FIRST HALF 2018 FINANCIAL RESULTS ANALYSTS’ BRIEFING

1

FIRST HALF 2018 FINANCIAL RESULTS ANALYSTS’ BRIEFING

02 AUGUST 2018

2

TABLE OF CONTENTS

Consolidated Financial Highlights Page 3

POWER

Financial Highlights 4

Expansion Updates 5

TOLLROADS


Expansion Updates 7

WATER


Metropac Water 10

HOSPITALS


RAIL, LOGISTICS AND OTHERS


Regulatory Matters 13

Stand-alone Portfolio Company Results and Key

Metrics

Page 14

POWER

MERALCO 1H 2018 Highlights and Key Metrics 15

GBPC 1H 2018 Highlights and Key Metrics 16

TOLLROADS

MPTC 1H 2018 Highlights 17

Key Metrics and Priorities 18

WATER

Maynilad 1H 2018 Highlights and Key Metrics 19

HOSPITALS

MPHHI 1H 2018 Highlights and Key Metrics 20

RAIL

LRMC 1H 2018 Highlights and Key Metrics 21

Quarterly Highlights 22

Balance Sheet 25

Water19%

Power 55%

Toll Roads21%

Hospitals and Others

5%

3

10% increase in Core Income was driven by:

Expanded Power portfolio through increased investment in

Beacon Electric Asset Holdings Inc. in 2017

Robust traffic growth on all domestic roads

Steady volume growth coupled with inflationary tariff increase

in Maynilad

Decline in head office expense is due to the favorable

impact of the Tax Reform for Acceleration and Inclusion on

long term benefits plan

Increase in interest expense is due to a) loan drawdowns

amounting to P9.0 billion in 1H 2018 (proceeds were used

to fund various investments of the group); and b) interest

accretion on payable to PCEV for the additional stake in

Beacon

Non-core income in 1H 2018 consists mainly of foreign

exchange gains in MERALCO, net of project costs.

CONSOLIDATED FINANCIAL HIGHLIGHTS

MPIC Group Aggregated Revenues(1) grew by 9% from

P183.7 billion to P200.3 billion

EARNINGS CONTRIBUTION MIX

In Millions of Pesos 1H 2018 1H 2017 % Change

MPIC share

Power 5,822 5,291 10%

Toll Roads 2,281 2,038 12%

Water 2,115 1,842 15%

Hospitals 338 308 10%

Rail 205 123 67%

Others (145) (19) 663%

Share of operating income 10,616 9,583 11%

Head office expenses (557) (599) -7%

Interest expense (1,459) (1,184) 23%

Core income 8,600 7,800 10%

Non-core income 341 21 1524%

Reported income 8,941 7,821 14%

In Centavos

Diluted EPS on core income 27.25 24.72 10%

Final dividend per share 3.45 3.45 0%

1H 2018 1H 2017

1H 2018 CORE INCOME UP 10% TO P8.6BEarnings driven by strong volume growth across the portfolio and increased investment in the power sector

• Power distributed in Luzon +7%

• Power sold in Visayas +21%

• Domestic toll road traffic +9%

• Volume of water sold in Metro Manila West +3%

• Hospital group census +12%

Water20%

Power 55%

Toll Roads21%

Hospitals and Others

4%

(1) Aggregated revenues include revenues of equity-accounted investees

POWER

4

CONTRIBUTION UP BY 10% TO P5.8BDeepened participation in the Philippine Power sector

*Effective interest in GBPC as of 27 May 2016 was 48%; stepped-up to 62%

beginning 27 June 2017

**Increased economic interest from 50% to 75% in May 2016, increased further to

100% in June 2017

10% increase in contribution from the Power business was

driven by:

MERALCO

Increase in effective ownership from 41.2% to 45.5%

7% growth in energy sales

GLOBAL BUSINESS POWER CORPORATION

Increase in effective ownership from 47.8% to 62.4%

21% growth in energy sales

In Millions of Pesos

CONTRIBUTION TO MPIC 1H 2018 1H 2017 %

MERALCO (from 41.2% to 45.5%) 4,933 4,171 18%

GBPC (from 47.8 to 62.4%)* 785 560 40%

Beacon**/FV and accounting adj. 104 560 -81%

5,822 5,291 10%

STAND-ALONE PERFORMANCE 1H 2018 1H 2017 %

Financial Highlights

Revenues 150,544 141,032 7%

Core EBITDA 17,585 17,215 2%

Core income 10,851 10,118 7%


Capital expenditure 6,601 5,279 25%

Key Performance Indicators

Energy sales (in GWh) 21,665 20,338 7%


Revenues 13,288 10,752 24%

Core EBITDA 4,384 4,245 3%

Core income 1,259 1,172 7%


Capital expenditure 404 780 -48%


Energy sales (in GWh) 2,460 2,026 21%

MERALCO

GLOBAL BUSINESS POWER CORPORATION (GBPC)

POWER

5

EXPANSION UPDATES

Alsons Thermal Energy Corporation

● 105 MW Expansion Plant, Saranggani – on

track to commence operations in 2019

1x455MW (net) San Buenaventura Power, Quezon

(Target completion in 2019)

● Ongoing construction proceeding as scheduled

● Commercial operation due in third quarter of 2019

● Capacity is contracted under ERC-approved

power supply agreement with MERALCO

2x600MW (net) Atimonan One Energy, Quezon

● Awaiting approval of power supply agreement –

necessary for the issuance of “Notice to Proceed”

for the engineering, procurement and construction

● Entire capacity is contracted by MERALCO

● Registered as Preferred Pioneer Enterprise by the

Board of Investments (BOI)

MERALCO

GLOBAL BUSINESS POWER CORPORATION

TOLL ROADS

6

12% increase in contribution from the Toll Roads

business was driven by:

Strong traffic growth on all domestic roads

11% increase in NLEX Closed System toll rate per

kilometer implemented in November 2017

CONTRIBUTION UP BY 12% TO

P2.3B Robust traffic growth



Metro Pacific Tollways (99.9%) 2,293 2,056 12%

Fair value adjustments (12) (18) -33%

2,281 2,038 12%



Revenues 7,389 6,460 14%

Core EBITDA 5,181 4,218 23%

Core income 2,296 2,058 12%

Reported income 2,245 3,631 -38%



Average Daily Vehicle Entries

NLEX 254,754 233,652 9%

CAVITEX 146,084 137,070 7%

SCTEX 63,075 54,991 15%

DMT / CII / NUS 443,653 149,528 197%

METRO PACIFIC TOLLWAYS CORPORATION

o Growth in NLEX and SCTEX was a result of the

integration of these two roads and the opening of

additional lanes in 2017

o Increase in CAVITEX traffic driven by growth in

residential communities in Cavite and tourism in

Batangas

o 57% increase in system-wide average daily vehicles

entries to 924,364 due mainly to the traffic contribution

of PT Nusantara

TOLL ROADS EXPANSION UPDATES

7

PROJECTS UNDER CONSTRUCTION / DEVELOPMENT

PROJECTS Length Construction Cost Target

Completion

Right-of-way

Progress

Status

(In Km) (In P Billions)

EXPANSIONS TO EXISTING ROADS

NLEX Harbour Link

(Segment 10)

5.8 10.5 2018 93% Ongoing construction

NLEX Lane Widening

(Phase 2)

N/A 2.0 2020 N/A Investment recovery plan approved

by TRB; Construction works for

bidding

NLEX Harbour Link

(Radial Road 10)

2.6 6.7 2019 92% Advance works on-going;

Investment recovery plan approved

by TRB

CAVITEX Segment 4 1.2 1.2 2020 85% Ongoing pre-construction activities

CAVITEX - C5 South Link 7.7 12.7 2021 48% Seg. 3A Ph.1 - Ongoing

construction

NLEX Citi Link 7.5 8.0 2023 0% Ongoing ROW acquisition

NEW ROAD PROJECTS AWARDED

NLEX-SLEX Connector Road 8.0 23.3 2020 0%* Ongoing ROW acquisition

Cebu Cordova Link

Expressway

8.5 26.3 2021 92% Ongoing piling works

Cavite Laguna

Expressway

45.4 16.6 2021 21% Laguna segment - Ongoing

construction

TOTAL 86.7 107.3

*Will immediately increase to 60% upon signing of agreement with Philippine National Railways

Unsolicited Proposal - Cavite Tagaytay Batangas Expressway (50.4 km, P25.0 billion project cost)

o Granted Original Proponent Status by DPWH

o Awaiting Swiss Challenge

PHILIPPINES

TOLL ROADS EXPANSION UPDATES

8

REGIONAL INVESTMENTS

INDONESIA – PT NUSANTARA INFRASTRUCTURE

• Increased stake from 48% to 53% on a fully-diluted basis

• Step-up acquisition triggered need for General Offer for balance of shares

o Tender offer price – IDR 211 per share (23% lower than price of initial

investment)

o Target completion in 3Q 2018

THAILAND – DON MUANG TOLLWAYS

• Seeking new operations and maintenance projects from Thailand Department of

Highways

o Bid submission in 4Q 2018

VIETNAM – CII Bridges & Roads

• Hanoi Highway Expansion (15.7 km)

o Target completion in 4Q 2018

o Will add approximately 23,000 average daily vehicles

WATER

9



Maynilad (52.8%) 2,232 1,941 15%

Fair value adjustments (98) (104) -6%

Metropac Water Investments Corp. (19) 5 -480%

2,115 1,842 15%



Revenues 10,961 10,242 7%

Core EBITDA 7,915 7,138 11%

Core income 4,226 3,676 15%




Billed volume (In MCM) 261 252 3%

*Non-revenue water % - average 31.1% 32.2% -3%

*Non-revenue water % - period end 28.9% 31.2% -7%

MAYNILAD WATER SERVICES INC.

15% increase in contribution from the Water

business was driven by:

3% volume growth

Inflationary tariff increase of 1.9% in April 2017

and 2.8% in January 2018

*Measured at the District Metered Area level

CONTRIBUTION UP BY 15% TO P2.1B Volume growth and inflationary increase

WATER

10

Industrial

Water

Municipal Water

In Aggregate Bulk Distribution Total

Max. Potential Volume (mld) 640 305 88 1,033

Installed Capacity (mld) 335 141 38 514

Billed Volume (mld)* 103 117 26 246

Regulated Tariff? No No Yes

Demand Risk? Yes Mixed No

In Aggregate Philippines Vietnam Total

Max. Potential Volume (mld) 393 640 1,033

Installed Capacity (mld) 179 335 514

OVERVIEW OF EXISTING PORTFOLIO

EXPANSION

▪ Organic growth potential – 268 mld

▪ Investment growth potential – 519 mld

*The 103 MLD pertains to Tuan Loc’s 1H 2018 average billed volume. In June 2018, MPW

acquired 49% interest in Tuan Loc.

HOSPITALS

11



Metro Pacific Hospital Holdings (60.1%) 391 349 12%

Hospital admin and fair value adjustments (53) (41) 29%

338 308 10%



Revenues 12,188 10,611 15%

Core EBITDA 2,561 2,287 12%

Core income 1,045 927 13%

Reported income 1,050 933 13%



Total beds available 3,197 2,873 11%

Average standard occupancy rate 65.2% 63.6% 3%

No. of in-patients 91,295 79,484 15%

No. of out-patients 1,640,482 1,470,046 12%

HOSPITALS (AGGREGATE)

CONTRIBUTION UP BY 10% TO

P338M Strong growth and continuing expansion

10% increase in contribution from the Hospital

business was a function of:

15% growth in revenues

● 12% is attributable to organic growth driven by

increased patient census across all hospitals

● 3% is attributable to contribution from new

hospital acquisition - St. Elizabeth Hospital

Offset by:

Higher cost of supplies

Higher start-up costs for new service centers

12

RAIL

67% growth contribution from the Rail business was a

function of:

4% growth in average daily ridership

Higher advertising income and lower repairs and

maintenance expenses

Lower provision for income tax due to effectivity of

Income Tax Holiday beginning 01 January 2018


RAIL


Light Rail Manila (55.0%) 205 122 69%

Holding company admin - 1 -100%

205 123 67%



Farebox revenues 1,594 1,528 4%

Core EBITDA 456 346 32%

Core income 373 221 69%

Reported income 389 221 76%



Average daily ridership 447,432 430,180 4%

OTHERS


Indra Philippines (25.0%) 10 15 -33%

AF Payments Inc. (20.0%) - (68) -100%

Metropac Movers Inc.* (148) 34 -535%

Others (7) - -100%

(145) (19) 663%

LIGHT RAIL MANILA CORPORATION

*Acquired in May 2016; increased effective interest from 76.0% to 100% in 28 February

2018

RAIL, LOGISTICS AND OTHERS Expansion and rehabilitation to cater to fast growing demand

LOGISTICS

18% growth in Revenues due to expanded

warehousing and freight forwarding business

o 12% rise in average warehouse dispatch to

over 31.6 million cases

Offset by:

Build-up of fixed cost in head office and support

services

Higher depreciation from increased truck fleet

Higher financing charges

REGULATORY MATTERS

13

PENDING INCREASE

(%)

REVENUE LOSS / CLAIMSTOTAL

2012 2013 2014 2015 2016 2017 1H 2018

WATER (10%)

MPIC Share

-

-

1.9

0.7

2.4

0.9

2.9

1.1

2.4

0.9

2.4

0.9

TBA**

TBA**

12.0

4.4

TOLL ROADS*

NLEX (20%)

CAVITEX (25% - 42%)

SCTEX (48%)

MPIC Share

-

0.1

-

0.1

0.8

0.1

-

0.5

0.8

0.2

-

0.6

1.2

0.3

0.1

0.8

1.3

0.3

0.4

1.1

1.9

0.3

0.5

1.5

1.0

0.3

0.2

0.9

7.0

1.6

1.2

5.5

RAIL (20%)

MPIC Share

-

-

-

-

-

-

0.2

0.1

0.3

0.1

0.4

0.2

0.2

0.0

1.1

0.4

TOTAL

MPIC Share

0.1

0.1

2.8

1.2

3.4

1.5

4.7

1.9

4.7

2.1

5.5

2.6

1.7

0.9

22.9

10.3

*Net of government share

**Calculation of the forgone revenues covering 2018 is dependent on the results of the current rate rebasing exercise

Resolution of our various regulatory challenges is necessary for us to remain on track with our investment program

In Billions of Pesos

14

STAND-ALONE PORTFOLIO COMPANY RESULTS

AND KEY METRICS

POWER

15

MERALCO 1H 2018 HIGHLIGHTS

AND KEY METRICS

7% Increase in Electricity Revenues was a function of:

7% growth in total energy sales from 20,338 GWh to 21,665 GWh

(6% ↑ commercial, 6% ↑ residential, and 8% ↑ industrial sector)

6% growth in distribution revenues due to increase in volume sold

7% increase in in pass-through and other electric revenues driven by

the increase in fuel prices in the world market, weakening of the

peso against the U.S. dollar and higher WESM prices

In Millions of Pesos 1H 2018 1H 2017 %

MERALCO (from 41.2% to 45.5%) 4,933 4,171 18%

GBPC (from 47.8% to 62.4%)* 785 560 40%

Beacon**/FV and accounting adj. 104 560 -81%

5,822 5,291 10%


Electricity 146,903 137,409 7%

Non-Electricity 3,641 3,623 0%

Total revenues 150,544 141,032 7%

Purchased power (116,330) (107,683) 8%

Operating expenses (20,531) (19,860) 3%

Other income 383 658 -42%

Provision for income tax (3,191) (3,962) -19%

Non-controlling interests (24) (67) -64%

Core income 10,851 10,118 7%

Non-core income 1,122 383 193%

Reported net income 11,973 10,501 14%

Core EBITDA Computation:

Core income 10,851 10,118 7%

Depreciation and amortization 3,615 3,462 4%

Interest income -net (176) (325) -46%

Provision for income tax 3,191 3,962 -19%

Others 104 (2) -5300%

Core EBITDA 17,585 17,215 2%

KEY METRICS 1H 2018 1H 2017

Number of customer

accounts

6.47M 6.17M

Capital Expenditure 6,601 5,279

Energy Sales

Residential 6,715 6,333

Commercial 8,502 8,045

Industrial 6,379 5,892

Streetlights 69 68

Total (in GWh) 21,665 20,338

*Effective interest of GBPC as of 27 May 2016 was 48%; stepped-up to 62%

beginning 27 June 2017

**Increased economic interest from 50% to 75% in May 2016, increased

further to 100% in June 2017

POWER

16

GBPC 1H 2018 HIGHLIGHTS

AND KEY METRICS

Revenue growth was driven by increased WESM demand and

higher revenue from contestable customers

Slower Core Income growth due to higher operating and interest

expense


Power billings 13,182 10,694 23%

Coal sales 106 58 83%

Total revenues 13,288 10,752 24%

Power plant costs (7,247) (4,907) 48%


Interest expense - net (978) (939) 4%

Other income 37 38 -3%

Share in earnings of associates 121 - 100%

Provision for income tax (535) (507) 6%

Non-controlling interests (552) (473) 17%

Core income 1,259 1,172 7%

Non-core income (expense) 17 (20) -185%



Core income 1,259 1,172 7%


Interest expense - net 978 939 4%

Provision for income tax 535 507 6%

Non-controlling interests 552 473 17%

Others (121) - 100%

Core EBITDA 4,384 4,245 3%

VOLUME SOLD

(In GWh)

REVENUES

(In Millions of Pesos)

1H 2018 1H 2017 1H 2018 1H 2017

CEDC (Cebu) 930 814 4,816 4,148

TPC (Toledo) 442 348 1,880 1,470

PEDC (Panay) 926 812 5,219 4,315

PPC (Panay) 31 47 318 558

GBH (Mindoro) 13 21 109 138

GESC (RES) 238 158 1,362 865

GTERC (TCITRC) - - 166 85

Others/Elimination (120) (174) (582) (827)

TOTAL 2,460 2,026 13,288 10,752

TOLL ROADS

17

MPTC 1H 2018 HIGHLIGHTS

PHILIPPINES

Net Toll Revenues increased due to:

NLEX - Revenues up by 15% from P4,785 million to P5,499 million

• 9% increase in average daily vehicle entries (open and closed

systems) from 233,652 to 254,754

• 8% increase in average daily kilometers travelled from 4.7 million to

5.1 million

• 11% increase in closed system toll rate per kilometer implemented in

November 2017

CAVITEX - Revenues up by 10% from P738 million to P810 million

• 7% increase in average daily vehicle entries from 137,070 to 146,084

SCTEX - Revenues up by 15% from P937 million to P1,080 million

• 15% increase in average daily vehicle entries from 54,991 to 63,075

Faster growth in Core EBITDA due to cost savings from synergies with

Tollways Management Corp.

Slower growth in Core Income due to consolidation of former associates

(TMC and Easytrip)

REGIONAL


Stand-alone Core Income 2,296 2,058 12%

MPTC (99.9%) 2,293 2,056 12%

Fair Value Adjustments (12) (18) -33%

MPIC Share 2,281 2,038 12%


Net toll revenues 7,389 6,460 14%

Cost of services (2,423) (2,332) 4%

Gross profit 4,966 4,128 20%

Operating expenses (896) (652) 37%

Other income and expense - net 368 154 139%

Share in earnings of associates 347 353 -2%

Interest expense - net (825) (609) 35%


Non-controlling interest (718) (596) 20%

Core income 2,296 2,058 12%

Non-core income (expenses) (51) 1,573 -103%

Reported net income 2,245 3,631 -38%


Core income 2,296 2,058 12%

Depreciation and amortization 743 588 26%

Interest expense - net 825 609 35%


Non-controlling interest 718 596 20%

Others (347) (353) -2%

Core EBITDA 5,181 4,218 23%

1H 2018 CII BR DMT NUS

Toll Revenues(a) 447 2,460 783

Core Income 11 1,161 197

Traffic (In ‘000) 33 100 311

Length (In km)(b) 144 21.9 34.47

1H 2017 CII BR (c) DMT NUS

Toll Revenues(a) 337 2,110 728

Core Income 76 974 272

Traffic (In ‘000) 52 97 299

Length (In km)(b) 144.8 21.9 34.47

% Traffic Growth -37% 3% 4%(a) Note that MPTC acquired 48% of PT Nusantara Infrastructure only in November 2017(b) CII BR includes roads under pre- and on-going construction(c) Decrease in traffic with end of concession for the Rach Chiec Bridge

TOLL ROADS KEY METRICS AND

PRIORITIES

18


NLEXClass 1 Tariff: Open system - P40.6/entry

/ Closed system - P2.6/km

Average Daily Vehicle Entries (Open & Closed)

Class 1 198,261 180,722

Class 2 34,811 32,970

Class 3 21,682 19,960

Total 254,754 233,652

Average Daily Vehicle Entries (Open)

Class 1 152,196 138,606

Class 2 28,070 26,666

Class 3 16,739 15,694

Total 197,005 180,966

Average Daily Kilometers Travelled (In 000 km)

Class 1 3,851 3,537

Class 2 743 707

Class 3 491 467

Total 5,085 4,711

CAVITEX

Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1)


Class 1 130,143 122,083

Class 2 10,253 9,999

Class 3 5,688 4,988

Total 146,084 137,070

SCTEX (Class 1 Tariff: P2.7/km)


Class 1 51,700 45,097

Class 2 7,111 6,032

Class 3 4,264 3,862

Total 63,075 54,991

STATUS OF NEW ROADS

Ongoing Construction

● Harbour Link Segment 10 – expected to be completed within 2018

● CAVITEX C5 South Link – target completion in 2021

● Cavite Laguna Expressway (Laguna segment)

o Laguna Boulevard to Mamplasan target completion in 2019

o Silang to Laguna Blvd target completion in 2020

o Kawit to Silang target completion in 2021

Ongoing Right-of-Way Acquisition

● NLEX Harbour Link Radial Road 10 – target completion in 2019

● NLEX-SLEX Connector Road – target completion in 2020

● Cavite Laguna Expressway – target completion in 2021 including the Cavite

segment

● Cebu-Cordova Link Expressway – target completion in 2021

WATER

19

MAYNILAD 1H 2018 HIGHLIGHTS

AND KEY METRICS

MAYNILAD

Revenues increased by 7% due to :

3% growth in billed volume from 252.5 MCM to 261.0 MCM

▪ 4% increase in billed customers from 1,336,566 to

1,386,504

Inflationary increase in tariff (1.9% in April 2017 and 2.8% in

January 2018)

Faster growth in Core Income due to lower interest expense


Stand-alone Core Income 4,226 3,676 15%

Maynilad (52.8%) 2,232 1,941 15%

Fair Value Adjustments (98) (104) -6%

Metropac Water Investments (19) 5 -480%

MPIC Share 2,115 1,842 15%


Revenues 10,961 10,242 7%

Cost of services (3,115) (2,909) 7%

Gross profit 7,846 7,333 7%


Other income and expense - net 32 (189) -117%

Interest expense - net (832) (851) -2%

Provision for income tax (1,408) (1,308) 8%

Core income 4,226 3,676 15%

Non-core expenses (269) (479) -44%



Core income 4,226 3,676 15%


Interest expense - net 832 851 -2%

Provision for income tax 1,408 1,308 8%

Core EBITDA 7,915 7,138 11%


NRW

Average 31.1% 32.2%

Period end 28.9% 31.2%

Coverage

Total population 10.16M 10.06M

Population coverage 9.50M 9.34M

24hr availability 98% 98%

Minimum 16 psi 68% 71%

Customer Mix

Residential 80.8% 81.0%

Commercial 19.2% 19.0%

Capital Expenditure 6,298 4,908

HOSPITALS

20

MPHHI 1H 2018 HIGHLIGHTS

AND KEY METRICS

In Millions of PesosStand-alone Core Income MPIC Share

1H 2018 1H 2017 % 1H 2018 1H 2017

Asian Hospital 223 204 9% 115 105

Cardinal Santos 120 110 9% 72 66

Riverside 86 94 -9% 40 44

Makati Medical 225 180 25% 44 36

Davao Doctors 114 101 13% 24 21

Marikina Valley 60 48 25% 34 27

Manila Doctors 117 90 30% 14 11

Others 100 100 0% 48 39

Total 1,045 927 13% 391 349

Hospital Admin/FV adjustments (53) (41)

MPIC Share 338 308

Growth in Gross Revenues was driven by :

Increase in patient numbers

o Out-patients – 12%

o In-patients – 15%

Contribution from St. Elizabeth Hospital

Stand-alone Core Income and MPIC share breakdown as follows:


Stand-alone Core Income 1,045 927 13%

Metro Pacific Hospital Holdings (60.1%) 391 349 12%

Admin and fair value adjustments (53) (41) 29%

MPIC Share 338 308 10%


Gross revenues 12,188 10,611 15%

Discounts (1,201) (992) 21%

Net revenues 10,987 9,619 14%

Cost of supplies (4,838) (4,063) 19%

Gross profit 6,149 5,556 11%


Interest expense (109) (108) 1%

Noncontrolling interest (1) - N/A

Other income 264 239 10%



Non-core income 5 6 -15%

Reported net income 1,050 933 13%




Interest expense 109 108 1%


Core EBITDA 2,561 2,287 12%


Total number of beds 3,197 2,873

Number of accredited doctors 8,243 7,710

Number of enrollees 5,416 5,390

Average standard occupancy rate 65.2% 63.6%

Number of patients

In-patient 91,295 79,484

Out-patient 1,640,482 1,470,046

RAIL

21

LRMC 1H 2018 HIGHLIGHTS

AND KEY METRICS

Rail Revenues increased due to:

4% growth in average daily ridership from 430,180 to

447,432

8% increase in LRVs from 104 to 112 – successfully

restored 35 LRVs thereby reducing waiting time for

passengers to 3.4 minutes from more than five minutes

when LRMC took over in 2015

Faster growth in Core Income due to lower provision for income

tax due to effectivity of Income Tax Holiday beginning 01

January 2018

In Millions of Pesos 1H2018 1H2017 %

Stand-alone Core Income 373 221 69%

LRMC (55%) 205 122 69%

Holding company admin - 1 -100%

MPIC Share 205 123 67%

In Millions of Pesos 1H2018 1H2017 %

Rail revenue 1,594 1,528 4%

Cost of services (955) (930) 3%

Gross profit 639 598 7%

Operating expenses (312) (313) 0%

Other income and expense - net 84 32 163%

Interest expense - net - (2) -100%

Provision for income tax (38) (94) -60%


Non-core income 16 - 100%

Reported net income 389 221 76%




Interest expense - net - 2 -100%

Provision for income tax 38 94 -60%

Core EBITDA 456 346 32%

22

QUARTERLY HIGHLIGHTS


23

METRO PACIFIC TOLLWAYS 1Q 2018 2Q 2018

FINANCIAL HIGHLIGHTS (In Millions of Pesos)

Net Revenues 3,587 3,802

Core EBITDA 2,497 2,684

Core Income 1,108 1,188

Reported Income 1,072 1,173

KEY METRICS

NLEX

Average Daily Vehicle Entries (Open & Closed)

Class 1 195,406 201,085

Class 2 34,259 35,358

Class 3 21,324 22,034

Total 250,989 258,477

Average Daily Kilometers Travelled (In thousands of kms)

Class 1 3,730 3,971

Class 2 733 752

Class 3 485 497

Total 4,948 5,220

CAVITEX


Class 1 130,138 130,149

Class 2 10,354 10,154

Class 3 5,667 5,706

Total 146,159 146,009

SCTEX


Class 1 49,195 54,178

Class 2 6,721 7,497

Class 3 3,896 4,627

Total 59,812 66,302

MERALCO 1Q 2018 2Q 2018


Total Revenues 70,807 79,737




KEY METRICS

Number of customers 6.40M 6.47M

Energy Sales

Residential 2,999 3,716

Commercial 4,036 4,466

Industrial 3,076 3,303

Streetlights 34 35

Total (in gWh) 10,145 11,520

24

MAYNILAD 1Q 2018 2Q 2018


Revenues 5,246 5,715




KEY METRICS

Billed volume (In MCM) 126.5 134.5

Billed customers 1,373,564 1,386,504

Non-revenue water

Average 32.4% 29.7%

Period end 30.5% 28.9%

Service levels

24-hour coverage 97.8% 97.6%

Minimum 16 psi 67.5% 68.1%

HOSPITALS - AGGREGATE 1Q 2018 2Q 2018

Revenues 6,143 6,045


Core Income 583 462

Reported Income 585 465

Total number of beds 3,214 3,197

Number of accredited doctors 8,194 8,243

Number of enrollees 7,731 5,895


KEY METRICS

LIGHT RAIL MANILA 1Q 2018 2Q 2018


Net Revenues 803 791

Core EBITDA 233 223

Core Income 164 209

Reported Income 166 223

KEY METRIC

Average Daily Ridership 459,417 447,432


25

BALANCE SHEET(Tentative)

26

METRO PACIFIC INVESTMENTS

CORPORATION – PARENT

BALANCE SHEET BALANCE SHEET (continued)

In PhP Millions June 2018 Dec 2017 In PhP Millions June 2018 Dec 2017

ASSETS LIABILITIES AND EQUITY

CURRENT ASSETS CURRENT LIABILITIES

Cash and short-term investments 3,697 14,545 Accounts payable and other current liabilities 1,903 1,242

Receivables - net 95 102 Due to related parties 3,889 4,165

Other current assets 1,040 378 Current portion of long-term debt 1,507 971

Total Current Assets (1) 4,832 15,025 Total Current Liabilities (1) 7,299 6,378

NONCURRENT ASSETS NONCURRENT LIABILITIES

Investments and advances to subs., associates & JVs 187,050 173,582 Noncurrent portion of long-term debt 54,006 45,850

Other noncurrent assets 513 715 Due to related parties 7,599 11,767

Total Noncurrent Assets 187,563 174,297 Other noncurrent liabilities 734 1,192

Total Noncurrent Liabilities 62,339 58,809

TOTAL ASSETS 192,395 189,322

Total Liabilities 69,638 65,187

EQUITY

Capital stock 31,628 31,626

Additional paid-in capital 68,473 68,465

Treasury shares (167) (167)

Other reserves 259 249

Retained earnings 22,564 23,962

Total Equity 122,757 124,135

TOTAL LIABILITIES AND EQUITY 192,395 189,322

As of As of

(1) Current ratio as of June 30, 2018 is less than 1. However,

MPIC has committed undrawn lines of P12.4 billion.

27

METRO PACIFIC INVESTMENTS

CORPORATION – CONSOLIDATED



ASSETS NONCURRENT LIABILITIES

CURRENT ASSETS Noncurrent portion of concession fees payable

Cash and short-term investments and short term

deposits 39,350 49,317 long-term debt and others 212,455 204,489

Receivables 12,311 10,899 Due to related parties 7,599 11,767

Other current assets 16,135 14,729 Deferred tax liabilities 7,058 6,836

Total Current Assets 67,796 74,945 Other noncurrent liabilities 9,024 10,103

Total Noncurrent Liabilities 236,136 233,195

NONCURRENT ASSETS

Investments and advances 155,151 150,971 Total Liabilities 287,808 288,072

Service concession assets 179,911 168,783

Property and equipment 67,384 67,606 EQUITY

Goodwill 25,361 25,384 Capital stock 31,628 31,626

Other noncurrent assets 18,086 16,062 Additional paid-in capital 68,473 68,465

Total Noncurrent Assets 445,893 428,806 Treasury shares (167) (167)

Other equity adjustments and reserves 7,456 7,426

TOTAL ASSETS 513,689 503,751 Retained earnings 60,435 53,894

Total equity attributable to owners of Parent 167,825 161,244

LIABILITIES AND EQUITY Non-controlling interest 58,056 54,435

CURRENT LIABILITIES Total Equity 225,881 215,679

Accounts payable and other current liabilities 29,490 28,557

Due to related parties 3,965 3,879 TOTAL LIABILITIES AND EQUITY 513,689 503,751

Current portion of concession fees payable

long-term debt and others 18,217 22,441

Total Current Liabilities 51,672 54,877

As of As of

TOLL ROADS

28

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES




Current Assets Current Liabilities

Cash and short-term investments 6,291 6,069 Accounts payable and accrued liabilities 5,184 4,898

Receivables 861 695 Current portion of long-term debt 4,135 5,317

Other current assets 1,688 1,498 Other current liabilities 906 1,706


Noncurrent Assets Noncurrent Liabilities

Service concession assets 68,914 66,122 Long-term debt - net of current portion 38,555 37,224

Goodwill 8,606 8,597 Service concession obligation 20,198 19,645

Investment in associates 18,128 17,921 Deferred tax liabilities 1,156 1,102

Other noncurrent assets 5,976 3,958 Other noncurrent liabilities 1,266 1,054

Total Noncurrent Assets 101,624 96,598 Total Noncurrent Liabilities 61,175 59,025

TOTAL ASSETS 110,464 104,860 Total Liabilities 71,400 70,946

Equity



Other equity adjustments and reserves (9,457) (10,186)


Total Equity Attributable to Equity Holders

of Parent 35,757 31,230

Non-controlling interest 3,307 2,684

Total Equity 39,064 33,914


As of As of


MPTC has committed undrawn lines of Php11.4 million.

WATER

29

MAYNILAD WATER SERVICES INC. AND SUBSIDIARIES





Cash and short-term investments 5,993 5,019 Accounts payable and other current liabilities 15,075 13,050

Receivables 2,723 2,602 Current portion of interest-bearing loans 100 1,816

Other current assets 3,044 4,075 Current portion of service concession obligation 1,058 1,217


Non-current Assets Non-current Liabilities

Service concession assets 83,333 78,392 Interest-bearing loans - net of current portion 29,164 25,281

Deferred tax assets 208 462 Service concession obligation - net of current portion 6,459 6,243

Property and equipment 1,370 1,409 Other noncurrent liabilities 2,184 2,089

Other noncurrent assets 2,143 1,557 Total Noncurrent Liabilities 37,807 33,613

Total Noncurrent Assets 87,054 81,820


TOTAL ASSETS 98,814 93,516

Equity



Other equity adjustments and reserves (617) (602)




As of As of


Maynilad has committed undrawn lines of Php12.9 billion.

RAIL

30

LIGHT RAIL MANILA CORPORATION





Cash and cash equivalents 2,959 1,174 Accounts payable and other current liabilities 635 649

Receivables 116 104 Income tax payable 27 94

Other current assets 496 491 Total Current Liabilities 662 743

Total Current Assets 3,571 1,769

Non-current Liabilities

Non-current Assets Service concession obligation 3,294 3,194

Service concession assets 12,401 9,142 Loans payable 6,180 4,566

Property and equipment 277 258 Other noncurrent liabilities 201 188

Other noncurrent assets 2,594 2,649 Total Noncurrent Liabilities 9,675 7,948

Total Noncurrent Assets 15,272 12,049


TOTAL ASSETS 18,843 13,818

Equity


Other equity adjustments and reserves - (20)




As of As of

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

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.

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 ([email protected])

10/F MGO Building, Legazpi corner Dela Rosa Streets, Head, Investor Relations – Maricris C. Aldover - Ysmael ([email protected])

Legazpi Village, Makati 0721 Philippines IR Manager – Owen Kieffer D. Ocampo ([email protected])

Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 IR Specialist – Jana Lyra M. Manlangit ([email protected])

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: [email protected]

ADR Website: www.adr.db.com

Depositary Bank’s Local

Custodian: Deutsche Bank Manila

31

mailto:[email protected]



http://www.mpic.com.ph/


http://www.adr.db.com/

Documents

FIRST HALF 2018 FINANCIAL RESULTS ANALYSTS’ BRIEFING