NINE MONTHS 2018 FINANCIAL RESULTS ANALYSTS’ BRIEFING

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NINE MONTHS 2018 FINANCIAL RESULTS ANALYSTS’ BRIEFING

07 NOVEMBER 2018

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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 9M 2018 Highlights and Key Metrics 15

GBPC 9M 2018 Highlights and Key Metrics 16

TOLLROADS

MPTC 9M 2018 Highlights 17

Key Metrics and Priorities 18

WATER

Maynilad 9M 2018 Highlights and Key Metrics 19

HOSPITALS

MPHHI 9M 2018 Highlights and Key Metrics 20

RAIL

LRMC 9M 2018 Highlights and Key Metrics 21

Quarterly Highlights 22

Balance Sheet 25

3

8% 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 inflation-linked tariff

increase in Maynilad

Increase in interest expense is due to a) loan drawdowns

amounting to P15.4 billion in 9M 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 9M 2018 driven mainly by foreign exchange

gains at MERALCO

3Q18 vs 3Q17 flat on slower volumes and rising finance cost on

new investments

CONSOLIDATED FINANCIAL HIGHLIGHTS

MPIC Group Aggregated Revenues(1) grew by 8% from

P280.3 billion to P302.9 billion

EARNINGS CONTRIBUTION MIX

In Millions of Pesos 9M 2018 9M 2017 % Change

MPIC share

Power 8,503 7,573 12%

Toll Roads 3,256 2,996 9%

Water 3,047 2,801 9%

Hospitals 586 518 13%

Rail 299 210 42%

Others (273) (37) 638%

Share of operating income 15,418 14,061 10%

Head office expenses (839) (860) -2%

Interest expense (2,388) (1,871) 28%

Core income 12,191 11,330 8%

Non-core income (expense) 297 (202) -247%

Reported income 12,488 11,128 12%

In Centavos

Diluted EPS on core income 38.62 35.90 8%

9M 2018 9M 2017

9M 2018 CORE INCOME UP 8% TO P12.2BEarnings driven by strong volume growth across the portfolio and increased investment in the power sector

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

Water20%

Power 55%

Toll Roads21%

Hospitals and Others

4% Water20%

Power 54%

Toll Roads21%

Hospitals and Others

5%

YTD 3Q

• Power distribution in Luzon ↑ 5% ↑ 2%

• Power sold in Visayas ↑ 12% ↓ 5%

• Domestic toll road traffic ↑ 7% ↑ 4%

• Water sold in West Metro Manila ↑ 3% ↑ 2%

• Hospital group census ↑ 11% ↑ 9%

POWER

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CONTRIBUTION UP BY 12% TO P8.5BDeepened 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

12% increase in contribution from the Power business was

driven by:

MERALCO

Increase in effective ownership from 41.2% to 45.5%

5% growth in energy sales

GLOBAL BUSINESS POWER CORPORATION

Increase in effective ownership from 47.8% to 62.4%

12% growth in energy sales

Offset by:

o Lower margins

o Planned maintenance shutdown of Unit 2 of PEDC

and Unit 3 of CEDC

o Higher interest and depreciation following full

Commercial Acceptance of PEDC3 on 31 May 2018

In Millions of Pesos

CONTRIBUTION TO MPIC 9M 2018 9M 2017 %

MERALCO (from 41.2% to 45.5%) 7,586 6,559 16%

GBPC (from 47.8% to 62.4%)* 1,184 1,126 5%

Beacon**/FV and accounting adj. (267) (112) 138%

8,503 7,573 12%

STAND-ALONE PERFORMANCE 9M 2018 9M 2017 %

Financial Highlights

Revenues 227,411 214,389 6%

Core EBITDA 26,565 26,268 1%

Core income 16,686 15,370 9%


Capital expenditure 10,111 8,076 25%

Key Performance Indicators

Energy sales (in GWh) 32,921 31,401 5%


Revenues 20,172 17,227 17%

Core EBITDA 6,779 6,979 -3%

Core income 1,899 2,079 -9%

Reported income 1,916 2,034 -6%

Capital expenditure 452 1,141 -60%


Energy sales (in GWh) 3,656 3,278 12%

MERALCO

GLOBAL BUSINESS POWER CORPORATION (GBPC)

POWER

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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 – 94% EPC overall work progress as of September

2018

● 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

● Committed project with DOE, with Certificate of Energy Project of National Significance

● 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)

● Examining feasibility of 600MW on a merchant basis if no PSA

MERALCO

GLOBAL BUSINESS POWER CORPORATION

METROPAC CLEAN ENERGY

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

● Aims to convert approximately 2,300 tons of waste to 35 MW of energy

● Granted original proponent status

● Ongoing Swiss Challenge; target bid deadline January 2019

TOLL ROADS

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9% 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 9% TO P3.3B Robust traffic growth



Metro Pacific Tollways (99.9%) 3,273 3,020 8%

Fair value adjustments (17) (24) -29%

3,256 2,996 9%



Revenues 11,251 9,605 17%

Core EBITDA 7,778 6,259 24%

Core income 3,277 3,024 8%

Reported income 3,312 4,507 -27%



Average Daily Vehicle Entries

NLEX 250,992 233,332 8%

CAVITEX 143,907 137,627 5%

SCTEX 61,071 53,407 14%

DMT / CII / NUS 444,535 150,536 195%

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 55% increase in system-wide average daily vehicles

entries to 916,169 due mainly to the traffic contribution

of PT Nusantara

TOLL ROADS EXPANSION UPDATES

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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 99% Ongoing construction

NLEX Lane Widening

(Phase 2)

N/A 2.1 2020 N/A Ongoing procurement of contractor

NLEX Harbour Link

(Radial Road 10)


CAVITEX Segment 4 Extension 1.2 1.2 2021 85% Ongoing pre-construction activities

CAVITEX - C5 South Link 7.7 12.7 2021 75% Seg. 3A Ph.1 - Ongoing

construction

NEW ROAD PROJECTS AWARDED

NLEX-SLEX Connector Road 8.0 23.3 2021 59% Ongoing ROW acquisition

Cebu Cordova Link

Expressway


Cavite Laguna

Expressway

45.4 16.6 2021 40% Laguna segment - Ongoing

construction

TOTAL 79.2 99.7

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

o Granted Original Proponent Status by DPWH

PHILIPPINES

TOLL ROADS EXPANSION UPDATES

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REGIONAL INVESTMENTS

INDONESIA – PT NUSANTARA INFRASTRUCTURE

• Increased stake to 77.94% on a fully-diluted basis as a result of General Offer

• Pettarani Toll Road Project (4.4 km)

o Project Cost: P8.4 Billion

o Target completion in 2020

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 Phase 1 – began operations in 4Q 2018

o Phase 2 – target completion in 2021

• Rach Mieu 2 (22.4 km)


o Target completion in 2019

WATER

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Maynilad (52.8%) 3,237 2,943 10%

Fair value adjustments (148) (144) 3%

Metropac Water Investments Corp. (42) 2 -2200%

3,047 2,801 9%



Revenues 16,553 15,578 6%

Core EBITDA 11,698 10,764 9%

Core income 6,130 5,575 10%




Billed volume (In MCM) 394 383 3%

*Non-revenue water % - average 30.5% 32.2% -5%

*Non-revenue water % - period end 29.1% 32.5% -10%

MAYNILAD WATER SERVICES INC.

9% increase in contribution from the Water

business was driven by:

MAYNILAD WATER SERVICES, INC.

3% volume growth

Inflationary tariff increase of 1.9% in April 2017

and 2.8% in January 2018

METROPAC WATER INVESTMENTS CORP.

Lower contracting volume at Ecosystems

Higher interest expense from loan drawdown

*Measured at the District Metered Area level

CONTRIBUTION UP BY 9% TO P3.0B Volume growth and inflationary increase

WATER

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Industrial

Water

Municipal Water

In Aggregate Bulk Distribution Total

Max. Potential Volume (mld) 660 305 88 1,053

Installed Capacity (mld) 335 141 38 514

Billed Volume (mld)* 103 121 26 250

Regulated Tariff? No No Yes

Demand Risk? Yes Mixed No

In Aggregate Philippines Vietnam Total

Max. Potential Volume (mld) 393 660 1,053

Installed Capacity (mld) 179 335 514

OVERVIEW OF EXISTING PORTFOLIO

EXPANSION

▪ Organic growth potential – 264 mld

▪ Investment growth potential – 539 mld

• 2018 acquisitions include Phu Ninh (45% in May) and Tuan Loc (49% in June). Phu Ninh to supply

water starting January 2019

• Signing of the Joint Venture Agreement for the Metro Iloilo Distribution project in November 2018

HOSPITALS

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Metro Pacific Hospital Holdings (60.1%) 681 578 18%

Hospital admin and fair value adjustments (95) (60) 58%

586 518 13%



Revenues 18,932 16,522 15%

Core EBITDA 4,148 3,629 14%

Core income 1,771 1,510 17%




Total beds available 3,187 2,967 7%

Average standard occupancy rate 67.4% 66.2% 2%

No. of in-patients 143,579 124,573 15%

No. of out-patients 2,534,985 2,293,042 11%

HOSPITALS (AGGREGATE)

CONTRIBUTION UP BY 13% TO

P586M Strong growth and continuing expansion

13% 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 head office expenses

Higher start-up costs for new service centers

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RAIL

42% growth contribution from the Rail business was a

function of:

5% 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%) 299 209 43%

Holding company admin - 1 -100%

299 210 42%



Farebox revenues 2,440 2,327 5%

Core EBITDA 697 590 18%

Core income 544 380 43%

Reported income 560 372 51%



Average daily ridership 452,892 431,464 5%

OTHERS


Indra Philippines (25.0%) 27 31 -13%

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

Metropac Movers Inc.* (296) - -100%

Others (4) - -100%

(273) (37) 638%

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

19% growth in Revenues due to expanded

warehousing and freight forwarding business

o 7% rise in average warehouse dispatch to over

46.3 million cases

Offset by:

Build-up of operating costs and support services to

sustain future business wins

Losses in the trucking division due to insufficient

drivers and low fleet utilization

REGULATORY MATTERS

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

Accumulated Revenue Losses as of September 30, 2018 at P23.9 billion

WATER

16.2% tariff increase awarded following constructive rate rebasing

Singapore High Court upholds Arbitral Award in favor of Maynilad; dismisses Philippine Republic’s

Setting Aside application

TOLLROADS

Awaiting official notice to publish new toll rates (staggered basis)

RAIL

LRTA endorsed application for fare increase to DOTR

Oct 2018 P0.90

2020 P1.95

2021 P1.95

2022 P0.93

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STAND-ALONE PORTFOLIO COMPANY RESULTS

AND KEY METRICS

POWER

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MERALCO 9M 2018 HIGHLIGHTS

AND KEY METRICS

6% Increase in Electricity Revenues was a function of:

5% growth in total energy sales from 31,401 GWh to 32,921 GWh

(4% ↑ commercial, 3% ↑ residential, and 7% ↑ industrial sector)

3% growth in distribution revenues due to increase in volume sold

7% increase in pass-through 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

11% increase in non-electricity revenues was due to growth in Radius

enterprise sales and increased bills payment in Bayad Center

In Millions of Pesos 9M 2018 9M 2017 %

MERALCO (from 41.2% to 45.5%) 7,586 6,559 16%

GBPC (from 47.8% to 62.4%)* 1,184 1,126 5%

Beacon**/FV and accounting adj. (267) (112) 138%

8,503 7,573 12%


Electricity 221,266 208,848 6%

Non-Electricity 6,145 5,541 11%

Total revenues 227,411 214,389 6%

Purchased power (174,461) (162,777) 7%

Operating expenses (32,499) (31,031) 5%

Other income 885 1,019 -13%

Provision for income tax (4,597) (6,140) -25%

Non-controlling interests (53) (90) -41%

Core income 16,686 15,370 9%

Non-core income 1,526 558 173%

Reported net income 18,212 15,928 14%

Core EBITDA Computation:

Core income 16,686 15,370 9%

Depreciation and amortization 5,473 5,231 5%

Interest income -net (545) (486) 12%

Provision for income tax 4,597 6,140 -25%

Others 354 13 2623%

Core EBITDA 26,565 26,268 1%

KEY METRICS 9M 2018 9M 2017

Number of customer

accounts

6.54M 6.25M

Capital Expenditure 10,111 8,076

Energy Sales

Residential 10,111 9,815

Commercial 12,938 12,382

Industrial 9,768 9,102

Streetlights 104 102

Total (in GWh) 32,921 31,401

*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

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GBPC 9M 2018 HIGHLIGHTS

AND KEY METRICS

Revenue growth was driven by higher coal prices and increased

WESM demand

Core Income slowed further due to PEDC3 recognition of interest

and depreciation starting June 2018


Power billings 20,066 17,160 17%

Coal sales 106 67 58%

Total revenues 20,172 17,227 17%

Power plant costs (10,892) (7,941) 37%


Interest expense - net (1,602) (1,363) 18%

Other income 120 111 8%

Share in earnings of associates 204 - 100%

Provision for income tax (812) (1,039) -22%

Non-controlling interests (797) (768) 4%

Core income 1,899 2,079 -9%

Non-core income (expense) 17 (45) -138%

Reported net income 1,916 2,034 -6%


Core income 1,899 2,079 -9%


Interest expense - net 1,602 1,363 18%

Provision for income tax 812 1,039 -22%

Non-controlling interests 797 768 4%

Others (204) - -100%

Core EBITDA 6,779 6,979 -3%

VOLUME SOLD

(In GWh)

REVENUES

(In Millions of Pesos)

9M 2018 9M 2017 9M 2018 9M 2017

CEDC (Cebu) 1,398 1,281 7,306 6,518

TPC (Toledo) 651 617 2,897 2,584

PEDC (Panay) 1,366 1,292 7,982 6,884

PPC (Panay) 44 82 463 776

GBH (Mindoro) 24 32 189 203

GESC (RES) 364 285 2,099 1,563

GTERC (TCITRC) - - 171 153

Others/Elimination (191) (311) (935) (1,454)

TOTAL 3,656 3,278 20,172 17,227

TOLL ROADS

(a) CII BR includes roads under pre- and on-going construction(b) Decrease in traffic with end of concession for the Rach Chiec Bridge; Hanoi Highway expected to start operations in 4Q2018

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MPTC 9M 2018 HIGHLIGHTS

PHILIPPINES

Net Toll Revenues increased due to:

NLEX - Revenues up by 13% from P7,116 million to P8,069 million

• 8% increase in average daily vehicle entries (open and closed

systems) from 233,332 to 250,992

• 6% increase in average daily kilometers travelled from 4.6 million to

4.9 million

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

November 2017

CAVITEX - Revenues up by 8% from P1,121 million to P1,209 million

• 5% increase in average daily vehicle entries from 137,627 to 143,907

SCTEX - Revenues up by 15% from P1,368 million to P1,568 million

• 14% increase in average daily vehicle entries from 53,407 to 61,071

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

Tollways Management Corp.

Slower growth in Core Income due to reduced contribution from foreign

investments (net of financing costs)

REGIONAL


Stand-alone Core Income 3,277 3,024 8%

MPTC (99.9%) 3,273 3,020 8%

Fair Value Adjustments (17) (24) -29%

MPIC Share 3,256 2,996 9%


Net toll revenues 11,251 9,605 17%

Cost of services (3,858) (3,420) 13%

Gross profit 7,393 6,185 20%


Other income and expense - net 594 186 219%

Share in earnings of associates 606 507 20%

Interest expense - net (1,308) (953) 37%

Provision for income tax (1,377) (998) 38%

Non-controlling interest (1,153) (869) 33%

Core income 3,277 3,024 8%

Non-core income 35 1,483 -98%

Reported net income 3,312 4,507 -27%


Core income 3,277 3,024 8%

Depreciation and amortization 1,306 922 42%

Interest expense - net 1,308 953 37%

Provision for income tax 1,377 998 38%

Non-controlling interest 1,153 869 33%

Others (643) (507) 27%

Core EBITDA 7,778 6,259 24%

9M 2018 CII BR(b) DMT NUS

Toll Revenues 665 3,707 1,188

Core Income (15) 1,765 360

Traffic (In ‘000) 33 100 312

Length (In km)(a) 146.1 21.9 34.5

9M 2017 CII BR (b) DMT NUS

Toll Revenues 544 3,266 1,117

Core Income 89 1,533 201

Traffic (In ‘000) 53 98 305

Length (In km)(a) 144.8 21.9 34.5

% Traffic Growth -38% 2% 2%

TOLL ROADS KEY METRICS AND

PRIORITIES

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

/ Closed system - P2.6/km

Average Daily Vehicle Entries (Open & Closed)

Class 1 194,668 180,209

Class 2 34,700 33,078

Class 3 21,624 20,045

Total 250,992 233,332

Average Daily Vehicle Entries (Open)

Class 1 148,365 137,958

Class 2 27,980 26,700

Class 3 16,751 15,724

Total 193,096 180,383

Average Daily Kilometers Travelled (In 000 km)

Class 1 3,675 3,431

Class 2 729 702

Class 3 485 465

Total 4,889 4,598

CAVITEX

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


Class 1 128,118 122,599

Class 2 10,182 9,986

Class 3 5,607 5,042

Total 143,907 137,627

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


Class 1 49,537 43,621

Class 2 7,068 6,014

Class 3 4,466 3,772

Total 61,071 53,407

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 2021

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

segment

● Cebu-Cordova Link Expressway – target completion in 2021

WATER

19

MAYNILAD 9M 2018 HIGHLIGHTS

AND KEY METRICS

MAYNILAD

Revenues increased by 6% due to :

3% growth in billed volume from 383.4 MCM to 394.4 MCM

▪ 4% increase in billed customers from 1,347,747 to

1,395,958

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

Non-Core Expense comprises of refinancing costs lower than last

year’s one-time separation pay



Maynilad (52.8%) 3,237 2,943 10%

Fair Value Adjustments (148) (144) 3%

Metropac Water Investments (42) 2 -2200%

MPIC Share 3,047 2,801 9%


Revenues 16,553 15,578 6%

Cost of services (4,772) (4,467) 7%

Gross profit 11,781 11,111 6%


Other income and expense - net (119) (306) -61%

Interest expense - net (1,260) (1,276) -1%

Provision for income tax (2,107) (1,937) 9%

Core income 6,130 5,575 10%

Non-core expenses (274) (470) -42%



Core income 6,130 5,575 10%


Interest expense - net 1,260 1,276 -1%

Provision for income tax 2,107 1,937 9%

Core EBITDA 11,698 10,764 9%


NRW

Average 30.5% 32.2%

Period end 29.1% 32.5%

Coverage

Total population 10.16M 10.06M

Population coverage 9.52M 9.36M

24hr availability 98% 98%

Minimum 16 psi 69% 70%

Customer Mix

Residential 80.7% 81.0%

Commercial 19.3% 19.0%

Capital Expenditure 9,016 7,693

HOSPITALS

20

MPHHI 9M 2018 HIGHLIGHTS

AND KEY METRICS

In Millions of PesosStand-alone Core Income MPIC Share

9M 2018 9M 2017 % 9M 2018 9M 2017

Asian Hospital 365 347 5% 188 179

Cardinal Santos 223 178 25% 134 107

Riverside 153 147 4% 71 69

Makati Medical 377 287 31% 75 57

Davao Doctors 187 160 17% 42 34

Marikina Valley 98 78 26% 55 43

Manila Doctors 187 144 30% 22 17

Others 181 169 7% 94 72

Total 1,771 1,510 17% 681 578

Hospital Admin/FV adjustments (95) (60)

MPIC Share 586 518

Growth in Gross Revenues was driven by :

Increase in patient numbers

o Out-patients – 11%

o In-patients – 15%

Contribution from St. Elizabeth Hospital

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



Metro Pacific Hospital Holdings (60.1%) 681 578 18%

Admin and fair value adjustments (95) (60) 58%

MPIC Share 586 518 13%


Gross revenues 18,932 16,522 15%

Discounts (1,858) (1,536) 21%

Net revenues 17,074 14,986 14%

Cost of supplies (7,484) (6,348) 18%

Gross profit 9,590 8,638 11%


Interest expense (167) (159) 5%

Noncontrolling interest (2) (2) 0%

Other income 405 345 17%

Provision for income tax (768) (649) 18%

Core income 1,771 1,510 17%

Non-core income 7 8 -13%



Core income 1,771 1,510 17%


Interest expense 167 159 5%

Provision for income tax 768 649 18%

Core EBITDA 4,148 3,629 14%


Total number of beds 3,187 2,967

Number of accredited doctors 8,613 7,781

Number of enrollees 6,738 6,236

Average standard occupancy

rate67.4% 66.2%

Number of patients

In-patient 143,579 124,573

Out-patient 2,534,985 2,293,042

RAIL

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LRMC 9M 2018 HIGHLIGHTS

AND KEY METRICS

Rail Revenues increased due to:

5% growth in average daily ridership from 431,464 to

452,892

7% increase in LRVs from 105 to 112 – successfully

restored 35 LRVs thereby reducing waiting time for

passengers to 3.5 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


Stand-alone Core Income 544 380 43%

LRMC (55%) 299 209 43%

Holding company admin - 1 -100%

MPIC Share 299 210 42%


Rail revenue 2,440 2,327 5%

Cost of services (1,435) (1,378) 4%

Gross profit 1,005 949 6%

Operating expenses (490) (464) 6%

Other income and expense - net 112 59 90%

Interest expense - net (15) (3) 400%

Provision for income tax (68) (161) -58%


Non-core income (expenses) 16 (8) -300%

Reported net income 560 372 51%



Depreciation and amortization 70 46 52%

Interest expense - net 15 3 400%

Provision for income tax 68 161 -58%

Core EBITDA 697 590 18%

22

QUARTERLY HIGHLIGHTS


23

METRO PACIFIC TOLLWAYS 1Q 2018 2Q 2018 3Q 2018

FINANCIAL HIGHLIGHTS (In Millions of Pesos)

Net Revenues 3,587 3,802 3,862

Core EBITDA 2,497 2,684 2,597

Core Income 1,108 1,188 981

Reported Income 1,072 1,173 1,067

KEY METRICS

NLEX

Average Daily Vehicle Entries (Open & Closed)

Class 1 195,406 201,085 187,528

Class 2 34,259 35,358 34,479

Class 3 21,324 22,034 21,511

Total 250,989 258,477 243,518

Average Daily Kilometers Travelled (In thousands of kms)

Class 1 3,730 3,971 3,326

Class 2 733 752 701

Class 3 485 497 474

Total 4,948 5,220 4,501

CAVITEX


Class 1 130,138 130,149 124,133

Class 2 10,354 10,154 10,042

Class 3 5,667 5,706 5,448

Total 146,159 146,009 139,623

SCTEX


Class 1 49,195 54,178 45,173

Class 2 6,721 7,497 6,961

Class 3 3,896 4,627 4,909

Total 59,812 66,302 57,043

MERALCO 1Q 2018 2Q 2018 3Q 2018


Total Revenues 70,807 79,737 76,867

Core EBITDA 8,688 8,897 8,980

Core Income 4,917 5,934 5,835


KEY METRICS

Number of customers 6.40M 6.47M 6.54M

Energy Sales

Residential 2,999 3,716 3,396

Commercial 4,036 4,466 4,436

Industrial 3,076 3,303 3,389

Streetlights 34 35 35

Total (in gWh) 10,145 11,520 11,256

24

MAYNILAD 1Q 2018 2Q 2018 3Q 2018


Revenues 5,246 5,715 5,592

Core EBITDA 3,416 4,499 3,783

Core Income 1,628 2,598 1,904


KEY METRICS

Billed volume (In MCM) 126.5 134.5 133.4

Billed customers 1,373,564 1,386,504 1,395,958

Non-revenue water

Average 32.4% 29.7% 29.4%

Period end 30.5% 28.9% 29.1%

Service levels

24-hour coverage 97.8% 97.6% 97.7%

Minimum 16 psi 67.5% 68.1% 68.7%

HOSPITALS - AGGREGATE 1Q 2018 2Q 2018 3Q 2018

Revenues 6,143 6,045 6,744

Core EBITDA 1,355 1,206 1,591

Core Income 583 462 732

Reported Income 585 465 734

Total number of beds 3,214 3,197 3,187

Number of accredited doctors 8,194 8,243 8,613

Number of enrollees 7,731 5,895 6,738


KEY METRICS

LIGHT RAIL MANILA 1Q 2018 2Q 2018 3Q 2018


Net Revenues 803 791 846

Core EBITDA 233 223 241

Core Income 164 209 171

Reported Income 166 223 171

KEY METRIC

Average Daily Ridership 459,417 447,432 452,892


25

BALANCE SHEET(Tentative)

26

METRO PACIFIC INVESTMENTS

CORPORATION – PARENT

BALANCE SHEET BALANCE SHEET (continued)

In PhP Millions Sept 2018 Dec 2017 In PhP Millions Sept 2018 Dec 2017

ASSETS LIABILITIES AND EQUITY

CURRENT ASSETS CURRENT LIABILITIES

Cash and short-term investments 5,687 14,545 Accounts payable and other current liabilities 2,439 1,242

Receivables - net 103 102 Due to related parties 4,336 4,165

Other current assets 664 378 Current portion of long-term debt 1,711 971

Total Current Assets (1) 6,454 15,025 Total Current Liabilities (1) 8,486 6,378

NONCURRENT ASSETS NONCURRENT LIABILITIES

Investments and advances to subs., associates & JVs 190,938 173,582 Noncurrent portion of long-term debt 59,608 45,850

Other noncurrent assets 500 715 Due to related parties 7,296 11,767

Total Noncurrent Assets 191,438 174,297 Other noncurrent liabilities 734 1,192

Total Noncurrent Liabilities 67,638 58,809

TOTAL ASSETS 197,892 189,322

Total Liabilities 76,124 65,187

EQUITY

Capital stock 31,631 31,626

Additional paid-in capital 68,487 68,465

Treasury shares (167) (167)

Other reserves 274 249

Retained earnings 21,543 23,962

Total Equity 121,768 124,135

TOTAL LIABILITIES AND EQUITY 197,892 189,322

As of As of

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

However, MPIC has committed undrawn lines of Php6.0 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 45,509 49,317 long-term debt and others 229,108 204,489

Receivables 13,073 10,899 Due to related parties 7,296 11,767

Other current assets 18,177 14,729 Deferred tax liabilities 8,481 6,836

Total Current Assets 76,759 74,945 Other noncurrent liabilities 9,482 10,103

Total Noncurrent Liabilities 254,367 233,195

NONCURRENT ASSETS

Investments and advances 149,230 150,971 Total Liabilities 308,423 288,072

Service concession assets 195,069 168,783

Property and equipment 72,048 67,606 EQUITY

Goodwill 30,160 25,384 Capital stock 31,631 31,626

Other noncurrent assets 20,282 16,062 Additional paid-in capital 68,487 68,465

Total Noncurrent Assets 466,789 428,806 Treasury shares (167) (167)

Other equity adjustments and reserves 7,246 7,426

TOTAL ASSETS 543,548 503,751 Retained earnings 62,891 53,894

Total equity attributable to owners of Parent 170,088 161,244

LIABILITIES AND EQUITY Non-controlling interest 65,037 54,435

CURRENT LIABILITIES Total Equity 235,125 215,679

Accounts payable and other current liabilities 31,765 28,557

Due to related parties 4,412 3,879 TOTAL LIABILITIES AND EQUITY 543,548 503,751

Current portion of concession fees payable

long-term debt and others 17,879 22,441

Total Current Liabilities 54,056 54,877

As of As of

TOLL ROADS

28

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES




Current Assets Current Liabilities

Cash and short-term investments 9,865 6,069 Accounts payable and accrued liabilities 6,142 4,898

Receivables 1,196 695 Current portion of long-term debt 2,478 5,317

Other current assets 2,290 1,498 Other current liabilities 1,780 1,706

Total Current Assets 13,351 8,262 Total Current Liabilities 10,400 11,921

Noncurrent Assets Noncurrent Liabilities

Service concession assets 80,219 66,122 Long-term debt - net of current portion 47,257 37,224

Goodwill 12,631 8,597 Service concession obligation 20,490 19,645

Investment in associates 12,865 17,921 Deferred tax liabilities 2,217 1,102

Other noncurrent assets 9,563 3,958 Other noncurrent liabilities 1,379 1,054

Total Noncurrent Assets 115,278 96,598 Total Noncurrent Liabilities 71,343 59,025

TOTAL ASSETS 128,629 104,860 Total Liabilities 81,743 70,946

Equity



Deposit for future stock subscription 1,489 -

Other equity adjustments and reserves (9,692) (10,186)


Total Equity Attributable to Equity Holders

of Parent

39,469 31,230

Non-controlling interest 7,417 2,684

Total Equity 46,886 33,914


As of As of

WATER

29

MAYNILAD WATER SERVICES INC. AND SUBSIDIARIES





Cash and short-term investments 9,465 5,019 Accounts payable and other current liabilities 15,584 13,050

Receivables 2,727 2,602 Current portion of interest-bearing loans 176 1,816

Other current assets 2,953 4,075 Current portion of service concession obligation 916 1,217

Total Current Assets (1) 15,145 11,696 Total Current Liabilities (1) 16,676 16,083

Non-current Assets Non-current Liabilities

Service concession assets 85,408 78,392 Interest-bearing loans - net of current portion 32,115 25,281

Deferred tax assets 122 462 Service concession obligation - net of current portion 6,596 6,243

Property and equipment 1,359 1,409 Other noncurrent liabilities 2,253 2,089

Other noncurrent assets 2,276 1,557 Total Noncurrent Liabilities 40,964 33,613

Total Noncurrent Assets 89,165 81,820


TOTAL ASSETS 104,310 93,516

Equity



Other equity adjustments and reserves (620) (602)




As of As of

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

However, Maynilad has committed undrawn lines of Php9.8 billion.

RAIL

30

LIGHT RAIL MANILA CORPORATION





Cash and cash equivalents 1,535 1,174 Accounts payable and other current liabilities 726 649

Receivables 126 104 Income tax payable 24 94

Other current assets 436 491 Total Current Liabilities 750 743

Total Current Assets 2,097 1,769

Non-current Liabilities

Non-current Assets Service concession obligation 3,344 3,194

Service concession assets 14,389 9,142 Loans payable 6,337 4,566

Property and equipment 276 258 Other noncurrent liabilities 213 188

Other noncurrent assets 2,559 2,649 Total Noncurrent Liabilities 9,894 7,948

Total Noncurrent Assets 17,224 12,049


TOTAL ASSETS 19,321 13,818

Equity


Additional paid-in capital 270 -

Deposit for future stock subscription 2,550 -

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/

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NINE MONTHS 2018 FINANCIAL RESULTS ANALYSTS’ BRIEFING