FIR FIRST QU ST QUAR ARTER TER 2020 2020 FINANCIA FIN ANCIAL - - PowerPoint PPT Presentation

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FIR FIRST QU ST QUAR ARTER TER 2020 2020 FIN FINANCIA ANCIAL L RESUL RESULTS TS ANALYSTS’ BRIEFING

06 6 Ma May 2020 2020

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TABLE OF CONTENTS

Consolidated Financial Highlights Page 3 MPIC Group Operating Performance 4 Regulatory Updates 7 Outlook 8 Stand-alone Portfolio Company Results and Key Metrics 9 POWER MERALCO 1Q 2020 Highlights and Key Metrics 10 GBPC 1Q 2020 Highlights and Key Metrics 11 Expansion Updates 12 TOLL ROADS MPTC 1Q 2020 Highlights 13 Key Metrics and Priorities 14 WATER Maynilad 1Q 2020 Highlights and Key Metrics 15 MetroPac Water Investments 16 LIGHT RAIL LRMC 1Q 2020 Highlights and Key Metrics 17 Quarterly Highlights 18 Statements of Financial Position 21

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Water 18% Power 61% Toll Roads 20% Others 1% Water 18% Power 54% Toll Roads 23% Others 5%

5% decrease in Operating Income was driven by:  Reduced traffic on toll roads of Metro Pacific Tollways (MPTC)  Suspended light rail services beginning 17 March 2020  Decreased commercial and industrial demand for Manila Electric Company (MERALCO) and Maynilad  Lower share in the earnings of the hospital business Lower head office expenses driven by reduced corporate overhead Interest was held flat because part of the proceeds from the hospital sell-down were used to pay-off debt (interest cost savings of P64 million) and some were placed in short-term investments (interest income up by P114 million) Non-core expenses of ₱1.5 billion in 2020 primarily due to the provisioning in full of the carrying value of MERALCO’s investment in Pacific Light Power. Non- core expenses of just ₱118 million a year earlier primarily due to refinancing and share issuance costs plus various project expenses

CONSOLIDATED FINANCIAL HIGHLIGHTS EARNINGS CONTRIBUTION MIX

In Millions of Pesos 1Q 2020 1Q 2019 % Change MPIC share Power 2,870 2,690 7% Toll Roads 918 1,113

• 18%

Water 859 902

• 5%

Light Rail

62 123

• 50%

Hospitals

54 242

• 78%

Others

(73) (116)

• 37%

Share of operating income 4,690 4,954

• 5%

Head office expenses (284) (311)

• 9%

Interest expense (976) (983)

• 1%

Core income 3,430 3,660

• 6%

Non-core expenses (1,540) (118) 1205% Reported income 1,890 3,542

• 47%

In Centavos Diluted EPS on core income 10.87 11.60

• 6%

1Q 2020 1Q 2019

1Q Q 2020 CORE CORE INCO INCOME ME DECLIN DECLINE E OF OF 6% T % TO O P3.4B .4B

Growth hampered by impact of Enhanced Community Quarantine

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MP MPIC IC GR GROUP OUP OPE OPERA RATIN TING G PE PERFORMA RFORMANC NCE

1Q 2020 1Q 2019 % Volume sold (In GWh) 10,879 10,381 5% Volume sold (In GWh) 1,236 1,061 16% Philippines 479,860 508,051

• 6%

Regional 364,987 406,181

• 10%

YEAR TO DATE POWER DISTRIBUTION (MERALCO) POWER GENERATION (Global Business Power) TOLL ROADS (Average Daily Vehicles) FOR THE MONTH OF MARCH 2020

Approximately 33% of energy sales was based on immediately preceding 3 months average consumption; initial estimates on the impact to energy sales pre- and during ECQ showed a reduction of approximately 27% based on net system input for April Minimal impact with Visayas ECQ implemented on latter part of March; electricity demand ↓ 20-30% Implementation dates of national emergency:

• Thailand – March 26 (traffic ↓ 79%)
• Indonesia – March 31 (traffic ↓ 55%)
• Vietnam – April 1 (traffic ↓ 21%)

Pre-ECQ: 530,000 vs. during ECQ: 57,000; daily traffic recovered to around 115,000 at the end of April

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MP MPIC IC GR GROUP OUP OPE OPERA RATIN TING G PE PERFORMA RFORMANC NCE

1Q 2020 1Q 2019 % Billed Volume (In MCM) 131 129 2% Average Daily Ridership 422,703 463,758

• 9%

HOSPITALS Occupancy rate 60% 71%

• 17%

WATER (Maynilad) LIGHT RAIL (LRT-1) YEAR TO DATE FOR THE MONTH OF MARCH 2020

Billed volume based on previous 6 months average

• consumption. ECQ volume (Residential ↑ 5%,

Commercial & Industrial ↓ 45%) Daily ridership prior to suspension of operation at 358,000. Bed occupancy ↓ 65% to 44%, ↓ 38% admissions

• vs. January and February

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MP MPIC IC GR GROUP OUP CO COVID VID-19 19 RES RESPONS PONSE

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REGULA REGULATOR ORY UPD UPDATE TES

 Asian Development Bank to present recommendations to Department of Finance  Awaiting official notice from Government on changes to the Concession Agreement  Expected toll rate hikes likely to be deferred to latter part of 2020

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OUTL OUTLOOK OOK

CASH PRESERVATION  Capital expenditure for projects under construction deferred due to the ECQ  Previously announced Share Buy-back Program suspended indefinitely  Other discretionary projects to be deferred  MPIC Parent has sufficient cash on balance sheet due to sell- down of hospitals  At the moment, none of MPIC portfolio companies have indicated need for capital from MPIC to sustain operations in 2020 - this is dependent on how long the ECQ will last DIVIDEND INCOME EXPECTATIONS  Maynilad – assumed to be unable to pay dividends pending the

• utcome of the Concession Agreement review

 MERALCO and Metro Pacific Tollways – likely to pay lower dividends as a result of the ECQ and other consequences of the COVID-19 outbreak DIVIDEND PAY-OUT  Strong position to maintain dividend per share at the same level as for 2019

As of March 2020 (In P Bn) GROSS DEBT GROSS CASH MPIC Parent 80 25 MERALCO 41 57 GBPC 31 11 MPTC (Parent) 21 4 Maynilad 41 12 LRMC 14 2

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ST STAND AND-AL ALON ONE E POR PORTFOLIO TFOLIO COMP COMPAN ANY Y RES RESUL ULTS TS AND AND KEY KEY ME METRI TRICS CS

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ME MERAL RALCO CO 1Q 1Q 20 2020 20 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY MET METRICS RICS

8% decrease in Electricity Revenues due to lower generation and transmission pass-through charges, offset by higher energy sales volumes:  5% growth in total energy sales from 10,381 GWh to 10,879 GWh (11.8% ↑ residential, 5.3% ↑ commercial and 2.4% ↓ industrial sector)  9% growth in distribution revenues due to increase in volume sold 21% increase in Non-Electricity Revenues was driven by MIESCOR’s NGCP projects and increase in number of circuits served by Radius 54% decline in Net Income largely from the reduction in the carrying value of the investment in PLP of P2.7 billion.

In Millions of Pesos 1Q 2020 1Q 2019 % MERALCO (45.5%) 2,602 2,545 2% GBPC (62.4%) 274 248 10% Beacon/FV and accounting adj. (6) (103)

• 94%

2,870 2,690 7% In Millions of Pesos 1Q 2020 1Q 2019 % Electricity 67,911 73,632

• 8%

Non-Electricity 2,118 1,746 21% Total revenues 70,029 75,378

• 7%

Purchased power (51,823) (58,743)

• 12%

Operating expenses (12,069) (9,777) 23% Other income 910 578 57% Provision for income tax (1,289) (1,805)

• 29%

Non-controlling interests (34) (33) 3% Core income 5,724 5,598 2% Non-core income (expense) (3,105) 73

• 4353%

Reported net income 2,619 5,671

• 54%

Core EBITDA Computation: Core income 5,724 5,598 2% Depreciation and amortization 2,080 1,878 11% Interest income -net (374) (550)

• 32%

Provision for income tax 1,289 1,805

• 29%

Others (311) 97

• 421%

Core EBITDA 8,408 8,828

• 5%

KEY METRICS 1Q 2020 1Q 2019 Number of customer accounts 6.93M 6.68M Capital expenditure (in Millions of Pesos) 4,152 4,339 Energy sales Residential 3,366 3,010 Commercial 4,343 4,124 Industrial 3,135 3,212 Streetlights 35 35 Total (in GWh) 10,879 10,381

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GBPC GBPC 1Q 1Q 20 2020 20 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY ME METRI TRICS CS

Lower revenues mainly due to decline in Pass-through Revenue due to lower price of coal 10% Growth in Core Income as a result of volume recovery from maintenance shutdowns in 2019 and a higher contribution from Alsons Thermal Energy Corporation newly operational 118.5 MW expansion plant Higher Net Income growth as 1Q2019 included tax settlement for a liquidated entity.

In Millions of Pesos 1Q 2020 1Q 2019 % Power billings 5,535 5,740

• 4%

Coal sales & others 18 34

• 47%

Total revenues 5,553 5,774

• 4%

Power plant costs (2,516) (2,931)

• 14%

Operating expenses (1,725) (1,521) 13% Interest expense - net (551) (545) 1% Other income 8 14

• 43%

Share in earnings of associates 130 62 110% Provision for income tax (246) (253)

• 3%

Non-controlling interests (214) (202) 6% Core income 439 398 10% Non-core income (expense) 1 (106)

• 101%

Reported net income 440 292 51% Core EBITDA Computation: Core income 439 398 10% Depreciation and amortization 741 707 5% Interest expense - net 551 545 1% Provision for income tax 246 253

• 3%

Non-controlling interests 214 202 6% Others (130) (62) 110% Core EBITDA 2,061 2,043 1%

VOLUME SOLD (In GWh) REVENUES (In Millions of Pesos) 1Q 2020 1Q 2019 1Q 2020 1Q 2019 CEDC (Cebu) 480 439 2,137 2,223 TPC (Toledo) 256 195 877 858 PEDC (Panay) 465 375 2,175 2,222 PPC (Panay) 36 16 204 144 GBH (Mindoro) 8 10 59 74 GESC (RES) 58 89 332 517 GTERC (TCITRC)

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37 Others/Elimination (67) (63) (250) (301) TOTAL 1,236 1,061 5,553 5,774

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PO POWER WER EXP EXPANSION ANSION UPD UPDATES ES

1x500MW (gross) San Buenaventura Power, Quezon

• Started commercial operations on 26 September 2019
• First operational supercritical coal power plant in the Philippines
• Joint venture of MGen with New Growth, B.V., a wholly owned subsidiary of Electricity Generating Public Company Limited (EGCO) of Thailand

2x600MW (net) Atimonan One Energy, Quezon

• Awaiting final terms of reference and will participate in Meralco’s Competitive Selection Process
• EPC contractor has started site preparation activities to meet project schedule but these were temporarily suspended since 18 March 2020 due

to the ECQ – works expected to resume once lifted 50MWac PowerSource First Bulacan Solar San Miguel, Bulacan

• Signed EPC contract with SUMEC Complete Equipment & Engineering Co. Ltd. In October 2019
• Target commercial operations delayed to 2021 due to ECQ-driven suspension of construction activities

MERALCO ENERGY FROM WASTE

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

• Aims to convert approximately 3,000 tons of waste of 36MW (net) of energy
• Awaiting issuance of Notice of Award from the Quezon City local government units (LGU)
• Waste study completed and expected to be presented to the LGU once the ECQ is lifted
• Secured Environmental Compliance Certificate from the DENR-EMB in April 2020

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

• Aims to derive biogas from the anaerobic digestion of fruit waste from Dole’s canneries in South Cotabato
• Target to generate 5.7MW of clean energy for Dole and contribute to reduction of CO2 emission by 100,000 tons/year
• Approved as a Joint Crediting Mechanism Model Project for carbon reduction and subsidy by the Ministry of Environment,

Japan

• Target completion of facilities in 1H 2021

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PHILIPPINES Net Toll Revenues decreased due to:  NLEX - Revenues down by 3% from P2.9 billion to P2.8 billion

• 11% decline in average daily vehicle entries (open and closed

systems) from 277,974 to 247,680

• 13% decline in average daily kilometers travelled from 5.2 million to

4.6 million  CAVITEX - Revenues up by 3% from P0.45 billion to P0.46 billion

• 2% increase in average daily vehicle entries from 161,272 to

163,798  SCTEX - Revenues up by 6% from P0.57 billion to P0.61 billion

• 10% decline in average daily vehicle entries from 68,805 to 61,802

Decline in Core Income due to lower traffic as a result of the ECQ and higher interest costs on increased borrowings. REGIONAL

(a) CII BR includes roads under pre- and on-going construction

MP MPTC C 1Q 1Q 20 2020 20 HIGHL HIGHLIGHTS IGHTS

In Millions of Pesos 1Q 2020 1Q 2019 % Stand-alone Core Income 924 1,121

• 18%

MPTC (99.9%) 923 1,120

• 18%

Fair Value Adjustments (5) (7)

• 29%

MPIC Share 918 1,113

• 18%

In Millions of Pesos 1Q 2020 1Q 2019 % Net toll revenues 4,222 4,243 0% Cost of services (1,614) (1,602) 1% Gross profit 2,608 2,641

• 1%

Operating expenses (618) (660)

• 6%

Other income and expense - net 250 305

• 18%

Share in earnings of associates 129 130

• 1%

Interest expense - net (593) (438) 35% Provision for income tax (503) (418) 20% Non-controlling interest (349) (439)

• 21%

Core income 924 1,121

• 18%

Non-core expense (70) (93)

• 25%

Reported net income 854 1,028

• 17%

Core EBITDA Computation: Core income 924 1,121

• 18%

Depreciation and amortization 490 580

• 16%

Interest expense - net 593 438 35% Provision for income tax 503 418 20% Non-controlling interest 349 439

• 21%

Others (129) (130)

• 1%

Core EBITDA 2,730 2,866

• 5%

1Q 2020 CII BR(a) DMT NUS Toll Revenues 264 1,003 376 Core Income (3) 401 138 Traffic (In ‘000) 44 70 251 Length (In km)(a) 143.06 22.38 34.47 1Q 2019 CII BR (a) DMT NUS Toll Revenues 272 1,217 373 Core Income (3) 546 180 Traffic (In ‘000) 41 98 267 Length (In km)(a) 145.06 22.38 34.47

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KEY KEY ME METRI TRICS CS AND AND PRI PRIORIT ORITIES IES

KEY METRICS 1Q 2020 1Q 2019 NLEX Class 1 Tariff: Open system - P48.2/entry / Closed system - P2.8/km Average Daily Vehicle Entries (Open & Closed) Class 1 192,007 215,175 Class 2 32,334 36,919 Class 3 23,339 25,880 Total 247,680 277,974 Average Daily Vehicle Entries (Open) Class 1 136,241 153,503 Class 2 25,831 29,521 Class 3 16,348 18,564 Total 178,420 201,588 Average Daily Kilometers Travelled (In 000 km) Class 1 3,408 3,901 Class 2 654 769 Class 3 488 535 Total 4,550 5,205 CAVITEX Class 1 Tariff/entry: R1 - P22.7 (2020); P21.8 (2019) / R1 extension - P58.5 / C5 South Link: Tariff/entry: P19.6 (2020) Average Daily Vehicle Entries Class 1 146,320 144,563 Class 2 11,190 10,238 Class 3 6,288 6,471 Total 163,798 161,272 SCTEX Class 1 Tariff: P3.2/km (2020); P2.7/km (2019) Average Daily Vehicle Entries Class 1 49,961 56,088 Class 2 6,602 7,523 Class 3 5,239 5,194 Total 61,802 68,805

STATUS OF ROAD PROJECTS* Ongoing Construction

• CAVITEX C5 South Link – target completion in 2023
• Cavite Laguna Expressway – target completion in 2023
• Cebu-Cordova Link Expressway – target completion in 2021
• NLEX-SLEX Connector Road – target completion in 2021
• NLEX Harbour Link Radial Road 10 – target completion in 2020

KEY METRICS 1Q 2020 1Q 2019 CALAX Class 1 Tariff: P4.5/km Average Daily Vehicle Entries Class 1 6,419

• Class 2

104

• Class 3

57

• Total

6,580

• *MPTC is reviewing target completion of all toll road projects depending
• n the release and recovery from ECQ.

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MA MAYNILA YNILAD 1Q 1Q 20 2020 20 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY MET METRICS RICS

MAYNILAD Revenues remained flat due to:  Higher domestic demand and lower commercial volumes resulting to lower effective tariff during this ECQ  2% growth in billed volume from 128.5 MCM to 131.3 MCM

• 3% increase in billed customers from 1,420,580 to

1,462,312 Basis for customers’ bill is the previous six-month average billing due to the suspension of meter reading during ECQ 12% decline in Core Income due to of higher concession amortization & depreciation as a consequence of Maynilad’s heavy investments in Non-Revenue Water reduction & continuing facilities upgrade

In Millions of Pesos 1Q 2020 1Q2019 % Stand-alone Core Income 1,607 1,821

• 12%

Maynilad (52.8%) 849 961

• 12%

Fair Value Adjustments

• (49)
• 100%

Metropac Water Investments 10 (10)

• 200%

MPIC Share 859 902

• 5%

In Millions of Pesos 1Q 2020 1Q2019 % Revenues 5,712 5,686 0% Cost of services (1,734) (1,587) 9% Gross profit 3,978 4,099

• 3%

Operating expenses (1,038) (1,024) 1% Other income and expense - net (176) (147) 20% Interest expense - net (488) (357) 37% Provision for income tax (669) (750)

• 11%

Core income 1,607 1,821

• 12%

Non-core income (expense) 10 (2)

• 600%

Reported Net Income 1,617 1,819

• 11%

Core EBITDA Computation: Core income 1,607 1,821

• 12%

Depreciation and amortization 1,024 869 18% Interest expense - net 488 357 37% Provision for income tax 669 750

• 11%

Core EBITDA 3,788 3,797 0%

KEY METRICS 1Q 2020 1Q 2019 NRW Average 25.1% 27.9% Period end 24.8% 26.3% Coverage Total population 10.38M 10.27M Population coverage 9.75M 9.62M 24hr availability 63% 98% Minimum 16 psi 21% 66% Customer Mix Domestic 80.4% 80.0% Non-Domestic 19.6% 20.0% Capital Expenditure 2,408 2,401

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Industrial Water Municipal Water In Aggregate Bulk Distribution Total

• Max. Potential Volume (mld)

660 305 297 1,262 Installed Capacity (mld) 335 174 142 651 Billed Volume (mld) 121 171 67 359 Regulated Tariff? No No Yes Demand Risk? Yes Mixed No In Aggregate Philippines Vietnam Total

• Max. Potential Volume (mld)

602 660 1,262 Installed Capacity (mld) 316 335 651 OVERVIEW OF EXISTING PORTFOLIO UPDATES Metro Pacific Iloilo Water Inc. (Project Cost of ₱12.3 billion over 30 years)

• Joint venture agreement for the rehabilitation, operation, maintenance, and expansion of the existing water distribution

system and the development of water and wastewater facilities in Iloilo City

• Operations commenced last July 2019.

Metro Pacific Dumaguete Water Services Inc. (Project Cost of ₱1.6 billion over 25 years)

• Joint venture agreement for the rehabilitation, operation, maintenance, and expansion of the existing water distribution

system and the development of water and wastewater facilities signed on 3 September 2019

• Operations are expected to commence within 2020

Phu Ninh Water

• Started supplying water in July 2019
• Increased ownership in Phu Ninh to 52.5% on 5 September 2019 and to 56.1% on 6 April 2020.

EXPANSION

• Organic growth potential – 292 mld
• Investment growth potential – 611 mld

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LRMC LRMC 1Q 1Q 20 2020 20 HIGHL HIGHLIGHTS IGHTS AND AND KEY KEY ME METRI TRICS CS

Rail Revenues declined due to:  Decline in average daily ridership from 463,758 to 422,703 due to fewer operating days due to the ECQ Slower Core EBITDA growth driven by lower repairs, utilities and personnel expenses Non-Core income relates to foreign exchange gain

In Millions of Pesos 1Q 2020 1Q 2019 % Stand-alone Core Income 180 223

• 19%

LRMC (55%) 99 123

• 20%

Holding company admin (37)

• 100%

MPIC Share 62 123

• 50%

In Millions of Pesos 1Q 2020 1Q 2019 % Rail revenues 708 832

• 15%

Cost of services (359) (477)

• 25%

Gross profit 349 355

• 2%

Operating expenses (163) (175)

• 7%

Other income and expense - net 33 34

• 3%

Interest income - net 6 47 100% Provision for income tax (45) (38) 18% Core income 180 223

• 19%

Non-core income (expense) 5 (5)

• 200%

Reported net income 185 218

• 15%

Core EBITDA Computation: Core income 180 223

• 19%

Depreciation and amortization 30 25 20% Interest income - net (6) (47)

• 87%

Provision for income tax 45 38 18% Core EBITDA 249 239 4%

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QU QUAR ARTE TERLY Y HIGHL HIGHLIGHTS IGHTS

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QU QUAR ARTE TERLY Y HIG HIGHL HLIGH IGHTS TS

METRO PACIFIC TOLLWAYS 4Q 2019 1Q 2020 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Net Revenues 5,004 4,222 Core EBITDA 3,610 2,730 Core Income 1,553 924 Reported Income 1,507 854 KEY METRICS NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 230,733 192,007 Class 2 38,008 32,334 Class 3 25,771 23,339 Total 294,512 247,680 Average Daily Kilometers Travelled (In thousands of kms) Class 1 4,195 3,408 Class 2 794 654 Class 3 551 488 Total 5,540 4,550 CAVITEX Average Daily Vehicle Entries Class 1 174,481 146,320 Class 2 13,026 11,190 Class 3 6,760 6,288 Total 194,267 163,798 SCTEX Average Daily Vehicle Entries Class 1

61,932 49,961

Class 2

8,017 6,602

Class 3

5,857 5,239

Total 75,806 61,802 MERALCO 4Q 2019 1Q 2020 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Total Revenues 77,189 70,029 Core EBITDA 8,264 8,408 Core Income 5,379 5,724 Reported Income 4,964 2,619 KEY METRICS Number of customers 6.88M 6.93M Energy Sales Residential 3,669 3,010 Commercial 4,771 4,124 Industrial 3,391 3,212 Streetlights 35 35 Total (in gWh) 11,866 10,381

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MAYNILAD 4Q 2019 1Q 2020 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Revenues 5,957 5,712 Core EBITDA 3,544 3,788 Core Income 1,223 1,607 Reported Income 866 1,617 KEY METRICS Billed volume (In MCM) 133.0 131.3 Billed customers 1,453,979 1,462,312 Non-revenue water Average 25.1% 25.1% Period end 25.3% 24.8% Service levels 24-hour coverage 58.8% 63.4% Minimum 16 psi 23.5% 21.4% LIGHT RAIL MANILA 4Q 2019 1Q 2020 FINANCIAL HIGHLIGHTS (In Millions of Pesos) Net Revenues 897 708 Core EBITDA 264 249 Core Income 237 180 Reported Income 236 185 KEY METRIC Average Daily Ridership 304,445 422,703

QU QUAR ARTE TERLY Y HIGHL HIGHLIGHTS IGHTS

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ST STATE TEME MENTS TS OF FIN OF FINANCIA ANCIAL L POS POSITION ITION

(T (Ten enta tati tive) e)

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ME METRO TRO PAC PACIFIC IFIC INVES INVESTM TMENTS ENTS CORPOR CORPORATIO ATION – PAR PARENT ENT

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2020 Dec 2019 In PhP Millions Mar 2020 Dec 2019 ASSETS LIABILITIES AND EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash and short-term investments 24,947 38,155 Accounts payable and other current liabilities 2,961 3,845 Receivables - net 11,028 4,154 Due to related parties 5,617 5,561 Other current assets 412 1,015 Current portion of long-term debt & provisions 2,156 6,851 Total Current Assets 36,387 43,324 Total Current Liabilities 10,734 16,257 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 205,708 202,176 Noncurrent portion of long-term debt & provisions 80,873 80,914 Other noncurrent assets 509 511 Due to related parties 2,280 2,240 Total Noncurrent Assets 206,217 202,687 Other noncurrent liabilities 7,417 7,551 Total Noncurrent Liabilities 90,570 90,705 TOTAL ASSETS 242,604 246,011 Total Liabilities 101,304 106,962 EQUITY Capital stock 31,661 31,661 Additional paid-in capital 68,638 68,638 Treasury shares (708) (4) Other reserves 63 19 Retained earnings 41,646 38,735 Total Equity 141,300 139,049 TOTAL LIABILITIES AND EQUITY 242,604 246,011 As of As of

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MET ETRO RO PA PACIFIC CIFIC INVE INVEST STMEN ENTS S COR CORPO PORATION ATION – CONSOLIDA CONSOLIDATE TED

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2020 Dec 2019 In PhP Millions Mar 2020 Dec 2019 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Noncurrent portion of concession fees payable Cash and cash equivalents and short term deposits 66,796 74,697 long-term debt and others 266,317 263,068 Receivables 21,285 14,624 Due to related parties 2,280 2,240 Other current assets 15,678 15,916 Deferred tax liabilities 13,799 14,170 Total Current Assets 103,759 105,237 Other noncurrent liabilities 11,031 11,137 Total Noncurrent Liabilities 293,427 290,615 NONCURRENT ASSETS Investments and advances 163,633 169,092 Total Liabilities 369,429 365,733 Service concession assets 250,007 240,489 Property and equipment 58,161 58,591 EQUITY Goodwill 15,515 15,676 Capital stock 31,661 31,661 Other noncurrent assets 21,502 22,693 Additional paid-in capital 68,638 68,638 Total Noncurrent Assets 508,818 506,541 Treasury shares (708) (4) Other equity adjustments and reserves (3,764) 17 TOTAL ASSETS 612,577 611,778 Retained earnings 90,139 90,650 Total equity attributable to owners of Parent 185,966 190,962 LIABILITIES AND EQUITY Non-controlling interest 57,182 55,083 CURRENT LIABILITIES Total Equity 243,148 246,045 Accounts payable and other current liabilities 38,404 38,002 Due to related parties 5,696 5,638 TOTAL LIABILITIES AND EQUITY 612,577 611,778 Current portion of concession fees payable long-term debt and others 31,902 31,478 Total Current Liabilities 76,002 75,118 As of As of

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ME METR TRO O PACIFIC CIFIC TOLL OLLWA WAYS S CORPOR CORPORATION ION AND AND SUBSIDIA SUBSIDIARIES IES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2020 Dec 2019 In PhP Millions Mar 2020 Dec 2019 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 14,429 8,652 Accounts payable and accrued liabilities 12,103 10,782 Receivables 994 1,096 Current portion of long-term debt 11,215 5,966 Other current assets 6,539 6,231 Current portion of service concession obligation 4,368 4,368 Total Current Assets 21,962 15,979 Other current liabilities 941 494 Total Current Liabilities 28,627 21,610 Noncurrent Assets Service concession assets 116,491 110,178 Noncurrent Liabilities Goodwill 9,607 9,765 Long-term debt - net of current portion 64,141 61,847 Investment in associates 14,624 16,159 Service concession obligation 17,934 17,622 Other noncurrent assets 7,801 10,346 Deferred tax liabilities 3,458 3,962 Total Noncurrent Assets 148,523 146,448 Other noncurrent liabilities 2,548 2,654 Total Noncurrent Liabilities 88,081 86,085 TOTAL ASSETS 170,485 162,427 Total Liabilities 116,708 107,695 Equity Capital stock 6,424 13,282 Additional paid-in capital 28,758 28,865 Other equity adjustments and reserves (4,131) (10,066) Retained earnings 14,509 14,766 Total Equity Attributable to Equity Holders of Parent 45,560 46,847 Non-controlling interest 8,217 7,885 Total Equity 53,777 54,732 TOTAL LIABILITIES AND EQUITY 170,485 162,427 As of As of

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MAYNILA YNILAD WA WATE TER R SE SERVIC VICES ES INC INC. . AND AND SU SUBS BSIDIAR IDIARIE IES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2020 Dec 2019 In PhP Millions Mar 2020 Dec 2019 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 11,825 11,410 Accounts payable and other current liabilities 19,108 17,985 Receivables 3,987 3,197 Current portion of interest-bearing loans 1,141 1,217 Other current assets 1,257 1,551 Current portion of service concession obligation 752 1,172 Total Current Assets 17,069 16,158 Total Current Liabilities 21,001 20,374 Non-current Assets Non-current Liabilities Service concession assets 99,398 97,818 Interest-bearing loans - net of current portion 39,986 39,865 Property and equipment 1,821 1,827 Service concession obligation - net of current portion 5,754 5,716 Other noncurrent assets 3,942 4,036 Other noncurrent liabilities 3,404 3,401 Total Noncurrent Assets 105,161 103,681 Total Noncurrent Liabilities 49,144 48,982 TOTAL ASSETS 122,230 119,839 Total Liabilities 70,145 69,356 Equity Capital stock 4,547 4,547 Additional paid-in capital 10,033 10,033 Other equity adjustments and reserves (649) (634) Retained earnings 38,154 36,537 Total Equity 52,085 50,483 TOTAL LIABILITIES AND EQUITY 122,230 119,839 As of As of

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LIGH LIGHT T RAIL RAIL MANILA MANILA CORPOR CORPORATIO TION

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2020 Dec 2019 In PhP Millions Mar 2020 Dec 2019 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1,776 1,628 Accounts payable and other current liabilities 1,318 1,735 Receivables 244 193 Income tax payable 28 26 Other current assets 574 495 Loans payable 147 97 Total Current Assets 2,594 2,316 Current portion of service concession obligation 257 257 Total Current Liabilities 1,750 2,115 Non-current Assets Service concession assets 26,630 24,482 Non-current Liabilities Property and equipment 239 255 Service concession obligation 3,273 3,286 Other noncurrent assets 3,673 3,329 Loans payable 13,832 11,682 Total Noncurrent Assets 30,542 28,066 Other noncurrent liabilities 377 326 Total Noncurrent Liabilities 17,482 15,294 TOTAL ASSETS 33,136 30,382 Total Liabilities 19,232 17,409 Equity Capital stock 7,225 6,850 Additional paid-in capital 4,116 3,745 Other equity adjustments and reserves 7 7 Retained earnings 2,556 2,371 Total Equity 13,904 12,973 TOTAL LIABILITIES AND EQUITY 33,136 30,382 As of As of

27 27

CAUTIONARY STATEMENTS This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Metro Pacific Investments Corporation (the “Company”). This presentation, as well as discussions arising therefrom, may contain statements relating to future expectations and/or projections of the Company by its management team, with respect to the Company and its portfolio companies. These statements are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,””estimate,” “expect,” “may,” “will,” or other similar words. These statements are: (i) presented on the basis of current assumptions which the company’s management team believes to be reasonable and presumed correct based on available data at the time these were made, (ii) based on assumptions regarding the Company’s present and future business strategies, and the environment in which it will operate in the future, (iii) a reflection of our current views with respect to future events and not a guarantee of future performance, and (iv) subject to certain factors which may cause some or all of the assumptions not to

• ccur or cause actual results to diverge significantly from those projected. Any and all forward looking

statements made by the Company or any persons acting on its behalf are deemed qualified in their entirety by these cautionary statements. This presentation is solely for informational purposes and should in no way be construed as a solicitation or an

• ffer to buy or sell securities or related financial instruments of the Company and/ or any of its subsidiaries

and/or affiliates.

ABOUT MPIC Metro Pacific Investments Corporation (PSE:MPI) is a Philippine-based, publicly listed investment and management company, focused on infrastructure, with holdings in Manila Electric Company, Maynilad Water Services, Inc., MetroPac Water Investments Corporation, Metro Pacific Tollways Corporation, Metro Pacific Hospital Holdings Inc., Light Rail Manila Corporation and MetroPac Movers Inc.. HEADQUARTERS INVESTOR RELATIONS (investorrelations@mpic.com.ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Maricris C. Aldover - Ysmael (mdaldover@mpic.com.ph) Legazpi Village, Makati 0721 Philippines IR Manager – Owen Kieffer D. Ocampo (odocampo@mpic.com.ph) Phone: (+632) 8`888-0888 / Facsimile: (+632) 8888-0813 IR Senior Specialist – Jana Lyra M. Manlangit (jmmanlangit@mpic.com.ph) Official Website: www.mpic.com.ph Ticker: PSE:MPI American Depositary Receipts ADR Ticker: MPCIY CUSIP: US59164L2007 Ratio: 1 ADR : 100 Ordinary Shares Depositary Bank: Deutsche Bank Trust Company Americas ADR Broker Helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London) E-mail: adr@db.com ADR Website: www.adr.db.com Depositary Bank’s Local Custodian: Deutsche Bank Manila