Third Quarter / YTD September 2011 Financial & Operating Results 4 November 2011

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1 Third Quarter / YTD September 2011 Financial & Operating Results 4 November 2011

2 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 2

3 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 3

4 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 4

5 FINANCIAL HIGHLIGHTS REVENUE (in million pesos) 9,458 16% 10,992 Flour Feeds Swine 5

6 FINANCIAL HIGHLIGHTS REVENUE (in million pesos) QUARTERLY BREAKDOWN 3,565 1% 12% 3,725 3,701 3,305 Flour Feeds Swine

7 FINANCIAL HIGHLIGHTS EBITDA (in million pesos) 1,796 21% 1,418 Flour Feeds Swine 7

8 FINANCIAL HIGHLIGHTS EBITDA (in million pesos) QUARTERLY BREAKDOWN % 21% Flour Feeds Swine

9 FINANCIAL HIGHLIGHTS NET INCOME (in million pesos) 1,241 24% 937 Flour Feeds Swine 9

10 FINANCIAL HIGHLIGHTS NET INCOME (in million pesos) QUARTERLY BREAKDOWN 22% 23% Flour Feeds Swine

11 OUTLOOK Flour Feeds Swine Completion of Iligan port dredging and rehabilitation of the unloading facility with a pneumatic unloader by December To prepare the port to accommodate bigger international vessels. Total capex spent as of end-september is at P162 million. Iligan and Tarlac feed milling plants passed the HACCP and ISO 9001:2008 certification last July Expansion of the existing Grow-Fin Farm 3 began mid-july 2011 and intends to increase the farm s capacity from 4,800 heads to 7,200 heads by December Construction of the 5th Grow-Fin Farm with a capacity of 7,200 heads is scheduled to start in December Completion date will be in May

12 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 12

13 NET INCOME (in million pesos) 18,538 EPS = P2.52 ROE = 75% 16,236 12% EPS = P2.21 ROE = 43% QUARTERLY BREAKDOWN 3% 3% 5,824 5,488 5,641 5,106-16% +41% Distribution Generation AP Parent 13

14 CORE NET INCOME (in million pesos) Non-Recurring Items 9M2010 9M2011 FX gains/(loss) - Parent (9) (3) FX gains/(loss) - Generation 943 (34) STEAG refinancing cost (398) - TMI Revenue Adjustment 348 STEAG NPC reimbursement TLI Cost Reversal Non-Recurring Items 1Q2011 2Q2011 3Q2011 3Q2010 FX gains/(loss) - Parent (47) 6 38 (51) FX gains/(loss) - Generation (218) 1,141 STEAG refinancing cost (398) TMI Revenue Adjustment STEAG NPC Reimbursement TLI Cost Reversal ,003 EPS = P2.45 ROE = 73% 14% 15,551 EPS = P2.11 ROE = 41% QUARTERLY BREAKDOWN 7% 10% 5,627 5,273 4,651 5,132-17% 4,416 5,040 5,201 4, % Q2011 2Q2011 3Q2011 3Q2010 Distribution Generation AP Parent 14

15 PROFORMA EBITDA (in million pesos) 26,999 5% 25,730 QUARTERLY BREAKDOWN 12% 15% 9,344 8,019 8,367 8,094 25,042 23,049-8% 7,310 7,486 8,252 7,094 2,091 2,850 9M2010 9M % ,155 1,040 1Q2011 2Q2011 3Q2011 3Q2010 Distribution Generation AP Parent 15

16 OPERATING HIGHLIGHTS: GENERATION ENERGY SALES BREAKDOWN (GWh) 7,340 7,175 2% 25% 17% 1,800 1,250-31% 66% 55% 2,418 2, , ,015 2, ,472 2, , % 1,247 1,609 1, % 1,526 1,471 1,701 1, % 1,174-23% 1Q2010 2Q2010 3Q2010 9M2010 1Q2011 2Q2011 3Q2011 9M2011 Contracted (Capacity) Contracted (Energy) Spot Market 16

17 OPERATING HIGHLIGHTS: 9M2011 WESM HIGHLIGHTS WESM AVERAGE PRICES (P/MWh) 14,000 12,000 10,000 YTD Prices Peak Off Peak All Hours ,681 3,827 5,898 Sept ,960 4,295 6,263 Sept ,325 2,072 3,263 Gas curtailments Low Hydro High Outages Fuel limitations Forced outages of Masinloc, StaRita, Malaya & Ilijan High Outage: 1 unit of Sual and Calaca on outage Hydros still on minimal output 8,000 Typhoon Pepeng 6,000 Typhoon Ondoy 4,000 2,000 - Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 (2,000) (4,000) Peak Off Peak All Hours Note: 1. Calculated based on raw data downloaded from the WESM website as of Sept July 26 October 25, 2008 prices are reflective of NPC TOU rates. (6,000) Source: WESM, SNAP 17

18 OPERATING HIGHLIGHTS: 9M2011 WESM HIGHLIGHTS AVERAGE CAPACITY ON OUTAGE (in MW) 2, ,698 1,704 1,666 1,355 1,510 1, , ,130 1, January February March April May June July August September Source: WESM, SNAP 18

19 OPERATING HIGHLIGHTS: 9M2011 WESM HIGHLIGHTS AVERAGE TEMPERATURE (in o C) Jan Feb Mar Apr May June July Aug Sep Source: 19

20 OPERATING HIGHLIGHTS: 9M2011 WESM HIGHLIGHTS WEEKLY SYSTEM PEAK DEMAND (in MW) w1 w2 w3 w4 w5 w6 w7 w8 w9 w10w11w12w13w14w15w16w17w18w19w20w21w22w23w24w25w26w27w28w29w30w31w32w33w34w35w36w37w38w39w40 Source: WESM 20

21 OPERATING HIGHLIGHTS: HYDRO CONTRACTED ENERGY (GWh), at 100% ATTRIBUTABLE ENERGY SALES (GWh) Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet 29% SPOT MARKET (GWh), at 100% SNAP Magat SNAP Benguet 9M2010 9M2011 NET CAPACITY FACTOR 9M2010 9M % 53% 49% 40% 44% 45% 15% 16% 31% 26% Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet 21

22 OPERATING HIGHLIGHTS: HYDRO MAGAT S WATER LEVEL VS. RULE CURVE (in MASL) Water Level Water Level Magat Rule Curve (meter) Critical Level 140 Source: SNAP 1Q 2Q 3Q 4Q 22

23 OPERATING HIGHLIGHTS: HYDRO AVERAGE SELLING PRICE (in P/kWh) CONTRACTED ENERGY SPOT MARKET Chart Title Chart Title H Sibulan HEDCOR LHC SNAP Magat SNAP Benguet SNAP Magat SNAP Benguet 9M2010 9M

24 OPERATING HIGHLIGHTS: HYDRO ANCILLARY SERVICES (at 100%) Ancillary Revenues (in million pesos) 8,083 Accepted & Billed Capacity (in GW/h) 2,134 1, % 413% 460 2, ,027 6, ,675 9M2010 9M2011 9M2010 9M2011 SNAP Magat SNAP Benguet 24

25 OPERATING HIGHLIGHTS: HYDRO EFFECT OF ANCILLARY SERVICES TO BENEFICIAL CAPACITY SOLD (in GW/h) 7, ,800 3% 24% 8,242 13% 9% 1, % 15% 1,250-31% 58% 53% 4,015 2,502 2,596 2,450 2, ,814 2, , % 1,247 1,609 1, % 1,526 1,471 1,701 1, % 1,174-23% 1Q2010 2Q2010 3Q2010 9M2010 1Q2011 2Q2011 3Q2011 9M2011 Contracted (Capacity) Contracted (Energy) Spot Market Accepted AS Capacity 25

26 OPERATING HIGHLIGHTS: GEOTHERMAL AP RENEWABLES (Tiwi-Makban) Average Selling Prices (P/kWh) WESM BCQ Energy Sales (in GWh) 2,582 2,495 3% BCQ WESM WTD Ave Steam P1.03/kWh Steam P1.11/kWh 2,017 2,003 9M2010 Steam Vented (GWh) 9M M2010 9M Net Capacity Factor 84% 80% 9M2010 9M

27 OPERATING HIGHLIGHTS: COAL ENERGY SALES (GWh) 2,608 2,704 8% 3,333 3,086 1,171 1, STEAG TLI CEDC Attributable Energy Sales 85% 79% 57% 56% 60% 51% NET CAPACITY FACTOR STEAG TLI CEDC 9M2010 9M

28 OPERATING HIGHLIGHTS: COAL THERMA LUZON (Pagbilao) 9M2010 Average Selling Price P/kWh WESM BCQ 2,608 1,051 1,557 Energy Sales (in GWh) 4% 2, , BCQ WESM WTD Ave 9M2011 Average Selling Price P/kWh Coal Cost + Energy Fee = P1.89/kWh Coal Cost = P1.75/kWh 5.23 Coal Cost + Energy Fee = P2.33/kWh Coal Cost = P2.26/kWh 9M2010 9M2011 BCQ WESM WTD Ave 28

29 OPERATING HIGHLIGHTS: OIL ENERGY SALES (GWh) 47% 1, EAUC CPPC SPPC WMPC Therma Marine Attributable Energy Sales 72% 72% 57% 62% 52% 47% 42% 29% 16% 7% EAUC CPPC SPPC WMPC Therma Marine NET CAPACITY FACTOR 9M2010 9M

30 OPERATING HIGHLIGHTS: OIL LAKE LANAO WATER LEVEL (in MASL) critical level shutdown

31 OPERATING HIGHLIGHTS: GENERATION PF BENEFIClAL EBITDA RENEWABLE PLANTS 9M2010 9M ,221 15% 12,936 25,042 8% 23,049 3,006 6,044 8,216 6,876 Hydro Geothermal Total Benef icial EBITDA THERMAL PLANTS 27% 9M2010 9M ,666 13,821 9M2010 9M2011 8,611 10,113 1,155 1,507 Amounts in Million Pesos Oil Coal Total Beneficial EBITDA 31

32 OPERATING HIGHLIGHTS: DISTRIBUTION BENEFICIAL POWER SALES (Gwhr) 3% 1,896 1,971 2,127 2,419 2,461 2,507 2,790 3,142 3,322 3,606 2,677 2, M2010 9M2011 BENEFICIAL GWH SALES GROWTH (BY CUSTOMER TYPE) 5% 2,677 3% 2,764 PEAK DEMAND (MW) 9M2010 9M % 928 1% 1,937 2, Residential Commercial & Industrial Total Power Sales DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total 9M2010 9M

33 OPERATING HIGHLIGHTS: DISTRIBUTION GROSS MARGIN / KWH SALE SYSTEMS LOSS * * ** Gov t Cap 8.50% 4% 8% 7% 5% 8% 9.4% 10.1% 9.2% 9.7% 1% 1% 1% 1% 3% MEZ BEZ SEZ SFELAPCO DLPC CLPC VECO * Adjusted for timing of transmission charge recovery ** 12 month moving average 9M2010 9M

34 OPERATING HIGHLIGHTS: DISTRIBUTION PF BENEFICIAL EBITDA 36% 2,850 1,711 2,091 1, DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total Beneficial EBITDA Amounts in Million Pesos 9M2010 9M

35 FINANCIAL CONDITION BALANCE SHEET (In million Pesos) YE2010 PARENT End-Sept 2011 CONSOLIDATED YE2010 End-Sept 2011 Cash and Equivalents 11,082 9,294 18,302 22,516 Investments and Advances 28,949 29,937 28,799 29,403 Total Assets Total Interest Bearing Debt Total Liabilities Net Debt Total Equity 40,487 13,073 16,427 1,991 24,060 42,029 16,759 17,075 7,465 24, ,557 67,065 76,823 48,763 57, ,392 74,435 84,422 51,919 65,970 Current Ratio Net Debt to Equity 4.7x 0.1x 22.8X 0.3x 2.6x 0.8x 3.3x 0.8x 35

36 FINANCIAL CONDITION BALANCE SHEET (In million Pesos) BENEFICIAL YE2010 End-Sept 2011 Total Interest Bearing Debt 86,953 94,635 Cash 24,033 28,876 Net Debt Equity* Net Debt to Equity 62,921 57, ,759 64, Net Debt to EBITDA 1.72 *Equity Attributable to Parent 36

37 OUTLOOK: Generation Business BROWN/GREENFIELD LUZON GRID Binga Hydro 20 MW Tiwi-Makban 17 MW Subic Coal 600 MW Magat Hydro MW Pagbilao Coal MW MINDANAO GRID Tamugan Hydro 11.5 MW Tudaya 1&2 Hydro 13.6 MW Davao Coal 300 MW PRIVATIZATION Unified Leyte Geothermal plants (EDC) 550 MW, Visayas Grid IPPA: Caliraya-Botokan-Kalayaan Hydro (J Power) 728 MW, Luzon Grid IPPA: Casecnan Hydro, 150 MW, Luzon Grid Asset Sale: Agus Hydro 727 MW & Pulangi Hydro 255 MW, Mindanao Grid 37

38 Annex A: EARNINGS BREAKDOWN (in million pesos) YEAR - TO - DATE FOR THE QUARTER INVESTEE ACTUAL ACTUAL ACTUAL ACTUAL Parent & Others (862) (988) (267) (332) Power Generation Group: HEDCOR INC HEDCOR SIBULAN LUZON HYDRO SNAP MAGAT 3, , SNAP BENGUET SPPC WMPC CPPC EAUC THERMA MOBILE (5) 6 (5) (0) THERMA MARINE (49) STEAG (173) ABOVANT HOLDINGS (CEDC) THERMA LUZON 2,518 7, ,447 AP RENEWABLES 6,114 7,424 1,859 2,427 OTHERS (12) Sub-Total Power Generation 15,344 18,285 5,177 5,502 Power Distribution Group: COTABATO LIGHT & POWER DAVAO LIGHT & POWER 1, VISAYAN ELECTRIC CO SFELAPCO SUBIC ENERZONE MACTAN ENERZONE BALAMBAN ENERZONE Sub-Total Power Distribution 1,754 1, TOTAL NET INCOME 16,236 18,538 5,641 5,824 NET INCOME TO COMMON 16,236 18,538 5,641 5,824 % increase (decrease) -12% -3% RECURRING NET INCOME 15,551 18,003 5,627 5,132 % increase (decrease) -14% 10% RECURRING INCOME before Finan 19,611 21,794 7,005 6,415 % increase (decrease) 38

39 Annex B: CORE NET INCOME, Ex Pagbilao (in million pesos) Pagbilao Finance Lease Effect 9M2010 9M2011 Accreted Interest Expense 3,815 4,060 Depreciation PSALM Monthly Payments (844) (821) 3,791 4,060 Pagbilao Finance Lease Effect 1Q2011 2Q2011 3Q2011 3Q2010 Accreted Interest Expense 1,331 1,352 1,376 1,291 Depreciation PSALM Monthly Payments (276) (274) (272) (281) 1,330 1,352 1,378 1,283 21,794 EPS = P2.96 ROE = 89% 10% 19,611 EPS = P2.67 ROE = 52% QUARTERLY BREAKDOWN 6% 9% 7,005 6,625 5,981 6,415-13% 5,745 6,392 6,579 6, % Q2011 2Q2011 3Q2011 3Q2010 Distribution Generation AP Parent 39

40 Annex C: OPERATING HIGHLIGHTS GENERATION CONTRACTED (CAPACITY) CONTRACTED (ENERGY) 1,526 23% 1,174 1, ,752 4,015 18% 19 1,557 2,124 2,017 2, M2010 9M2011 9M2010 9M2011 SPOT MARKET 1,800 31% 1,051 1, Hydro Geothermal *Figures are in GWh Coal Oil 9M2010 9M

41 Annex D: DEBT PROFILE AP PARENT Maturity Profile - PhPM (As of September 2011) 7,300 3,336 5, Breakdown by Tenor (As of September 2011) Breakdown by Currency (As of September 2011) Breakdown by Interest Rate (As of September 2011) Short Term 0.03% Peso 100% Fixed 100% Long Term 99.97% 41

42 Annex E: DEBT PROFILE AP BENEFICIAL Maturity Profile - PhPM (As of September 2011) 14,615 11,448 12,017 7,966 7,639 8,198 5,526 5,460 5,059 2,339 3,801 3,454 2,915 2,636 1, Breakdown by Tenor (As of September 2011) Short Term 2% Breakdown by Currency (As of September 2011) Dollar 34% Breakdown by Interest Rate Floater 2% (As of September 2011) Long Term 98% Peso 66% JPY 0% Fixed 98% 42

Ambuklao - All three units done by 3Q2011 - Rated capacity now at 105 MW Target completion dates for Binga - Unit 1: 2011 -

43 Annex PROJECT F: PROJECT UPDATE UPDATE AMBUKLAO-BINGA REHABILITATION Total combined project cost of $280 million - $189 million for 75 MW Ambuklao + $10 million for new headrace tunnel - $81 million for 100 MW Binga Target completion dates for Ambuklao - All three units done by 3Q Rated capacity now at 105 MW Target completion dates for Binga - Unit 1: Unit 2: Unit 3: Unit 4: To increase capacity to 120 MW Capex spent as of end-sept 2011 at $260.9 million 43 43

PROJECT UPDATE Annex F: PROJECT UPDATE (cont d) TIWI-MAKBAN REHABILITATION At Makban At Tiwi Completion rate at 88% as of end-september 2011 Estimated completion date within 2Q2012

9 billion (roughly $66 million, out of the combined project cost of roughly $120 million) After completion of the refurbishment, rehabilitation and resource improvements, the

44 PROJECT UPDATE Annex F: PROJECT UPDATE (cont d) TIWI-MAKBAN REHABILITATION At Makban At Tiwi Completion rate at 88% as of end-september 2011 Estimated completion date within 2Q2012 Completion rate at 65% as of end-september 2011 Estimated completion date within 3Q2012 As of end-sept 2011, total actual capex spent at P2.9 billion (roughly $66 million, out of the combined project cost of roughly $120 million) After completion of the refurbishment, rehabilitation and resource improvements, the combined production capacity could reach roughly 480 MW (taking into account current steam supply and decline rates), with improvements in plant efficiency, reliability and availability Tiwi Geothermal Field Makban Plant E 44

Annex PROJECT F: PROJECT UPDATE UPDATE (cont d) 242 MW NAVOTAS POWER BARGES To undergo rehabilitation, which involves: Overhaul of engines Repair of barge super-structure and deck Possible dry

45 Annex PROJECT F: PROJECT UPDATE UPDATE (cont d) 242 MW NAVOTAS POWER BARGES To undergo rehabilitation, which involves: Overhaul of engines Repair of barge super-structure and deck Possible dry docking Construction of new transmission line Total rehab cost estimated at ~$30 million Estimated rehab timeline 4Q2011: 123 MW 1Q2012: 52 MW 2Q2012: 67 MW Off-take Merchant Possible contracts for peaking capacity 45 45

46 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 46

47 Sustained growth in net income on higher securities trading gains 25% 27% 47

48 Expanding earning assets and lower funding costs more than offset decline in yields 13% 1% 28bps 8% 9M M

49 Non-interest income driven by profit taking on securities position 6,072 4,282 2,191 2,738 49

50 Higher operating expenses in support of business expansion 11% 15% 50

51 Slower growth in deposits 9% 51

52 Double digit growth in credit portfolio led by consumer finance and commercial businesses %

53 Key financial ratios mirror improvement in earning performance 53

54 Capital ratios remained healthy and supportive of growth 54

55 UBP stock outperforming PSE and Financial Sector indices 55

56 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 56

57 Robust lending continues to enhance bottomline performance despite higher operating expenses due to expansion program Net Income (in Million Pesos) 28% Net Interest Income (in Million Pesos) 26% Operating Expenses (in Million Pesos) 22% 57

58 Wider branch reach and increase loan take up improved loan growth Branch Network Loan Portfolio (in Million Pesos) 16% 30% Average Loan Per Borrower (in Thousand Pesos) 20% 58

59 Total Resources (in Million Pesos) Total Deposits (in Million Pesos) 26% 36% Capital Funds (in Million Pesos) 49% 59

60 Capital Adequacy Ratio Revenue to Overhead NPL Coverage Ratio 60

61 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 61

62 CONSOLIDATED PROFIT & LOSS (In Million Pesos) 3Q2010 3Q2011 % Ch 9M2010 9M2011 % Ch Revenues 18,014 18,557 3% 65,194 54,445-16% Equity Earnings 2,484 3,266 32% 4,457 8,073 81% EBITDA 9,022 10,599 17% 29,601 29,117-2% Net Income 5,558 5,825 5% 16,839 16,042-5% Core Net Income 5,029 5,814 16% 16,430 15,519-6% Core Net Income (Ex Pagbilao Effect) 6,010 6,867 14% 19,327 18,620-4% 62

63 NET INCOME (In Million Pesos) 16,839 EPS = P3.05 ROE = 53% 1,241 1,946 5% 16,042 EPS = P2.91 ROE = 37% 937 2,676 4, QUARTERLY BREAKDOWN 4% 5% 5,825 5,612 5, , ,013 14,164 12,404 3,901 4,193 4,310 4,450 (374) 9M2010 9M2011 1Q2011 2Q2011 3Q2011 3Q2010 Power Banking Transport Food Parent & Others 63

64 CORE NET INCOME (In Million Pesos) Non-Recurring Items 9M2010 9M2011 Parent (0.9) (0.0) Power Total Gains/(Losses) Non-Recurring Items 1Q2011 2Q2011 3Q2011 3Q2010 Parent (0.0) (0.0) 0.0 (0.4) Power Total Gains/(Losses) ,430 EPS = P ,519 ROE = 51% EPS = P2.81 1,241 6% ROE = 36% 1, ,676 4, QUARTERLY BREAKDOWN 7% 16% 5,814 5, , , , ,754 11,881 3,554 4,029 4,299 3,921 (374) 9M2010 9M2011 (254) 1Q2011 2Q2011 3Q2011 3Q2010 Power Banking Transport Food Parent & Others 64

65 EBITDA (In Million Pesos) 2% 2% 29,601 29,117 25,370 24,826 EBITDA (Consolidated) EBITDA (Proforma) 9M2010 9M

66 PARENT NET DEBT (In Million Pesos) Parent net debt up by 185% Cash & Equivalents 29% 1,557 5,554 3,938 FY2010 End-Sept Long-term Debt 10% FY2010 End-Sept ,100 5,495 FY2010 End-Sept

67 CONSOLIDATED BALANCE SHEET / KEY RATIOS (In Million Pesos, except ratios) YE 2010 End-Sept 2011 % Change Cash and Cash Equivalents 26,097 29,514 13% Total Assets 174, ,707 11% Total Liabilities 96, ,771 9% Total Equity 78,317 87,936 12% Equity Attributable to Parent 64,313 70,953 10% Book Value Per Share Current Ratio Debt to Equity Net Debt to Equity

68 ANNEX A: CORE NET INCOME, Ex Pagbilao (In Million Pesos) Pagbilao Finance Lease Effect 9M2010 9M2011 Accreted Interest Expense 2,914 3,102 Depreciation PSALM Monthly Payments (645) (627) 2,897 3,102 Pagbilao Finance Lease Effect 1Q2011 2Q2011 3Q2011 3Q2010 Accreted Interest Expense 1,017 1,033 1, Depreciation PSALM Monthly Payments (211) (209) (208) (215) 1,016 1,033 1, ,327 EPS = P3.50 ROE = 60% 1,241 1,946 4% 18,620 EPS = P3.37 ROE = 43% 937 2,676 5, QUARTERLY BREAKDOWN 6% 14% 6,867 6, , , , ,651 14,983 4,569 5,062 5,352 4,901 (374) 9M2010 9M2011 (254) 1Q2011 2Q2011 3Q2011 3Q2010 Power Banking Transport Food Parent & Others 68

69 ANNEX B: EARNINGS CONTRIBUTION (In Million Pesos) 3Q2010 3Q2011 % Ch 9M2010 9M2011 % Ch Aboitiz Power Corp. 4,450 4,310-3% 14,164 12,404-12% City Savings Bank % % Union Bank 933 1,093 17% 1,836 2,317 26% ATSC (254) (374) Pilmico Parent & Others % 6 (15) -- 1, % (137) Net Income Core Net Income 5,558 5,825 5% 5,029 5,814 16% 16,839 16,042-5% 16,430 15,519-6% Core Net Income (Ex Pagbilao Effect) 6,010 6,867 14% 19,327 18,620-4% 69

70 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines City Savings Bank AEV Financials Q&A 70

71 Third Quarter / YTD September 2011 Financial & Operating Results 4 November 2011

Second Quarter / First Half 2011 Financial & Operating Results 29 July 2011

Second Quarter / First Half 2011 Financial & Operating Results 29 July 2011 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power