Liability 2 2 2 Deferred Income Tax 4 4

• Noncurrent Assets

Total Noncurrent Liabilities 6 6 2 Property and equipment, net 9 9 5 Other non-current assets 9 98 86 Total Liabilities 3 32 20 Total Noncurrent Assets 1 108 91 Equity TOTAL ASSETS 2 208 109 Capital stock 7 75 75 Deposit for future stock subscriptions 1 110 25 Deficit ( (9) (11) Total Equity 1 176 89 TOTAL LIABILITIES AND EQUITY 2 208 109 As of As of

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WEST T METRO O MEDICAL ICAL CENTER NTER

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 In PhP Millions Mar 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 4 Acquisitions of property and equipment (14) Increase in: Receivables (3) Cash Flows from Financing Activities Inventories (14) Equity Infusion 85 85 Increase in: Increase in Non-Current Assets (3) Accounts payable and accrued expenses 7 Net cash provided by financing activities 82 82 Other current liabilities 3 Net cash used in operating activities (3) Net increase in cash and cash equivalents 65 65 Cash and cash equivalents as of beginning of period 4 Cash and cash equivalents at end of the period 69 69

51 51

SACR CRED ED HEA EART T HOSP SPIT ITAL AL

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2016 In PhP Millions Mar 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1 165 Accounts payable and accrued expenses 4 48 Receivables - net 2 25 Other current liabilities 9 9 Inventories - net 1 13 Total Current Liabilities 5 57 Prepaid expenses 1 1 Total Current Assets 2 204 Noncurrent Liabilities Retirement Liability 3 3 Noncurrent Assets Deferred Income Tax 2 2 Property and equipment, net 1 135 Total Noncurrent Liabilities 5 5 Other non-current assets 2 2 Total Noncurrent Assets 1 137 Total Liabilities 6 62 TOTAL ASSETS 3 341 Equity Capital stock 2 25 Deposit for future stock subscription 2 200 Retained earnings 5 54 Total Equity 2 279 TOTAL LIABILITIES AND EQUITY 3 341 As of As of

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SACR CRED ED HEA EART T HOSP SPIT ITAL AL

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2016 In PhP Millions Mar 2016 Cash Flows from Operating Activities Cash Flow from an Investing Activity Income before income tax 9 Acquisitions of property and equipment (2) Adjustment for depreciation 5 Operating income before working capital changes 14 14 Cash Flow from a Financing Activity Decrease (increase) : Equity Infusion 200 200 Receivables 3 Inventories 1 Net increase in cash and cash equivalents 135 135 Other current assets (1) Increase (decrease) in: Cash and cash equivalents as of beginning of period 30 30 Accounts payable and accrued expenses (81) Other current liabilities 1 Cash and cash equivalents at end of the period 165 165 Net cash used in operating activities (63)