Copyright First Pacific Company Limited 5 April 2016. All rights reserved.

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 forward-looking 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
Telecommunications
First Pacific owns 25.6% of
PLDT which in turn owns
100% of Smart, its mobile
telecommunications
subsidiary.
Consumer Foods
First Pacific owns 50.1% of
Indofood and has an
economic interest of 40.3%
in ICBP. FPC owns 50.0% of
Goodman Fielder.
Infrastructure
First Pacific owns 52.1% of
MPIC and holds economic
interests of 48.0% of
PacificLight, 27.5% of
Maynilad, and 21.4% in
Meralco.
Natural Resources
First Pacific owns 31.2% of
Philex and Two Rivers, a
Philippine affiliate, holds
15.0%. First Pacific holds an
effective economic interest
of 41.6% in Philex
Petroleum, 31.4% in
IndoAgri, and 40.4% in
Roxas Holdings.
3
 Sugar & coconut investments
$50 mln (0.6%)
Investment Objectives PLP
Unlock value, enhance cash flows to deliver $335 mln
(4%)
dividend returns, grow share price, and finance
further investment in value-enhancing
businesses

Investment Criteria PLDT

Be located in or trading with fast-growing Asian MPIC $2.4 bln
economies $1.9 bln
Be related to our four industry sectors
30% of GAV
(telecommunications, consumer foods, 24% of GAV
infrastructure and natural resources)
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
Goodman Fielder
$554 mln
Indofood
significant influence 7% of GAV $2.4 bln
31% of GAV
Telecoms 30%
Consumer Foods 38%
Infrastructure 28%
Natural Resources 4% Data as at 31 March 2016; rounding may affect totals. Head Office cash not included.

4
China Minzhong
$454 mln Plantations
$2.3 bln

PLDT Diversified Portfolio, Strong Returns

MPIC $9.3 bln Balanced weighting of the more mature
$3.6 bln assets as well as newer ones

Balanced weighting of different sectors

11 years of strong growth: GAV

Meralco Indofood compound annual growth rate of 17%
$7.9 bln $4.8 bln from end-2003 to end-March 2016

CAGR of 29% in dividend income to

ICBP First Pacific from 2003 to 2015
$6.7 bln
Note: Area of pie chart and pie Telecoms 25%
chart segments represents market Consumer Foods 34%
capitalization (or investment cost
for unlisted assets) as at 31 March Infrastructure 33%
2016. Rounding may affect totals. Natural Resources 9%

5
 Robert C. Nicholson Manuel V. Pangilinan Edward A.
Executive Director Tortorici
Managing Director and CEO Executive Director

Ray C. Espinosa Victorico P. Vargas Marilyn A. Chris H. Young Joseph H.P. Ng John W. Ryan Stanley H. Yang
Associate Director Assistant Director Victorio-Aquino Chief Financial Exec. Vice President, Exec. Vice President, Exec. Vice President,
Assistant Director Officer Group Finance Investor Relations Corp. Development

6
Asset Value Grows Steadily Over Time 10,000
Value of Assets (USD mln)
Value of assets controlled by FPC grew by 17% 7,860
compound annual growth rate from end-2003 to 8,000
end-March 2016
6,000
Investment thesis to benefit from steady high
growth in emerging Asian economies 4,000

FPC Management aim to continue growth in value 2,000

both organically and by acquisition over time 1,212
0
Operating Companies Deliver Dividends
PLDT dividend policy: 75% of core income plus
Telecommunications Food/Consumer Infrastructure
look-back Natural Resources Net debt (Head Office)
MPIC: 25% of core income paid in 2015
Indofood: 40% of net income plus 10% special Historical Dividend Income (USD mln)
dividend 350 322 320
306 304
Philex: Payout dependent on capex needs and 300 277
269
metal prices 250
Goodman Fielder: Dividend increase seen in 2016 200

150
2015 Dividend Income 100

PLDT $178 mln Roxas $1 mln 50

MPIC $22 mln Fees $1 mln 0

Indofood $66 mln 2010 2011 2012 2013 2014 2015

Philex $1 mln TOTAL $269 mln PLDT MPIC Indofood Philex Goodman Fielder Others

7
 Contribution Reduced by FX, Commodity Prices, PLDT Contribution (USD mln)
500
Turnover down 6% at $6.44 billion on weak Rupiah (average
400
exchange rate down 12% in 2015)
300
Total contributions down 6% at $432.9 million vs. $462.7 million,
held back in dollar terms by exchange-rate weakness for the IDR 200
and the PHP (down 2.6%), lower commodity prices for
100
Indofoods products and transformation at PLDT
MPIC contribution up 11% to $118.2 million on strong 0
growth in demand for its infrastructure services 2012 2013 2014 2015
Goodman Fielder makes first-ever contribution of $13.3 -100
PLDT Indofood Goodman Fielder
million following completion of acquisition in March 2015 MPIC FPM Power FPNR
Indofood contribution down 18% to $130.3 million on weak Philex FPM Infra Recurring profit
Rupiah and CPO prices
PLDT contribution down 8% to $180.7 million as high-margin 2015 Contribution (USD mln)
legacy businesses are replaced by lower-margin data- 470 462.7
intensive revenues 460
450
Philex contribution down 52% to $4.9 million on weaker 440 432.9
13.3
gold and copper prices and lower volumes 430 11.6
PLP negative contribution improves to $10.7 million vs. 420 (28.1)
1.3
$12.0 million despite difficult market conditions 410 (15.0)
(5.3)
FP Natural Resources contribution swings to a negative $3.8 400 (5.4) (2.2)
390
million on lower cane supply 380
370
Recurring profit down 9% at $293.9 million on higher interest
and other expenses

Reported net profit rises 5% owing to lower provisioning than a

year earlier
8
Head Office Balance Sheet Head Office Bond Issues at a Glance
No Head Office recourse for subsidiary or
affiliate borrowing Issuer Principal Coupon YTM* Term Maturity
Cash interest cover at 2.6x FPMH Finance US$300 mln 7% 2.3% 7-Year July 2017
Gearing at 0.79x FPT Finance US$400 mln 6% 3.8% 10-Year Sept 2020
FPC Finance US$400 mln 6.0% 3.5% 7-Year June 2019
FPC Treasury US$400 mln 4% 4.4% 10-Year April 2023
Head Office Asset Cover
Gross assets $6.9 billion at end-2015 Head Office Debt Maturity Profile (USD mln)
500
Gross debt $1.8 billion, gross debt cover
400 400 384
3.8x 400
Net debt $1.7 billion, net debt cover 4.1x 300 320
300
Average maturity of 4.2 years
Blended interest cost of 5.3% 200

100
Head Office Borrowings 0
0
Borrowings dominated by bonds: 82% 2016 2017 2018 2019 2020 2021 2022 2023
bonds, 18% bank loans
Fixed borrowing costs for 82% of Unsecured Bank Loans Secured Bonds Unsecured Bonds
borrowings offer a secure safeguard
against rising interest rate trend Head Office Gearing & Cash Interest Cover
Unsecured debt amounts to 61% of the 2009 2010 2011 2012 2013 2014 2015
total Head Office Gearing 0.36x 0.46x 0.71x 0.67x 0.51x 0.56x 0.76x
Bloomberg ticker FIRPAC <Corp> <Go> Cash Interest Cover 9.6x 15.5x 4.5x 4.0x 3.4x 3.1x 2.6x
GAV/Net Debt 8.9x 8.7x 6.6x 7.2x 6.7x 6.8x 4.1x
Net Debt (USD mln) 651.7 816.9 1,170 1,134 1,160 1,228 1,675
*Recent yield to maturity data from Bloomberg. 9
 2015 Earnings Highlights Revenues & Core Income (USD mln)
4,500
Revenues down 1% at 162 billion as 4,000 3,796 3,847 3,712
3,561 3,572
increasing data revenues offset by declining
3,500
revenues from legacy businesses
3,000
Core income down 6% to 35.2 billion largely
2,500
on lower EBITDA and higher financing costs,
2,000
partly offset by lower income tax provision
1,500
EBITDA margin down four points at 43% on 903 877 908 842 772
1,000
replacement of high-margin legacy
500
businesses (e.g. international long distance,
0
SMS) by lower-margin capex-intensive data
2011 2012 2013 2014 2015
businesses like mobile internet
Weaker PHP (down 2.6% in average exchange Service revenues Core Income
rate) is a factor in USD translation
Cellular blended net ARPU stable all year Change in Service Revenues (PHP mln)
166,000
164,943
Outlook
2016 capex seen at 43 billion, similar to 164,000 3,449 162,930
2015 level amid technology push to build 162,000
world-class telecommunications network
160,000
Bundling of fixed-line and mobile services to (4,999) 492
984
13
bring advantage unmatched in the market 158,000 (1,291) (409)
(244) (8)
Impact of higher quality telecommunications 156,000
services is already felt across the network
Now a majority of service revenues, data 154,000

services to continue growing overall share

Service revenue growth to be led by Data &
Network and Broadband services

10
 Evolution of Service Revenues (PHP bln)
120
Shrinking Growing
100

2012
80
Maturing

60

Shrink 40
-ing
Growing 20
2015
Maturing 0
Growing Maturing Shrinking
2012 2013 2014 2015

Global Growth Continues at a Torrid Pace
Mobile broadband subscriptions rose nearly 1/3 in 2015
to over 3.9 billion in 2015
Global 106% growth in mobile internet data traffic
between 2014 and 2015
40% of all mobile phone subscriptions are smartphones
The Particular Advantages of PLDTs Market Position
Possession of a major fixed-line network offers enormous
advantage compared with pure-play mobile operators
Extensive fixed-line coverage allows for lower backhaul
capex relative to peers
Allows PLDT to offload much wireless data onto Wi-Fi
hotspots

11
Leading Australian Food Company
In March 2015 First Pacific and Wilmar 50:50 joint venture bought 100% of Goodman Fielder, valuing the company at A$1.3
billion (US$1.0 billion), or US$1.4 billion enterprise valuation including debt
First Pacific and Wilmar aim to turn around domestic operations which have seen earnings decline since 2010
Key strategy is to grow sales to Asia where FPC and Wilmar have strong distribution networks in fast-growing economies
Leading Australian food company, owner of iconic brands strong in the Australian and New Zealand markets
Producer and marketer of bread, milk, margarine, flour, dressings, condiments, dips, mayonnaise, frozen pastry, cake mix,
pies, savories, desserts, sauces, vinegar and cooking oils
No.1 or No.2 positions in most of the larger product categories in which it competes with sales to over 30,000 outlets
Headquartered in Sydney and employs over 6,000 people in Australasia and the Pacific Islands
Manufactures products in over 40 plants in Australia, New Zealand, Papua New Guinea, Fiji and New Caledonia
Note: Goodman Fielder fiscal year-end was 30 June 2015 but is now moved to 31 Dec. 2015
Data in this presentation reflect March-December nine-month data, covering the first nine months of new management

9M 2015 Revenues (USD mln) Core EBIT Margins 9M 2015 EBIT (USD mln)
20% 19%

18%
16% Australia
International $17.5 mln
$220 mln 14%
(17%)
(20%) 12% 11% International
Australia
$482 mln 10% $41.1 mln
(43%) 8% (40%)
New Zealand New Zealand
$415 mln 6% $43.9 mln
4%
(37%) 4% (43%)
2%
0%
Australia New Zealand International

12
Bakery
One of the largest bakers in the Australasian region with key brands
Including: Helgas, Wonder White, Natures Fresh and Vogels (under
license) in addition to our growing artisan bread business

Dairy
Meadow Fresh is a leading dairy brand in New Zealand with an emerging
presence in exporting dairy products to the fast-growing markets of
emerging Asia

Flour & Cake Mix

Leading the baking revival across Australia, New Zealand and the Pacific
by developing and innovating three core brands: White Wings, Flame
and Edmonds

Spreads
Leading the way in healthy innovation in our core brands in each
market, including market leaders MeadowLea and Olive Grove

Dressings & Mayonnaise

Innovating our leading brands to provide flavor variety to make fresh
food an integral part of every home every day, growing across our
markets

13
 2015 Earnings Revenues & Core Income (USD mln)
6,000
Revenues up 0.7% at IDR64.1 trillion as stronger sales 5,174 5,345 5,286 5,350
in the Consumer Branded Products and Distribution 5,000 4,763
businesses offset lower sales by Agribusiness and
4,000
Bogasari flour units
Core income fell 10% in Rupiah terms to IDR3.56 3,000
trillion vs. IDR3.95 trillion, hurt by lower prices and
2,000
higher staff costs at Agribusiness
Core income down 20% in USD terms due to 12% 1,000 360 348 320 332 265
Rupiah depreciation vs. year earlier 0
EBIT margin flat at 11.5%, held up by CBP margins 2011 2012 2013 2014 2015
Revenues Core Income
Major Businesses
Consumer Branded Products (noodles, dairy, snack
foods, food seasonings, nutrition and special foods, Change in Sales by Business (IDR bln)
70,000
and non-alcoholic beverages)
Bogasari (flour and pasta). Largest flour miller in 60,000
Indonesia and one of the worlds largest 50,000
manufacturers by volume of wheat-based instant
noodles 40,000
Agribusiness (oil palm, rubber, sugar cane, cocoa and
30,000
tea plantations, cooking oils, margarine and
shortenings). # 4 largest listed plantation company in 20,000
the world, with 246,000 ha of total oil palm planted
area 10,000
Distribution and Cultivation & Processed Vegetables 0
(fresh and processed vegetables) 2011 2012 2013 2014 2015
Extensive distribution network across Indonesia
CBP Bogasari Agribusiness Distribution
External sales only.
14
Noodles Key Brands
Production capacity of 16.3 billion packs/year in 15 factories Instant Noodles Biscuits
Snacks
Dairy
Five dairy factories of annual capacity of 650,000 tonnes

Snack Foods
Dairy
Four factories with annual capacity of 49,000 tonnes Oils
All snack foods (except biscuits) via 51%-owned subsidiary
Indofood Fritolay, a joint venture with an affiliate of PepsiCo

Food Seasonings
2014 2015
Two food seasonings factories with annual production
Noodles (mln packs) 6,730 6,469
capacity of 138,000 tonnes (soy sauce, chili sauce, tomato
Dairy (Tonnes) 170,280 183,900
2015 Sales (USD mln)
sauce, bouillon, instant seasonings, cordial syrups)
Snack Foods (Tonnes) 17,920 16,310
Culinary products marketed & sold via 50-50 j.v. with Nestl Food Seasonings (Tonnes) 48,380 48,380
Special Foods (Tonnes) Dairy7,070 6,720
Nutrition and Special Foods Beverages (mln liters) $437 mln
560 672 Food
Annual production capacity of 24,100 tonnes 18% Seasonings
Products are baby and infant cereal, baby and infant biscuits $92.7 mln (4%)
and milk for expectant and nursing mothers Noodles Snack Foods
$148 mln (6%)
$1.56 bln
Beverages 64%
Indofoods JV with Asahi to make non-alcoholic drinks began Nutrition & Special
production in 2014 Foods $45.4 mln
(2%)
New categories include ready-to-drink tea, coffee and
functional drinks (energy drinks)
Figures are before intersegment elimination.
15
 Toll Roads Electricity Water Hospitals Rail/AFP
29%-100% stakes 32.5%* stake 52.8% stake 60.0% stake 20%-55% stakes

50% 11 Hospitals
55%
1 Mall-Based
Diagnostic Center Light Rail Manila

NLEX & SCTEX 75.60% Makati Medical Center

Manila Doctors Hospital 20%
34.96%
Asian Hospital AF Payments
Cardinal Santos
15%
Medical Center
Our Lady of
Cavitex Lourdes Hospital
De Los Santos
100% stake Medical Center
Central Luzon
Don Muang Tollway Doctors Hospital
Riverside
29.45% stake Medical Center
Davao Doctors Hospital
West Metro Medical
Center
CII Bridges & Roads Sacred Heart Hospital of
Malolos, Bulacan
45% stake MegaClinic
16 *FPC Groups total interest is 50%.
 Revenues & Core Income (USD
2015 Earnings Highlights 900 mln)
Core income rose 22% to 10.3 billion vs. 8.51 billion on 761
816
800 724
double-digit contribution growth by Power, Toll Roads and 661
700
Water
600
Power contribution boosted by increased shareholding and 510
500
non-electric revenues
400
Toll Roads boosted by traffic increase, bigger stake in MNTC
and contribution from Don Muang Tollway 300
191 227
156 170
Water boosted by higher volumes, lower staff costs 200 118
Hospitals contribution up despite sell-down of stake 100
0
Outlook 2011 2012 2013 2014 2015
FY 2016 core income difficult to forecast owing to continuing Revenues Core Income
regulatory uncertainties
Major new toll road projects expected to launch in short to
medium term following CALAX and Cebu-Cordova wins
Contribution (PHP mln)
14,000
Light rail and contactless payments consortiums are latest
12,000
project launches in PPP development
Further infrastructure investments sought including power 10,000
generation 8,000

Change in Contribution (PHP mln) 6,000

15,000
13,000 1,516 12,644 4,000
10,079 589
11,000 8 9 443 2,000
9,000
0
7,000
2008 2009 2010 2011 2012 2013 2014 2015
5,000
2014 Total Hospitals Rail/AFP Water Toll Roads Power 2015 Total Water Power Hospitals Toll Roads

17
Company Overview
Philex and its subsidiaries are primarily engaged in large- Map of Mineral Assets
scale exploration, development, and utilization of Padcal
Mine
mineral resources
Listed on Philippines Stock Exchange with a market
cap of US$606m
Philex operates the operating Padcal mine in Benguet Silangan Mine
(Boyongan &
SMECI, a subsidiary of Philex, owns the Silangan Bayugo)
project covering the Boyongan and Bayugo deposits
Philex owns 64.8% of Philex Petroleum, a listed
Philippines oil & gas company
Padcals mine life has been extended by two years to Kalayaan
Project
2022 with the declaration of additional mineral reserves
Efforts are underway to increase production at the
Padcal mine
Silangan project is the development of a high grade gold Total of Mining Mineral Resources
and copper ore mine Metric
Cu Au Cu Au
Located in the northeast corner of Mindanao, 20 km tonnes
(percent) (g/t) (mln lb.) (000 oz.)
south of Surigao City (mln)
Definitive feasibility study and permits expected to be Padcal 173 0.24 0.48 901 2,680
completed in 2016 Boyongan 273 0.52 0.72 3,120 6,300
Targeted annual production of 107 million lb. of Bayugo 125 0.66 0.66 1,820 2,700
copper and 168,000 oz. of gold Total 571 5,841 11,680
Projected mine life over 30 years
Data from Philex Mining annual report and press release of October 28, 2015.
Boyongan and Bayugo are Silangan ore bodies.
18
 Shareholder Breakdown Institution Mln Shares %
1 Brandes Investment Partners 334 7.8%
2 Lazard Asset Management 301 7.0%
3 Deutsche Bank Private WM 170 4.0%
All 4 GIC Asset Management 124 2.9%
Others 5 Marathon Asset Management 76 1.8%
11% 6 MFS Investment Management 65 1.5%
7 City of London IM 63 1.5%
8 BlackRock Fund Advisors 62 1.5%
9 Thompson Siegel & Walmsley 59 1.4%
10 Kabouter Management 55 1.3%
Salim 11 The Vanguard Group 46 1.1%
12 Ohio Public Employees 44 1.0%
Group 13 ATR KimEng Asset Management 41 0.95%
45% 14 Asset Value Investors 35 0.83%
15 Nordea IM (Denmark) 35 0.83%
16 Oldfield Partners, LLP 32 0.76%
17 Templeton Asset Management 31 0.72%
18 Dimensional Fund Advisors 29 0.67%
19 Templeton Global Advisors 27 0.64%
20 State Street Global Advisors 25 0.60%
21 Segantii Capital Management 24 0.56%
Lazard
Brandes 22 Quantitative Management 23 0.53%
7.0%
7.8% 23 Invesco Canada 22 0.51%
24 Maple-Brown Abbott 21 0.49%
25 Letko, Brosseau & Associates 21 0.48%
IPREO data as at 29 February 2016. Institutional investors only. Analysis performed for First Pacific counts 256 institutional shareholders owning 2,204,464,073 shares. Total shares out: 4,268,465,603.
20
 Price Targets for First Pacific (HKD/Share) Core Profit Fcasts (USD mln) Geography

Rating Date Target 2016 2017 2018

BofA/Merrill Underperform 31 Mar 2016 $6.15 250 288 307
Citigroup Buy 31 Mar 2016 $6.80 289 297 326 Singapore USA
CLSA Underperform 31 Mar 2016 $6.40 308 346 393 17% 55%
HSBC Buy 9 Dec 2015 $6.50 311 346
UK
Mizuho Buy 31 Mar 2016 $7.50 151* 198* 11%

Average $6.67 2.73 305 360

*Mizuhos figure is net profit post-nonrecurring items.

Concentration Investment Style Turnover

The Other
Very
Very Active 3%
Active 4% N/A
Rest 8%
11%
Index High 0.6%
Next 25 8%
12%
Top 10 11% Alternative
3%
59% of all shares
held by institutional Yield 1% Value Medium Low
Next 15 investors are held by
the top 10. Growth 60% 27% 58%
21%
15%

IPREO data as at 29 February 2016. Institutional investors only. Analysis performed for First Pacific counts 256 institutional shareholders owning 2,204,464,073 shares. Total shares out: 4,268,465,603.

21
 Contribution to
Turnover Group profit(i)
For the year ended 31 December 2015 2014 2015 2014
US$ millions
PLDT(ii) - - 180.7 195.7
Indofood 4,763.4 5,350.4 130.3 158.4
MPIC 816.5 761.5 118.2 106.6
FPW(iii) - - 13.3 -
Philex (ii) - - 4.9 10.2
FPM Power 663.5 729.4 (10.7) (12.0)
FP Natural Resources 193.6 - (3.8) 1.6
FPM Infrastructure - - - 2.2
Contribution from operations(iv) 6,437.0 6,841.30 432.9 462.7
Head Office items:
- Corporate overhead (31.8) (31.5)
- Net interest expense (94.4) (90.0)
- Other expenses (12.8) (17.3)
Recurring profit(v) 293.9 323.9
Foreign exchange and derivative losses(vi) (48.5) (9.3)
(Loss)/gain on changes in fair value of plantations (1.7) 0.7
Non-recurring items(vii) (158.6) (234.3)
Profit attributable to owners of the parent 85.1 81.0
(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 losses, loss/gain on changes in fair value of
plantations and non-recurring items.
(vi) Foreign exchange and derivative losses represent the losses on foreign exchange translation differences on the Groups 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. 2015s non-recurring losses of US$158.6 million
mainly represent the Groups impairment provision in respect of its investments in Philex (US$89.1 million), PLDTs impairment provisions for its fixed assets affected by network
upgrade (US$32.7 million) and investment in Rocket Internet shares (US$28.7 million) and MPICs project expenses (US$5.7 million). 2014s non-recurring losses of US$234.3
million mainly represent the Groups impairment provision in respect of its investments in Philex (US$188.0 million), PLDTs impairment provisions for its fixed assets affected by
network upgrade (US$17.6 million), Philex and MPICs manpower rightsizing costs (US$4.9 million), MPICs project expenses (US$3.0 million) and taxes incurred in hospital
22 group reorganization (US$2.6 million).
Consolidated
At 31 December 2015 At 31 December 2014
Net Total Gearing(ii) Net Debt/ Total Gearing(ii)
US$ millions Debt (i) Equity (times) (cash) (i) Equity (times)
Head Office 1,675.3 2,112.6 0.79x 1,227.5 2,198.8 0.56x
Indofood 1,053.3 3,488.4 0.30x 1,027.0 3,657.3 0.28x
MPIC 1,282.3 3,202.4 0.40x 716.7 2,897.9 0.25x
FPM Power 465.4 397.2 1.17x 487.9 456.3 1.07x
FP Natural Resources 191.6 215.0 0.89x (3.2) 92.1
Group adjustments (iii) - (1,786.5) - (1,585.4)
Total 4,667.9 7,629.1 0.61x 3,455.9 7,717.0 0.45x
Associated companies and joint ventures
PLDT 2,431.7 2,420.3 1.00x 2,313.7 3,011.4 0.77x
Goodman Fielder 336.9 606.6 0.56x 438.0 980.5 0.45x
Philex 182.1 579.8 0.31x 112.3 604.7 0.19x

(i) Includes short-term deposits, pledged deposits and restricted cash.

(ii) Calculated as net debt divided by total equity.
(iii) Group adjustments mainly represents elimination of goodwill arising from acquisitions prior to 1 January 2001 against the Groups retained earnings and other
standard consolidation adjustments to present the Group as a single economic entity.

23
 At 31 December 2015 At 31 December 2014
US$ millions (Audited) (Audited) Change
Non-current assets
Property, plant and equipment 3,061.1 2,731.8 12.1%
Plantations 1,151.1 1,210.7 (4.9%)
Associated companies and joint ventures 4,360.5 3,568.4 22.2%
Goodwill 1,023.8 1,057.6 (3.2%)
Other intangible assets 3,151.2 2,511.8 25.5%
Investment properties 9.7 - -
Accounts receivable, other receivables and prepayments 8.8 11.8 (25.4%)
Available-for-sale assets 44.1 193.8 (77.2%)
Deferred tax assets 199.5 200.2 (0.4%)
Pledged deposits and restricted cash 30.0 30.9 (2.9%)
Other non-current assets 312.1 385.9 (19.1%)
13,351.9 11,902.9 12.2%
Current assets
Cash and cash equivalents and short-term deposits 1,612.3 2,265.9 (28.8%)
Pledged deposits and restricted cash 51.7 53.2 (2.8%)
Available-for-sale assets 124.8 59.2 110.8%
Accounts receivable, other receivables and prepayments 758.5 661.2 14.7%
Inventories 631.0 717.2 (12.0%)
3,178.3 3,756.7 (15.4%)
Assets classified as held for sale 1,062.6 982.4 8.2%
4,240.9 4,739.10 (10.5%)
Current liabilities
Accounts payable, other payables and accruals 1,241.0 1,192.40 4.1%
Short-term borrowings 998.6 912.0 9.5%
Provision for taxation 44.7 51.0 (12.4%)
Current portion of deferred liabilities, provisions and payables 348.1 321.9 8.1%
2,632.4 2,477.3 6.3%
Liabilities directly associated with the assets classified as held for sale 436.2 335.9 29.9%
3,068.6 2,813.2 9.1%
Net current assets 1,172.3 1,925.9 (39.1%)
Total assets less current liabilities 14,524.2 13,828.8 5.0%
Equity
Issued share capital 42.7 42.9 (0.5%)
Shares held for share award scheme (6.0) (8.7) (31.0%)
Retained earnings 1,508.7 1,540.1 (2.0%)
Other components of equity 1,603.5 1,854.1 (13.5%)
Equity attributable to owners of the parent 3,148.9 3,428.4 (8.2%)
Non-controlling interests 4,480.2 4,288.6 4.5%
Total equity 7,629.1 7,717.0 (1.1%)
Non-current liabilities
Long-term borrowings 5,363.3 4,893.9 9.6%
Deferred liabilities, provisions and payables 1,128.9 850.0 32.8%
Deferred tax liabilities 402.9 367.9 9.5%
6,895.1 6,111.8 12.8%
24 14,524.2 13,828.8 5.0%
For the year ended 31 December 2015 2014
US$ millions
Dividend and fee income 268.9 304.2
Head Office overhead expense (27.6) (31.0)
Net cash interest expense (94.2) (87.6)
Taxes (0.3) (0.3)
Net cash inflow from operating activities 146.8 185.3
Net investments (i) (456.6) (72.7)
(i) 2015s net investments represent
Financing activities principally the investments in an
- Dividends paid (115.5) (115.9) additional 40.2% effective interest in
Goodman Fielder of US$423.4 million.
- Repurchase of shares (19.0) (28.0) 2014s comparative amount represents
- Net new borrowings 49.7 - principally the investments in a 9.8%
interest in Goodman Fielder of
- Others 0.2 (0.7) approximately US$130 million and
Loans to associated companies, net - (32.7) investment financings to FP Natural
Resources of approximately US$35
Decrease in cash and cash equivalents (394.4) (64.7) million, partly offset by the proceeds
Cash and cash equivalents at 1 January 508.5 573.2 from the transfer of a 75% interest in
FPM Infrastructure Holdings Limited to
Cash and cash equivalents at 31 December 114.1 508.5 MPIC of US$101 million.

49.7
Cash Flow 2015
900
268.9
800
700
600 508.5
500
400
300 (456.6)
200 (115.5) 114.1
100 (94.2) (27.6) (19.0) (0.1)
0
Beginning Div & Fee Net New Net Dividend Interest Head Office Share Taxes & Ending Cash
Cash Income Borrowings Investments Payments Expense Repurchases Others

25
 At 31 December 2015 2014
US$ millions Basis
PLDT (i) 2,418.3 3,589.9
Indofood (i) 1,649.1 2,385.3
MPIC (i) 1,604.7 1,493.9
FPW (ii) 554.0 100.8
Philex (i) 213.3 390.3
Philex Petroleum (i) 5.5 32.1
FPM Power (iii) 335.3 335.3
FP Natural Resources (iv) 79.4 63.4
Head Office - Other assets (v) 107.1 112.7
- Net debt (1,675.3) (1,227.5)
Total valuation 5,291.4 7,276.2
Number of Ordinary Shares in issue (millions) 4,268.5 4,287.0
Value per share
- U.S. dollars 1.24 1.70
- HK dollars 9.67 13.24
Company's closing share price (HK$) 5.14 7.69
Share price discount to HK$ value per share (%) 46.8 41.9

(i) Based on quoted share prices applied to the Groups economic interests.
(ii) Represents investment costs in a 50.0% economic interest in Goodman Fielder at 31 December 2015 and
based on quoted share price applied to the Groups 9.8% interest in Goodman Fielder at 31 December 2014.
(iii) Represents investment costs in FPM Power.
(iv) Mainly represents RHI (based on quoted share price applied to the Groups effective economic interest) and
other assets.
(v) Represent investment cost in SMECIs convertible notes.

26
Data Revenues Deliver Strong Growth Cellular Data Svc. Rev. (PHP bln) Fixed Line Svc. Rev. (PHP bln)
66,000
Mobile internet, data and broadband service 3,416 65,475
revenues at 49.5 billion or 30% of total 50,500
49,973 65,000
service revenues and up 15% from year-ago 2,168 64,107
50,000 49,712
Maturing revenue streams (SMS, domestic 64,000
49,500
cellular and fixed-line voice, others) made up
58% of service revenues or 93.6 billion and 49,000 63,000
down 4% from year-ago 48,500 489
Falling revenue streams at 19.7 billion, 62,000
(2,185) 55
down 20% and make up 12% of service 48,000
(407)
61,000
revenues 47,500 (1,836) (71)

Capex to Build World-Class Network 47,000 60,000

Expansion of 3G and 4G access networks
46,500 59,000
Buildout of 4G coverage and capacity: FD-LTE
for mobile and TD-LTE as upgrade path for
fixed-wireless technologies
Continuing network optimization
Enhancement of indoor penetration and
outdoor coverage via spectrum optimization,
i.e. re-farming Capex Rises to Finance Growth (PHP bln)
50 50%
Augmenting network resiliency and 40 40%
redundancy to improve operational stability
30 30%
and reliability
20 20%
Increasing data center capacity to 8,000
racks 10 10%

Integration of Smart and Sun networks for 0 0%

2011 2012 2013 2014 2015 2016F
cost and operational efficiencies Wireless Fixed line BPO Capex to service revenues (%)
Expansion in international connectivity and
27
caching to improve internet speeds
 Newer Businesses Surge as Subscribers Flock to New Technology 6.0
Broadband Subscriptions (mln)
Fiber to the Home initiative runs high-capacity DSL past 850,000 homes
5.0
Overall broadband subscriber growth of 27% to 5.19 million at end- 2015
Fixed-line non-service revenues (e.g. Cignal over Fibr, FamCam,) surge 64% 4.0
to 3.4 billion 3.0
Number of 3G and LTE handsets surges 72% in year to January 2016, 2G 2.0
down 25% as customers move to smartphone culture 1.0
Data Continues to Make a Difference on Double-Digit Growth 0.0
Wireless broadband subscriber base rises 32% to 3.93 million 2011 2012 2013 2014 2015
Cellular data revenues rise despite 10% fall in SMS volume owing to surge Fixed Smart Sun
in mobile internet revenues
Corporate data revenues up 14% to 11.1 billion Data & Broadband Revenues (PHP bln)
60
Largest data center business in the Philippines with 6 centers and 3,150
racks, expanding to 8,000 racks in 8 data centers by end-2016 50
Data revenues now more than half of all cellular revenues
11.1
Cellular data revenues outweigh cellular voice revenues for first time at 40
50.0 billion vs. 45.5 billion for cellular voice 9.7

Data & Other Network now more than half of all fixed-line revenues at 10.4
30
8.3
33.7 billion vs. 31.7 billion for all other fixed-line revenues
20
Handsets on Network (mln) 14.1
16.1
40
30 10
9.9 10.9
20
0
10
2014 2015
0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Dec-15 Jan-16 Wireless Broadband Fixed Broadband
2G Only 3G & LTE Mobile Internet Corporate Data
28
 International
Crest Chicken and Tuckers Ice Cream are continuing to gain momentum in both the domestic market in Fiji (where they are the dominant brands in
both their categories), and in the export market.
In Papua New Guinea, Flame Flour and Twisties are market-leading brands and continue to deliver good results. Goodman Fielder is also growing
imports of MeadowLea margarine and Praise dressings and mayonnaise from Australia.
The Meadow Fresh brand of UHT milk continues to build its presence in China and South-East Asia. The products are being co-branded with both the
Goodman Fielder and Meadow Fresh logos, to promote Goodman Fielder as a trusted source of quality food products from New Zealand and
Australia.

New Zealand
A raft of new product development in the Dairy business including the launch of organic milk and premium flavored milk and yoghurts, all under the
Puhoi Valley brand. All have generated excitement from consumers and are easily exceeding the respective business cases.
An expansion of the UHT milk plant in Christchurch has been completed, increasing Goodman Fielders capacity to meet growth opportunities across
Asia Pacific. The NZ$27 million project has seen the extension of the existing UHT building, installation of a new pasteurizing, sterilizing and palletizing
line as well as the installation of a new 250 ml high speed filler.
The companys Baking business has also embarked on new product development which has seen new premium white breads, lower carbohydrate
variants, and gluten and dairy free options.
Renewed focus on the businesses sweet bake and pie offerings has seen necessary investment generate export opportunities to Australia and the
Asia-Pacific region.
Edmonds continues to be New Zealands number one baking brand, and has expanded its range of premium flour, gluten-free flour, baking premixes,
and mayonnaises and dressings to suit consumers evolving tastes.

Australia
Improving performance in the Baking business. Goodman Fielder Australias largest Bakery brand, Helgas, delivered 6.5% volume growth in 2015
versus 2014, and the expansion into the Artisan category continues to be successful with volume growing at 13% (9M 2015 vs. 9M 2014).
Goodman Fielder is building Grocery brands that resonate with consumers, and the Praise mayonnaises and dressings are a good example of this.
Praise is the number one brand in Australia, and Goodman Fielder has continued to innovate in this category to ensure the brand is meeting
consumers needs.
A dedicated Food Services team has been launched to support this growing market segment. An innovative Food Services website has also been
developed, to allow Goodman Fielder to better engage with thousands of customers with comprehensive product and ingredient information,
recipes, and cooking ideas.

29
Earnings Highlights Outlook
International business saw its EBIT rise 4.8% to Cost-saving and efficiency improvements, particularly in
AUD55.8 million on 9.8% sales increase to AUD298.9 Australia have already been identified and are being
million implemented
Papua New Guinea volume for flour and stock A key goal for 2016 is to expand the Asia-Pacific businesses
feed rose strongly particularly sales of diversified dairy products into China
All main categories in Fiji saw sales volume growth New UHT production plant in New Zealand commissioned in
except stock feed late 2015
China business benefited from higher milk sales
Expect to continue to see significant contributions from the
and stronger than expected volumes for bakery
International operations
fats
Exports from New Zealand and Australia were
higher owing to the opening of new markets and
categories Normalized Operating EBIT (AUD mln)
140
New Zealand EBIT fell 11.3% to AUD59.7 million due 124.4
to pricing pressure in loaf and reduced volumes in 120
grocery, predominantly butters & spreads 100 2.6 86.5
New Zealand sales fell 7.4% to AUD564.4 million 80 (31.9)
(1.0)
Australia EBIT fell 57.2% to AUD23.8 million as sales 60
(7.6)
fell 9.5% to AUD654.3 million
40
Australia volumes were broadly in line or better
for all categories except Loaf 20
Pricing was hurt by competitive pressure in Loaf 0
and increased direct marketing expense in 2015
Significant improvement in cost of sales owing to
lower input costs, overhead recoveries and
reduced waste and returns, particularly in loaf

30
2015 Financial Highlights Net Sales & Core Income (USD mln)
3,000
Net sales up 6% in Rupiah terms to IDR31.7 trillion vs.
2,526
IDR30.0 trillion on growth led by Noodles and Dairy 2,500 2,312 2,385 2,360
2,210
Noodle sales up 5% to IDR21.0 trillion on 1% volume 1,977
growth 2,000
Dairy sales up 12% to IDR5.88 trillion as volume rises
17% 1,500
Snack Foods sales down 1% to IDR1.99 billion as 1,000
higher prices offset 9% volume decline
Food Seasonings sales up 9% to IDR1.25 trillion as 500 185 225 231 205 218 222
higher prices offset 3% volume decline
Nutrition & Special Foods sales up 6% to IDR610 0
2010 2011 2012 2013 2014 2015
billion as higher prices offset 4% decline in volume
Beverages sales fall 4% to IDR1.84 trillion on flat Net Sales Core Income
volume, lower prices
Liquidity strong: cash on hand of IDR7.66 trillion
Change in Sales
Outlook 33,000
100 32 32,564
Launch of premium Indomie My Noodlez product 32,500
632
targets 70-million strong youth and child 32,000 1,081
demographic
Entering new business categories, developing food 31,500
service and export businesses to accelerate growth 31,000 30,813
Oil & fats products venture with Tsukishima to 30,500 (81) (13)
produce various margarines, whipped bread filling
cream, batter conditioner and other products 30,000
Purchase of Danones liquid milk business to 29,500
strengthen ability to meet demand for liquid milk
Diaper venture with Japans Oji marks entry into $600
million market with CAGR over 20% in medium term

Before intersegment elimination.

31
 2015 Financial Highlights Revenues & Net Profit (USD mln)
1,600 1,439 1,474
Revenues down 8% to IDR13.8 trillion vs. IDR15.0
1,400 1,262 1,259
trillion on soft commodity prices, lower contribution
1,200 1,029
from both Plantations and Edible Oils & Fats divisions
1,000
Attributable profit of IDR58 billion vs. IDR759 billion 800
on lower sales, higher forex losses and share of losses 600
in CMAA Brazilian sugar investment 400
Lower commodity prices and the weakened IDR were 200
170
115 50 64 4
major factors in full year financial results 0
2011 2012 2013 2014 2015
Operational Highlights
Revenues Net Profit
Strong FFB nucleus and CPO production growth
FFB nucleus production at 3,414,000 tonnes, up 5% Indonesia Planted Area (hectares)
year on year. 4Q15 production up 14% quarter on
quarter 31 Dec. 2014 31 Dec. 2015 Change
In line with this, CPO production came in up 5% year Planted Area 300,050 300,633 0.2%
on year at just over 1 million tonnes, up 14% in 4Q15
at 283,000 tonnes
Planted Oil Palm (1) 246,055 246,359 0.1% (2)
Outlook Mature 185,181 187,400 1.2%
Organic expansion focused on new plantings of oil Immature 60,874 58,959 -3.1%
palm and sugar in Indonesia
CPO production capacity expanding with construction Other Crops 53,995 54,274 0.5%
of new mills and expansion of current mill assets in Rubber 21,697 21,338 -1.7%
2016 Sugar Cane 13,062 13,358 2.3%
Downstream: expansion of Surabaya refinery by 1,000 Others (Tea, Cocoa) 3,067 3,362 9.6%
tonnes/day by 2017 and construction of 200 Industrial Timber 16,169 16,216 0.3%
tonnes/day margarine plant at Tanjung Priok in 3Q15 (1) As at 31 December 2015, the Group has 87,057 ha of planted oil palm plasma area of which 965
Focus on maximizing productivity, tightening control ha were new plantings in 2015.
of costs and continually monitoring supply chain to (2) 2015 new plantings for oil palm were 1,641 ha vs. 6,350 ha in 2014.

improve efficiencies
32
Positioned for the Future EBIT Margin of Business Groups
16%
Strong domestic growth broadly expected over 14%
15.0%
12.2%
medium term with cut in fuel subsidies seen boosting 12%
11.5% 11.5% 10.9%
10.3%
economic growth 10%
56 new products & packaging refreshes in 2015 8%
7.3% 7.0%
Noodle production capacity rising with completion of 6%
4.0% 3.5%
factory in Palembang in November 2015 and in 4%
Cirebon in June 2016 2%
Increased market share in most product categories: 0%
noodles, liquid milk, biscuits, water, RTD tea Indofood CBP Bogasari Agribusiness Distribution
Bogasari flour milling capacity biggest in Indonesia
2014 (left column) 2015 (right column)
Acquired Danones liquid milk business in Indonesia to
boost Indolakto fresh milk business
Construction of a fifth dairy plant (in Purwosari) raises Share of Sales in 2015 (USD mln)
dairy production 40% to 540,000 tonnes/year
New plant produces sweetened condensed milk, ultra-
high temperature milk and sterilized bottled milk Agribusiness
Rapidly expanding palm oil refining infrastructure to Bogasari $899 mln (19%)
prepare for strong increases in CPO plantation output $1.15 bln
(24%) Distribution
RSPO certified palm oil increased by 45,000 tonnes in
$370 mln (8%)
2015 to bring total to 377,000 tonnes or 38% of total
output, creating one of the worlds biggest socially
and environmentally responsible producers of CPO Consumer
Sell-down of China Minzhong stake to simplify Branded Products
Indofoods overall business while retaining strategic $2.35 Bln
interest (49%)
At end-2015 more than 450,000 retail outlets supplied
by Indofood distribution system
External sales only.
33
 Maynilad (USD mln) MPTC (USD mln)
450 413 250
419 Revenues up 1% in USD Revenues up 9% in USD
400 212
terms on higher billed 200 194 terms on traffic growth
350
volume and inflationary and vehicle mix on both
300 tariff increase NLEX and CAVITEX
150
250
198 212 Core income up 8% on Core income up 17% on
200 revenue growth and lower 100
higher equity stake and
150 headcount and provisions slower growth in net
NRW at 29.3% at end-year 48 56 interest expense
100 50
50 vs. 33.9% year-earlier NLEX sees 9% increase in
Billed volume up 4% to 482 traffic, CAVITEX up 8%
0 0
2014 2015 MCM vs. 463 MCM 2014 2015 2015 capex more than
Scheduled rate rebasing doubles to $144 million
Revenues Core Income Revenues Core Income
sees regulatory uncertainty despite tariff freeze

Meralco (USD mln) Hospitals (USD mln)

1,400 1,269 400
1,207 Distribution revenues down 335 Revenues up 6% in USD
1,200 350 317 terms on increase in
5% in USD terms as average
distribution rate falls to 300 outpatients served and
1,000
1.38/kWh from 1.56/kWh high-intensity cases
250
800 Core income up 26% on
Core income up 2% on 83% 200 slower growth in operating
600 increase in non-electricity expenses and lower
408 414 150
revenues financing costs
400
8% decline in pass-through 100 Beds available up 4% at
200 revenues largely on lower 50 22.7 28.7 2,210 vs. 2,134
generation charge 9% rise in doctors to 5,869
0 0
Core EBITDA margin flat at Number of hospitals now at
2014 2015 2014 2015
12% 10 as potential greenfield
Distribution Revenues Core Income Revenues Core Income projects are considered

34
 Maynilad Performance
2015 Earnings Highlights
Revenue growth of 4% in PHP terms to 19.1 billion on 4% 2014 2015 Change
rise in billed volume and inflationary tariff increase of 4.2% Volume Supplied (MCM) 701.0 698.0 -0.4%
Billed volume up 4% to 482 million cubic meters vs. 463 Volume Billed (MCM) 463.2 481.5 4%
million cubic meters a year earlier Consolidated Volume Billed (MCM) 473.4 493.9 4%
Billed customers up 6% to 1.27 million vs. 1.19 million Average NRW (%) 33.9% 31.0% -9%
Population coverage at 9.79 million people vs. 9.68 million End-Period NRW (%) 32.9% 29.3% -11%
End-period non-revenue water down to 29.3% vs. 32.9% End-Period Billed Customers 1,190,062 1,265,625 6%
Capex up 84% to 8.01 billion, focused on wastewater Capex (PHP mln) 4,345 8,005 84%
treatment for public health
Outlook
Service Area & Tariffs
Rate rebasing for period 2013-2017 remains stalled 145 45%
notwithstanding Maynilad victory in arbitration at end-2014 140 40%
MWSS regulator continues to refuse to implement required 135 35%
tariff as Maynilad takes Finance Ministry to international 130 30%
arbitration in Singapore to guide it towards meeting its 125 25%
commitments 120 20%
Actively extending network to unconnected potential 115 15%
customers 110 10%
Acquisition of 10% stake in Subic Water and investment in 105 5%
PhilHydro signal further expansion plans 100 0%
MPIC in joint venture with Manila Water to provide bulk 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
water supply to Metro Cebu Water District
Billed Volume (MCM) Average NRW (%) Period End NRW (%)
Minority shareholder Marubeni (20%) brings technical and
engineering expertise

35
 2015 Earnings Highlights Citi Link (8 km)
Revenues up 12% in PHP terms to 9.69 billion on Part of NLEX concession
strong traffic growth on all toll roads under
NLEX (84 km)
management 200K vehicles/day
Core income up 19% to 2.57 billion on lower
provision for heavy maintenance, higher
shareholding in MNTC and slower growth in net
interest expense Connector Road (8 km)
Subject to Swiss Challenge
Average daily vehicle entries on all four toll roads
under management up 8% in 29=015 to 489,162 Harbour Link (11 km)
Part of
Outlook NLEX concession
Arbitration underway for long-delayed toll increase
on NLEX, compensation of 3 billion is sought for Skyway/SLEX
failure to authorize mandated toll increases in
2013-2015 CAVITEX (14 km)
Arbitration to take up to 18 months 120K vehicles/day NAIA Expressway
Granted Original Proponent Status for 8.3 km
Cebu-Cordova Bridge project for 27.9 billion
Won bid to build 45 km CALA Expressway for 28.7
billion for IRR estimated at 10-14%
CALA Expressway
SCTEX hand-over by Government in October 2015 (45 km)
1.6 billion Segment 9 (2.4 km) opened in 2015
Segment 9 to be followed by 10.5 billion Segment
10 (5.6 km elevated expressway) seen operational
by 2017
10.0 billion 7.6 km expansion of Cavitex sought
18.0 billion Connector Road to see Swiss Note: Roads not yet built are
Challenge later in 2016 portrayed as dotted lines.
36
2015 Earnings Highlights Dividends Rising (PHP/Share)
20.00 100%
Core income up 4% to record high 18.9 billion 18.00 90%
vs. 18.1 billion on lower tax rate and favorable 16.00 80%
impact of rulings on under-recoveries 14.00 70%
Full-year dividend per share also up 4%, to 12.00 60%
10.00 50%
15.08 vs. core EPS of 16.76 for 90% payout
8.00 40%
ratio for second year in a row 6.00 30%
Distribution revenues fell 2% to 55.1 billion 4.00 20%
despite 6% increase in volume sold due to lower 2.00 10%
average distribution rate of 1.49/kWh vs. 0.00 0%
1.61/kWh 2010 2011 2012 2013 2014 2015

Cash and cash equivalent on the balance sheet Core EPS Dividend/Share Payout Ratio (RH axis)

of 50.8 billion at end-2015 with free cash of

20.5 billion
Share of Power Bill (8.26/kWh)
2015 energy sales of 37,124 GWh vs. 35,160
GWh led by 7% increase in residential demand
Subsidies, Taxes,
and 6% in commercial demand followed by 3%
Universal Charge
rise in industrial demand 12%
Distribution
Outlook Generation (Meralco)
Maximum Annual Price stable at 1.38/kWh in 18%
July 2015, up 42% from 0.97/kWh on joining
54%
FIT-Allowance 0.5%
First Pacific Group
Continuing investment in electricity generation Transmission 11%
to assure greater revenue diversification System Loss 4%
Rate rebasing due to begin from July 2015 to
assure continuing stable regulatory regime
37
 New Investment In Light Rail Sharp Rise in Ridership
480,000 18,000
Takeover of LRT1, one of three light rail lines in the 460,000 16,000
National Capital Region, in September 2015 440,000 14,000
Line currently has 20 stations along 20.7 km line from 420,000 402,000
413,000 12,000
Baclaran to Monumento 400,000 387,000 386,000 10,000
377,000
MPIC has 55% stake in Light Rail Manila Corp., 380,000 8,000
alongside Ayala Corp and Macquarie Infrastructure 360,000 6,000
32-year concession and right to build 65 billion rail 340,000 4,000
extension 320,000 2,000

Major improvements already completed include: 300,000 0

Sep Oct Nov Dec Jan
station lighting, elevators, escalators, repair and
refurbishment of rolling stock Daily Passengers (LH axis) Total Trips (RH axis)

Seven stations to be renovated in 2016, further 14 in

2017
Rail replacement planned gradually to allow increase
in train speed to 60kph from 40kph currently to vastly
boost capacity
AFP Beep Card Launches Automated Fare Payments
Cards issued in Q4 2015 totaled 1.3 million vs. target
of 300,000
Beep cards now being used on more than half of all
light rail journeys
In talks to introduce Beep card in retail shops, bus
transportation services and tollways
Revenues seen growing sharply in 2016

38
New Participant in Singapore Power Market Power Block of Power Plant
First Pacific formed 60%-40% joint venture with
Meralco PowerGen (FPM Power) to purchase 70% of
GMR Energy (now renamed PacificLight Power),
Singapores newest power plant
Entered commercial operations in February 2014
Two gas-fired turbines of 400 MW each with net
capacity of 385.5 MW in each turbine
Vesting contracts for 16% of off-take (119 MW) with
remainder available for retail and merchant deliveries
First power plant in Singapore fully fueled by LNG
Class F combined cycle combustion turbine power
project uses some of the worlds cleanest technology
and highest thermal efficiency

Contracted Position (MW) Key Performance Indicators

600

500 2014 2015

400 Market Share
300
Generation 8.5% 9.0%
Retail 3.7% 5.5%
200

100 Plant Data

0
Capacity Factor 58.1% 62.7%
Availability Factor 94.5% 97.1%
Jul 14

Jul 15
Apr 14
May 14
Jun 14

Sep 14

Nov 14

Apr 15
May 15
Jun 15

Nov 15
Jan 14
Feb 14
Mar 14

Aug 14

Dec 14
Jan 15
Feb 15
Mar 15

Aug 15
Sep 15

Dec 15
Oct 14

Oct 15

Trips / Forced Outage 13 3

39
 First Pacific and IndoAgri JV Invests in Philippines Sugar Revenues and Net Profit (USD mln)
250
2015 revenues (year-end is September 30) rose 4% to $148
200 180 187
million from $143 million as a surge in sales of ethanol 180 180
offset a fall in sales of refined sugar 142
150 133
Net profit fell 28% to $7.4 million vs. $10.3 million largely
due to higher cost of raw materials and lower volume of 100
cane milled
The investment in Roxas builds on IndoAgri investment in 50
Brazilian sugar producer and sugar plantation network in 6.7 15.6 11.4 13.8
0.4
Indonesia 0
First Pacific-IndoAgri joint venture bought 34% stake in 2010 2011 2012 2013 2014 2015
-16.9
Roxas Holdings for $56.6 million in November 2013, later -50
raising it to 50.9% in February 2015 Revenues Net Profit
First Pacific holds 70% of joint venture for effective
economic interest of 40.4% in Roxas Holdings
Roxas has milling capacity of 35,500 tonnes of cane per day, Revenue Share 2015
more than 31% greater than the number two Philippine 5%
producer, and market share of 18% of all refining capacity 8% Refined sugar
Alcohol
Key Performance Indicators
31% Raw sugar
2012-13 2013-14 2014-15 Molasses
Raw Sugar Production (mln bags) 6.825 6.152 5.046 27%
Liquid sugar
Refined Sugar Production (mln bags) 2.395 2.057 2.821
Tolling fees
Milling Recovery (Lkg*/tonne of cane) 2.040 1.983 1.938 29% Others
Ethanol Production (mln liters) 14.217 32.258 69.355
EBITDA (PHP mln) 1,806 1,669 966
Return on Equity 8.0% 9.0% 0.2%

40 *One Lkg is one fifty-kilogram bag of sugar.

2015 Earnings Highlights Revenues & Core Income (USD mln)
373
Operating revenues down 14% at 9.36 billion as a 400
result of lower metal prices 350
297
Core income down 19% at 905 million on lower 300
revenues 245
250 217
Realized gold price down 10% to $1,147/oz. 245 205
200
Realized copper price down 23% to $2.29/lb.
129
Cost-cutting initiatives result in 13% decline in 150
operating expenses to 7.32 billion 92
100
On per-tonne basis, cash production cost falls 7% to 50
40 35 25 20
502/tonne vs. 541/tonne
0
2015 Production Highlights 2010 2011 2012 2013 2014 2015
Days of production flat at 357 in 2015 vs. 359
Ore milled at 25,768 tonnes/day, down 3% on-year Revenues Core Income
from 26,479 tonnes/day owing to upgrades and power
outages
Gold production 107,887 oz., up 3% from 105,008 oz. Cash Cost per Tonne (USD/tonne)
Gold grade unchanged at 0.438 grams/tonne 12.50
12.18
Copper production down 4% to 34.1 million lb. vs. 35.4
million lb. on lower grades 12.00
Copper grade worsened to 0.205% from 0.212%
Metal recoveries from mined ore improved as a result 11.50
(0.60)
of process re-engineering and higher efficiencies 0.003 0.04 11.00
11.00
Outlook (0.55) (0.08)
Padcal mine life extended by two years to 2022 with 10.50
declaration of further proved mineral reserves
Definitive Feasibility Study for Silangan Project expected 10.00
in 2016 2014 Cash Labor Materials Power Other Purchase 2015 Cash
Bulk sampling from ore body completed Cost per and expenses Contracts Cost per
Declaration of Mining Project Feasibility approved by Tonne Supplies Tonne
Department of Environment and Natural Resources
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 Positioned for the Future Gold Production Cost & Price (USD/oz.)
Padcal mine life has been extended to 2022 2,000
Efforts are underway to increase production at the 1,500
Padcal mine with resulting volume increase to 1,000
somewhat offset lower grades for gold and copper 500
Exploration of Padcal mine meter levels 800-600 0
results in new measured and indicated resources on 2010 2011 2012 2013 2014 2015
these levels
Silangan Project Update Cost per oz. Avg. Realized Price
Preliminary Feasibility Study for Silangan project
indicates a potential 30-year mine life with production Copper Production Cost & Price (USD/lb.)
costs below $500/oz. of gold and $1.50/lb. of copper 6.00
in the first five years of production 4.00
Silangan production could begin at an initial rate of 5
million tonnes/year 2.00
Bankers have been appointed to identify a strategic 0.00
partner for the Silangan Project 2011 2012 2013 2014 2015

Cash Cost per Troy Oz. Cost per lb. Avg. Realized Price

Labor Grand Total of Mineral Resources

$171 (18%) Metric
Power Purchase Contracts $60 (6%) Cu Au Cu Au
tonnes
$338 (36%) (percent) (g/t) (mln lb.) (000 oz.)
(mln)
Other Expenses $43 (5%)
Padcal 258 0.20 0.37 1,172 3,036
Materials Bumolo 22 0.20 0.30 96 210
& Supplies Boyongan 273 0.52 0.72 3,120 6,300
$326 (35%) Bayugo 125 0.66 0.66 1,820 2,700
Total 678 5,937 11,890
Bumolo is in the region of Padcal. Boyongan and Bayugo are Silangan ore bodies.

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