FY 2017 INVESTOR BRIEFING PRESENTATION March 7, 2018

AGENDA

1

3

Recent Financial

Performance

Liquidity and Capital

Resources

Other Matters

2

4 Questions and

Answers

Recent

Financial

Performance

Liquidity

and Capital

Resources

Other

Matters

Questions

and

Answers

Full Year

3

8,689,363 9,153,458 7,775,993

(in TEU)

Volume

2017 vs 2016 consolidated volume up 5%; Organic

volume growth at 4%

Volume growth was due to improving global trade

activities particularly in the emerging markets;

continuing ramp-up at ICTSI Iraq; new services at

CMSA; and the contribution of new terminals, IDRC

and VICT.

Fourth Quarter

2,254,171 2,316,848 2,007,745

4,094,580 4,552,881

4,815,905

2,738,079

3,004,690 2,855,580

943,334

1,131,792 1,481,973

2015 2016 2017

Asia Americas EMEA

1,096,029 1,188,539 1,238,299

657,351

756,843 672,272

254,365

308,789 406,277

2015 2016 2017

Asia Americas EMEA

12%

5%

12%

35%

53%

13%

35%

52%

16%

31%

53%

-5%

3%

13%

33%

55%

14%

34%

53%

18%

29%

53%

12%

Recent

Financial

Performance

Liquidity

and Capital

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and

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Full Year

4

(in US$ ‘000)

Consolidated revenues 10% higher in 2017 vs

2016; Organic revenue growth at 7%

Consolidated 2017 yield to TEU at US$136 vs

US$130 in 2016

1,128,395 1,244,438 1,051,325

Yield:TEU (in US$)

Revenues

Fourth Quarter

564,577 581,404 591,246

377,639 387,423 401,382

109,109 159,567

251,810

2015 2016 2017

Asia Americas EMEA

140,019 146,293 156,175

88,173 99,466 97,033

31,098 47,610

72,962

2015 2016 2017

Asia Americas EMEA

10%

10%

36%

54%

14%

34%

52%

20%

32%

48%

7%

293,369 326,169 259,290

12%

34%

54%

16%

34%

50%

22%

30%

48%

13% 11%

7%

119 125 127 130

135 143

135 130

136

Recent

Financial

Performance

Liquidity

and Capital

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Questions

and

Answers Consolidated P&L Highlights

5

(in US$ ‘000, except Volume & EPS)

2017

Gross Revenues from

Port Operations

Cash Operating Expenses

EBITDA

EBIT

Financing charges and

other expenses

Net Income

Net Income Attributable to

Equity Holders

% change 2016

Fully Diluted EPS

9,153,458 8,689,363 Volume (in TEU) 5%

1,244,438 1,128,395

475,900 419,614

578,012

404,547

132,461

207,717

182,141

525,078

377,248

180,016

111,402

193,470

0.069 0.065

10%

13%

10%

7%

19%

7%

1%

6%

Revenues increased 10% mainly due to volume growth; tariff rate

adjustments at certain terminals; new contracts and services with shipping

lines; and contribution of the new terminals IDRC and VICT;

Organic revenue growth at 7%

Cash Opex 13% higher due to cost contribution of the new terminals;

higher throughput , increase in fuel prices and power rates at certain

terminals; and unfavorable translation impact of the BRL appreciation at

Suape, Brazil

EBITDA increased 10% mainly due to strong operating results at ICTSI

Iraq, CMSA, OPC, MICTSL, YICT, BCT and TSSA

EBITDA margin slightly decreased from 46.5% to 46.4% mainly due to the

additional operating expenses from the new terminal, particularly the lease

payment at Melbourne, Australia

Volume up 5% due to improving global trade particularly in the emerging

markets; continuing ramp-up at ICTSI Iraq; new services at Manzanillo,

Mexico and the new terminals in Matadi, DRC and Melbourne, Australia;

Organic volume growth at 4%

Net income attributable to equity holders up 7% due to strong operating

results from the terminals in ICTSI Iraq, Mexico, Honduras, Madagascar,

China, Poland and Brazil; and the gain related to the termination of the sub-

concession agreement in Nigeria tapered by higher interest & financing

charges; higher depreciation & amortization expenses; start-up costs at the

new terminal in Australia, and increase in the share in the net loss of the

new terminal in Colombia

Financing charges and other expenses up 19% mainly due to higher

average loan balance, and lower capitalized borrowing cost on qualifying

assets

Recent

Financial

Performance

Liquidity

and Capital

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Matters

Questions

and

Answers Financing Charges & Other Expenses

6

Average Outstanding Debt Balance 1,286,409

111,402

1,505,796

132,461

17%

Financing charges & other expenses

Interest Expense on Loans/Bonds 92,964 103,496 11%

Capitalized Borrowing Cost (24,257) (9,709) -60%

Amortization of Debt Issue Cost 6,344 6,626 4%

Other Expenses 36,351 32,048 -12%

Average Outstanding Debt Balance higher mainly

due to Parent level short-term loan drawdowns and

Project finance loans of CMSA and VICT

Lower capitalized borrowing cost on qualifying assets

Higher interest expense due to higher debt level

19%

2017 % change 2016

(in US$ ‘000s)

Due to lower non-recurring charges.

Recent

Financial

Performance

Liquidity

and Capital

Resources

Other

Matters

Questions

and

Answers CURRENCY RISK ANALYSIS Historical Volume, Revenue & EBITDA

7

249 261

269 282

296

256

240

259 266

284 284 293 297

307 315

326

104 109 114 117 128

110 102

111 122

136 133 135 147 143 145 143

0

500

1,000

1,500

2,000

2,500

0

50

100

150

200

250

300

350

400

1Q2014

2Q 3Q 4Q 1Q2015

2Q 3Q 4Q 1Q2016

2Q 3Q 4Q 1Q2017

2Q 3Q 4Q

Vo

lum

e (

in T

EU

thousands)

Revenue a

nd E

BIT

DA

(in

US

D m

illio

ns)

Revenue EBITDA Volume

Recent

Financial

Performance

Liquidity

and Capital

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Questions

and

Answers

USD 54%

PHP 22%

BRL 6%

MXN 5%

EUR 6%

RMB 3% PKR

2%

Others 3%

USD 44%

PHP 17%

MXN 6%

BRL 6%

AUD 6%

PKR 4%

IQD 3%

Others 12%

Revenues Breakdown by Currency Revenue Currency by Subsidiary

Subsidiaries USD EUR Local Currency

Asia

MICT 44% 56% PHP

PTMTS 100% IDR

YICT 100% RMB

OJA 66% 34% IDR

PICT 76% 24% PKR

SBITC/ISI 52% 48% PHP

SCIPSI 100% PHP

DIPSSCOR 100% PHP

HIPS 100% PHP

MICTSI 100% PHP

BIPI 100% PHP

LGICT 100% PHP

VICT 100% AUD

EM

EA

BCT 74% 1% 25% PLN

MICTSL 100%

BICT 100%

AGCT 79% 21% HRK

BGT 89% 11% IQD

IDRC 100%

Am

eri

ca

s TSSA 100% BRL

CGSA 100%

OPC 100%

CMSA 49% 51% MXN

Cash Expense Currency by Subsidiary

Subsidiaries USD EUR Local Currency

Asia

MICT 34% 66% PHP

PTMTS 100% IDR

YICT 100% RMB

OJA 12% 88% IDR

PICT 17% 83% PKR

SBITC/ISI 42% 58% PHP

SCIPSI 100% PHP

DIPSSCOR 100% PHP

HIPS 100% PHP

MICTSI 100% PHP

BIPI 100% PHP

LGICT 100% PHP

VICT 6% 94% AUD E

ME

A

BCT 35% 65% PLN

MICTSL 2% 39% 59% MGA

BICT 100% GEL

AGCT 12% 88% HRK

BGT 19% 81% IQD

IDRC 96% 4% CDF

Am

eri

ca

s

TSSA 100% BRL

CGSA 100%

OPC 52% 48% HNL

CMSA 8% 92% MXN

TECPLATA 16% 84% ARS

Expense Breakdown by Currency

Gross Revenues

US$ 1,244M

Cash Expenses

US$931M

Note: Total Cash Expense includes Cash Opex, Port Fees,

Realized FX losses, Interest Cost, Perp Distribution,

IFRIC Interest, Other “cash” expenses and Income tax paid

Revenue and Expense Profile by Currency

Recent

Financial

Performance

Liquidity

and Capital

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Questions

and

Answers FX Movement since January 2015

9

90

100

110

120

130

140

150

160

Currency Ave 2016 Ave 2017 Growth (%)

BRL 3.48 3.19 8.3

EUR 0.90 0.89 2.0

PKR 104.72 105.35 (0.6)

MXN 18.69 18.92 (1.2)

RMB 6.65 6.76 (1.6)

PHP 47.48 50.40 (6.2)

January-December

Recent

Financial

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Liquidity

and Capital

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2016 2017 % Change

Volume (TEU ‘000) 8,689 9,153 5%

Revenues (US$ million) 1,128 1,244 10%

Yield/TEU (US$) 130 136 5%

EBITDA (US$ million) 525 578 10%

EBITDA Margin 46% 46%

10

2017 Yield/TEU Comparison

+6

FX : Negative impact of the translation of PHP

tapered by favorable variance of EUR and BRL

Increase in break bulk revenues and tariff rates in CGSA,

higher storage revenues in BGT & MICTSL, and

contribution of IDRC

+7

-1

Recent

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11

Yield/TEU Evolution

129.9

136.0

5.85

1.30 1.06

120

122

124

126

128

130

132

134

136

138

Yield/TEU Dec 2016 Organic New Forex Yield/TEU Dec 2017

Evolution of Yield/TEU

Recent

Financial

Performance

Liquidity

and Capital

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and

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12

EBITDA Margin Evolution

46.5% 46.4%

2.1%

0.04%

2.1%

45%

46%

47%

48%

49%

EBITDA % Dec 2016 Organic Forex New Terminals EBITDA % Dec 2017

Evolution of EBITDA Margin

AGENDA

1

3

Recent Financial

Performance

Liquidity and

Capital Resources

Other Matters

2

4 Questions and

Answers

Recent

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and Capital

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Intangible and Property and equipment 2,864 3,102 3,203

Cash and cash equivalents 354 325 279

Other current and noncurrent assets 613 755 888

Total Assets

Total Short-term and Long-term debt 1,083 1,381 1,494

Concession rights payable 512 491 480

Other current and noncurrent liabilities 410 544 524

Total Liabilities

Total Equity

Gearing: Debt/SHE 0.59 0.78 0.80

Debt Cover Ratio: Debt/EBITDA (per covenant) 2.57 2.31 2.21

Current Ratio: Current Assets/Current Liabilities 1.78 1.18 1.25

DSCR: EBITDA/(Interest + Scheduled Principal Payments) 2.33 1.83 3.11

Balance Sheet Summary

14

(in US$ millions)

3,831 4,371 4,182

2,005 2,498 2,416

1,826 1,873 1,766

2016 2015 2017

Recent

Financial

Performance

Liquidity

and Capital

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Other

Matters

Questions

and

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LME3 in October 2016

LME

(in US$ million)

Principal Redemption Profile

15

as of December 31, 2017

Liability management exercise in October 2016 extended duration of US$345 million perpetual

securities from 2019 and 2021 to 2024, and reduced coupon from 6.25% and 5.5% to 4.875%.

Issued US$400M Senior Fixed-for-Life Perpetual Securities in January 2018

No significant debt maturity until 2020

0

100

200

300

400

500

600

2017 2018 2019 2020 2021 2022 2023 2024 2025

LT Loans/Bonds Perp ST Loans RCF LME

Pro forma January 18, 2018

Principal redemption is managed dynamically and opportunistically

to ensure our capital structure is well positioned to match the

long-term nature of port concession contracts.

0

100

200

300

400

500

600

2018 2019 2020 2021 2022 2023 2024 2025 2026

ST LT / Bonds Perp with Rate reset

0

100

200

300

400

500

600

2018 2019 2020 2021 2022 2023 2024 2025 2026

ST LT / Bonds Perp with Rate reset Perp FFL

Recent

Financial

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and Capital

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2017 CAPEX mainly for:

GREENFIELD: Australia, Iraq, DR Congo, Honduras

EXPANSIONARY: Manila & Mexico

2018 CAPEX mainly for:

GREENFIELD: Australia

EXPANSIONARY: Manila, Honduras, Mexico & Iraq

NEW: Papua New Guinea & Cavite

16

Capital Expenditures

2018B 2017A

US$175M US$380M US$127M

72%

US$36M 21%

US$12M 7%

Greenfield Expansionary Maintenance New Projects

US$287M 76%

US$45M 12%

US$8M 2%

US$40M 10%

US$25M

2017B

US$240M US$135M 56%

US$75M 31%

US$30M 13%

US$25M

US$3M

Investment (SPIA)

AGENDA

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3

Recent Financial

Performance

Liquidity and Capital

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Others Matters

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4 Questions and

Answers

Company

Overview

Recent

Financial

Performance

Other

Matters Appendices Recent Events

18

Cavite Gateway Terminal, in partnership with the Philippine Department of Transportation,

launched the country’s first container roll-on roll-off barge terminal in Tanza, Cavite Apr

Lekki International Container Terminal Services LFTZ Enterprise and Lekki Port LFTZ

Enterprise have mutually agreed to terminate their Sub-concession Agreement May

Motukea International Terminal Limited (“MITL”) and South Pacific International Container

Terminal Limited (“SPICTL”) signed 25-year Terminal Operating Agreements with PNG Ports

Corporation Limited (“PNGPCL”) for the Operation, Management and Development of the

international ports in Motukea and Lae, in Papua New Guinea

Sep

ICTSI acquired 34.83% of Manila North Harbour Port, Inc (“MNHPI”) from Petron Corporation

ICTSI has signed expansion agreement for the second development phase of the Basra

Gateway Terminal (BGT) in the North Port, Umm Qasr, Iraq Oct

Nov PT ICTSI Jasa Prima Tbk (IJP) signed a conditional share purchase agreement with PT

Samudera Terminal Indonesia (STI) for the purchase of IJP’s interest in PT Perusahaan

Bongkar Muat Olah Jasa Anda (OJA), subject to certain conditions.

2018 Jan Issued US$400M Senior Fixed-for-Life Perpetual Securities

2017

Feb South Pacific International Container Terminal Limited (“SPICTL”) commenced commercial

operations

AGENDA

1

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Recent Financial

Performance

Liquidity and Capital

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Other Matters

2

4 Questions and

Answers

FY 2017 INVESTOR BRIEFING PRESENTATION