Presentation to Investors 15 March 2018 Table of Contents Slide - - PowerPoint PPT Presentation

Presentation to Investors

15 March 2018

Slide 2 of 14 Presentation to Investors 15 March 2018

Table of Contents

Slide

• The Philippine Economy
• Corporate structure
• Description of Businesses:
• Real estate
• Metro Manila
• Tagaytay Highlands / Midlands
• Land held for development
• APC Group, Inc.
• Gaming: Premium Leisure Corp.
• Historical Financials
• Recent Dividend History

3 4 5 6 7 9 10 11 12

Slide 3 of 14 Presentation to Investors 15 March 2018

Philippines: Strong Macroeconomic Fundamentals

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Corporate Structure and Lines of Business

61.8 million shares (less than 1%) 3.7 billion shares (48.8% )

REAL ESTATE GAMING PORTFOLIO INVESTMENTS

City of Dreams Manila

• Land and Buildings
• Lease agreement with Melco Group

Land bank and finished real estate

24.9 billion shares (78.7%)

APC GROUP, INC.

• Energy and Natural

resources

• Listed on PSE (APC)

100% 224.3 million shares (50.1% of issued shares)

Tagaytay Highlands and Midlands developments SM PRIME HOLDINGS, INC.

• One of the largest

integrated property developers in Asia

• Listed on PSE (SMPH)

PREMIUM LEISURE CORP.

• Gaming Investments
• Listed on PSE (PLC)

PREMIUMLEISURE & AMUSEMENT, INC.

• Holding Company for

PAGCOR license

• Operating agreement

with Melco Group PACIFIC ONLINE SYSTEMS CORP.

• Lease of Lottery and

Keno equipment

• Listed on PSE (LOTO)

100%

Slide 5 of 14 Presentation to Investors 15 March 2018

• 6.2 hectares of land: 4.2 hectares owned and 2.0 hectares leased through 2035 (renewable) from the

Philippine Social Security System (SSS) in PAGCOR Entertainment City, ASEANA Business Park, Paranaque City.

• City of Dreams Manila building, with more than 30 hectares of gross floor area.

Real Estate: Metro Manila

• Recurring rental income from land and building lease to the Philippine Subsidiary of Melco Resorts and

Entertainment Limited (Melco).

• 9,734 square meters of land held for future development near City of Dreams Manila.

Slide 6 of 14 Presentation to Investors 15 March 2018

Real Estate: Tagaytay Highlands and Midlands Complexes

• Premium residences in gated

communities between 2,000 to 2,500 feet above sea level.

• Themed luxury residences situated

about 1,000 feet above sea level with picture-perfect view of scenic Taal Lake

Highlands Projects

Midlands and Greenlands Projects Tagaytay Highlands International Golf Club

• 18-hole championship golf course
• Scenic views of Taal Lake and Mt.

Makiling.

The Country Club at Tagaytay Highlands

• Fully-equipped Sports Center. Various

F&B options.

• Swiss-engineered cable car ascending

to mountain peak.

• Currently with 27 holes, and

eventually 36 holes.

• Connected to Tagaytay Highlands by

48-seater Swiss Funicular System.

Tagaytay Midlands Golf Club

Slide 7 of 14 Presentation to Investors 15 March 2018

Plantation Hills Saratoga Hills Midlands Golf Course Highlands Golf Course

The Woodlands Pinecrest Village The Villas Belleview Lakeview Heights Alta Mira

Lakeside Fairways

Tagaytay Highlands International Golf Club

Tagaytay Highlands Internatioal Golf Club

The Country Club at Tagaytay Highlands

Tagaytay Midlands Golf Club

Land Held for Development – Tagaytay Highlands and Midlands Complexes

View of Taal Lake View of Laguna de Bay View of Mt. Makiling

Tagaytay Highlands 66 Kilometers Road Length from Manila Manila

Location Map

Laguna de Bay Taal Lake

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Land Held for Development – Lakelands

Tagaytay Midlands Lakelands (approx. 333 hectares) 21 Kilometers Road Length from Tagaytay Midlands Taal Lake

Slide 9 of 14 Presentation to Investors 15 March 2018

• Listed in the Philippine Stock Exchange, under ticker “APC”.
• Belle is the largest shareholder, with around 3.7 billion shares and 48.8% ownership as of

31 December 2017.

• Aragorn Power and Energy Corporation, a 90% -owned subsidiary of APC, in partnership

with Chevron Kalinga Ltd. and Guidance Management Corp., has an active Geothermal Renewable Energy Service contract with the Department of Energy for a project in Kalinga province with a resource potential of 100 MW of new capacity that will provide an additional source of clean, indigenous and reliable baseload power to the Luzon grid.

Investments – APC Group

Slide 10 of 14 Presentation to Investors 15 March 2018

Premium Leisure Corp. (PLC) is a public company listed on the Philippine Stock Exchange that holds the gaming assets of Belle Corporation.

 Through its wholly owned subsidiary, Premium Leisure and

Amusement, Inc. ( PLAI), benefits from a Philippine Amusement and Gaming Corporation (PAGCOR) license to

• perate an integrated resort in Entertainment City, Manila.

 Involved with Belle and Melco in City of Dreams Manila,

which opened on 14 December 2014.

 Owns a 50.1% stake in Pacific Online Systems Corp. (POSC),

a company that develops and manages online computer systems, terminals and software for the parimutuel sector

• f the Philippine gaming industry.

 Generous dividend policy that requires it to distribute at

least 80% of prior year’s unrestricted retained earnings.

Overview of Premium Leisure Corp.

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Belle Historical Financials

*Pacific Online was consolidated into Belle’s financials starting June 2014. Prior to June 2014, Pacific Online’s net income was equitized in Belle’s income

• statement. For comparability, Pacific Online’s revenues and earnings for 2014 are shown herein on a full year basis.

2017 2016 2015 2014 CONSOLIDATED REVENUE 8,012 6,322 5,352 3,317 EBITDA 4,931 3,531 2,810 1,635 EBIT 4,549 3,167 2,379 1,494 Net income 3,511 3,096 1,772 2,557 Recurring net income 3,288 2,076 1,334 1,036 Belle dividend payments: Regular 1,003 1,003 1,003 211 Special

• 1,900
• ROE

12.1% 11.7% 6.8% 10.7% City of Dreams Lease Revenue 2,260 2,194 2,108 1,598 EBITDA 1,926 1,465 1,258 1,053 Net Income 945 602 595 485 Premium Leisure Corp. (excl. Pacific Online and intercompany dividends) Revenue 2,609 1,643 756 39 EBITDA 1,893 1,187 640 (31) Net Income 1,599 753 266 1,160 Pacific Online Systems Corporation (excl. intercompany dividends)* Revenue 2,320 1,888 1,718 1,731 EBITDA 879 769 623 663 Net Income 493 392 323 346 Property Development and Management (excl. mark to market gains on club shares) Revenue 823 596 590 474 EBITDA 333 257 235 260 Net Income 221 149 68 43 (Amounts in Php millions except percentages) FULL YEAR

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Slide 12 of 14 Presentation to Investors 15 March 2018

Belle Historical Financials

City of Dreams Lease = 2,260 Premium Leisure Corp (excl. Pacific Online) = 2,609 Pacific Online Systems Corporation = 2,320 Property Development and Management = 823

Revenue Mix 2017

(amounts in Millions of Php, except percentages)

33% 10% City of Dreams Lease = 1,926 Premium Leisure Corp (excl. Pacific Online) = 1,823 Pacific Online Systems Corporation = 879 Property Development and Management = 333

EBITDA Mix 2017 (amounts in Millions of

Php, except percentages)

38% 38% 17% City of Dreams Lease = 1,465 Premium Leisure Corp (excl. Pacific Online) = 1,187 Pacific Online Systems Corporation = 769 Property Development and Management = 257

EBITDA Mix 2016 (amounts in Millions of

Php, except percentages)

40% 32% 21% 29% 28% 7% 7% City of Dreams Lease = 2,194 Premium Leisure Corp (excl. Pacific Online) = 1,643 Pacific Online Systems Corporation = 1,888 Property Development and Management = 596

Revenue Mix 2016

(amounts in Millions of Php, except percentages)

26% 35% 9% 30%

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Recent Dividend History

Declaration Date Payment Date Amount Stock Price on Declaration Date Dividend as a % of Stock Price

₱ millions ₱/ share February 23, 2018 (Regular Dividend)

March 23, 2018 ₱1,267 ₱0.120 ₱3.75 3.20%

February 28, 2017 (Regular Dividend)

March 30, 2017 ₱1,003 ₱0.095 ₱3.42 2.78% February 29, 2016

(Regular Dividend)

March 29, 2016 ₱1,003 ₱0.095 ₱3.08 3.08% July 31, 2015

(Regular Dividend)

August 28, 2015 ₱1,003 ₱0.095 ₱3.70 2.57% January 27, 2015

(Special Dividend)

March 9, 2015 ₱1,900 ₱0.180 ₱4.50 4.00%

Slide 14 of 14 Presentation to Investors 15 March 2018

Belle Corporation Contact Information and Disclaimer

Principal Investor Relations Contact: Tristan B. Choa Vice President – Investor Relations Office Number: +632 857-0195 Email Address: Tristan.choa@bellecorp.com Official Website: www.bellecorp.com PSE Ticker BEL Bloomberg Ticker BEL:PM Reuters Ticker BEL:PS

Disclaimer

Except for historical financial and operating data and other information in respect of historical matters, the statement contained herein are “forward-looking statements”. Any such forward-looking statement is not guarantee of future performance and involves a number

• f known and unknown risks, uncertainties, and other factors that could cause the actual performance, financial condition or results of
• peration of SM and its subsidiaries to be materially different from any future performance, financial condition or results of operation

implied by such forward-looking statement.