HKEx: 00142ADR: FPAFY

www.firstpacific.com

Copyright © First Pacific Company Limited 20 March 2018. All rights reserved.

Investor Presentation

Creatinglong-term value

in Asia

2017 Full-Year Results

This presentation is provided for information purposes only. It does not constitute an offer or invitation to purchase or subscribe for any securities of First Pacific or any of its subsidiaries or investee companies, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment.

Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on third party sources and involve known and unknown risks and uncertainties. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.

The dollar sign (“$”) is used throughout this presentation to represent U.S. dollars except where otherwise indicated.

IMPORTANT NOTICE

2

Senior Management of First Pacific

Manuel V. PangilinanManaging Director and CEO

Robert C. NicholsonExecutive Director

Joseph H.P. NgExec. Vice President,

Group Finance

Chris H. YoungExecutive Director& Chief Financial

Officer

John W. RyanExec. Vice President,

Investor Relations

Ray C. EspinosaAssociate Director

Victorico P. VargasAssistant Director

Marilyn A. Victorio-Aquino

Assistant Director

3

Stanley H. YangExec. Vice President,Corp. Development

4

First Pacific owns 50.1% of Indofood and has an economic interest of 40.3% in ICBP. FPC owns 50.0% of Goodman Fielder through the FPW joint venture with Wilmar International.

Infrastructure

First Pacific owns 42.0% of MPIC and holds economic interests of 19.1% in Meralco, 26.2% in Global Business Power, 47.4% of PacificLight, 22.2% of Maynilad, and 41.9% of Metro Pacific Tollways.

Telecommunications

First Pacific owns 25.6% of PLDT which in turn owns 100% of Smart, its mobile telecommunications subsidiary.

Consumer Foods Natural Resources

First Pacific owns 31.2% of Philex and Two Rivers, a Philippine affiliate, holds 15.0%. First Pacific holds an effective economic interest of 41.8% in PXP Energy, 31.4% in IndoAgri, and 50.0% in Roxas Holdings.

Gross Asset Value of $7.2 Billion

Data as at 31 December 2017; rounding may affect totals. Head Office cash not included. Sources: Bloomberg, SEHK.5

PLDT$1.64 bln

23% of GAVMPIC$1.82 bln

25% of GAV

PhilexGroup$366 mln(6%)

Indofood$2.47 bln

35% of GAV

Roxas Holdings$59 mln (1%)

Goodman Fielder$554 mln

7% of GAV

Investment Objectives Unlock value, enhance cash flows to deliver

dividend returns, grow share price, and finance further investment in value-enhancing businesses

Investment Criteria Be located in or trading with fast-growing Asian

economies Be related to our four industry sectors

(consumer foods, infrastructure , natural resources, and telecommunications)

Have a dominant market position in their sectors

Possess the potential for delivering substantial cash flows to investors

Allow FPC to establish management control or significant influence

42%23%29%

6%

Consumer FoodsTelecommunicationsInfrastructureNatural Resources

$35.0 Bln of Major Assets in Portfolio

Note: Area of pie chart and pie chart segments represents market capitalization (orinvestment cost for unlisted assets) as at 31 December. Rounding may affect totals.6

Indofood$4.94 blnMeralco

$7.43 bln

MPIC$4.33 bln

ICBP$7.64 bln

PLDT$6.41 bln

Plantations& Sugar

$1.75 bln

One of the Largest Listed Investors in ASEAN Total turnover for the First Pacific Group of

Companies in 2017 was $22.9 billion EBITDA totaled $5.36 billion Core profit reached a total of $2.49 billion Total cash on hand was $5.60 billion Gross debt of $15.7 billion Net debt of $10.1 billion

39%18%35%

7%

Consumer FoodsTelecommunicationsInfrastructureNatural Resources

2017 Contribution

Recurring Profit (USD mln)

7

Share of Contribution

Natural Resources $10.2 mln (2%)

Infrastructure$107.3 mln

(26%)

Food/Consumer$178.3 mln

(42%)

Telecoms$124.8 mln

(30%)264.9

300.0

(14.4)

14.8

11.0

7.8 5.3

4.2 3.2 3.2

220

230

240

250

260

270

280

290

300

310

2016 FX HeadOffice

Indofood MPIC GF PLDT Philex Others 2017

236.5

90.6

(74.8)

(72.4)

(26.5)(23.5)

185.5

33.4

(167.6)

0

50

100

150

200

250

300

Head Office Cash Flow Remains Strong

8

2017 Free Cash Flow (USD mln) Source of Dividends

Infrastructure$27 mln

(15%)

Food/Consumer$75 mln

(41%)

Telecoms$79 mln

(43%)

Natural Resources & Fees $4 mln (2%)

100

400

80

312

374 359

0

100

200

300

400

500

2018 2019 2020 2021 2022 2023 2024

Unsecured Bank Loans Secured Bonds Unsecured Bonds

January Bond Tender Strengthens Head Office Balance Sheet

6.0%6⅜%4½%

Coupon

10-Year7-Year

10-Year

Term

28 June 201928 Sept 202016 April 2023

Maturity

US$400 mlnUS$312 mlnUS$367 mln

Principal

103.255106.221100.423

Price*

*Recent data from Bloomberg.

End-2017 Data Cash interest cover 2.2x Gross assets $7.2 billion at end-2017 Gross debt $1.6 billion, gross debt

cover 4.5x Net debt $1.5 billion, net debt cover

4.8x Average maturity of 3.6 years Blended interest cost of 4.5% Bloomberg listing: FIRPAC <Corp> <Go>

9

Unsecured81%

Secured19%

Fixed64%

Floating36%

Debt Profile (USD mln)

0

157,201

151,162

(6,700)

(6,197)

1,069 64

(206)

3,080

2,638 213

135,000

140,000

145,000

150,000

155,000

160,000

Wireless Fixed Line

Change in Service Revenues (PHP mln)

Service Revenues Evolving Rapidly

10

Outlook 2018 recurring core income seen rising by ₱1-2 billion to ₱23-

24 billion EBITDA seen rising on revenue improvement, supported by

continued strengthening of data/broadband Double-digit growth in Home and Enterprise revenues seen

continuing Capex seen rising to ₱58 billion from ₱40 billion in 2017 with

continuing focus on improving network quality and customer experience

2017 Earnings Highlights Service revenues declined 4% to ₱151 billion as declining

revenues from legacy businesses, particularly mobile voice and SMS, offset increasing data revenues

EBITDA rose 8% to ₱66.2 billion on lower subsidies and provisions offsetting higher cash opex (mainly staff reduction costs), lower services revenues and higher cost of services

Core income fell 1% to ₱27.7 billion largely on lower gain on sale of remaining shares in Beacon Electric and higher depreciation, partially offset by higher EBITDA and lower provision for income tax

Data, broadband and digital service revenues rose 11% to ₱67.0 billion and now account for 63% of all fixed line service revenues and 36% of wireless

Weaker PHP (down 5.4% in average exchange rate) is a factor in USD translation

Investment in Capex Bears Fruit

11

Surge in Capex Brings World-Class Network Home broadband network up 1.2 million to pass 4.0 million fiber homes at end-year; 5.1 million by end-2018 Fixed broadband network capacity doubled to over 1 million ports, aim to double again in 2018 to 2.2 million Use of hybrid technology (VVDSL and G.fast) to increase speeds over copper lines In-building solutions installed in over 100 structures with another 400 coming in 2018 Continuing buildout of LTE across the Philippines sees doubling in number of LTE base stations to over 8,700 and

aim to double again in 2018 to 17,700 Number of 3G base stations now at 9,850 and aim to increase to more than 12,400 in 2018 Aim to increase fiber cable network by 35,000 km to 210,000 by end-2018 Aim to increase overseas cable capacity to 8.9 Tbps by end-2019 from 5.0 Tbps at end-2017

Revenues Surge From Data & Broadband Mobile internet revenues rose 17% to ₱20.0 billion Corporate data and data center revenues rose 16% to

₱19.6 billion Home broadband revenues rose 16% to ₱20.4 billion Data and broadband represented 63% of fixed line services

revenues, up from 60% in the year-earlier half-year Data and broadband represented 36% of wireless service

revenues, up from 31% EBITDA margin at 44% versus 39% a year earlier

4G Download

Speed

3GDownload

Speed

OverallDownload

Speed

4G Latency

3GLatency

4GAvailability

OpenSignal Awards Table

Source: opensignal.com/reports.2018/03/Philippines/state-of-the-mobile-network

Premier Philippines Infrastructure Co.

*Economic interest in Meralco and Global Business Power, respectively.12

Toll Roads29%-100% stakes

Electricity45% & 62% stakes*

Water53%-100% stakes

Hospitals60% stake

14 Hospitals1 Mall-Based

Diagnostic Center

Rail/AFP/Logistics20%-76% stakes

55%Light Rail Manila

76%Metropac

Movers

CII Bridges & Roads45% stake

Cavitex 100% stake

Don Muang Tollway29.45% stake

NLEX & SCTEX 75.60%

100%

35% Makati Medical Center Asian Hospital

Our Lady of Lourdes Cardinal Santos De Los Santos

Manila Doctors Hospital Marikina Valley MC

Delgado Memorial Hosp. Riverside Medical

Davao Doctors Central Luzon Doctors

Hospital West Metro MC

Sacred Heart Hospital St. Elizabeth HospitalMarikina Valley MC

MegaClinic

10.5%

56%

14%

Carmen Bulk WaterRio Verde Water

Equipacific HoldcoMetro Iloilo Water

EcoSystemTechnologies

20%AF Payments

Nusantara Infra48.3% stake

Growing Revenue Streams Increasingly Dominant

Change in Contribution (PHP bln)

13

2017 Earnings Highlights Core income rose 17% to ₱14.1 billion vs. ₱12.1 billion on double-digit contribution growth Power contribution boosted by increased economic interest in Meralco and Global Power,

and volume growth at Meralco Water contribution held back by lower average tariff and cooler temperatures Toll Roads boosted by traffic increases on all roads Hospitals contribution up on higher patient numbers and addition of new hospitals to the

Group Interest expense rose to ₱2.67 billion vs. ₱2.11 billion on new borrowing to finance

investments in power and toll roads businesses

Outlook Continuing strong demand growth for MPIC services seen continuing to lift revenues; core

income seen rising Water and toll road tariff increases continue to be held back by regulators, culminating in

MPIC holding a share of claimed revenue losses amounting to a cumulative ₱9.2 billion in the period 2012-2017

Resolution of tariff issues among highest 2018 priorities Pursuing major new power, toll road and water projects to continue growth into second

decade Funding strategies under contemplation: maximum safe use of leverage; eventual IPO of

Hospitals; sell-down of Maynilad stake

15,133

17,847

(149)

2,149 169 96 55 10

13,500

14,000

14,500

15,000

15,500

16,000

16,500

17,000

17,500

18,000

18,500

66,659

70,187

1,517

1,177 533

300

60,000

62,000

64,000

66,000

68,000

70,000

72,000

2016 Sales CBP Agribusiness Bogasari Distribution 2017 Sales

Strong Sales By Nearly Every Business

14

Change in Sales (Rp bln)

2017 Financial Highlights Revenues rose 5% to IDR70.2 trillion vs. IDR66.7 trillion on

stronger sales in every business on volume increases in nearly every category and price increases in nearly all large-volume businesses

EBIT margin rose 0.1 percentage point to 12.5% as stronger CPB and Distribution margins offset lower margins at the Agribusiness and Bogasari divisions

Core income rose 8% to IDR4.30 trillion vs. IDR3.99 trillion on margin improvement, tight control over cost growth, and strong volume growth and pricing performance

CBP sales growth led by Noodles, Dairy and Snack Foods for overall sales growth of 4.5%

Agribusiness sales rose 9.4% on strong growth in both Plantations and Oils and Fats

Cash on hand of IDR13.7 trillion at end-2017 amounted to three years of core profit

Outlook Robust sales growth at CBP and Distribution divisions seen

continuing Expansion of CPO milling facilities to boost Agribusiness

revenues and margins while CBP revenues to be lifted by dairy & beverages expansions

Aiming for RSPO certification for all estates and plasma smallholders by end-2019 under core commitments to ensure traceable and sustainably produced palm oil

Entering new business categories, developing food service and export businesses to accelerate growth

12.4%

14.2%

8.1%

11.9%

3.3%

12.5%

15.3%

6.9%

10.1%

3.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Indofood CBP Bogasari Agribusiness Distribution

2016 (left column) 2017 (right column)

Margin Growth Signals

Change in EBIT Margins

15

Sales Breakdown (USD)

After intersegment elimination.

Bogasari$1.16 bln

(22%)

Agribusiness$1.02 bln

(19%)

Consumer Branded Products

$2.64 bln(50%)

Distribution$420 mln

(8%)

1,507 1,4881,613

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2015 2016 2017

16

Progress in All Areas of Business

37.6

49.4

61.1

0

10

20

30

40

50

60

70

2015 2016 2017

Core Profit (USD mln)Net Sales Value (USD mln)

Net Sales Value & Normalized EBITDA (USD mln)

Australia$677 mln

(42%)

New Zealand$612 mln

(38%)

Internat’l$325 mln

(20%)Australia

$64.5 mln(36%)

New Zealand$71.1 mln

(39%)

Internat’l$45.8 mln

(25%)

Ingredients $10.5 mln (1%)

Outlook Cost-savings, efficiency improvements and new growth initiatives have started to impact

profitability with momentum expected to continue in 2018 Growth acceleration in China and SE Asia remain a key priority with a focus on developing

the export product portfolio New Zealand is focused on dairy product expansion with launches for the export and

domestic markets Operating challenges in PNG have been addressed with improved volumes and return to

profitability for the market

2017 Earnings Highlights Sales growth of 5% to A$2.11 billion vs. A$2.01 billion led by New Zealand dairy segment,

and continued expansion in Fiji Core income rose 19% to A$81.6 million vs. A$68.8 million on continued cost savings and

efficiency improvements New Zealand sales increased 6% to A$796 million. EBITDA of $93 million included baking

EBITDA growth of 20%; however this was offset by decline in dairy EBITDA owing to higher farmgate milk prices

Australia sales increased 3% to A$880 million led by 5% growth in the grocery segment and 1% in baking. EBITDA grew 5% to A$84 million supported by profit improvements in both grocery and baking

International sales rose 7% to A$422 million led by Fiji (12%) and China (15%) but offset by a decline in PNG (-2%). EBITDA declined 11% to A$60 million as strong earnings growth in Fiji and New Caledonia was offset by weaker performance in PNG (down 29%) and other markets

The launch of a new Ingredient’s division in 2017 to leverage the strength of Goodman Fielder’s network resulted in sales of A$13.6 million with continued top-line growth and positive EBITDA expected for 2018

Padcal Mine: Higher Prices Offset Lower Grades

17

0.001.002.003.004.00

2013 2014 2015 2016 2017

Cost per lb. Avg. Realized Price

0

500

1,000

1,500

2013 2014 2015 2016 2017

Cost per oz. Avg. Realized Price

Gold Production Cost & Price (USD/oz.)

Bumolo is in the region of Padcal. Boyongan and Bayugo are Silangan ore bodies.

Grand Total of Mineral ResourcesMetrictonnes(mln)

Au(‘000 oz.)

0.20 0.20 0.52 0.66

258 22

273 125

678

PadcalBumoloBoyonganBayugo

Total

1,17296

3,120 1,820

6,208

Cu(mln lb.)

Au(g/t)

Cu(percent)

0.37 0.30 0.72 0.66

3,036 210

6,300 2,700

12,246

Copper Production Cost & Price (USD/lb.)

2017 Earnings Highlights Operating revenues fell 3% to ₽9.99 billion vs. ₽10.2 billion as a result

of lower metal production offset by sharply improved copper prices and a weaker Peso

Cash production cost fell 4% to ₱5.23 billion vs. ₱5.44 billion led by lower power cost

Core income rose 2% to ₽1.69 billion vs. ₽1.66 billion on lower opex Realized gold price rose 2% to $1,273 per oz. Realized copper price rose 26% to $2.96 per lb. Note there are different accounting rules between Philippine FRS and

HKFRS on when revenues from metal production and shipment are recorded

2017 Production Highlights Days of production fell 8% to 322 days vs. 351 due to wear and tear

caused by boulder ore Ore milled at 26,935 tonnes/day, up 1% on-year from 26,664

tonnes/day Gold output 84,638 oz., down 18% from 103,304 oz. Gold grade 0.377 grams/tonne vs. 0.417 grams/tonne Copper production fell 14% to 30.1 million lb. vs. 35.0 million lb. Copper grade at 0.192% vs. 0.206%

Outlook Padcal mine life extended by two years to 2022 with declaration of

further proved mineral reserves Definitive Feasibility Study for Silangan expected to be final following

resolution of open-cast mining in the Philippines

In Conclusion

First Pacific combines access to our unrivaled portfolio of strong businesses in emerging Asia with the security of Hong Kong’s legal system and listing rules, in an effective US dollar security

We have nearly four decades of history delivering robust returns to our shareholders – our experience in investing in our markets is hard to match

Our focus remains on seeking returns in emerging Asia within our chosen areas of business to deliver strong growth in upturns and defensive returns in downturns to deliver stable and strong returns over the long term

Our investments are well positioned for growth in 2018 and beyond First Pacific’s NAV discount is unjustified by the Company’s prospects and offers an attractive

opportunity to invest in our portfolio Management is identifying assets not meeting return targets for possible disposal with proceeds to

apply towards share repurchases and debt reduction to signal confidence in our prospects

18

AppendixShareholder InformationSelected Financial Data

20 20

NetDebt2,798 2,717

646 744

(114)228 212 442 169

49 785

(475)561 536

(121)510 458

1,522

PLDT MPIC(i)

MPIC - Head Office MPTC Meralco Beacon Electric(ii)

Beacon PowerGenMaynilad PhilexPXP Energy Indofood(i)

ICBP IndoAgri SIMP LonsumPacificLight PowerGoodman Fielder

First Pacific - Head Office

Gearing

1.26 0.63 0.26 1.10 n/a

0.14 0.80 0.50 0.34 0.82 0.27 n/a

0.35 0.40 n/a

2.07 0.82

0.83

GrossDebt3,457 3,786

938 852 806 319 220 543 181

58 1,795

174 777 702

-567 568

1,613

CashOn Hand

659 1,069

291 108 920

91 8

101 12

9 1,011

649 216 167 121

57 110

91

Headline Group Data FY 2017 & End-Year (USD mln)

(i) Consolidated.(ii) Excluding preferred shares of ₱23.1 billion (US$458 million)

InterestCover

3.45 4.35 5.32 5.68 n/a

7.82 2.17 6.84 n/a n/a

8.20 47.40

3.11 2.91 n/a n/a

0.79

2.20

TotalEquity2,223 4,320 2,486

679 1,391 1,680

264 878 495

60 3,451 1,500 1,581 1,342

600 246 561

1,838

Turnover

3,000 260 168 260

5,608 144

28 412 198

2 5,237 2,657 1,181 1,181

354 565

1,624

7,297

EBITDA

1,313 646 (21)171 688 144

28 281

79 (1)

855 451 230 232 100

9 153

1,391

CoreProfit

549 280 119

78 401 124

15 146

33 (1)

321 293

48 38 44

(59)62

300

Shareholding Structure of the Company

SalimGroup44%

Brandes6.5%

AllOthers

12%

Shareholder Breakdown

Lazard5.7%

Brandes Investment PartnersLazard Asset ManagementDB Private WM (Singapore) GIC Asset ManagementKabouter ManagementCity of London IM (Singapore) Marathon Asset ManagementM&G Investment ManagementThompson Siegel & WalmsleyBlackRock Fund Advisors The Vanguard Group. ATR KimEng Asset ManagementMaple-Brown AbbottNordea IM (Denmark) Dimensional Fund AdvisorsOhio Public EmployeesOldfield PartnersTempleton Asset ManagementState Street Global AdvisorsLetko, Brosseau & AssociatesInvesco CanadaCharles Schwab IM Hof Hoorneman BankiersValue SquareMackenzie Financial Corporation

6.5%5.7%3.9%3.2%2.4%2.1%1.8%1.6%1.6%1.4%1.3%1.1%

1.02%0.99%0.96%0.94%0.74%0.62%0.59%0.54%0.52%0.47%0.47%0.40%0.38%

123456789

10111213141516171819202122232425

281 249 170 139 102

90 79 69 69 63 56 48 44 43 42 41 32 27 25 24 22 20 20 17 17

Institution Mln Shares %

IPREO data as at 31 December 2017. Analysis performed for First Pacific counts 260 institutional shareholders owning 2,191,134,795 shares. Total shares out: 4,341,986,968.

Contribution and Profit Summary

22

(i) After taxation and non-controlling interests, where appropriate.(ii) Associated companies.(iii) Joint venture.(iv) Contribution from operations represents the recurring profit contributed to the Group by its operating companies.(v) Recurring profit represents the profit attributable to owners of the parent excluding the effects of foreign exchange and derivative gains/losses, gain on changes in fair value of biological assets and non-recurring items.(vi) Foreign exchange and derivative gains/losses represent the gains/losses on foreign exchange translation differences on the Group’s unhedged foreign currency denominated net borrowings and payables and the changes in the fair values of

derivatives.(vii)Non-recurring items represent certain items, through occurrence or size, which are not considered as usual operating items. 2017’s non-recurring losses of US$195.6 million mainly represent the Group’s impairment provisions for assets, including

PLDT’s wireless network assets (US$15.9 million) and accelerated depreciation for wireless network assets (US$44.1 million), Goodman Fielder’s intangible assets (US$14.2 million), the Group’s investments in AF Payments, Inc. (US$6.5 million) and Indofood’s intangible assets in the Beverages business (US$6.4 million), Goodman Fielder’s manufacturing network optimization costs (US$15.2 million), Head Office’s bond tender and debt refinancing costs (US$14.9 million) and MPIC’s loss on remeasurement of its previously held 75.0% interest in Beacon Electric (US$13.5 million), partly offset by MPIC’s gain on remeasurement of previously held 60.0% interest in Tollways Management Corporation (US$11.9 million) and its divestment of a 4.5% direct interest in Manila Electric Company (US$6.1 million). 2016’s non-recurring losses of US$155.2 million mainly represent the Group’s impairment provisions for assets, including FPM Power’s goodwill related to its investment in PLP (US$44.8 million), PLDT’s investment in Rocket Internet shares and other intangible assets (US$35.4 million), Philex’s deferred exploration costs and other assets (US$31.4 million) and MPIC’s investment in Landco Pacific Corporation (US$6.8 million), PLP’s provision for onerous contracts (US$6.0 million) and MPIC’s project expenses (US$3.8 million).

For the year ended 31 DecemberUS$ millionsIndofoodPLDT(ii)

MPICFPW(iii)

Philex(ii)

FPM PowerFP Natural ResourcesContribution from operations(iv)

Head Office items:– Corporate overhead– Net interest expense– Other expenses

Recurring profit(v)

Foreign exchange and derivative gains/(losses)(vi)

Gain on changes in fair value of biological assetsNon-recurring items(vii)

Profit attributable to owners of the parent

2017

5,237.5 -

1,240.8 --

565.4 253.1

7,296.8

2017

148.0 124.8 118.3

30.3 12.7

(11.0)(2.6)

420.5

(27.1)(80.9)(12.5)300.0

16.4 0.1

(195.6)120.9

Contribution toGroup profit(i)Turnover

2016

5,010.5 -

940.2 --

575.3 253.0

6,779.0

2016

137.9 127.7 117.2

24.0 10.2

(13.9)(2.9)

400.2

(28.4)(95.7)(11.2)264.9

(9.1)2.6

(155.2)103.2

Head Office Free Cash Flow

23

(i) Excludes pledged deposits and restricted cash as at 31 December 2017 of US$0.1 million (31 December 2016: US$11.7 million and 1 January 2016: US$11.5 million).(ii) 2017’s net investments principally represents the subscription of convertible notes issued by RHI.(iii) 2016’s net proceeds on sale of investment principally represents the net proceeds from the sale of 1.3 billion common shares in MPIC.

For the year ended 31 December(i)

US$ millionsDividend and fee incomeHead Office overhead expenseNet cash interest expenseNet cash inflow from operating activities(Net investments)(ii)/net proceeds on sale of an investment(iii)

Financing activities- Distribution/dividends paid- Repayment of loans, net- Others, mainly proceeds from issuance of shares upon the exercise of share options

(Decrease)/increase in cash and cash equivalentsCash and cash equivalents at 1 JanuaryCash and cash equivalents at 31 December

2017

185.5 (26.5)(72.4)

86.6 (23.5)

(74.8) (167.6)

33.4 (145.9)

236.5 90.6

2016

199.7 (27.6)(91.7)

80.4 163.2

(74.2)(36.0)

0.5 133.9 102.6 236.5

Group Net Debt and Gearing

24

Consolidated

(i) Calculated as net debt divided by total equity.(ii) Group adjustments mainly represents elimination of goodwill arising from acquisitions prior to 1 January 2001 against the Group’s retained earnings and

other standard consolidation adjustments to present the Group as a single economic entity.

At 31 December 2017 At 31 December 2016

Head OfficeIndofoodMPICFPM PowerFP Natural ResourcesGroup adjustments(iii)

Total

US$ millions

Associated Companies and Joint VentureAt 31 December 2017 At 31 December 2016

US$ millionsPLDTFPWPhilex

Net Debt(i)

Net Debt(i)

1,521.8 784.6

2,717.4 509.1 198.5

-5,731.4

2,798.0 457.9 176.5

TotalEquity

TotalEquity

1,837.7 3,485.2 4,302.5

398.1 197.2

(1,478.2)8,742.5

2,223.1 1,005.0

495.3

Gearing(i)

(times)

Gearing(i)

(times)

0.83x 0.23x 0.63x 1.28x 1.01x

-0.66x

1.26x 0.46x 0.36x

NetDebt

NetDebt(i)

1,511.3 674.3

1,492.9 470.2 189.3

-4,338.0

2,942.7 368.6 185.4

TotalEquity

TotalEquity

2,016.7 3,349.2 3,775.5

344.8 201.2

(1,653.1)8,034.3

2,183.0 952.8 470.6

Gearing(i)

(times)

Gearing(i)

(times)

0.75x0.20x0.40x1.36x0.94x

-0.54x

1.35x0.39x0.39x

Adjusted NAV per Share

25

(i) Based on quoted share prices applied to the Group’s economic interests.(ii) Represents investment costs.(iii) Represents carrying amounts.(iv) Mainly represents RHI (based on quoted share price applied to the Group’s effective economic

interest) in 2017 and RHI (based on quoted share price applied to the Group’s effective economic interest) and the Group’s economic interest in other assets (measured at cost) in 2016.

(v) Represents investment costs in SMECI’s convertible notes.

US$ millionsIndofood PLDT MPIC Philex PXP FPW FPM Power FP Natural Resources Head Office - Other assets

- Net debt Total Valuation Number of Ordinary Shares in Issue (millions) Value per share - U.S. dollars

- HK dollars Company's closing share price (HK$) Share price discount to HK$ value per share (%)

At31 December

2016

2,593.0 1,516.7 1,771.2

394.6 37.0

554.0 230.0

50.1 101.4

(1,511.3)5,736.7 4,281.7

1.3 10.5

5.4 48.1

Basis(i) (i) (i) (i) (i) (ii) (iii) (iv) (v)

At31 December

2017

2,474.2 1,637.5 1,814.1

276.9 88.6

554.0 230.0

58.5 100.9

(1,521.8)5,712.9 4,342.0

1.3 10.3

5.3 48.3

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