8990 HOLDINGS, INC. AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES

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2 8990 HOLDINGS, INC. AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES CONSOLIDATED FINANCIAL STATEMENTS Sttement of Mngement s Responsibility for Consolidted Finncil Sttements Consolidted Sttements of Finncil Position s of December 31, 2016 nd 2015 Consolidted Sttements of Comprehensive Income for the Yers Ended December 31, 2016, 2015 nd 2014 Consolidted Sttements of Chnges in Equity for the Yers Ended December 31, 2016, 2015 nd 2014 Consolidted Sttements of Csh flows for the Yer Ended December 31, 2016, 2015 nd 2014 Notes to Consolidted Finncil Sttements SUPPLEMENTARY SCHEDULES Independent Auditor s Report on Supplementry Schedules Prt I I. Reconcilition of Retined Ernings Avilble for Dividend Declrtion (Prt I, 4C; Annex 68-C) II. Schedule of All the Effective Stndrds nd Interprettions (Prt I, 4J) III. Mp of the Reltionships of the Compnies within the Group (Prt I, 4H) Prt II Supplementry Schedules Required by Annex 68-E A. Finncil Assets B. Amounts Receivble from Directors, Officers, Employees, Relted Prties nd Principl Stockholders (Other thn Relted Prties) C. Amounts Receivble from Relted Prties which re Eliminted During the Consolidtion of Finncil Sttements D. Intngible Assets Other Assets E. Long-term Debt F. Indebtedness to Relted Prties (Long-term Lons from Relted Compnies) G. Gurntees of Securities of Other Issuers H. Cpitl Stock OTHER SCHEDULE Finncil Rtios

3 8990 HOLDINGS, INC. AND SUBSIDIARIES 11th Floor Liberty Center, 104 H.V. Del Cost Slcedo Villge, Mkti City Schedule I RECONCILIATION OF RETAINED EARNINGS AVAILABLE FOR DIVIDEND DECLARATION AS OF DECEMBER 31, 2016 Unpproprited retined ernings, beginning P=1,886,815,918 Add: Net income during the yer 2,713,922,838 Less: Csh dividend declrtion (1,655,397,216) Unpproprited retined ernings, ending P=2,945,341,540

4 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE OF ALL THE EFFECTIVE STANDARDS AND INTERPRETATIONS UNDER PFRS IN COMPLIANCE WITH SRC RULE 68, AS AMENDED DECEMBER 31, 2016 SCHEDULE II PHILIPPINE FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS Frmework for the Preprtion nd Presenttion of Finncil Sttements Conceptul Frmework Phse A: Objectives nd Qulittive Chrcteristics Prctice Sttement Mngement Commentry Philippine Finncil Reporting Stndrds (PFRS) First-time Adoption of Philippine Finncil Reporting Stndrds Amendments to PFRS 1: Additionl Exemptions for First-time Adopters Amendments to PFRS 1: Limited Exemption from Comprtive PFRS 7 Disclosures for PFRS 1 First-time Adopters (Revised) Amendments to PFRS 1: Severe Hyperinfltion nd Removl of Fixed Dte for First-time Adopters** Amendments to PFRS 1: Government Lons** Shre-bsed Pyment Amendments to PFRS 2: Vesting Conditions nd Cncelltions PFRS 2 Amendments to PFRS 2: Group Csh-settled Shre-bsed Pyment Trnsctions Amendments to PFRS 2: Clssifiction nd Mesurement of Shre-bsed Pyment Trnsctions* (effective Jnury 1, 2018) PFRS 3 Business Combintions (Revised) Insurnce Contrcts PFRS 4 Amendments to PAS 39 nd PFRS 4: Finncil Gurntee Contrcts Adopted Not Adopted Not Applicble PFRS 5 Non-current Assets Held for Sle nd Discontinued Opertions PFRS 6 Explortion for nd Evlution of Minerl Resources Finncil Instruments: Disclosures Amendments to PFRS 7: Trnsition Amendments to PAS 39 nd PFRS 7: Reclssifiction of Finncil Assets PFRS 7 Amendments to PAS 39 nd PFRS 7: Reclssifiction of Finncil Assets Effective Dte nd Trnsition Amendments to PFRS 7: Improving Disclosures bout Finncil Instruments Amendments to PFRS 7: Disclosures Trnsfers of Finncil Assets Amendments to PFRS 7: Disclosures Offsetting Finncil Assets nd Finncil Libilities Amendments to PFRS 7: Mndtory Effective Dte of PFRS 9 nd Trnsition Disclosures* (effective when PFRS 9 is first pplied) PFRS 8 Operting Segments PFRS 9 Finncil Instruments (2014)* (effective Jnury 1, 2018) Consolidted Finncil Sttements Amendments to PFRS 10: Trnsition Guidnce Amendments to PFRS 10: Investment Entities PFRS 10 Amendments to PFRS 10: Investment Entities Applying the Consolidtion Exception Amendments to PFRS 10: Sle or Contribution of Assets between n Investor nd its Associte or Joint Venture* (effective dte deferred indefinitely) Joint Arrngements PFRS 11 Amendments to PFRS 11: Trnsition Guidnce Amendments to PFRS 11: Accounting for Acquisitions of Interests in Joint Opertions Disclosure of Interests in Other Entities Amendments to PFRS 12: Trnsition Guidnce PFRS 12 Amendments to PFRS 12: Investment Entities Amendments to PFRS 10: Investment Entities Applying the Consolidtion Exception PFRS 13 Fir Vlue Mesurement PFRS 14 Regultory Deferrl Accounts PFRS 15 Revenue from Contrct with Customers (effective Jnury 1, 2018) PFRS 16 Leses* (effective Jnury 1, 2019) Philippine Accounting Stndrds (PAS) Presenttion of Finncil Sttements Amendments to PAS 32 nd PAS 1: Puttble Finncil Instruments nd Obligtions Arising PAS 1 on Liquidtion (Revised) Amendments to PAS 1: Presenttion of Items of Other Comprehensive Income Amendments to PAS 1: Disclosure Inititive Pge 1

5 PHILIPPINE FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS Adopted PAS 2 Inventories PAS 7 Sttement of Csh Flows Amendments to PAS 7: Disclosure Inititive* (effective Jnury 1, 2017) PAS 8 Accounting Policies, Chnges in Accounting Estimtes nd Errors PAS 10 Events After the Reporting Period Not Adopted Not Applicble PAS 11 Construction Contrcts Income Txes Amendments to PAS 12 - Deferred Tx: Recovery of Underlying Assets PAS 12 Amendments to PAS 12 - Recognition of Deferred Tx Assets for Unrelized Losses* (effective Jnury 1, 2017) Property, Plnt nd Equipment PAS 16 Amendments to PAS 16: Berer Plnts Amendments to PAS 16: Clrifiction of Acceptble Methods of Deprecition nd PAS 17 Leses PAS 18 Revenue PAS 19 Employee Benefits (Revised) Amendments to PAS 19: Defined Benefit Plns Employee Contributions PAS 20 Accounting for Government Grnts nd Disclosure of Government Assistnce The Effects of Chnges in Foreign Exchnge Rtes PAS 21 Amendments: Net Investment in Foreign Opertion PAS 23 Borrowing Costs (Revised) PAS 24 Relted Prty Disclosures (Revised) PAS 26 Accounting nd Reporting by Retirement Benefit Plns Seprte Finncil Sttements PAS 27 Amendments to PAS 27: Investment Entities (Revised) Amendments to PAS 27: Equity Method in Seprte Finncil Sttements Investments in Assocites nd Joint Ventures PAS 28 Amendments to PFRS 10: Sle or Contribution of Assets between n Investor nd its (Revised) Associte or Joint Venture* (effective dte deferred indefinitely) Amendments to PAS 28: Investment Entities Applying the Consolidtion Exception PAS 29 Finncil Reporting in Hyperinfltionry Economies Finncil Instruments: Presenttion Amendments to PAS 32 nd PAS 1: Puttble Finncil Instruments nd Obligtions Arising PAS 32 on Liquidtion Amendments to PAS 32: Clssifiction of Rights Issues Amendments to PAS 32: Offsetting Finncil Assets nd Finncil Libilities PAS 33 Ernings Per Shre PAS 34 Interim Finncil Reporting Impirment of Assets PAS 36 Amendment to PAS 36: Recoverble Amount Disclosures for Non-finncil Assets PAS 37 Provisions, Contingent Libilities nd Contingent Assets Intngible Assets PAS 38 Amendments to PAS 38: Clrifiction of Acceptble Methods of Deprecition nd Finncil Instruments: Recognition nd Mesurement Amendments to PAS 39: Trnsition nd Initil Recognition of Finncil Assets nd Finncil Libilities Amendments to PAS 39: Csh Flow Hedge Accounting of Forecst Intrgroup Trnsctions Amendments to PAS 39: The Fir Vlue Option Amendments to PAS 39 nd PFRS 4: Finncil Gurntee Contrcts PAS 39 Amendments to PAS 39 nd PFRS 7: Reclssifiction of Finncil Assets Amendments to PAS 39 nd PFRS 7: Reclssifiction of Finncil Assets Effective Dte nd Trnsition Amendments to Philippine Interprettion IFRIC 9 nd PAS 39: Embedded Derivtives** Amendments to PAS 39: Eligible Hedged Items** Amendments to PAS 39: Novtion of Derivtives nd Continution of Hedge Accounting** PAS 40 Investment Property PAS 41 Agriculture Amendments to PAS 41: Berer Plnts Pge 2

6 PHILIPPINE FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS Adopted Not Adopted Not Applicble Philippine Interprettions - Interntionl Finncil Reporting Interprettions Committee (IFRIC) IFRIC 1 Chnges in Existing Decommissioning, Restortion nd Similr Libilities IFRIC 2 Members Shre in Co-opertive Entities nd Similr Instruments IFRIC 4 Determining Whether n Arrngement Contins Lese IFRIC 5 Rights to Interests Arising from Decommissioning, Restortion nd Environmentl Rehbilittion Funds** IFRIC 6 Libilities Arising from Prticipting in Specific Mrket Wste Electricl nd Electronic Equipment IFRIC 7 Applying the Resttement Approch under PAS 29, Finncil Reporting in Hyperinfltionry Economies Ressessment of Embedded Derivtives** IFRIC 9 Amendments to Philippine Interprettion IFRIC 9 nd PAS 39: Embedded Derivtives** IFRIC 10 Interim Finncil Reporting nd Impirment IFRIC 12 Service Concession Arrngements IFRIC 13 Customer Loylty Progrmmes PAS 19 - The Limit on Defined Benefit Asset, Minimum Funding Requirements nd their Interction IFRIC 14 Amendments to Philippine Interprettions IFRIC 14, Prepyments of Minimum Funding Requirement nd their Interction** IFRIC 16 Hedges of Net Investment in Foreign Opertion IFRIC 17 Distributions of Non-csh Assets to Owners** IFRIC 18 Trnsfers of Assets from Customers** IFRIC 19 Extinguishing Finncil Libilities with Equity Instruments** IFRIC 20 Stripping Costs in the Production Phse of Surfce Mine IFRIC 21 Levies Philippine Interprettions - Stnding Interprettions Committee (SIC) SIC-7 Introduction of the Euro SIC-10 Government Assistnce No Specific Reltion to Operting Activities SIC-13 Jointly Controlled Entities Non-Monetry Contributions by Venturers SIC-15 Operting Leses Incentives SIC-25 Income Txes Chnges in the Tx Sttus of n Entity or its Shreholders** SIC-27 Evluting the Substnce of Trnsctions Involving the Legl Form of Lese SIC-29 Service Concession Arrngements: Disclosures SIC-31 Revenue Brter Trnsctions Involving Advertising Services** SIC-32 Intngible Assets Web Site Costs** * These stndrds will be effective for periods subsequent to 2016 nd re not erly dopted by the Group. ** These stndrds hve been dopted in the preprtion of consolidted finncil sttements but the Group hs no significnt trnsctions covered in both yers presented. Pge 3

7 8990 HOLDINGS, INC. AND SUBSIDIARIES MAP SHOWING THE RELATIONSHIP BETWEEN AND AMONG THE PARENT COMPANY AND ITS SUBSIDIARIES DECEMBER 31, 2016 Schedule III 8990 Holdings, Inc HDC FH 8990 LHDC 8990 DHDC 8990 MHDC 8990 LRC ERDC THI RLC

8 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE A - FINANCIAL ASSETS DECEMBER 31, 2016 Vlue Bsed on Nme of Issuing Entity nd Amount Shown in Mrket Quottions Income Received nd Description of Ech Issue the Blnce Sheet/Notes t Blnce Sheet Dte Accrued Azle Resorts nd Vction Club, Inc. Preferred shres P=28,112,000 P= * P= Azle Leisure Residences Corportion Preferred shres 1,132,028,629 * 45,509,947 Pico de Loro Bech nd Country Club Club shres 633,500 * *The shres re unquoted instruments

9 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE B - AMOUNTS RECEIVABLE FROM DIRECTORS, OFFICERS, EMPLOYEES, RELATED PARTIES AND PRINCIPAL STOCKHOLDERS (OTHER THAN RELATED PARTIES) DECEMBER 31, 2016 Blnce Blnce t End of Yer Nme nd Designtion t Beginning of Debtor of Yer Additions Collections Write Offs Current Noncurrent Totl Azle Leisure Residences Corportion P=115,988,334 P=29,006,485 (P=342,769) P= P=144,652,050 P=144,652,050 Jnurius Resources Relty Corportion 50,030,000 (50,030,000) Azle Resorts nd Vction Club, Inc. 32,205,294 32,205,294 32,205,294 New Ides Verblize, Inc. 21,256,401 2,778,639 24,035,042 24,035,042 Bon Giorno Homes, Inc. 13,635,148 3,877,883 (89,301) 17,423,731 17,423, Cebu Housing Development Corportion 13,519, ,095 13,629,033 13,629, Iloilo Housing Development Corportion 11,919,110 7,860 11,926,970 11,926, Commercil Mngement Corportion 4,849,770 68,649 4,918,419 Kwntlen Development Corportion 765,503 (766,503) Modernlnd 758, , , , Visys Housing Development Corportion 16,857 64,665 81,523 81,523 Urbn Bsic Housing Corportion 13,166,940 (717,291) 12,449,649 12,449,649 Others 47,970,548 17,698,836 65,669,384 65,669,384

10 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE C - AMOUNTS RECEIVABLE FROM RELATED PARTIES WHICH ARE ELIMINATED DURING THE CONSOLIDATION OF FINANCIAL STATEMENTS DECEMBER 31, 2016 Blnce Blnce t End of Yer Nme nd Designtion t Beginning of Debtor of Yer Additions Collections Write Offs Current Noncurrent Totl 8990 Holdings, Inc. P=41,485,775 P=794,710,218 (P=288,840,206) P= 547,355,787 P= 547,355,787 Fog Horn, Inc. 1,100,000 1,051,915,885 (767,059,982) 285,955, ,955, Housing Development Corportion 855,138, ,859,209 (1,748,489,660) 13,507,971 13,507, LHDC 582,314,762 1,646,920,263 (345,937,288) 1,883,297,737 1,883,297, Leisure nd Resorts Corportion 13,131, ,793 13,603,189 13,603, Dvo HDC 170,375, ,475,755 (288,089,507) 789,761, ,761, Mindno HDC 117,271, ,899,134 (99,466,985) 212,704, ,704,140 Tondo Holdings, Inc. 797,309, ,952,223 (53,337,828) 1,606,924,158 1,606,924,158 Euson Relty 94,616, ,239,262 (1,784,615) 252,070, ,070,650 RLC Costl Esttes, Inc. 264,310, ,310, ,310,914

11 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE D - INTANGIBLE ASSETS - OTHER ASSETS DECEMBER 31, 2016 Description Beginning Additions Chrged to Cost Chrged to Other Chnges Ending Blnce t Cost nd Expenses Accounts Additions Blnce (Deductions) Softwre costs P=1,492,522 P= P= P= P= P=1,492,522

12 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE E - LONG-TERM DEBT DECEMBER 31, 2016 Title of Issue nd Type of Obligtion Amount Authorized by Indenture Amount Shown under Cption "Current Portion of Long Term Debt" in Relted Blnce Sheet Amount Shown under Cption "Long-Term Debt" in Relted Blnce Sheet Remrks Lons pyble P=10,965,461,989 P=2,769,966,306 P=8,195,495,683 Interest rtes rnging from 3% to 8.1%; Mturity dtes rnging in mturity from 3 months to 5 yers. Bonds pyble P=9,000,000,000 P=8,906,782,331 Interest rtes rnging from 6.1% to 6.9%; Mturity dtes rnging in mturity from 5 to 10 yers.

13 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE F - INDEBTEDNESS TO RELATED PARTIES (LONG-TERM LOANS FROM RELATED COMPANIES) DECEMBER 31, 2016 Nme of Relted Prty Blnce t Beginning of the Period Blnce t End of the Period NONE TO REPORT

14 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE G - GUARANTEES OF SECURITIES OF OTHER ISSUERS DECEMBER 31, 2016 Nme of issuing entity of securities gurnteed by the Title of issue of ech clss Totl mount gurnteed Amount owned by person Nture of gurntee Compny for which this of securities gurnteed nd outstnding for which this sttement is filed sttement is filed NONE TO REPORT

15 8990 HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE H - CAPITAL STOCK DECEMBER 31, 2016 Number of Shres Number of Shres Held by Number of Reserved for Options, Directors, Shres Number of Shres Issued Wrrnts, Conversion Relted Officers nd Title of Issue Authorized nd Outstnding nd Other Rights prties Employees Others Common Shres t P=1 pr vlue 7,000,000,000 5,517,990, ,012,568

16 8990 HOLDINGS, INC. AND SUBSIDIARIES FINANCIAL RATIOS December 31, 2016 December 31, 2015 Current rtio 1.10: :1.00 Book vlue per shre P=3.49 P=3.14 Debt-to-equity rtio 1.24: :1.00 December 31, 2016 December 31, 2015 Gross mrgin 53.94% 55.02% EBITDA mrgin 53.79% 50.96% Net income mrgin 38.55% 40.13% RATIOS: Current rtio is computed by dividing the current ssets by current libilities. Net book vlue is computed by dividing the stockholders equity by totl outstnding shres. Debt-to-equity rtio is computed by dividing the sum of short-term nd long-term interest bering lons by totl stockholders equity. Gross mrgin is computed by dividing the gross income by revenues. Ernings before interest, txes, deprecition nd mortiztion (EBITDA) mrgin is computed by dividing the EBITDA by revenues. Net income mrgin is computed by dividing the net income by revenues.

BOUYGUES GROUP CONSOLIDATED FINANCIAL STATEMENTS

BOUYGUES GROUP CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET ( million) ASSETS 30/09/2018 net 31/12/2017 net restted 30/09/2017 net restted Property, plnt nd equipment 11 7,143 6,658 6,428 Intngile ssets 11 2,072 2,132 2,161 Goodwill 3.1