NINE MONTHS 2017 FINANCIAL RESULTS ANALYSTS BRIEFING. 08 November 2017

Transcription

1 NINE MONTHS 2017 FINANCIAL RESULTS ANALYSTS BRIEFING 08 November

2 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. 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: (New York) (London) adr@db.com ADR Website: Depositary Bank s Local Custodian: Deutsche Bank Manila 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 (investorrelations@mpic.com.ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, AVP Investor Relations Maricris C. Aldover - Ysmael (mdaldover@mpic.com.ph) Legazpi Village, Makati 0721 Philippines IR Manager Owen Kieffer D. Ocampo (odocampo@mpic.com.ph) Phone: (+632) / Facsimile: (+632) Official Website: 2

3 9M 2017 CORE INCOME UP 22% TO P11.3B CONSOLIDATED FINANCIAL HIGHLIGHTS In Millions of Pesos 9M M 2016 % Change MPIC share Power 7,573 5,685 33% Toll Roads 2,996 2,618 14% Water 2,801 2,705 4% Hospitals % Rail % Others (37) (51) -27% Share of operating income 14,061 11,629 21% Head office expenses (860) (803) 7% Interest expense (1,871) (1,542) 21% Core income 11,330 9,284 22% Non-core expenses (202) % Reported income 11,128 9,480 17% In Centavos Diluted EPS on Core Income % 9M 2017 Power 54% EARNINGS CONTRIBUTION MIX Toll Roads 21% Water 20% 9M 2016 Hospitals and Others 5% Power 49% Toll Roads 22% Water 23% Hospitals and Others 6% 22% increase in Core Income was driven by: Expanded Power portfolio through increased investments in MERALCO and Global Business Power Corporation Robust traffic growth on all toll roads Continuing growth in the Hospitals business Increase in interest expense is due to new debt drawdowns amounting to P7.5 billion in 2016 and P10.5 billion in 2017 (proceeds were primarily used to fund additional investments in Power and Toll Roads); and interest accretion on payable to PCEV totaling P16.7 billion for the step up in Beacon in May 2016 and June 2017 Non-core expenses in 9M 2017 are primarily made up of refinancing expenses, project expenses and a separation expense resulting from Maynilad s redundancy program, largely offset by a realized gain on sale of shares in MERALCO MPIC Group Aggregated Revenues grew by 11% from P252.4 billion to P280.3 billion 3

4 POWER CONTRIBUTION UP BY 33% TO P7.6B Deepened participation in the Philippine Power sector CONTRIBUTION TO MPIC 9M M 2016 % Meralco (from 32.5% to 45.5%) 6,559 5,471 20% GBPC (from 42.0 to 62.4%)* 1, % Beacon (from 75.0% to 100.0%)** % Fair value / accounting adjustments (961) (248) 288% 7,573 5,685 33% STAND-ALONE PERFORMANCE 9M M 2016 % MERALCO Revenues 214, ,164 10% Core EBITDA 26,268 26,216 0% Core income 15,370 14,966 3% Reported income 15,928 15,676 2% Capital expenditure 8,075 7,634 6% Key Performance Indicators Energy sales (in GWh) 31,401 30,103 4% System loss 6.05% 6.40% N/A 33% increase in contribution from the Power business was driven by: Increase in effective ownership in Meralco Full nine months contribution from Global Business Power Corporation (acquired in May 2016) Higher share in dividend income from Beacon Electric preferred shares offset by increase in interest expense GLOBAL BUSINESS POWER CORPORATION Revenues 17,227 12,956 33% Core EBITDA 6,979 6,185 13% Core income 2,079 1,939 7% Reported income 2,034 1,850 10% Capital expenditure 1,141 3,545-68% Key Performance Indicators Energy sales (in GWh) 3,278 2,691 22% *Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016 **Increased economic interest from 50% to 75% in May 2016, increased further to 100% in June

5 POWER EXPANSION UPDATES Quezon City Waste to Energy Project (P15.1 billion project cost for Phase 1) Aims to convert approximately 3,000 tons of waste to 42 MW of energy Granted original proponent status Detailed discussion on concession framework ongoing GBPC Acquisition of 50% of Alsons Thermal Energy Corporation Cleared by the Philippine Competition Commission on 25 September 2017 Finalization ongoing 1x455MW San Buenaventura Power, Quezon (Target completion in 2019) Ongoing construction proceeding as scheduled 2x300 MW Redondo Peninsula Energy, Subic (Target completion of Phase 1 in 2020) Construction contracts and debt-financing agreements are in place Limited site works ongoing in preparation for full construction works after ERC PSA approval 2x600MW Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021) Connection Agreement with NGCP executed in January 2017; 23-km Transmission Line approved by the ERC in February 2017 Evaluation of the EPC bids received from contractors is in the final stage Mandate Letter for up to P107.5B from a group of 7 local banks signed 5

6 TOLL ROADS CONTRIBUTION UP BY 14% TO P3.0B Surging traffic growth In Millions of Pesos CONTRIBUTION TO MPIC 9M M 2016 % Metro Pacific Tollways (99.9%) 3,020 2,654 14% Fair value adjustments (24) (36) -33% 2,996 2,618 14% STAND-ALONE PERFORMANCE 9M M 2016 % METRO PACIFIC TOLLWAYS CORPORATION Revenues 9,605 8,794 9% Core EBITDA 6,259 5,292 18% Core income 3,024 2,365 28% Reported income 4,507 2, % Key Performance Indicators Average Daily Vehicle Entries NLEX 233, ,191 7% CAVITEX 137, ,632 8% SCTEX 53,406 43,600 22% Don Muang / CII Bridges & Roads 150, ,436 4% Capital expenditure 3,988 3,949 1% 14% increase in contribution from the Toll Roads business was driven by: Strong traffic growth on all roads and favorable vehicle mix o 8% increase in system-wide average daily vehicle entries to 589,307 6

7 TOLL ROADS EXPANSION UPDATES PHILIPPINES Harbour Link (11 kms) part of NLEX concession NLEX-SLEX Connector Road (8 kms) Citi Link (8 kms) part of NLEX concession C5 South Link (8 kms) part of CAVITEX concession CAVITEX (14 kms) 140,000 average daily vehicles CALA Expressway (47 kms) Ongoing Construction Harbour Link Segment 10 expected to be completed in 2Q 2018 CAVITEX C5 Link target completion in 2020 Ongoing Right-of-Way Acquisition NLEX-SLEX Connector Road to begin construction in 2Q 2018; target completion in 2020 Cavite Laguna Expressway ground breaking held in June 2017; target completion in 2021 Cebu-Cordova Link Expressway ground breaking held in March 2017; target completion in 2020 REGIONAL INVESTMENTS Acquisition of 48.3% of PT Nusantara Infrastructure Listed Indonesian infrastructure company with investments in toll roads and other non-core assets such as telecom towers, water, ports and energy Toll roads account for 80% of Core Income 7

8 TOLL ACQUISITION ROADS OF 48.3% OF PT NUSANTARA INFRASTRUCTURE TBK Total Consideration: P7.5 billion to be paid upon completion of closing conditions and deliverables to be funded by bank debt at the MPTC level Company Background: PT Nusantara is a listed Indonesian infrastructure company with investments in tollroads, telecom towers, water, ports and energy. Existing Toll Roads accounts for approx. 80% of Core Income Bintaro - Serpong Penjaringan Pelabuhan Seksi Empat Makassar Length (In km) Concession expiry Average daily traffic 79, ,309 57,232 42,423 Traffic growth (5-year CAGR) Toll Rate / Class 1 (In IDR) 4.8% 31.6% 8.7% 16.9% 6,000 9,500 2,500 / 3,500 4,500 / 8,500 NON-CORE ASSETS Ports - Panjang Seaport Dry and liquid cargo terminal concession until 2022 Current tank storage capacity - 105,000 MT Water Treatment Plants Cikokol Water concession until 2019 Medan Industrial concession until 2033 East Serang Regency concession until 2038 Renewable Energy - Lau Gunung Mini Hydro Power Plant 15 MW installed capacity To begin operations in 2H 2018 concession until 2033 Telecommunications Tower 1,024 towers mainly located in Sumatra and Central JAVA Typical 10 year lease contracts until 2025 Financial Highlights (IDR 1: PHP ) In PHP M Revenues 1,615 1,966 2,345 3,743 EBITDA 732 1,056 1,325 1,760 Operating income ,343 8

9 WATER CONTRIBUTION UP BY 4% TO P2.8B Slightly higher billed volume In Millions of Pesos CONTRIBUTION TO MPIC 9M M 2016 % Maynilad (52.8%) 2,943 2,846 3% Fair value adjustments (144) (120) 20% Metropac Water Investments Corp. (MWIC) 2 (21) -110% 2,801 2,705 4% STAND-ALONE PERFORMANCE 9M M 2016 % MAYNILAD WATER SERVICES INC. Revenues 15,578 15,220 2% Core EBITDA 10,764 11,051-3% Core income 5,575 5,391 3% Reported income 5,105 4,801 6% Key Performance Indicators Billed volume (In MCM) % Non-revenue water % - average* 32.2% 29.7% 8% Non-revenue water % - period end* 32.5% 30.6% 6% Capital expenditure 7,662 5,929 29% *NRW increased due to abnormality in water production in connection with last year s El Niño phenomenon 4% increase in contribution from the Water business was driven by: 3% increase in Maynilad s Core Income 2% growth in billed volume Tight control of operating expenses Contribution from MWIC impact of earnings from Eco-system Technologies (acquired in June 2016) 9

10 WATER EXPANSION UPDATES EXISTING BUSINESSES BUSINESS DEVELOPMENT EFFORTS Metro Iloilo Bulk Water Supply Corp. Commenced operations on 5 July 2016 Potential capacity of up to 170 million liters per day Ongoing rehabilitation of water facility; target completion by 2Q 2018 Laguna Water District Aquatech Resources Corporation Commenced operation and management of the distribution network of the Laguna Water District on 1 January 2016 Cagayan de Oro Water District Supply agreement for 100 MLD of treated bulk water over a term of 30 years, renewable for another 20 years, signed in August 2017 Pampanga Bulk Water Supply Project Granted original proponent status in August 2017 Detailed discussion on concession framework ongoing TARGET Full Concession EXPANSION PIPELINE # OF PROJECTS POP. (In Millions) POTENTIAL VOLUME (In MLD) Bulk Water Others ,491 TOTAL ,214 10

11 HOSPITALS CONTRIBUTION UP BY 17% TO P518M Strong growth and continuing expansion In Millions of Pesos CONTRIBUTION TO MPIC 9M M 2016 % Metro Pacific Hospital Holdings (60.0%) % Hospital admin and fair value adjustments (59) (42) 40% % STAND-ALONE PERFORMANCE 9M M 2016 % HOSPITALS (AGGREGATED) Revenues 16,530 14,582 13% Core EBITDA 3,629 3,243 12% Core income 1,510 1,333 13% Reported income 1,518 1,335 14% Key Performance Indicators Total beds available 2,967 2,814 5% Average standard occupancy rate 66.4% 70.2% -5% No. of in-patients 124, ,141 5% No. of out-patients 2,293,042 2,017,166 14% Capital expenditure 2,478 1,865 33% 17% increase in contribution from the Hospital business was driven by: 7% is attributable to contributions from the new hospital acquisitions Marikina Valley Medical Center and Jesus Delgado Memorial Hospital 10% is attributable to organic growth driven by: Lower interest expense Cost savings from purchasing synergies Increasing outpatient revenues across all hospitals and increasing enrollees in schools 11

12 HOSPITALS EXPANSION UPDATES Dr. Jesus C. Delgado Memorial Hospital 69 bed capacity Acquired 65% ownership in January 2017 St. Elizabeth Hospital 248 bed capacity Acquired 54% ownership in October 2017 Top Health Medical Clinic Full service, multi-diagnostic medical facility located in SM San Lazaro Cancer Center Batangas Joint venture with Lipa Medix 12

13 RAIL, LOGISTICS AND OTHERS In Millions of Pesos RAIL CONTRIBUTION TO MPIC 9M M 2016 % Light Rail Manila (55.0%) % Holding company admin 1 (4) -124% % STAND-ALONE PERFORMANCE 9M M 2016 % LIGHT RAIL MANILA CORPORATION Farebox revenues 2,327 2,224 5% Core EBITDA % Core income % Reported income % Key Performance Indicators Average daily ridership 431, ,307 7% Capital expenditure 959 3,666-74% RAIL As expected, decrease in contribution from the Rail business was a function of: 7% growth in average daily ridership dampened by higher usage of stored value cards Higher expenses from increased headcount and maintenance in line with expanded operations (increased the number of LRVs thereby improving service levels) OTHERS CONTRIBUTION TO MPIC 9M M 2016 % AF Payments Inc. (20.0%) (68) (94) -28% Metropac Movers Inc. (76.0%)* % Indra Philippines (25.0%) % (37) (51) -27% *Acquired in May

14 RAIL EXPANSION UPDATES LRT 1 South Extension Project Issued Notice to Proceed to EPC contractors to begin construction work in August 2017 On-going right-of-way acquisition Basic ROW package 1 acquired Groundbreaking held in May 2017 MRT 3 Unsolicited Proposal Full Rehabilitation capex commitment of P12.5 billion Replacement of tracks and signaling equipment - Increase track speed from 40kph to 65kph and reduce headway from 4 minutes to 2.5 minutes Station upgrade; depot rehabilitation 30-year Operations and Maintenance Contract ensure KPIs are at par with best practices in railway operations 14

15 UPDATES ON REGULATORY MATTERS AND 2017 OUTLOOK Constructive discussions with Government are in progress and there is agreement that contracts will be honored resolution of outstanding issues deemed imminent PENDING INCREASE (%) PERIODS COVERED CUMULATIVE REVENUE LOSS / CLAIMS STATUS WATER Maynilad 10% 2013 to 2017 P10.6 billion Maynilad is now in discussion with Government on settling its claim. However, the issue of the tariff going forward remains unresolved. TOLL ROADS* NLEX CAVITEX SCTEX 20% 25% / 42% 48% 2013 to to to 2017 P5.4 billion P1.2 billion P0.8 billion Ongoing discussions with Government on possible two-stage settlement Stage 1 - Tariff catch-up Stage 2 Compensation for cumulative claims RAIL 20% 2015 to 2017 P0.9 billion Establishing mechanisms for offset available in the concession agreement in coordination with the Government TOTAL MPIC SHARE *Net of government share P18.9 billion P8.4 billion 2017 FULL YEAR CORE INCOME OUTLOOK P13.8 BILLION Overall Considerations Does not take into account any resolution of outstanding tariff claims Stable volume growth across all businesses Impact of increased ownership in existing business and new acquisitions 15

16 STAND-ALONE PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES 16

17 POWER MERALCO 9M 2017 HIGHLIGHTS In Millions of Pesos 9M M 2016 % Stand-alone Core Income 15,370 14,966 3% Meralco (32.5% %) 6,559 5,471 20% Fair Value Adjustments (738) (225) 228% Beacon Electric (50.0% %) 1, % MPIC Share 7,153 5,422 32% In Millions 9M M 2016 % Electricity 208, ,135 10% Non-Electricity 5,541 6,029-8% Total revenues 214, ,164 10% Purchased power (162,777) (144,423) 13% Operating expenses (31,031) (30,518) 2% Other income 1, % Provision for income tax (6,140) (6,077) 1% Non-controlling interests (90) (144) -38% Core income 15,370 14,966 3% Non-core income % Reported net income 15,928 15,676 2% Core EBITDA Computation: Core income 15,370 14,966 3% Depreciation and amortization 5,231 5,206 0% Interest income - net (486) (544) -11% Provision for income tax 6,140 6,077 1% Others % Core EBITDA 26,269 26,216 0% 10% increase in Electricity Revenues was a function of: 4% growth in total energy sales from 30,103 GWh to 31,401 GWh (4.4% commercial, 4.3% residential, and 4.2% industrial sector) 5% growth in number of customers from 5.98M to 6.25M 12% increase in pass-through generation charges driven by the scheduled shutdown of Malampaya gas facilities; extended maintenance on other plants; and higher fuel prices and depreciation of the Peso versus US dollar 8% decline in Non-electricity Revenues was due lower project completion of MIESCOR and MSERV; and lower turn-out of insurance renewal coverages in RSIC Flat EBITDA driven by higher contracted services and lower contribution from subsidiaries Faster growth in Core Income than Core EBITDA was a result of reduced losses from FPM Power 17

18 POWER KEY METRICS AND PRIORITIES KEY METRICS 9M M MMA System Loss 6.05% 6.40% System Average Interruption Frequency Index 1.45 times 1.79 times Customer Average Interruption Duration Index min min Number of customer accounts 6.25M 5.98M Capital Expenditure 8,075 7,634 Energy Sales Residential 9,815 9,412 Commercial 12,382 11,856 Industrial 9,102 8,735 Streetlights Total (in GWh) 31,401 30,103 MERALCO POWER GENERATION UPDATES 1x455MW San Buenaventura Power, Mauban, Quezon (Target completion in mid-2019) Ongoing construction proceeding as scheduled 2x300 MW Redondo Peninsula Energy, Subic (Target completion of Phase 1 in 2020) Construction contracts and debt-financing agreements are in place Limited site works ongoing in preparation for full construction works after ERC Power Supply Agreement approval 2x600MW Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021) Connection Agreement with NGCP executed in January 2017; 23-km Transmission Line (from Atimonan Power Plant site to New Pagbilao Substation) approved by the ERC in February 2017 Evaluation of the EPC bids received from contractors is in the final stage Mandate Letter for up to P107.5B from a group of 7 local banks signed Signed MOU with MIESCOR for the construction of the Transmission Line 2x350MW St. Raphael Power Generation Corporation, Calaca, Batangas Ongoing development activities Grid Impact Study for proposed transmission line interconnection approved by NGCP in February

19 POWER GLOBAL BUSINESS POWER CORP. 9M 2017 HIGHLIGHTS In Millions of Pesos 9M M 2016 % Stand-alone Core Income 2,079 1,939 7% GBPC (42%)* 1, % Fair Value Adjustments (223) (23) 870% Beacon PowerGen (415) (150) 177% MPIC Share % *Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016 In Millions 9M M 2016 % Power billings 17,160 12,923 33% Coal sales % Total revenues 17,227 12,956 33% Power plant costs (7,941) (4,651) 71% Operating expenses (4,148) (3,848) 8% Interest expense - net (1,389) (1,580) -12% Other income % Provision for income tax (1,013) (13) 7692% Non-controlling interests (768) (992) -23% Core income 2,079 1,939 7% Non-core expense (45) (89) -49% Reported net income 2,034 1,850 10% Revenue growth was mainly driven by the start of commercial operations of PEDC3 Slower growth in Core EBITDA than Revenues due to higher fuel costs Slower growth in Core Income than EBITDA due to expiry of the Income Tax Holiday of CEDC and PEDC (1&2) in November 2016 and March 2017, respectively KEY METRICS 9M M 2016 Volume Sold (in GWh) Bilateral - Generation 2,765 2,398 Bilateral - WESM WESM - Spot Sales Total 3,278 2,691 Core EBITDA Computation: Core income 2,079 1,939 7% Depreciation and amortization 1,730 1,661 4% Interest expense - net 1,389 1,580-12% Provision for income tax 1, % Non-controlling interests % Core EBITDA 6,979 6,185 13% 19

20 TOLL ROADS MPTC 9M 2017 HIGHLIGHTS In Millions of Pesos 9M M 2016* % Stand-alone Core Income 3,024 2,365 28% MPTC (99.9%) 3,020 2,654 14% Fair Value Adjustments (24) (36) -33% MPIC Share 2,996 2,618 14% *Includes Don Muang Tollway contribution In Millions 9M M 2016 % Net toll revenues 9,605 8,794 9% Cost of services (3,420) (3,671) -7% Gross profit 6,185 5,123 21% Operating expenses (1,028) (928) 11% Other income and expense - net % Share in earnings of associates % Interest expense - net (959) (820) 17% Provision for income tax (998) (900) 11% Non-controlling interest (869) (704) 23% Core income 3,024 2,365 28% Non-core income (expenses) 1,483 (185) -902% Reported net income 4,507 2, % Core EBITDA Computation: Core income 3,024 2,365 28% Depreciation and amortization % Interest expense - net % Provision for income tax % Others (507) (320) 58% Non-controlling interest % Core EBITDA 6,259 5,292 18% Net Toll Revenues increased due to: NLEX - Revenues up by 7% from P6.6 billion to P7.1 billion 7% increase in average daily vehicle entries (open & closed systems) from 217,191 to 233,243 8% increase in average daily kilometers travelled from 4.27M to 4.59M CAVITEX - Revenues up by 11% from P1.0 billion to P1.1 billion 8% increase in average daily vehicle entries from 127,632 to 137,627 Class 3 grew fastest at 16% SCTEX - Revenues up by 19% from P1.1 billion to P1.4 billion 22% increase in average daily vehicle entries from 43,600 to 53,406 Class 3 grew fastest at 30% Faster growth in Core EBITDA due to lower operators fee driven by renegotiated O&M contract with TMC from January to March 2017 and savings from consolidation of TMC starting April 2017 Core Income grew faster due to equity share in DMT (transferred to MPTC in September 2016) Reported income was boosted by a non-cash accounting gain on revaluing TMC in preparation for its merger with NLEX Corp. Don Muang Tollway Contribution amounted to P315 million net of financing costs 2% increase in average daily vehicles entries for Original Tollway from 95,476 to 97,838 Slight decline in average daily vehicle entries for North Extension from 56,389 to 55,877 CII Bridges & Roads Contribution amounted to P49 million 8% increase in average daily vehicle entries from 48,960 to 52,698 20

21 TOLL ROADS KEY METRICS 9M M 2016 NLEX (Class 1 Tariff: Open system - P40.2/entry / Closed system - P2.4/km) Average Daily Vehicle Entries (Open & Closed) Class 1 180, ,914 Class 2 33,073 31,445 Class 3 20,043 18,832 Total 233, ,191 Average Daily Vehicle Entries (Open) Class 1 137, ,113 Class 2 26,700 25,379 Class 3 15,724 14,695 Total 180, ,187 Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,425 3,155 Class Class Total 4,591 4,270 CAVITEX (Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1) Average Daily Vehicle Entries Class 1 122, ,748 Class 2 9,986 9,520 Class 3 5,042 4,364 Total 137, ,632 SCTEX (Class 1 Tariff: P2.8/km) Average Daily Vehicle Entries Class 1 43,621 35,420 Class 2 6,013 5,283 Class 3 3,772 2,897 Total 53,406 43,600 KEY METRICS AND PRIORITIES PROJECTS Length Project Cost Philippines (In Kms) (In Billions) Expansions to existing roads Target Completion Status NLEX Widening (Phase 2) N/A Investment proposal for submission in 4Q 2017 San Fernando Interchange improvement N/A 0.3 1Q 2018 Substantially complete NLEX Harbour Link (Segment 10) Q 2018 Ongoing construction NLEX Segment 10 - R10 Section Ongoing preconstruction works; groundbreaking held in August 2017 CAVITEX Segment Ongoing ROW acquisition CAVITEX - C5 South Link Q 2020 Seg. 3A Ph.1 - Ongoing construction; Seg. 3A Ph.2 and 3B - Ongoing discussion on DED for Ph.2 completed; Seg. 2 - Ongoing review of DED by independent consultant NLEX Citi Link Ongoing ROW acquisition New road projects awarded Cebu Cordova Link Expressway Ongoing finalization of agreement with Contractor Cavite Laguna Expressway Laguna segment - Ongoing construction; Ongoing ROW acquisition NLEX-SLEX Connector Road Ongoing ROW acquisition; To begin construction by 2018; certified DED submitted to DPWH TOTAL Vietnam CII Bridges and Roads ( P 18.4 billion project cost) 38 kilometers under construction target completion in kilometers under development PROJECTS UNDER CONSTRUCTION / DEVELOPMENT 21

22 WATER MAYNILAD 9M 2017 HIGHLIGHTS In Millions of Pesos 9M M 2016 % Stand-alone Core Income 5,575 5,391 3% Maynilad (52.8%) 2,943 2,846 3% Fair Value Adjustments (144) (120) 20% Metropac Water Investments 2 (21) -110% MPIC Share 2,801 2,705 4% In Millions 9M M 2016 % Revenues 15,578 15,220 2% Cost of services (4,467) (4,166) 7% Gross profit 11,111 11,054 1% Operating expenses (2,017) (1,791) 13% Other income and expense - net (306) (52) 488% Interest expense - net (1,276) (1,453) -12% Provision for income tax (1,937) (2,367) -18% Core income 5,575 5,391 3% Non-core expenses (470) (590) -20% Reported net income 5,105 4,801 6% Core EBITDA Computation: Core income 5,575 5,391 3% Depreciation and amortization 1,976 1,840 7% Interest expense - net 1,276 1,453-12% Provision for income tax 1,937 2,367-18% Core EBITDA 10,764 11,051-3% MAYNILAD Revenues increased by 2% due to: 2% growth in volume sales from MCM to MCM 4% increase in billed customers from 1,301,619 to 1,347,747 Decline in Core EBITDA due to higher indirect tax provisions and utility costs Growth in Core Income due to lower interest expense and provision for deferred tax Reported income grew faster due to lower non-core expenses 9M 2017 pertains to a one-time separation expense as a result of redundancy program while 9M 2016 is related to deferred tax remeasurement from OSD election Other Businesses Stand-alone PhilHydro Gross Revenues of P171 million and Operating Income of P50 million; billed volume increased from 34.1 MLD to 43.5 MLD Subic Water Gross Revenues of P491 million and Net Income of P128 million 22

23 WATER KEY METRICS AND ARBITRATION UPDATE KEY METRICS 9M M 2016 NRW Average 32.2% 29.7% Period end 32.5% 30.6% Coverage Total population 10.06M 9.89M Population coverage 9.36M 9.30M 24hr availability 98% 97% Minimum 16 psi* 70% 73% Customer Mix Residential 81% 81% Commercial 19% 19% Capital Expenditure 7,662 5,929 Salient Points of Arbitral Ruling ARBITRATION WITH REPUBLIC OF THE PHILIPPINES Claim on Republic s letter of undertaking upheld unanimously by arbitral tribunal The Tribunal ordered the Republic to reimburse Maynilad the amount of P3.4 billion for losses from 11 March 2015 to 31 August 2016 Subsequently, Maynilad agreed with the corrected computation of the Republic s counsel of revenue losses from 11 March 2015 to 31 August 2016, in the amount of P3.18 Billion (with cost of money as of 31 August 2016) This reimbursement is without prejudice to any rights that Maynilad may have to seek recourse against MWSS for losses incurred from 1 January 2013 to 10 March 2015 Maynilad is entitled to recover from the Republic its losses from 1 September 2016 onwards. In case a disagreement on the amount of such losses arises, Maynilad may revert to the Tribunal for further determination Status Maynilad is now in discussion with Government on settling its claim. However, the issue of the tariff going forward remains unresolved. TIMELINE OF EVENTS 30 MAR SEP 2013 Rate rebasing exercise for Fourth Rebasing Period MWSS approves a negative 4.8% adjustment 4 OCT 2013 Maynilad files Dispute Notice commencing Rate Rebasing Arbitration before Appeals Panel 29 DEC 2014 Appeals Panel issues Final Award ruling which allows the inclusion of Corporate Income Tax in future cash flows and upholds Maynilad s proposed rebasing adjustment of 13.4% 20 FEB 2015 Maynilad calls on Republic s undertaking to indemnify concessionaire for losses caused by delays in implementation of tariff 27 MAR 2015 Maynilad serves Notice of Arbitration to the Republic 22 OCT 2015 Arbitral Tribunal is constituted DEC 2016 Completion of arbitration hearings 24 JUL 2017 Arbitral Tribunal upholds Maynilad s claim on Republic s Letter of Undertaking 23

24 HOSPITALS MPHHI 9M 2017 HIGHLIGHTS In Millions of Pesos 9M M 2016 % Stand-alone Core Income 1,510 1,333 13% Metro Pacific Hospital Holdings (60.0%) % Hospital admin and fair value adjustments (59) (42) 40% MPIC Share % In Millions 9M M 2016 % Gross revenues 16,530 14,582 13% Discounts (1,536) (1,386) 11% Net revenues 14,994 13,196 14% Cost of supplies (6,348) (5,469) 16% Gross profit 8,646 7,727 12% Operating expenses (6,673) (5,937) 12% Interest expense (159) (183) -13% Other income % Provision for income tax (649) (573) 13% Core income 1,510 1,333 13% Non-core income % Reported net income 1,518 1,335 14% Core EBITDA Computation: Core income 1,510 1,333 13% Depreciation and amortization 1,311 1,154 14% Interest expense % Provision for income tax % Core EBITDA 3,629 3,243 12% Core Income grew 13% due to increased number of patients served across all hospitals. 9% of Core Income growth came from existing hospitals while 4% came from the newly-acquired hospitals (Marikina Valley Medical Center and Jesus Delgado Memorial Hospital) Stand-alone Core Income and MPIC share breakdown as follows: Hospitals Stand-alone Core Income MPIC Share (In Millions of Pesos) 9M M 2016 % 9M M 2016 Asian Hospital % % Cardinal Santos % % Riverside Medical % % Makati Med % % Davao Doctors % % Marikina Valley % % Manila Doctors % Others % % Total 1,510 1,333 13% % Hospital Admin/FV adjustments (59) (42) 40% MPIC Share % % 24

25 25 HOSPITALS KEY METRICS AND PRIORITIES KEY PRIORITIES KEY METRICS 9M M 2016 Total number of beds 2,967 2,814 Number of accredited doctors 7,781 7,347 Number of enrollees 6,236 5,543 Average standard occupancy rate 66% 70% Number of patients In patient 124, ,141 Out patient 2,293,042 2,017,166 Continue to expand current chain of 14 hospitals and achieve 5,000 bed group capacity Expand services and capacities of hospitals through investments in new equipment and facilities Expand synergy projects across the network Group-wide policies and protocols on medicine, equipment, and other purchases Establishing core laboratories new Setting up standardized and integrated IT systems Invest in specialized facilities and link to the hospital network Primary care centers Oncology Centers Greenfield specialist hospitals

26 RAIL LRMC 9M 2017 HIGHLIGHTS In Millions of Pesos 9M M 2016 % Stand-alone Core Income % LRMC (55%) % Holding company admin 1 (4) -124% MPIC Share % In Millions 9M M 2016 % Rail revenue 2,327 2,224 5% Cost of services (1,378) (1,360) 1% Gross profit % Operating expenses (464) (362) 28% Other income and expense - net % Interest income (3) 8-138% Provision for income tax (161) (116) 39% Core income % Non-core income (expenses) (8) 4-300% Reported net income % Core EBITDA Computation: Core income % Depreciation and amortization % Interest income 3 (8) -138% Provision for income tax % Core EBITDA % Rail Revenues increased due to: 7% growth in average daily ridership from 404,307 to 431,281, dampened by higher usage of stored value cards 15% increase in LRVs from 92 to 106 number of LRVs started at 77 from handover in September 2015 Core Income declined due to higher operating expenses driven by increased headcount and regular maintenance expenses Key Priorities Improvements on existing LRT1 line Ongoing rail replacement 94% accomplished; target completion by 4Q 2017 Station improvement plan ongoing target completion by 2H 2018 LRT1 Structural Restoration Project notice to proceed issued in March 2017; target completion by 2019 Station partnership programs and retail space improvement plans South extension project Issued Notice to Proceed to EPC contractors to begin construction work in August 2017 On-going right-of-way acquisition Basic ROW package 1 acquired Groundbreaking held in May

27 QUARTERLY ANALYSIS 27

28 QUARTERLY HIGHLIGHTS (IN MILLIONS OF PESOS) MERALCO 1Q Q Q 2017 FINANCIAL HIGHLIGHTS Total Revenues 66,576 74,456 73,357 Core EBITDA 7,922 9,293 9,053 Core Income 4,598 5,520 5,252 Reported Income 4,817 5,684 5,427 KEY METRICS System Loss 6.23% 6.11% 6.05% Number of customers 6.11M 6.17M 6.25M Energy Sales Residential 2,746 3,587 3,482 Commercial 3,742 4,303 4,337 Industrial 2,795 3,097 3,210 Streetlights Total (in gwh) 9,317 11,021 11,063 METRO PACIFIC TOLLWAYS 1Q Q Q 2017 FINANCIAL HIGHLIGHTS Net Revenues 3,102 3,358 3,145 Core EBITDA 2,126 2,092 2,041 Core Income 958 1, Reported Income 940 2, KEY METRICS NLEX Average Daily Vehicle Entries (Open & Closed) Class 1 176, , ,958 Class 2 32,813 33,125 33,276 Class 3 19,973 19,948 20,205 Total 229, , ,440 Average Daily Kilometers Travelled (In thousands of kms) Class 1 3,338 3,734 3,205 Class Class Total 4,503 4,917 4,354 CAVITEX Average Daily Vehicle Entries Class 1 120, , ,613 Class 2 10,025 9,973 9,962 Class 3 4,749 5,224 5,146 Total 135, , ,721 SCTEX Average Daily Vehicle Entries Class 1 41,564 48,590 40,716 Class 2 5,846 6,215 5,978 Class 3 3,717 4,006 3,595 Total 51,128 58,811 50,289 28

29 QUARTERLY HIGHLIGHTS (IN MILLIONS OF PESOS) MAYNILAD 1Q Q Q 2017 FINANCIAL HIGHLIGHTS Revenues 4,788 5,454 5,336 Core EBITDA 3,156 3,982 3,626 Core Income 1,477 2,199 1,899 Reported Income 1,208 1,989 1,908 KEY METRICS Billed volume (In MCM) Billed customers 1,323,063 1,336,566 1,347,747 Non-revenue water Average 33.2% 31.2% 32.2% Period end 32.9% 31.2% 32.5% Service levels 24-hour coverage 98.2% 98.0% 98.2% Minimum 16 psi 70.1% 70.6% 70.1% HOSPITALS - AGGREGATE 1Q Q Q 2017 FINANCIAL HIGHLIGHTS Revenues 5,358 5,253 5,919 Core EBITDA 1,242 1,045 1,342 Core Income Reported Income KEY METRICS Total number of beds 2,893 2,873 2,967 Number of accredited doctors 7,667 7,710 7,781 Number of enrollees 6,671 5,390 6,236 LIGHT RAIL MANILA 1Q Q Q 2017 FINANCIAL HIGHLIGHTS Net Revenues Core EBITDA Core Income Reported Income KEY METRIC LRMC - Average Daily Ridership 443, , ,281 29

30 BALANCE SHEET AND CASH FLOW STATEMENTS (Tentative) 30

31 METRO PACIFIC INVESTMENTS CORPORATION PARENT BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash and short-term investments 16,949 4,162 Accounts payable and other current liabilities 1, Receivables - net Due to related parties 4,117 2,004 Other current assets Current portion of long-term debt Total Current Assets 17,261 4,639 Total Current Liabilities 6,253 3,238 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 173, ,311 Noncurrent portion of long-term debt 46,063 36,382 Other noncurrent assets Due to related parties 11,622 6,726 Total Noncurrent Assets 173, ,834 Other noncurrent liabilities Total Noncurrent Liabilities 58,681 43,970 TOTAL ASSETS 191, ,473 Total Liabilities 64,934 47,208 EQUITY Capital stock 31,624 31,619 Additional paid-in capital 68,463 68,438 Treasury shares (167) (167) Other reserves Retained earnings 26,032 23,223 Total Equity 126, ,265 TOTAL LIABILITIES AND EQUITY 191, ,473 31

32 METRO PACIFIC INVESTMENTS CORPORATION CONSOLIDATED BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Noncurrent portion of concession fees payable Cash and short-term investments 53,144 21,901 long-term debt and others 189, ,458 Receivables 10,802 5,171 Due to related parties 11,622 6,726 Other current assets 10,241 4,728 Deferred tax liabilities 7,902 3,925 Total Current Assets 74,187 31,800 Other noncurrent liabilities 9,096 4,368 Total Noncurrent Liabilities 218, ,477 NONCURRENT ASSETS Investments and advances 126, ,556 Total Liabilities 269, ,521 Goodwill 35,536 21,004 Service concession assets 164, ,693 EQUITY Property and equipment 64,319 10,480 Capital stock 31,625 31,619 Other noncurrent assets 23,620 9,069 Additional paid-in capital 68,463 68,438 Total Noncurrent Assets 413, ,802 Treasury shares (167) (167) Other equity adjustments and reserves 8,190 8,253 TOTAL ASSETS 488, ,602 Retained earnings 51,871 43,889 Total equity attributable to owners of Parent 159, ,032 LIABILITIES AND EQUITY Non-controlling interest 58,894 36,049 CURRENT LIABILITIES Total Equity 218, ,081 Accounts payable and other current liabilities 25,808 15,431 Due to related parties 3,825 1,713 TOTAL LIABILITIES AND EQUITY 488, ,602 Current portion of concession fees payable long-term debt and others 21,189 9,900 Total Current Liabilities 50,822 27,044 32

33 WATER MAYNILAD WATER SERVICES INC. AND SUBSIDIARIES BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 5,291 8,066 Accounts payable and other current liabilities 11,788 10,893 Receivables 2,502 2,493 Current portion of interest-bearing loans 1,824 1,808 Other current assets 3,699 3,470 Current portion of service concession obligation 1,280 1,329 Total Current Assets 11,492 14,029 Total Current Liabilities 14,892 14,030 Non-current Assets Non-current Liabilities Service concession assets 74,907 69,297 Interest-bearing loans - net of current portion 25,031 24,880 Deferred tax assets 526 1,032 Service concession obligation - net of current portion 6,298 6,500 Property and equipment 1,365 1,254 Other noncurrent liabilities 684 1,507 Other noncurrent assets 812 1,567 Total Noncurrent Liabilities 32,013 32,887 Total Noncurrent Assets 77,610 73,150 Total Liabilities 46,905 46,917 TOTAL ASSETS 89,102 87,179 Equity Capital stock 4,547 4,547 Additional paid-in capital 10,021 10,021 Other equity adjustments and reserves (477) (307) Retained earnings 28,106 26,001 Total Equity 42,197 40,262 TOTAL LIABILITIES AND EQUITY 89,102 87,179 33

34 WATER MAYNILAD WATER SERVICES INC. AND SUBSIDIARIES CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 7,205 7,630 Additions to service concession assets (7,329) (5,592) Adjustments for: Acquisitions of property and equipment (371) (511) Interest expense 1,363 1,564 Decrease (increase) in other noncurrent assets (10) 81 Amortization of service concession assets 1,720 1,624 Dividends received Interest income (68) (85) Depreciation and amortization Others Net cash used in investing activities (7,700) (6,012) Operating income before working capital changes 10,559 10,993 Decrease (increase) Cash Flows from Financing Activities Short-term investments 1,792 3,744 Proceeds from availment of interest-bearing loans 1, Receivables (9) (66) Payments of: Other current assets (228) (149) Dividends (3,000) (2,000) Increase in other current liabilities 1, Loans (1,750) (1,692) Cash generated from operations 13,244 14,558 Service concession obligation payable (997) (1,167) Interest received Interest (757) (1,326) Income taxes paid (1,622) (1,634) Increase in other noncurrent liabilities Net cash provided by operating activities 11,690 13,009 Others (299) (64) Net cash provided used in financing activities (4,972) (5,323) Net increase (decrease) in cash and cash equivalen (982) 1,673 Cash and cash equivalents at beginning of period 5,025 3,093 Cash and cash equivalents at end of period 4,043 4,766 34

35 TOLL ROADS METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and short-term investments 3,552 2,733 Accounts payable and accrued liabilities 3,719 3,801 Receivables Current portion of long-term debt 5,081 1,047 Other current assets 1,683 1,301 Other current liabilities 1, Total Current Assets 5,924 4,723 Total Current Liabilities 10,608 5,730 Noncurrent Assets Noncurrent Liabilities Service concession assets 65,761 61,828 Long-term debt - net of current portion 27,969 31,309 Goodwill 8,089 4,979 Service concession obligation 19,367 18,551 Investment in associates 10,701 11,318 Deferred tax liabilities 1,087 1,072 Other noncurrent assets 2,633 3,268 Other noncurrent liabilities Total Noncurrent Assets 87,184 81,393 Total Noncurrent Liabilities 49,009 51,671 TOTAL ASSETS 93,108 86,116 Total Liabilities 59,617 57,401 Equity Capital stock 12,786 12,718 Additional paid-in capital 18,945 17,583 Other equity adjustments and reserves (9,808) (9,822) Retained earnings 8,769 5,859 of Parent 30,692 26,338 Non-controlling interest 2,799 2,377 Total Equity 33,491 28,715 TOTAL LIABILITIES AND EQUITY 93,108 86,116 35

36 TOLL ROADS METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Additions/Acquistions: Income before income tax 6,402 3,852 Service concession assets (3,807) (3,820) Adjustments for: Investments in bonds/utif (8,731) (4,830) Interest expense 1, Investment in subsidiary (288) (3,357) Amortization of service concession assets Investment property (84) (39) Interest income (49) (71) Property and equipment (205) (74) Equity in net earning of associate (507) (173) Intangible assets (6) (7) Depreciation and amortization Proceeds from: Gain on remeasurement of previously held interest (1,801) - Disposal/Maturity of AFS/investment 8,129 4,908 Others 183 (151) Sale of property and equipment 2 11 Operating income before working capital changes 6,104 5,051 Restricted cash (430) (86) Net cash used in investing activities (3,617) (6,638) Receivables Other current assets 70 (159) Cash Flows from Financing Activities Increase (decrease) accounts payable and other curr (623) 555 Proceeds from availment of loans 4,379 1,000 Cash generated from operations 5,678 5,459 Issuance of new shares 1,430 3,707 Income tax paid (1,130) (864) Net cash provided by operating activities 4,548 4,595 Payments of: Loan (3,988) (1,259) Cash Flows from Investing Activities Dividends (2,025) (3,000) Increase in restricted cash Interest (1,040) (898) Dividends received Transaction costs and others (19) (6) Interest received Acquisition for non-controlling interests - (23) Decrease (Increase) in other noncurrent assets 501 (107) Net cash used in financing activities (1,263) (479) Effect of exchange rate changes on cash (3) 4 Net decrease in cash and cash equivalents (335) (2,518) Cash and cash equivalents at beginning of period 1,491 3,989 Cash and cash equivalents at end of period 1,156 1,471 36

37 HOSPITALS MEDICAL DOCTORS INC. AND SUBSIDIARIES BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities Cash and cash equivalents Retirement benefit obligation Receivables - net Loans payable 857 1,018 Inventories - net Provisions Other current assets Total Noncurrent Liabilities 1,976 2,146 Total Current Assets 1,759 1,610 Total Liabilities 3,452 3,393 Noncurrent Assets Property and Equipment - net 8,070 7,915 Equity Other noncurrent assets Capital stock Total Noncurrent Assets 8,204 8,047 Capital in excess of par value 1,608 1,572 Other equity adjustments 2,438 2,445 TOTAL ASSETS 9,963 9,657 Retained earnings 2,122 1,902 Treasury Stock (15) (15) LIABILITIES AND EQUITY Total Equity Attributable to Equity Holders of Parent 6,491 6,240 Current Liabilities Non-controlling interest Accounts payable and accrued expenses 1,212 1,021 Total Equity 6,511 6,263 Current portion of long-term liabilities Other current liabilities TOTAL LIABILITIES AND EQUITY 9,963 9,656 Total Current Liabilities 1,476 1,247 37

38 HOSPITALS MEDICAL DOCTORS INC. AND SUBSIDIARIES CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (523) (350) Adjustments for: Increase in other noncurrent assets - (88) Provisions Net cash used in investing activities (523) (438) Depreciation and amortization Retirement benefit expense Cash Flows from Financing Activities Interest expense Proceeds from: Interest income (2) (2) Loans Others (3) 0 Issuance of capital stock Operating income before working capital changes Payment of loan (161) (96) Decrease (increase): Interest paid (46) (43) Receivables (447) (241) Dividends paid (149) (125) Inventories Net cash used in financing activities (318) 63 Prepayments (32) (94) Increase (decrease) in: Accounts payable and accrued expenses Net increase (decrease) in cash and cash equivalents (196) 211 Refundable deposits and other liabilities 38 - Cash generated from operations Cash and cash equivalents at beginning of period Contributions to the retirement fund (18) (14) Income taxes paid (124) (72) Interest received 2 2 Cash and cash equivalents at end of period Net cash provided by operating activities

39 HOSPITALS COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER) BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Due to related parties 7 13 Inventories - net Loans payable, current 45 - Other current assets Other current liabilities Total Current Assets Total Current Liabilities Noncurrent Assets Noncurrent Liabilities Property and Equipment - net 1,330 1,085 Retirement plan Deferred income tax assets Lease payable Other noncurrent assets 22 6 Other noncurrent liabilities Total Noncurrent Assets 1,497 1,212 Total Current Liabilities TOTAL ASSETS 2,059 1,729 Total Liabilities 1,453 1,266 Equity Capital stock Other comprehensive income 3 3 Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY 2,059 1,729 39

40 HOSPITALS COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER) CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (263) (259) Adjustments for: Increase in other noncurrent assets 11 - Provisions 3 5 Net cash used in investing activities (252) (259) Depreciation and amortization Interest expense Interest income (1) (1) Cash Flows from Financing Activities Operating income before working capital changes Availment of loans payable 45 - Decrease (increase): Payment of loans payable (63) (86) Receivables (86) (20) Dividend payments (100) (60) Inventories 35 3 Net cash provided by (used in) financing activities (118) (146) Prepayments 42 1 Increase (decrease) in: Net increase (decrease) in cash and cash equivalents Accounts payable and accrued expenses (79) 31 Refundable deposits and other liabilities (3) 5 Cash and cash equivalents at beginning of period Cash generated from operations Interest received 1 1 Cash and cash equivalents at end of period Net cash provided by operating activities

41 HOSPITALS DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations Cash and cash equivalents Other noncurrent liabilities Receivables, net Total Noncurrent Liabilities Inventory, net Prepaid expenses Total Liabilities Total Current Assets Equity Noncurrent Assets Capital stock Property and Equipment - net 1,294 1,172 Capital in excess of par value Deferred income tax assets Treasury shares (6) (7) Other noncurrent assets Other equity adjustments Total Noncurrent Assets 1,382 1,259 Retained earnings 1,445 1,325 Total Equity 1,611 1,490 TOTAL ASSETS 2,094 1,900 Non-controlling interest 0 0 Total Equity 1,611 1,490 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 2,094 1,900 Accounts payable and accrued expenses Total Current Liabilities

42 HOSPITALS DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (265) (163) Adjustments for: Increase in noncurrent assets (0) (18) Depreciation Net cash used in investing activities (265) (181) Provision for bad debts - 1 Operating income before working capital changes Cash Flows from Financing Activities Decrease (increase): Dividends paid (41) (50) Receivables (153) (137) Decrease in other noncurrent liabilities - - Inventories (16) (5) Net cash used in financing activities (41) (50) Prepayments and others (13) (9) Increase (decrease) in: Net decrease in cash and cash equivalents (110) (12) Accounts payable and accrued expenses 8 (17) Net cash provided by operating activities Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

43 HOSPITALS RIVERSIDE MEDICAL CENTER GROUP BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 33 4 Cash and cash equivalents Deferred income tax liabilities Receivables - net Accrued retirement costs 7 7 Inventories - net Other noncurrent liabilities Other current assets 1 7 Total Noncurrent Liabilities Total Current Assets Total Liabilities Noncurrent Assets Property and Equipment - net 1,214 1,093 Equity Investment in associate 43 Capital stock Pension Asset Additional paid-in capital stock Other noncurrent assets Other equity adjustments Total Noncurrent Assets 1,305 1,144 Retained earnings Treasury Stock (4) (4) TOTAL ASSETS 2,001 1,882 Total Equity 1,422 1,310 LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 2,001 1,882 Current Liabilities Accounts payable and accrued expenses Current portion of long-term debt 2 2 Unearned tuition and other school fees Income tax payable 20 9 Other current liabilities Total Current Liabilities

44 HOSPITALS RIVERSIDE MEDICAL CENTER GROUP CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (186) (196) Adjustments for: Investments in associates (43) - Depreciation Proceed from sale of property and equipment (1) (5) Interest expense - 3 Increase in investments/other noncurrent assets (1) (5) Interest income (3) (5) Net cash used in investing activities (231) (206) Others 11 9 Operating income before working capital changes Cash Flows from Financing Activities Decrease (increase) : Availment of loans 31 Receivables (41) (4) Payment of long-term debt (2) (19) Inventories Dividend payments (36) (34) Other assets 7 4 Net cash used in investing activities (7) (53) Increase (decrease) in: Accounts payable and accrued expenses (33) (60) Net decrease in cash and cash equivalents (56) (67) Other current liabilities 3 2 Cash generated from operations Cash and cash equivalents as of beginning of period Interest received 3 5 Income taxes paid (43) (45) Cash and cash equivalents at end of the period Interest paid - (3) Retirement payment (9) (8) Net cash provided by operating activities

45 HOSPITALS EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES) BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS Noncurrent Liabilities Current Assets Accrued retirement Cash and cash equivalents Other noncurrent liabilities Receivables - net Total Noncurrent Liabilities Inventories - net Prepaid expenses 2 4 Total Liabilities Total Current Assets Equity Noncurrent Assets Capital stock Property and Equipment - net Reserves 5 5 Deferred income tax Retained earnings Other noncurrent assets Total Equity Total NonCurrent Assets TOTAL LIABILITIES AND EQUITY TOTAL ASSETS LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses Current portion of long-term debt Due to related parties Other current liabilities 1 1 Total Current Liabilities

46 HOSPITALS EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES) CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (59) (17) Adjustments for: Decrease (Increase) in other noncurrent assets (4) (5) Depreciation Net cash used in investing activities (63) (22) Provision for doubtful accounts 6 5 Interest expense 1 1 Cash Flows from Financing Activity Operating income before working capital changes Loan payment (30) - Increase: Increase (decrease) in: Receivables (20) (15) Due to related parties 11 4 Inventories 6 - Other noncurrent liabilities (5) (3) Other current assets 2 (1) Net cash provided by investing activities (24) 1 Increase in: Accounts payable and accrued expenses - (5) Net increase in cash and cash equivalents 2 53 Retirement fund obligation 6 3 Other current liabilities - - Cash and cash equivalents as of beginning of period Net cash provided by operating activities Income taxes paid (19) (17) Cash and cash equivalents at end of the period Net cash provided by operating activities

47 HOSPITALS ASIAN HOSPITAL INC. BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Accrued interest 3 22 Inventories - net Long-term debts, currently due Other current assets Refundable deposits and other current Prepaid expenses Total Current Liabilities 792 1,016 Total Current Assets Noncurrent Liabilities Noncurrent Assets Other non-current liabilities Property and equipment, net 3,673 3,655 Deferred income tax Total Liabilities 858 1,074 Computer software - net 2 3 Other non-current assets Equity Total Noncurrent Assets 3,811 3,795 Capital stock 1,937 1,937 Capital stock in excess of par value TOTAL ASSETS 4,662 4,596 Subscription receivable (4) (4) Other equity adjustments (2) (3) Retained earnings 1,688 1,407 Total Equity 3,804 3,522 TOTAL LIABILITIES AND EQUITY 4,662 4,596 47

48 HOSPITALS ASIAN HOSPITAL INC. CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (257) (233) Adjustments for: Increase in noncurrent assets Provisions Net cash used in investing activities (257) (233) Depreciation Amortization of capitalized borrowing cost 1 1 Cash Flows from Financing Activities Interest expense Payment of long-term debt (221) (172) Gain (loss) on disposal of property and equipment (1) 1 Dividends paid (72) (39) Others (10) (3) Interest paid (32) (47) Operating income before working capital changes Net cash used in investing activities (325) (258) Decrease (increase) : Receivables (113) (74) Net increase in cash and cash equivalents Inventories Other current assets (10) (7) Cash and cash equivalents as of beginning of period Increase (decrease) in: Accounts payable and accrued expenses (71) (30) Cash and cash equivalents at end of the period Other current liabilities 32 8 Net cash provided by operating activities

49 HOSPITALS DELOS SANTOS MEDICAL CENTER BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Due to related parties 4 4 Inventories - net Long-term debts, currently due Prepaid expenses Refundable deposits and other current Total Current Assets Total Current Liabilities Noncurrent Assets Noncurrent Liabilities Property and equipment, net Retirement Liability Deferred income tax Other non-current assets Total Liabilities Total Noncurrent Assets Equity TOTAL ASSETS Capital stock Capital stock in excess of par value Other equity adjustments 2 2 Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY

50 HOSPITALS DELOS SANTOS MEDICAL CENTER CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (105) (92) Adjustments for: Provisions 7 10 Cash Flows from Financing Activities Depreciation Proceeds from long term debt - 85 Interest expense-net 5 4 Payment of long term debt Operating income before working capital changes Interest paid (5) (4) Decrease (increase) : Dividends (14) (16) Receivables (35) (16) Net cash used in investing activities (19) 65 Inventories (5) 6 Other current assets (7) (9) Net increase in cash and cash equivalents 2 27 Increase (decrease) in: Accounts payable and accrued expenses 14 (79) Cash and cash equivalents as of beginning of period Other liabilities Cash generated from operations Cash and cash equivalents at end of the period Income tax paid (23) Net cash provided by operating activities

51 HOSPITALS CENTRAL LUZON DOCTORS HOSPITAL BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Loans payable 50 Inventories - net Dividends payable Prepaid expenses 48 - Total Noncurrent Liabilities Total Current Assets Noncurrent Liabilities Noncurrent Assets Retirement Liability 9 7 Property and equipment, net Deferred Income Tax Other non-current assets Total Noncurrent Liabilities Total Noncurrent Assets Total Liabilities TOTAL ASSETS Equity Capital stock Additional Paid-in Capital Treasury stock (3) (3) Other equity adjustments Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY

52 HOSPITALS CENTRAL LUZON DOCTORS HOSPITAL CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (74) (67) Adjustments for: Increase in noncurrent assets (13) Provisions (87) (67) Depreciation Interest expense Cash Flows from Financing Activities Operating income before working capital changes Proceeds from loans 50 - Decrease (increase) : Dividends payment (3) (5) Receivables 3 (8) Subscription receivable - - Inventories (4) 6 47 (5) Other current assets (48) (3) Increase (decrease) in: Net decrease in cash and cash equivalents (8) (7) Accounts payable and accrued expenses - 3 Other current liabilities 4 2 Cash and cash equivalents as of beginning of period Net cash provided by operating activities Cash and cash equivalents at end of the period

53 HOSPITALS WEST METRO MEDICAL CENTER BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 4 35 Accounts payable and accrued expenses Receivables - net Other non-current assets 8 1 Inventories - net Total Current Liabilities Prepaid expenses 3 2 Total Current Assets Noncurrent Liabilities Retirement Liability 1 1 Noncurrent Assets Deferred Income Tax - - Property and equipment, net Total Noncurrent Liabilities 1 1 Other non-current assets Total Liabilities Total Noncurrent Assets Equity TOTAL ASSETS Capital stock Deposit for future stock subscriptions Other equity 3 3 Retained earnings 23 1 Total Equity TOTAL LIABILITIES AND EQUITY

54 HOSPITALS WEST METRO MEDICAL CENTER CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (25) (52) Adjustments for: Increase in noncurrent assets (29) (26) Provisions 1 (54) (78) Depreciation 11 3 Operating income before working capital changes Cash Flows from Financing Activities Decrease (increase) : Equity Infusion Receivables (19) (12) Increase in Non-Current Assets Inventories 4 (25) Other current assets (1) - Increase (decrease) in: Net decrease in cash and cash equivalents (31) (1) Accounts payable and accrued expenses (26) 6 Other current liabilities 6 2 Cash and cash equivalents as of beginning of period 35 4 Net cash provided by operating activities 7 (14) Cash and cash equivalents at end of the period

55 HOSPITALS MANILA DOCTORS, INC. BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Long-term debts, currently due Inventories - net Other current liabilities - 13 Other current assets 36 1 Total Current Liabilities Prepaid expenses Total Current Assets Noncurrent Liabilities Long-term debt - net of current Noncurrent Assets Other non-current liabilities Property and equipment, net 1,803 1,516 Total Noncurrent Liabilities Deferred income tax Other non-current assets Total Liabilities 1, Total Noncurrent Assets 1,866 1,557 Equity TOTAL ASSETS 2,418 2,114 Capital stock Capital stock in excess of par value Other equity adjustments (7) (7) Retained earnings 1, Total Equity 1,348 1,204 TOTAL LIABILITIES AND EQUITY 2,418 2,114 55

56 HOSPITALS MANILA DOCTORS, INC. CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (392) (563) Adjustments for: Provisions 9 8 Cash Flows from Financing Activities Depreciation Availment of loan Operating income before working capital changes Decrease (increase) : Net increase in cash and cash equivalents Receivables (10) (6) Inventories (8) 5 Cash and cash equivalents as of beginning of period Other current assets 5 (1) Increase (decrease) in: Cash and cash equivalents at end of the period Accounts payable and accrued expenses (26) 79 Other current liabilities 6 (38) Net cash provided by operating activities

57 HOSPITALS SACRED HEART HOSPITAL BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Other current liabilities Inventories - net Total Noncurrent Liabilities Prepaid expenses 1 1 Total Current Assets Noncurrent Liabilities Retirement Liability 3 3 Noncurrent Assets Property and equipment, net Total Liabilities Other non-current assets 6 4 Total Noncurrent Assets Equity Capital stock TOTAL ASSETS Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY

58 HOSPITALS SACRED HEART HOSPITAL CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (26) (18) Adjustments for: Increase in noncurrent assets Provisions (26) (18) Depreciation Interest expense Cash Flows from Financing Activities Operating income before working capital changes Equity Infusion Decrease (increase) : Dividend payments (5) - Receivables (5) (2) (5) 149 Inventories - (6) Other current assets (2) (7) Net increase (decrease) in cash and cash equivalents Increase (decrease) in: Accounts payable and accrued expenses (14) (19) Cash and cash equivalents as of beginning of period Net cash provided by operating activities 32 (6) Cash and cash equivalents at end of the period

59 HOSPITALS MARIKINA VALLEY MEDICAL CENTER BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Other current liabilities Inventories - net Total Noncurrent Liabilities Prepaid expenses 8 16 Total Current Assets Noncurrent Liabilities Retirement Liability 9 8 Noncurrent Assets Property and equipment, net Total Liabilities Deferred income tax 6 6 Other non-current assets 1 2 Equity Total Noncurrent Assets Capital stock Additional paid in capital TOTAL ASSETS Other equity adjustments (2) (2) Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY

60 HOSPITALS MARIKINA VALLEY MEDICAL CENTER CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (50) (3) Adjustments for: Increase in noncurrent assets 1 Provisions 3 (49) (3) Depreciation 25 5 Interest expense Net increase in cash and cash equivalents Operating income before working capital changes Decrease (increase) : Cash and cash equivalents as of beginning of period Receivables (25) 82 Inventories (10) 2 Cash and cash equivalents at end of the period Other current assets 8 (2) Increase (decrease) in: Accounts payable and accrued expenses (31) 2 Other current liabilities (3) - Net cash provided by operating activities

61 HOSPITALS JESUS DELGADO MEMORIAL HOSPITAL BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 In PhP Millions Sept 2017 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 107 Accounts payable and accrued expenses 31 Receivables - net 34 Other current liabilities 2 Inventories - net 6 Total Noncurrent Liabilities 33 Prepaid expenses 12 Total Current Assets 159 Noncurrent Liabilities Retirement Liability 8 Noncurrent Assets Other noncurrent liabilities 18 Property and equipment, net 85 Total Noncurrent Liabilities 26 Other non-current assets 12 Total Noncurrent Assets 97 Total Liabilities 59 TOTAL ASSETS 256 Equity Capital stock 149 Retained earnings 48 Total Equity 197 TOTAL LIABILITIES AND EQUITY

62 HOSPITALS JESUS DELGADO MEMORIAL HOSPITAL CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 In PhP Millions Sept 2017 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 4 Acquisitions of property and equipment 2 Adjustments for: Increase in noncurrent assets (3) Depreciation 4 (1) Operating income before working capital changes 8 Decrease (increase) : Cash Flows from Financing Activities Receivables (19) Loan payments (6) Inventories (1) Equity infusion 133 Other current assets (3) Interest paid Increase (decrease) in: Net cash used in financing activities 127 Accounts payable and accrued expenses (21) Other current liabilities 1 Net increase in cash and cash equivalents 91 Net cash provided by operating activities (35) Cash and cash equivalents as of beginning of period 16 Cash and cash equivalents at end of the period

63 HOSPITALS MEGA CLINIC BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents Accounts payable and accrued expenses Receivables - net Loans payable 5 5 Inventories - net 6 2 Due to related parties Prepaid expenses Total Noncurrent Assets Total Current Assets Noncurrent Liabilities Noncurrent Assets Retirement Liability 1 1 Property and equipment, net Deferred income tax 7 7 Total Liabilities Other non-current assets Total Noncurrent Assets Equity Capital stock TOTAL ASSETS Other equity adjustments - - Retained earnings 11 (1) Total Equity TOTAL LIABILITIES AND EQUITY

64 HOSPITALS MEGA CLINIC CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Sept 2017 Sept 2016 In PhP Millions Sept 2017 Sept 2016 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax Acquisitions of property and equipment (8) (7) Adjustments for: Provisions 2 3 Cash Flows from Financing Activities Depreciation 7 7 Payment of loans (5) (10) Operating income before working capital changes Decrease (increase) : Net increase (decrease) in cash and cash equivalents 6 (7) Receivables (8) (11) Inventories (2) (4) Cash and cash equivalents as of beginning of period Prepayments (8) (1) Increase (decrease) in: Cash and cash equivalents at end of the period Accounts payable and accrued expenses 13 5 Net cash provided by operating activities

65 RAIL LIGHT RAIL MANILA CORPORATION BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 1,212 1,143 Accounts payable and other current liabilities 1, Receivables Income tax payable Other current assets Total Current Liabilities 1, Total Current Assets 1,727 1,470 Non-current Liabilities Non-current Assets Service concession obligation 3,146 3,005 Service concession assets 8,301 6,362 Loans payable 3, Property and equipment Other noncurrent liabilities Other noncurrent assets 2, Total Noncurrent Liabilities 6,211 3,683 Total Noncurrent Assets 11,128 7,366 Total Liabilities 7,864 4,217 TOTAL ASSETS 12,855 8,836 Equity Capital stock 4,050 4,050 Other equity adjustments and reserves (21) (21) Retained earnings Total Equity 4,991 4,619 TOTAL LIABILITIES AND EQUITY 12,855 8,836 65

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