Copyright First Pacific Company Limited 5 June All rights reserved.

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1 Copyright First Pacific Company Limited 5 June All rights reserved.

2 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 forwardlooking 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. 2

3 Robert C. Nicholson Executive Director Manuel V. Pangilinan Managing Director and CEO Chris H. Young Executive Director & Chief Financial Officer Ray C. Espinosa Associate Director Victorico P. Vargas Assistant Director Marilyn A. Victorio-Aquino Assistant Director Joseph H.P. Ng Exec. Vice President, Group Finance John W. Ryan EVP, Investor Relations & Sustainability Stanley H. Yang Exec. Vice President, Corp. Development 3

4 Consumer Foods Infrastructure Natural Resources Telecommunications 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. 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. 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. First Pacific owns 25.6% of PLDT which in turn owns 100% of Smart, its mobile telecommunications subsidiary. 4

5 Turnover EBITDA Core Profit Gross Debt Net Debt Cash On Hand Gearing Interest Cover Total Equity PLDT MPIC (i) MPIC - Head Office MPTC Meralco Beacon Electric (ii) Beacon PowerGen Maynilad Philex PXP Energy Indofood (i) ICBP IndoAgri SIMP Lonsum PacificLight Power Goodman Fielder Total 3,000 1, , ,237 2,657 1,181 1, ,624 23,694 1, (21) (1) , (74) (1) (59) 62 2,298 3,457 3, , ,743 2,798 2, (114) (475) (121) , , , , n/a n/a n/a n/a n/a n/a n/a n/a ,223 4,320 2, ,391 1, ,451 1,500 1,581 1, ,757 First Pacific Head Office 7,297 1, ,613 1, ,838 (i) (ii) Consolidated. Excluding preferred shares of 23.1 billion (US$458 million). FX rates vs. USD: PHP IDR ,548 SGD AUD

6 Consumer Foods Telecommunications Infrastructure Natural Resources Roxas Holdings $59 mln (1%) MPIC $1.33 bln 21% of GAV 44% 24% 24% 7% Philex Group $420 mln (7%) Indofood $2.30 bln 36% of GAV PLDT $1.55 bln 24% of GAV Goodman Fielder $554 mln 9% of GAV 6 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 Data as at 31 March 2018; rounding may affect totals. Head Office cash not included. Sources: Data provided by Bloomberg.

7 MPIC $3.17 bln Plantations & Sugar $1.79 bln Meralco $6.87 bln ICBP $7.02 bln PLDT $6.01 bln Indofood $4.60 bln One of the Largest Listed Investors in ASEAN Total turnover for the First Pacific Group of Companies in 2017 was $23.7 billion EBITDA totaled $5.36 billion Core profit reached a total of $2.3 billion Total cash on hand was $5.6 billion Gross debt of $15.7 billion Net debt of $10.1 billion Consumer Foods Telecommunications Infrastructure Natural Resources 39% 19% 33% 9% 7 Note: Area of pie chart and pie chart segments represents market capitalization (or investment/carrying cost for unlisted assets) as at 31 March Rounding may affect totals. Data provided by Bloomberg.

8 Recurring Profit (USD mln) Natural Resources $10.2 mln (2%) Share of Contribution Infrastructure $107.3 mln (26%) Telecoms $124.8 mln (30%) 250 (14.4) FX Head Office Indofood MPIC GF PLDT Philex Others 2017 Food/Consumer $178.3 mln (42%) 8

9 Free Cash Flow (USD mln) Source of Dividends 33.4 Natural Resources & Fees $4 mln (2%) (74.8) (72.4) (26.5) (23.5) (167.6) 90.6 Infrastructure $27 mln (15%) Food/Consumer $75 mln (41%) Telecoms $79 mln (43%) 9

10 Principal US$215 mln US$252 mln US$359 mln US$175 mln Coupon 6.0% 6⅜% 4½% 5¾% Price* Term 7-Year 10-Year 10-Year 7-Year Maturity 28 June Sept April May 2025 *Data from Bloomberg 4 June Balance Sheet as at End-May 2018 Cash interest cover approx. 2.2x Gross assets $6.0 billion at end-may Gross debt $1.6 billion, gross debt cover 4.5x Net debt $1.5 billion, net debt cover 4.8x Average maturity of 3.9 years Blended interest cost of 4.6% Bloomberg listing: FIRPAC <Corp> <Go> Debt Profile (USD mln) Secured 15% Unsecured 85% Floating 39% Fixed 61% Unsecured Bank Loans Secured Bonds Unsecured Bonds 10

11 First Sustainability Report Published First Pacific s inaugural ESG Report covered the 2016 financial year, met SEHK ESG reporting requirements and Global Reporting Initiative standards First Pacific is committed to incorporating ESG considerations in making investments and in our stewardship of investments To this end, First Pacific has retained consultants from KPMG to provide advice on best practice, and from The Purpose Business to advise on policies and stakeholder engagement The 2016 ESG Report covers First Pacific Head office and examples and citations from sustainability reports of Group companies First Pacific plans to gradually increase the depth and breadth of sustainability reporting over time as more Group companies publish sustainability reports Disclose KPIs for E, S & G in 2017 ESG Report Move to GRI Core Standard in 2017 Report Sustainability & the Corporate Governance Committee First Pacific s Corporate Governance Committee is formally responsible not only for corporate governance but also for matters including risks affecting the environment and pertaining to the Company s social responsibility The Committee is composed of a majority of independent non-executive directors and is chaired by an independent non-executive director Company IndoAgri Maynilad MPIC PLDT Philex Roxas GRI Standard Yes Yes Yes Yes Yes Yes ESG Reporting by Group Companies First Report Frequency Annual Annual Annual Annual Annual Annual FPC GHG Emissions Trending Down Total GHG Emissions of FPC HQ Ratio indicator in terms of GFA Ratio indicator in terms of staff number Ratio indicator in terms of revenue Unit tonnes CO2-e kg CO2-e/ft2 tonnes CO2-e/capita kg CO2-e/USD mln

12 39,000 38,000 37,000 36,000 35,000 34,000 33,000 32,000 31,000 30,000 37,701 (993) (868) Change in Service Revenues (PHP mln) , Q 2018 Earnings Highlights Service revenues net of interconnection costs rose 3% to 36.7 billion vs billion as growth in fixed-line and mobile data revenues overcame continuing fall in mobile voice and SMS revenues EBITDA rose 2% to 16.7 billion vs billion as a result of higher service revenues offset by higher cash opex and higher cost of services Core income rose 14% to 6.1 billion vs. 5.3 billion largely on higher EBITDA, lower non-cash expenses and lower financing costs, offset by lower equity in earnings and higher provision for income taxes Data, broadband and digital service revenues rose 13% to 18.3 billion Mobile internet revenues rose 29% to 5.9 billion Home broadband revenues rose 18% to 5.6 billion Corp. data & data center revenues rose 6% to 5.2 billion Note: Figures are pre-pfrs 15 Wireless Fixed Line Targeted First-Quarter Capex Targeted capex spending showing results with 10% increase in homes passed by fiber to 4.4 million More than 1,300 LTE 4G base stations added to bring total to 10,100, aiming to reach 17,700 in current program Total fiber footprint now 187,000 cable kilometers 12

13 OpenSignal Awards Table 4G Download Speed 3G Download Speed Overall Download Speed 4G Latency 3G Latency 4G Availability Source: 13

14 Toll Roads 29%-100% stakes Electricity 45% & 62% stakes* Water 53%-100% stakes Hospitals 60% Rail/AFP/Logistics 20%-100% stakes NLEX & SCTEX 75.60% Cavitex 100% Don Muang Tollway 29.45% stake Nusantara Infra 48.3% CII Bridges & Roads 45% 56% 100% Hospitals 3 Primary Care Clinics 35% Makati Medical Center Asian Hospital Our Lady of Lourdes 14% 10.5% Carmen Bulk Water Rio Verde Water Equipacific Holdco Metro Iloilo Water EcoSystem Technologies 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 Hospital Marikina Valley MC MegaClinic 55% Light Rail Manila 100% Metropac Movers 20% AF Payments *Economic interest in Meralco and Global Business Power, respectively.

15 1Q 2018 Earnings Highlights Core income rose 16% to 3.65 billion vs billion on 14% contribution growth and lower Head Office costs Power contribution was boosted by increased economic interest in Meralco and Global Power, volume growth at Meralco and higher plant availability at Global Power Toll Roads contribution was raised by traffic increases on all domestic roads Water contribution was lifted by greater volumes and inflationary tariff increase Hospitals contribution was increased on higher patient numbers at all hospitals and addition of new hospitals to the Group Earnings seen continuing 11 th consecutive year of growth in 2018 notwithstanding delayed resolution of contractual tariffs MPIC remains committed to prudent balance sheet management while considering new projects Contribution (PHP mln) 20,000 15,000 10,000 5, Power Water Hospitals Toll Roads Rail Hospitals 190 mln Water 802 mln Toll Roads 1,099 mln Sources of Contribution (PHP mln) Power 2,448 mln Power contribution up 16% Toll Roads up 16% Water up 12% Hospitals up 4% Rail, Logistics, others contribute 35 mln during growth and investment phase Revenues & Core Income (USD mln) Q17 1Q18 Revenues Core Income 4,800 4,600 4,400 4,200 4,000 3,800 3,600 4,006 (73) Contribution (PHP mln) 4,

16 Financial Highlights: First Quarter Delivers Continued Earnings Growth Revenues declined 1% to IDR17.6 trillion vs. IDR17.8 trillion as a sharp fall in Agribusiness sales offset 6-10% sales increases in all other divisions EBIT margin rose 0.2 percentage point to 14.1% as stronger CBP and Bogasari (flour and pasta) margins offset lower margins at the Agribusiness and Distribution divisions Core income rose 5% to IDR1.22 trillion vs. IDR1.16 trillion on margin improvement, tight control over cost growth, and strong volume growth and pricing performance CBP sales growth led by Noodles and Dairy for overall sales growth of 6.5% Bogasari sales rose 6.3% to IDR4.89 trillion vs. IDR4.60 trillion Agribusiness sales fell 27.4% to IDR3.18 trillion vs. IDR4.38 trillion on lower sales volumes of palm products and lower prices Distribution sales rose 10.2% to IDR1.48 trillion vs. IDR1.35 trillion Share of Sales 1Q 2018 (USD mln) Consumer Branded Products Bogasari (flour & pasta) Plantations Distribution $708 mln $295 mln $202 mln $111 mln Long-Term Sales Growth (IDR bln) 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, CBP Bogasari Agribusiness Distribution 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 16.5% 15.9% 13.9% 14.1% 1Q Margins Compared 15.8% 11.0% 6.7% 6.9% 2.9% 2.7% Indofood CBP Bogasari Agribusiness Distribution 1Q17 (left column) 1Q18 (right column) Revenues & Core Income (USD mln) 1,600 1,400 1,200 1, ,337 1,299 1Q17 Revenues Q18 Core Income 16

17 2017 Earnings Highlights Outlook 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 A$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 Cost-savings, efficiency improvements and new growth initiatives have started to impact profitability with momentum expected to continue in 2018 Growth acceleration in Southeast 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 17 1,800 1,600 1,400 1,200 1,000 Net Sales Value (USD mln) Australia $677 mln (42%) 1,507 1,488 Ingredients $10.5 mln (1%) 1, New Zealand $612 mln (38%) Core Profit (USD mln) 37.6 Internat l $325 mln (20%) Australia $64.5 mln (36%) Net Sales Value & Normalized EBITDA (USD mln) Internat l $45.8 mln (25%) New Zealand $71.1 mln (39%)

18 2017 Earnings Highlights Operating revenues fell 3% to 9.99 billion vs 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 billion led by lower power cost Core income rose 2% to 1.69 billion vs 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 grams/tonne vs grams/tonne Copper production fell 14% to 30.1 million lb. vs million lb. Copper grade at 0.192% vs % 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 18 1,500 1, Padcal Bumolo Boyongan Bayugo Total Gold Production Cost & Price (USD/oz.) Cost per oz Metric tonnes (mln) Cost per lb. Avg. Realized Price Copper Production Cost & Price (USD/lb.) Avg. Realized Price Grand Total of Mineral Resources Cu (percent) Au (g/t) Cu (mln lb.) 1, ,120 1,820 6,208 Au ( 000 oz.) 3, ,300 2,700 12,246 Bumolo is in the region of Padcal. Boyongan and Bayugo are Silangan ore bodies.

19 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 this year 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 19

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21 Shareholder Breakdown All Others 11% Lazard 4.7% Brandes 6.6% Salim Group 44% Brandes Investment Partners, 287 Lazard Asset Management 204 Deutsche Bank PWM (Singapore) 170 GIC Asset Management 135 M&G Investment Management 110 Kabouter Management 106 City of London IM 90 Thompson Siegel & Walmsley 78 Marathon Asset Management 74 BlackRock Fund Advisors 61 The Vanguard Group 60 Maple-Brown Abbott 52 Dimensional Fund Advisors 49 ATR Asset Management 48 Letko, Brosseau & Associates 42 Nordea Investment Management 41 Ohio Public Employees 38 Oldfield Partners 38 Charles Schwab IM. 31 Invesco Canada 29 State Street Global Advisors 25 Norges Bank IM 22 Hof Hoorneman Bankiers 21 Value Square 20 BlackRock Advisors 17 IPREO data as at 30 April Analysis performed for First Pacific counts 261 institutional shareholders owning 2,240,288,604 shares. Total shares out: 4,341,986, Institution Mln Shares % 6.6% 4.7% 3.9% 3.1% 2.5% 2.4% 2.1% 1.8% 1.7% 1.4% 1.4% 1.2% 1.1% 1.1% 0.96% 0.94% 0.87% 0.87% 0.71% 0.66% 0.58% 0.51% 0.47% 0.46% 0.39%

22 For the year ended 31 December 2017 US$ millions Indofood 5,237.5 PLDT (ii) - MPIC 1,240.8 FPW (iii) - Philex (ii) - FPM Power FP Natural Resources Contribution from operations (iv) 7,296.8 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 assets Non-recurring items (vii) Profit attributable to owners of the parent Turnover , , (11.0) (2.6) (27.1) (80.9) (12.5) (195.6) Contribution to Group profit (i) (13.9) (2.9) (28.4) (95.7) (11.2) (9.1) 2.6 (155.2) (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 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) 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). 22

23 For the year ended 31 December (i) US$ millions Dividend and fee income Head Office overhead expense Net cash interest expense Net 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 equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December (26.5) (72.4) 86.6 (23.5) (74.8) (167.6) 33.4 (145.9) (27.6) (91.7) (74.2) (36.0) (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. 23

24 Consolidated At 31 December 2017 At 31 December 2016 US$ millions Head Office Indofood MPIC FPM Power FP Natural Resources Group adjustments (iii) Total Net Debt (i) 1, , ,731.4 Total Equity 1, , , (1,478.2) 8,742.5 Gearing (i) (times) 0.83x 0.23x 0.63x 1.28x 1.01x x Net Debt 1, , ,338.0 Total Equity 2, , , (1,653.1) 8,034.3 Gearing (i) (times) 0.75x 0.20x 0.40x 1.36x 0.94x x Associated Companies and Joint Venture At 31 December 2017 At 31 December 2016 US$ millions PLDT FPW Philex Net Debt (i) 2, Total Equity 2, , Gearing (i) (times) 1.26x 0.46x 0.36x Net Debt (i) 2, Total Equity 2, Gearing (i) (times) 1.35x 0.39x 0.39x (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. 24

25 US$ millions Indofood PLDT MPIC Philex PXP FPW FPM Power FP Natural Resources Head Office - Other assets - Net debt Basis (i) (i) (i) (i) (i) (ii) (iii) (iv) (v) 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 (%) At 31 December , , , (1,521.8) 5, , At 31 December , , , (1,511.3) 5, , (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 (v) Represents investment costs in SMECI s convertible notes. 25

26 First Pacific Company Limited (Incorporated with limited liability under the laws of Bermuda) 24 th Floor, Two Exchange Square 8 Connaught Place, Central Hong Kong Tel: info@firstpacific.com