SAN MIGUEL BREWERY INC. A subsidiary of San Miguel Corporation

SAN MIGUEL BREWERY INC. A subsidiary of San Miguel Corporation August 10, 2016 PHILIPPINE DEALING & EXCHANGE CORP. 37/F, Tower I, The Enterprise Center 6766 Ayala Ave., cor. Paseo de Roxas Makati City Attention: MS. VINA VANESSA S. SALONGA Head, Issuer Compliance and Disclosure Department Gentlemen: Attached are the materials for the combined Investors Briefing on the 2016 First Semester Results of San Miguel Brewery Inc., San Miguel Corporation, Ginebra San Miguel Inc., San Miguel Pure Foods Company, Inc., and Petron Corporation. Very truly yours, ROSABEL T. BALAN Vice President and General Counsel

Recent Events 1 Sale of Telco business: - Enterprise Value: P69.1 billion - P52.08 billion represents share value and advances 2 Acquisition /full control in MRT7 Project: - Total consideration: $100 million - Acquisition of 49% equity interest in Universal LRT Corporation 3 SMC Global Power issuance of retail bond: - Total amount: P15.0 billion - Tenor: 5, 7 and 10 years - Dividend rate: 4.3458%, 4.7575% and 5.1792% 2

SAN MIGUEL CORPORATION F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015 CHANGE Net Sales 329,168 334,076-1% Income from Operations 48,753 41,094 19% Net Income from Continuing Operation 23,463 17,619 33% Reported Net Income 35,281 17,010 107% EBITDA 63,372 52,276 21% 3

SAN MIGUEL BREWERY INC. F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015 CHANGE Net Sales 47,396 39,802 19% Income from Operations 12,574 10,875 16% Net Income 8,252 6,903 20% 4

GINEBRA SAN MIGUEL INC. F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015 CHANGE Net Sales 8,414 7,453 13% Income from Operations 414 246 68% Net Income 138 5 * 5

SAN MIGUEL PURE FOODS COMPANY INC. F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015 CHANGE Net Sales 53,154 50,508 5% Income from Operations 3,602 2,740 31% Net Income 2,499 1,829 37% 6

SAN MIGUEL PURE FOODS COMPANY INC. Agro-Industrial IN MILLION PESOS R E V E N U E I N C O M E F R O M O P E R AT I O N S +8% +134% 37,102 34,506 1,695 724 1H2016 1H2015 1H2016 1H2015 V o l u m e G r o w t h Poultry & Fresh Meats 7% Feeds 6% 7

SAN MIGUEL PURE FOODS COMPANY INC. Milling IN MILLION PESOS R E V E N U E I N C O M E F R O M O P E R AT I O N S -7% -23% 4,740 5,073 899 1,162 1H2016 1H2015 1H2016 1H2015 Ave. Selling Prices of Basic Flour 14% Ave. Wheat Cost 11% 8

SAN MIGUEL PURE FOODS COMPANY INC. Branded Value - Added IN MILLION PESOS R E V E N U E I N C O M E F R O M O P E R AT I O N S +8% +25% 12,147 11,285 856 684 1H2016 1H2015 1H2016 1H2015 B r a n d B u i l d i n g 9

SAN MIGUEL PURE FOODS COMPANY INC. Food Service Fast Food Chains Convenience Stores Pizza Chains Hotels & Restaurants 10

SAN MIGUEL PURE FOODS COMPANY INC. F I RST SEMESTER 2016 IN MILLION PESOS As of June 2016 As of December 2015 Total Assets 61,228 61,038 Cash 8,806 9,284 Net Working Capital 19,336 18,882 CAPEX 1,101 3,128 Interest-bearing Debt 3,438 3,641 Current Ratio 1.95x 1.89x Debt-to-Equity Ratio 0.51x 0.56x Interest-bearing Debt to Equity Ratio 0.08x 0.09x 11

SAN MIGUEL PACKAGING GROUP F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015 CHANGE Net Sales 13,511 12,013 12% Income from Operations 1,331 1,104 21% 12

SMC GLOBAL POWER HOLDINGS CORP. F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015 CHANGE Net Sales 41,072 40,455 2% Income from Operations 15,741 13,650 15% 13

GREENFIELD POWER PROJECTS M A L I TA 2 X 15 0 M W P O W E R P L A N T 14

GREENFIELD POWER PROJECTS L I M A Y 2 X 15 0 M W P O W E R P L A N T 15

Crude Prices, USD/bbl Differentials vs. Dubai, USD /bbl PETRON CORP. 16 CRUDE PRICES PRICE DIFFERENTIALS VS. DUBAI 120 100 80 60 40 20-1H15 Dubai: $56.55 Brent: $57.84 Dubai Brent 1H16 Dubai: $37.06 Brent: $39.81 Jan 21 2016 Dubai $22.8 Jan-15 Mar May Jul Sep Nov Jan-16 March May Jun 2016 Dubai $46.3 25 20 15 10 5 0 15 10 5 0 GASOLINE 3Q15 4Q15 1Q16 2Q16 DIESEL 3Q15 4Q15 1Q16 2Q16 10 5 0 (5) (10) (15) (20) 40 35 30 25 20 15 10 NAPHTHA LPG 3Q15 4Q15 1Q16 2Q16 PETROCHEMICALS 3Q15 4Q15 1Q16 2Q16 Oil price continued to recover in 2Q16 on rebalancing expectations o o o o Talk of production freeze of OPEC/Non-OPEC producers in April Doha meeting Supply disruptions in OPEC oil producers - Kuwait and Nigeria Continued reduction in US production Supply disruptions in Canada Refining margin correction for Gasoline and LPG o Partial re-balancing due to increased supply Lower margins for naphtha and petrochemicals o Low demand due to seasonal maintenance of petrochemical facilities

Crude Run in, in MBD Gross Debt In Billions, PHP Operating Performance SALES VOLUME PERFORMANCE ( 000 BARRELS/DAY) 250 225 200 175 150 125 100 75 50 25-180 150 120 90 60 30 0 PETRON CORP. PH 164.2 179.8 MY 97.6 104.5 1H15 1H16 1H15 1H16 BATAAN REFINERY UTILIZATION ~60% ~75% ~80% FY14 1H15 1H16 Strong sales volumes growth in all major segments - PH driven by strong growth in industrial, LPG and lubricants. Diesel as main product driver. - MY driven by high industrial and retail growth with gasoline and diesel as main product drivers. Improvements in Refinery utilization and RMP-2 production Continued reduction in debt levels 190 180 170 160 150 140 1H15 FY15 1H16 17

PETRON CORP. F I RST SEMESTER 2016 IN MILLION PESOS 1H 2016 1H2015 CHANGE Net Sales 161,863 186,051-13% Gross Margins 17,754 14,918 19% Rate 11% 8% Income From Operations 11,479 8,876 29% Net Income 5,279 3,408 55% Volume (in million barrels) 51.8 47.4 9% 18

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S F I RST SEMESTER 2016 IN MILLION PESOS 2016 2015* CHANGE Net Sales 9,779 8,552 14% Income from Operations 5,035 4,611 9% 19

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S NAIA EXPRESSWAY Macapagal Blvd. (Ramps 15-16) Toll Plaza (Ramp 9) 20

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S BORACAY AIRPORT Ongoing rehabilitation of old routes Ongoing works on Osmeña Highway 21

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S SKYWAY STAGE 3 Main Alignment Ongoing works on Section 3 Ongoing works on Section 3 22

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S TPLEX Completed Construction in Binalonan 23

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S SLEX TR4 24

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S MRT -7 DRILLING AT TANDANG SORA FLYOVER DRILLING AT QUIRINO AVE. BESIDE LAMESA AS-BUILT T SURVEYS OF UTILITIES 25

SAN MIGUEL HOLDINGS CORP. I N F R A S T R U C T U R E B U S I N E S S BULACAN BULK WATER 26

SMC FINANCIAL POSITION IN BILLION PESOS As of June 2016 As of December 2015 Total Assets 1,276 1,246 Cash 190 181 Interest bearing Debt 500 515 Current Ratio 1.54x 1.32x Total Liabilities to Equity Ratio 1.93x 2.24x Interest-bearing Debt to Equity Ratio 1.15x 1.34x Net-Debt-to-EBITDA 2.19x 2.57x 27

VISIT OUR WEBSITES San Miguel Corporation San Miguel Brewery Inc. Ginebra San Miguel Inc. San Miguel Pure Foods Co. Inc. Petron Corporation - www.sanmiguel.com.ph - www.sanmiguelbrewery.com.ph - www.ginebrasanmiguel.com - www.sanmiguelpurefoods.com - www.petron.com CONTACT US SMC Investor Relations +632 632 3752 +632 632 3422