Investor Presentation

HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com in Asia Copyright © First Pacific Company Limited 3 May 2021. All rights reserved. Consumer Foods Infrastructure Natural Resources Telecommunications

First Pacific has an First Pacific holds an First Pacific has an First Pacific holds an economic interest of 50.1% economic interest of 43.1% economic interest of 31.2% economic interest of 25.6% in Indofood and has an in MPIC, 19.6% in both in Philex and Two Rivers, a in PLDT which in turn owns economic interest of 40.3% Meralco and Global Philippine affiliate, holds 100% of Smart, its mobile in ICBP. Business Power, 47.5% in 15.0%. First Pacific holds an telecommunications PacificLight, 22.8% in effective economic interest subsidiary. Maynilad, and 43.1% in of 42.4% in PXP Energy, Metro Pacific Tollways. 35.9% in IndoAgri, and 50.8% in Roxas Holdings.

2 Economic interest in most holdings can be found on page 29. Earnings Rise, Dividend Up, Share Repurchases Begin

Recurring Profit Up 11% on Indofood, PLDT, Reduced 2020 Recurring Profit (USD mln) 340 Head Office Expenses 7.0 321.2 320 8.0 15.6 o Indofood and PLDT delivered their highest-ever full-year 300 290.0 17.1 revenues on lockdown-induced increases in demand 280 31.0 o MPIC was the sole major holding set back by the 260 7.1 x 11.0 pandemic, but it maintained its dividend as cash flows 240 (42.0) recovered from lows incurred during community (5.4) quarantine 220 13.1 x 3.8 o Contribution from operations rose 4% to $409.7 million 200 vs. $395.6 million as strong performances led by PLP 2019 MPIC Other PLDT Philex 2020 Indofood, PLDT and Philex offset MPIC’s lower Indofood Head Office contribution o Sharply lower interest expense and overheads improved 2020 Head Office Cash Flow (USD mln) Head Office costs by $17.1 million, resulting in an 11% 400 improvement in recurring profit to $321.2 million vs. 350 325.0 189.9 $290.0 million 300 250 o First Pacific recorded net profit of $201.6 million vs. net 200 (78.4) loss of $253.9 million on lower non-recurring losses 150 111.4 (55.2) o FY distribution raised to 14.5 HK cents/share for 2020 vs. 100 7.0 x 11.0(17.3) (14.2) 50 (234.3) (4.1) 13.5 HK cents/share a year earlier 0 o $100 million three-year share repurchase program 13.1 x 11.2 launched to support share price

Closing Cash o Operating companies forecast rise in earnings over the Opening Cash Net Repayments Corp. Overheads Net investments medium term as Southeast Asian economies return to Tax Paid & Others Dividend & FeeDistributions Income Payment growth Net Cash Interest Expense 3 Prudent Capital and Balance Sheet Management

Head Office Balance Sheet as of end-2020 Bonds Outstanding at End-2020 o Gross debt $1.44 billion, gross debt cover 3.7x Principal Coupon Price* Term Maturity o Net debt $1.33 billion, net debt cover 4.0x 4.0 x 12.0 o Cash balance of $111 million US$357.8 mln 4½% 105.150 10-Year 16 April 2023 o Average maturity of 3.9 years US$120.5 mln 5¾% 12.1108.375x 3.77-Year 30 May 2025 o Blended interest cost of 3.5% US$350.0 mln 4⅜% 107.154 7-Year 11 Sept 2027 o Fixed-rate borrowings amount to 74% of the total *Mid-market data 30 March 2021.

o The Company’s interest coverage ratio improved to 3.1x at year-end 2020 o No subsidiaries, affiliates or associates have any recourse to First Pacific Head Office for any of their borrowings o First Pacific’s outstanding bonds (above, right) can be tracked on Bloomberg using FIRPAC

Head Office Borrowings at End-2020 (USD mln) 400 357.8 350.0 300.0 300 210.0 200 7.0 x 22.8 120.5 100.0 100 1.3 x 11.1

0 2021 2022 2023 2024 2025 2026 2027 2028 2029 Bank Loans Bonds

4 Focus on Core Assets & Share Buyback

Indofood (Gross Annual Revenues of $5.6 Billion) o One of the largest food companies in Indonesia Core Assets Are Engines of Growth o One of the world’s largest instant wheat noodle o First Pacific’s key investments are based in the makers growing economies of Southeast Asia o Indonesia’s first global food company following o Our ambition is threefold: the purchase of Pinehill, based in Africa and the o Increase distributable earnings Middle East o Narrow valuation discounts PLDT (Gross Annual Revenues of $3.5 Billion) o Nurture core holdings for growth o The largest telecom services provider in the Philippines Three-Year Share Buyback Program Launched o Delivering the finest customer experience in the o First Pacific is currently trading at a relatively high market discount to its net asset value o Operator of the most technologically advanced o First Pacific has accordingly launched a three-year network in the country $100 million share repurchase program reflecting o Gaining momentum in a new phase of sustained Management’s commitment to reducing our NAV growth in both subscribers and data revenues discount MPIC (Gross Annual Revenues of $0.8 Billion) o Repurchased shares are canceled, immediately increasing NAV per share, earnings per share, and o The largest infrastructure investment holding dividend per share company in the Philippines and expanding in other ASEAN markets o Invested in key critical infrastructure in electricity distribution and generation, toll roads, and water, as well as other growth investments, e.g., petroleum storage and logistics 5 Gross Asset Value of $5.10 Billion

Diversified Investments, Strong Returns Roxas Holdings $22 mln (0.4%) o Balanced weighting of mature and Philex growth investments Group* o Balanced weighting of different sectors $516 o 17 years of growth: Gross Asset Value mln (10%) grew at a compound annual growth rate of 9% from end-2003 to end-2020 o CAGR of 17% in dividend income to First 13 cm Pacific from 2003 to 2020 PLDT Indofood o First Pacific dividend policy of at least $1.47 bln X $1.99 bln 25% of recurring profit since 2010 29% of GAV 39% of GAV o $100 million three-year share repurchase 13 cm program launched in March 2021 11.5 x 4.5

Consumer Foods 39% MPIC Infrastructure 22% $1.11 bln Telecommunications 29% Natural Resources 11% 22% of GAV

Data as of 30 April 2021; rounding may affect totals. Head Office net debt not included. *Includes Philex, PXP Energy, and SMECI notes (see page 22). 6 UNPRI1, UNGC2 & ILO3 Among New Commitments

New Commitments to Global Sustainability Standards Proxy Advisor Ratings o First Pacific’s formal Responsible Investment Policy implements the six United Nations Principles of Responsible Investment1 HS Sustainability Benchmark Index AA- 1st Decile o The Company has signed the United Nations Global Compact2 and ISS Governance QualityScore 1 Best Possible Score committed to its 10 core principles ISS ESG Corporate ESG Performance C Prime Status o First Pacific formally complies with the eight fundamental MSCI ESG Rating BB Up from B in 2019 conventions of the International Labour Organisation3 o Our ESG Reports are available here Sustainalytics ESG Risk Rating 19.2 “Low Risk”

Head Office GHG Emissions (tons of CO2-e) Excellence Award in Governance in Hong Kong 350 35 o First Pacific won the 2020 Award of Excellence in Corporate Governance from the Chamber of Hong Kong Listed Companies 300 30 and Hong Kong Baptist University’s Centre for Corporate 250 25 Governance and Financial Policy o The Company is a member of the Hang Seng Corporate 200 20 Sustainability Benchmark Index with a top decile rating of AA- 7.7 x 11.0 o First Pacific was awarded a “Prime” status by ISS ESG for fulfilling 150 1.3 x 10.6 15 “demanding requirements regarding sustainability performance” 100 10 Emission Reduction Goals Exceeded at Head Office 50 5 o In First Pacific’s 2019 ESG Report, the Company committed to reducing Head Office total GHG emissions by 10% in 2021 and 0 0 15% in 2022 compared with the 2019 figure 2013 2014 2015 2016 2017 2018 2019 2020 o Having met both targets with a 44% fall in total GHG emissions, First Pacific is reassessing its targets, even as operating companies Scope 1 Scope 2 Scope 3 in the Group are encouraged to set their own targets o First Pacific GHG emissions have been verified by CarbonCare Asia GHG/floor area (CO2-e/sq ft) (RH scale)

7 Covid-19 Response

First Pacific Has Stress-Tested its Operations and Indofood Is Gearing up to Help Those in Need Liquidity o In a practice it has followed for many years when Indonesia faces natural disaster, Indofood is helping o The Covid-19 pandemic has coincided with greater authorities to ensure that all regions of the country have demand for many of the products and services provided by adequate food supplies First Pacific Group companies o Like other Group companies, Indofood and its subsidiaries o The Company has prepared several scenarios of potential are following government guidelines for helping to slow impacts on operations and liquidity and isolate the pandemic, such as work-from-home o First Pacific holds sufficient cash resources to meet all cash policies where possible, temperature checks of staff and requirements, including all interest expenses and Head visitors, and other such practices Office overheads plus a reserve o No borrowings fall due in 2021 PLDT Is Ensuring its Data Network Remains Robust o FPC pandemic response at Head Office included o PLDT is carrying out its public service obligation to ensure temperature checks at building entrances, work-from- that its data network is prepared to withstand greatly home procedures where necessary, and persistent increased demands for bandwidth advocacy of thorough hand-washing, social distancing and o It has introduced data discounts and giveaways to protect the wearing of masks public access to news and information o All business travel remains suspended indefinitely o PLDT has strengthened sanitation measures at stores and service centers and introduced temperature checks Philex and Roxas Are Helping Their Communities MPIC Companies Are Adjusting to Evolving Demand o Philex, a large gold and copper mining company, has o The toll roads business has introduced electronic introduced pandemic response policies at all its sites contactless payment at all tolls o Roxas, a sugar and alcohol producer, is producing 70% o Meralco is observing declines in electricity demand from ethyl alcohol for use in hand and surface disinfectants for the industrial and commercial sectors while residential use in hospitals and public places demand rises with more people staying home o The Maynilad water company reports it has sufficient reserves of water o MPIC’s 20%–owned hospitals business continues to redirect capacity to help cope with the Covid-19 pandemic 8 Noodles Lead Earnings to Record High

FY 2020 Financial Highlights Net Sales & Core Income (USD mln) 6,000 o Net sales rose 7% to IDR81.7 trillion vs. IDR76.6 trillion on 10% sales 5,414 5,004 5,237 5,136 5,583 growth at Consumer Branded Products division followed by the 5,000 Agribusiness, Distribution and Bogasari flour and pasta divisions o Core income rose 22% to IDR6.0 trillion vs. IDR4.9 trillion driven by 4,000 sales growth, contribution from Pinehill noodle maker purchased in 3,000 August 2020, and stronger gross profit margin 6.5 x 11.2 o Unit performance*: 2,000 12.9 x 3.8 o CBP sales up 10% to IDR46.6 trillion, EBIT up 27% to IDR9.1 1,000 trillion driven by Noodles and Food Seasonings 299 320 279 346 407 o 0 Bogasari sales up 1% to IDR23.0 trillion, EBIT up 10% to IDR1.8 2016 2017 2018 2019 2020 trillion Net Sales Core Income o Agribusiness sales up 7% to IDR14.6 trillion, EBIT tripled to IDR1.5 trillion vs. IDR 495 billion o Distribution sales up 10% to IDR4.6 trillion, EBIT down 24% to Overall Sales (IDR bln) IDR162 billion Outlook o Robust sales growth is seen continuing at CBP, driven by Pinehill 4,562 12,126 operations in Africa, the Middle East and Southeastern Europe, supported by strong product innovation 18,358 Agribusiness 15% o Further expansion of CPO milling facilities to support production 7.6 x 11.2 growth, while expansion in flour milling and dairy will also boost CBP 57% production capacity Bogasari 22% 12.9 x 10.7 Distribution 6% o Continued development of food services channels and export 46,686 business will continue to accelerate growth o With market leading positions in many categories, supported by an extensive and growing distribution network, Indofood’s products are readily available across Indonesia, and well positioned to capture growth in the FMCG sector *Before elimination and unallocated expenses. 9 Earnings Surge on Pinehill

FY 2020 Financial Highlights Net Sales & Core Income (USD mln) 3,500 3,186 o Net sales rose 10% in Rupiah terms to IDR46.6 trillion vs. 2,990 3,000 IDR42.3 trillion on growth led by Noodles and Food 2,580 2,657 2,688 Seasonings with addition of four months of Pinehill 2,500 contribution 2,000 o EBITDA rose 24% to IDR10.7 trillion vs. IDR8.6 trillion on slower growth in cost of goods sold 1,500 7.0 x 11.0 o EBIT margin rose to highest-ever 19.7% vs. 17.5%, lifted by 1,000 13.1 x 3.7 Beverages margin narrowing to -2.1% vs. -8.5% and the 365 398 500 276 298 295 Snack Foods margin swung to 11.1% vs. -1.6% o Core income rose 13% to IDR5.8 trillion vs. IDR5.2 trillion 0 2016 2017 2018 2019 2020 o ICBP to remain focused on maintaining supply and quality of products while continuing to improve competitiveness Net Sales Core Income o With steady and strong sales growth, Indomie noodles remain well regarded all over the world Change in Reported Sales (IDR bln) 48,000 256 18 46,641 47,000 516 294 Overall Sales (IDR bln) 46,000 4,255 45,000 2019 2020 Change 44,000 43,000 42,298 7.1 x 11.0 Noodles 27,712 31,967 15% 42,000 41,000 Dairy 8,049 8,305 3% (626) (369) Snack Foods 6.02,637 x 11.52,931 11% 40,000 13.1 x 11.1 39,000 Food Seasonings 2,356 2,872 22% 38,000 Nutrition & Specialty Foods1.3981 x 12.1999 2% Beverages 1,884 1,258 -33% Dairy NSF* Noodles Beverages Fix rounding difference (1,322) (1,691) 28% 2019 Sales Elimination 2020 Sales Snack Foods Total 42,297 46,641 10% Food Seasonings *Nutrition and Specialty Foods 10 Note: Figures are before elimination. Pinehill Joins the FPC Group

Noodles Business Is the Driver of Growth o Noodles contributed approximately 81% of EBIT at ICBP in 2020 o Noodles contributed the bulk of sales growth in 2020 and will benefit from 12 months of contribution from Pinehill in 2021 o Pinehill Group noodle sales will add significantly to ICBP’s annual sales of instant noodles o Instant noodle consumption in Pinehill’s markets averages only 12 packs per person per year, or a CPC of 12, compared with a figure of 50 for domestic noodle consumption in Indonesia o ICBP is a Halal producer, making its products ideal for the eight Pinehill home markets and surrounding countries Home markets o New product launches are planned to cater to the Neighboring markets taste profile of the consumers in respective countries o Initiatives include the introduction of new packaging Export markets bring total population size (jumbo size) for consumers who prefer to have to 885 million potential consumers bigger size of noodle consumption

11 Data Drive Revenues to Record, Core Profit Up

Revenues & Core Income (USD mln) FY 2020 Financial Highlights 4,000 3,508 o Service revenues rose 8% to record high ₱173.6 3,500 3,298 3,000 2,892 3,129 billion due to an 18% surge in data and 3,000 broadband revenues, partly offset by lower SMS 2,500 revenues and voice revenues in wireless and 2,000 6.1 x 12.9 fixed line businesses 1,500 o 1,000 584 548 EBITDA* rose 7% to ₱88.8 billion on stronger 549 491 487 service revenues offset by higher cash opex and 500 11.2 x 3.8 provisions 0 o Telco core income rose 4% to ₱28.1 billion on 2016 2017 2018 2019 2020 higher EBITDA, offset by higher depreciation and Service revenues Core Income net financing costs o Net debt/EBITDA unchanged at 2.11x after Change in Service Revenues* (PHP mln) issuance of record-setting 30-year bond at 3.45% 180, 000 620 175, 000 4,657 173,634 13,749 Outlook 170, 000 o Service revenues seen rising at high-single-digit rate 165, 000 161,355 (503) to consecutive record high in 2021, led by data 160, 000 o 2021 full-year telco core profit seen at ₱29-30 billion 8.0 x 12.9 o 5G mobile services are live, building on technology 155, 000 (2,983) (2,979) (282) and customer experience leadership in the market 150, 000 11.2 x 10.2 o Special dividend of 5% of telco core profit for 2021 under consideration in addition to regular 60% rate 145, 000 o 2021 revised capex budget of ₱88-92 billion to focus SMS on 5G and LTE, transport/backhaul expansion, and data center capacity to maintain market leadership in Mobile Voice Mobile Data Home Broadband technology, service quality, and customer experience Fixed Voice & Misc. 2019 Service Revenues Inbound Roaming et al 2020 Service Revenues *ex-manpower reduction program costs. Wireless Fixed Line Corp. Data, Data Centers 12 *Gross of interconnection costs. All Three Main Businesses Deliver Record Revenues

Individual Business Leads Growth in Mobile Data Surge Shareholder Returns Data as a % of Revenues o 2020 Individual service revenues rose 15% to ₱82.7 billion, Core EPS ₱ 130 Individual 75% now 49% of total revenues 3.1 x 5.4 3.1 x 5.4 FY Dividends/Share ₱ 78 Home 80% o Individual business seen continuing strong revenue growth Dividend Payout Ratio 60.0% Enterprise 70% on strength of industry-leading customer experience 12.9 x 3.8 18.7 x 3.8 Dividend Yield 5.8% Total 73% o Exploding take-up of LTE handsets and SIMs doubles data usage and multiplies Smart’s network advantage o Mobile data consumption on Smart network overtook Change in EBITDA ex MRP (PHP bln) 100.0 industry rival in 3Q 2019; lead continued to widen in 2020 13.8 o Pre-paid daily top-ups rose 18% in 2020 to record high 95.0

90.0 88.8 Businesses Continue to Choose PLDT Enterprise First (5.3) 83.1 5.9 x 11.0 (2.8) o 2020 Enterprise service revenues rose 5% to ₱41.2 billion 85.0 as demand for work-from-home services offset effects of 80.0 13.1 x 7.4 pandemic lockdown 75.0 o Enterprise revenues now make up 23% of service revenues 2019 Higher Higher Cash Higher 2020 o New opportunities seen in e-learning, telemedicine, EBITDA Revenues Op ex Provisions EBITDA increasing work-from-home o Some billing was suspended temporarily under ECQ Home Business Building Fixed Wireless for Fresh Surge

o 2020 Home service revenues rose 11% to ₱41.4 billion, now 25% of all service revenues o Monthly installations seen reaching 100,000 in 2021, up from 75,500 in 4Q 2020 o Stronger take-up of fixed wireless while payment terms extended o Total homes passed up 25% since end-2019 to 9.0 million, port capacity up 16% to 4.06 million, fiber footprint up 33% to 429,300 cable km, now reaching 48% of all cities nationwide

13 Industry Observers Agree Which Provider Is Best

PLDT Network Is the Country’s Best, Say Observers Integrated Fixed & Wireless Network Architecture o Independent industry observers agree PLDT’s customer o Demand-driven capex/service revenues ratio was 41% in 2020, experience is the market’s best in both fixed and wireless resulting in fast monetization of investment o In April 2021 report, Opensignal said “Smart has achieved a o Mobile data traffic rose 79% to 2,881 Pb in 2020 rare and remarkable achievement” in winning all 7 categories o Number of 4G LTE base stations rose 5,600 in 2020 to 30,200, o Ookla 2H20 fixed-line data is at bottom, below triple the end-2017 figure, 3G base stations up 2,500 to 16,200 o Smart has won Ookla’s Speedtest Award for Fastest Network o Smart now offers LTE and 3G coverage to 96% of the Philippine in the Philippines for three years in a row in 2018-2020 population; 84% of subs have LTE (74%) or 3G (10%) handsets o Ookla said in 1Q 2021 that Smart has the fastest 5G network o Total capex for past 10 years of ₱460.7 billion has built a strong in the Philippines, double the speed of Globe Telecom foundation for continuing earnings growth o 2021 capex targets include: o 2021 focus on 5G coverage and rollout, ensuring no LTE o Adding more than 3,800 5G base stations congestion, transport/backhaul expansion and transformation o Adding more than 4,000 LTE base stations by “fibering” the base stations, extending fiber footprint for o Adding 1.7 million FTTH ports capacity and resiliency, and further expansion of data center o 125,000 km of new fiber capacity to meet demand from hyperscalers

Download Speed (Mbps) Upload Speed (Mbps) 4G Availability (% of time)

Smart 3.0 x 7.0 Smart 3.0 x 7.0 Smart 3.0 x 7.0 Globe 1.3 x 11.3 Globe 9.2 x 11.3 Globe 17.3 x 11.3 0 5 10 15 20 0 1 2 3 4 80 82 84 86 88 Source: Opensignal, 1Q 2021 data.

Top Download Speed (Mbps) Top Upload Speed (Mbps) Speed Score

PLDT 3.0 x 7.0 PLDT3.0 x 7.0 PLDT3.0 x 7.0 Converge ICT Converge ICT Converge ICT Sky 1.3 x 14.7 Sky9.2 x 14.7 17.3Sky x 14.7 Globe Globe Globe

0 50 100 0 50 100 0 10 20 30 14 Source: Ookla, 2H 2020 data. Toll Roads Electricity Water Hospitals Others 45%-100% stakes 46% stake 53%-100% stakes 20% 20%-99% stakes

45.5% 18 Hospitals 6 Cancer Centers

100% § Largest healthcare provider in the Philippines § Present in all major island groups Philippine 100% § Largest water Coastal § Serving 3.7 mln Storage utility in the outpatients and country 200,000 inpatients § Serving 9.75 mln annually people § Approximately § Aim to increase 8,600 accredited medical doctors § Meralco is the clean water supply § Approximately Philippines’ largest to 2,500 MLD from electricity distributor 1,859 MLD 3,600 beds § Targeting growth to § Mgen and GBP are its currently power generation arms 5,000 beds in total

*Economic interest in Meralco and Global Business Power, respectively.

15 MPIC & Businesses Remain Resilient

FY 2020 Financial Highlights The Move from Revenue Decline to Growth in 2021 o Contribution from operating companies fell 26% to ₱15.4 o 2020 financial performance was driven by the economic billion vs. ₱20.9 billion on lower contributions from all contraction accompanying the Covid-19 pandemic, resulting in major businesses lower toll road traffic, decreased industrial and commercial demand for power and water, and suspended and then o Core income declined 34% to ₱10.2 billion vs. ₱15.6 billion reduced light rail services o Non-recurring expenses were ₱5.5 billion vs. gain of ₱8.3 o Earnings also affected by extension of payment schemes billion providing relief to customers and government-mandated o MPIC Head Office holds cash of ₱22.5 billion following the moratorium on disconnections for nonpayment sell-down of Hospitals and Rail businesses o All businesses are directly benefitting from the easing of o Gradual recovery in the Power, Toll Roads, Water and mobility restrictions other businesses has been ongoing since demand o 2021 earnings seen rising as gradual exit from community troughed in 2Q 2020, returning gradually to overall growth quarantine increases demand for the services provided by MPIC businesses

Revenues & Core Income (USD mln) Change in Contribution (PHP mln) 1,800 22,000 1,576 1,710 20,891 1,600 20,000 1,400 1,241 1,251 18,000 1,200 (2,791) 940 1,000 7.0 x 11.3 16,000 (1,024) 256 15,365 (822) 7.0 x 11.1(659) 800 14,000 (487) 600 1.3 x 11.1 12,000 13.0 x 11.1 400 254 286 303 280 207 200 10,000

Rail 0 2019 2020 Power Water 2016 2017 2018 2019 2020 Hospitals Toll Roads Revenues Core Income Logistics & Others 16 Demand Shift Amid COVID-19 Hurts Profits

Distribution Revenues & Core Income (USD mln) FY 2020 Financial Highlights & Outlook: Meralco 1,600 o Distribution revenues fell 8% to ₱60.6 billion vs. ₱65.9 1,400 1,278 1,223 billion on lower volumes and 1% decline in average 1,193 1,183 1,200 1,177 distribution tariff to ₱1.39/KWh o Core income fell 9% to ₱21.7 billion vs. ₱23.8 billion on 1,000 higher provisions for expected credit losses 800 o Higher residential demand offset much of the decline in 7.6 x 12.2 600 462 439 demand by industry 411 401 425 o Volume sold fell 7% to 43,572 GWh, seen rising in 2021 400 11.9 x 3.8 o Bulacan Solar Power Plant to go online in 1Q 2021 with 200

capacity of 50MWac/80.9MWdc 0 o Purchase of GBP from MPIC consolidates power 2016 2017 2018 2019 2020 portfolio and strategy under one parent company Distribution Revenues Core Income

Note: Meralco franchise until 2028.

FY 2020 Financial Highlights & Outlook: GBP Energy Fee & Others, Core Income (USD mln) 300 269 o 261 256 274 Energy fee and other revenues fell 6% to ₱13.3 billion 250 vs. ₱14.1 billion on lower prices and WESM demand 200 6.2 x 12.2 o Core income fell 13% to ₱2.4 billion vs. ₱2.7 billion due 150 to lower energy fee and other revenues, provisioning 100 11.9 x 12.2 for receivables 57 47 53 48 50 o Volume of energy sold rose 2% to 4,929 GWh, seen 0 rising further in 2021 2017 2018 2019 2020 Energy fee and others Core Income 17 Return to Growth Seen Following End of ECQ

Revenues & Core Income (USD mln) FY 2020 Financial Highlights & Outlook: Toll Roads 400 359 o 350 Revenues fell 27% to ₱13.6 billion vs. ₱18.5 billion on 294 300 a sharp fall in traffic owing to ECQ lockdown but is 250 260 275 now recovering 250 o Core income declined more steeply, by 49% to ₱2.7 200 6.1 x 11.1 150 billion vs. ₱5.3 billion on lower contribution from 102 100 69 78 84 offshore road investments, higher interest expenses, 13.0 x 3.8 55 50 and interest cost recognition on completed projects 0 o Dividend payments seen lower owing to lower traffic 2016 2017 2018 2019 2020 Revenues Core Income

Note: NLEX concession until 2037; SCTEX until 2043; CAVITEX until 2033/2046.

Revenues & Core Income (USD mln) FY 2020 Financial Highlights & Outlook: Water 500 465 463 o Maynilad revenues fell 4% to ₱22.9 billion vs. ₱24.0 450 424 412 418 billion as growth in low-tariff residential demand 400 partly offset lower commercial demand which 350 300 normally pays a higher tariff than residential 250 7.0 x 11.1 o Core income fell 15% to ₱6.5 billion vs. ₱7.7 billion on 200 150 146 147 150 lower revenues, higher amortization and net interest 150 13.0 x 11.0 131 expense 100 o Dividend payments remain on hold amid continuing 50 concession uncertainty; resolution seen by 2021 year- 0 end 2016 2017 2018 2019 2020 Revenues Core Income

Note: Maynilad concession until 2037. 18 Profit Leaps on Surging Metal Prices

1Q 2021 Financial Highlights Operating Revenues & Core Income (USD mln) 250 o Operating revenue rose 38% to ₽2.4 billion vs. ₽1.7 198 200 158 171 billion as a result of a surge in the average realized price 143 of copper, offset in part by a stronger Peso and lower 150 4.8 x 11.9 gold production 100 o Cash production costs were flat at ₱539/ton vs. 49 50 33 23 34 ₽541/ton on lower costs for materials and supplies, as 1112.2 3x 3.8 2 11 well as other expenses, offset by higher power and 0 purchase contracts costs 2017 2018 2019 2020 1Q20 1Q21 o Core income rose five-fold to ₽540 million vs. ₽103 Revenues Core Income million a year earlier on higher operating revenue as a result of higher metal prices o Realized gold price rose 11% to $1,781 vs. $1,600 per oz. Outlook o Realized copper price rose 68% to $3.95 vs. $2.35 per lb. o 2021 business direction to focus exploring the extension of Padcal mine life beyond the current 2022 scheduled closure o Strategic partner being sought for Silangan Project in Mindanao 1Q 2020 Production Highlights o Volume of ore milled rose 2% to 2.03 million tons vs. Silangan Mineral Resource Estimate 1.97 million tons o Gold output 13,413 oz., down 5% from 14,159 oz. Metric o Gold grade 0.273 grams/ton vs. 0.283 grams/ton tonnes Cu Au Cu Au o Copper output was flat at 6.8 million lb. vs. 6.7 million (mln) (percent)4.6 x(g/t) 10.7(mln lb.) (‘000 oz.) lb. Measured 438 0.55 0.67 5,280 9,390 o Copper grade at 0.187% vs. 0.188% Indicated 133 0.43 0.47 1,260 2,010 o Co-production operating cost per ounce of gold was Total M&I 571 0.521.3 x0.62 13.1 6,540 11,400 $1,263 vs. $1,330, and $2.80 vs. $1.95 per pound of Inferred 224 0.36 0.48 1,790 3,490 copper produced Total 795 0.47 0.58 8,320 14,890

19 Appendix Shareholder Information Selected Financial Data

20 Senior Management of First Pacific

Joseph H.P. Ng Chris H. Young Manuel V. Pangilinan John W. Ryan Ray C. Espinosa Associate Director Executive Director & CFO Managing Director & CEO Associate Director Associate Director

Richard P.C. Chan Peter T.H. Lin Stanley H. Yang Marilyn A. Victorico P. Vargas Exec. Vice President, Exec. Vice President, Exec. Vice President, Victorio-Aquino Associate Director Financial Controller Tax & Treasury Corp. Development Associate Director

21 Adjusted NAV per Share

At At 30 April 31 December 2021 2020 US$ millions Basis Indofood (i) 1,985.8 2,143.9 PLDT (i) 1,464.8 1,541.5 MPIC (i) 1,112.8 1,178.5 Philex (i) 322.4 235.2 PXP (i) 88.9 127.3 FP Natural Resources (ii) 21.8 27.2 Head Office - Other assets (iii) 104.7 104.9 - Net debt (1,294.5) (1,319.5) Total Valuation 3,806.7 4,029.9 Number of Ordinary Shares in Issue (millions) 4,341.5 4,344.9 Value per share - U.S. dollars 0.88 0.93 - HK dollars 6.81 7.23 Company's closing share price (HK$) 2.66 2.47 Share price discount to HK$ value per share (%) 60.9 65.8

(i) Based on quoted share prices applied to the Group’s economic interests. (ii) Based on quoted share price of RHI applied to the Group’s economic interest. (iii) Represents the carrying value of SMECI’s notes.

22 Contribution & Profit Summary

Contribution to Turnover Group profit For the year ended 31 December 2020 2019 2020 2019 US$ millions (Restated) Indofood 5,583.1 5,414.4 194.4 163.4 PLDT - - 134.9 119.3 MPIC 825.5 1,239.8 84.8 126.8 Philex - - 8.0 1.0 FPM Power 571.0 713.4 (2.5) (10.5) FP Natural Resources 150.9 217.4 (9.9) (7.2) FPW - - - 2.8 Contribution from operations 7,130.5 7,585.0 409.7 395.6 Head Office items: – Corporate overhead (19.7) (20.8) – Net interest expense (60.0) (76.5) – Other expenses (8.8) (8.3) Recurring profit 321.2 290.0 Foreign exchange and derivative gains, net 34.1 6.8 Gain on changes in fair value of biological assets 0.1 3.0 Non-recurring items (153.8) (553.7) Profit/(loss) attributable to owners of the parent 201.6 (253.9)

23 Head Office Net Debt & Cash Flow

Cash and cash US$ millions Borrowings equivalents Net debt At 1 January 2020 1,655.6 (325.0) 1,330.6 Movement (224.7) 213.6 (11.1) At 31 December 2020 1,430.9 (111.4) 1,319.5

Head Office Cash Flow For the year ended 31 December 2020 2019 US$ millions Dividend and fee income 189.9 165.1 Head Office overhead expense (17.3) (17.8) Net cash interest expense (55.2) (72.5) Tax paid (0.6) (0.4) Net Cash Inflow from operating activities 116.8 74.4 (Net investments)/net proceeds on sale of investment(i) (14.2) 218.8 Financing activities - Distributions paid (78.4) (66.6) - (Repayment of)/new borrowings, net (234.3) 13.5 - Others (3.5) (4.6) Net (Decrease)/Increase in cash and cash equivalents (213.6) 235.5 Cash and cash equivalents at 1 January 325.0 89.5 Cash and cash equivalents at 31 December 111.4 325.0

(i) Principally represent net proceeds from disposal of Goodman Fielder less investments in PLP in 2019.

24 Group Net Debt and Gearing

Consolidated At 31 December 2020 At 31 December 2019

Net Total Gearing Net Total Gearing US$ millions Debt(i) Equity (times) Debt(i) Equity (times) Head Office 1,319.5 1,621.2 0.81x 1,330.6 1,740.0 0.76x Indofood 2,548.1 5,598.2 0.46x 664.2 3,886.0 0.17x MPIC 3,762.8 5,079.5 0.74x 3,361.0 4,842.5 0.69x FPM Power 468.4 (42.9) - 448.5 - - FP Natural Resources 106.8 55.3 1.93x 174.1 167.0 1.04x Group adjustments(ii) - (1,682.8) - - (1,877.5) - Total 8,205.6 10,628.5 0.77x 5,978.4 8,758.0 0.68x

Associated Companies At 31 December 2020 At 31 December 2019

Net Total Gearing Net Total Gearing US$ millions Debt(i) Equity (times) Debt(i) Equity (times) PLDT 3,801.1 2,492.0 1.53x 3,321.2 2,296.6 1.45x Philex 182.6 504.5 0.36x 187.2 453.6 0.41x

(i) Includes short-term deposits and restricted cash. (ii) Group adjustments mainly represents elimination of goodwill arising from acquisitions prior to 1 January 2001 against the Group’s retained earnings and other standard consolidation adjustments to present the Group as a single economic entity.

25 Proven Track Record in the Capital Markets

$152 mln bond tender $215 mln Bond ($69 mln of 2010 7-yr) Redemption Over a Decade of Strong Market Performance ($83 mln of 2010 10-yr) (2012 7-yr) o First Pacific has issued a total of six bonds totaling over $2 billion in the decade from 2010 $220 mln bond tender $252 mln Bond o Three of those issuances, totaling $1.1 billion, ($160 mln of 2012 7-yr) Redemption ($60 mln of 2010 10-yr) (2020 10-yr) have fully redeemed o The three remaining outstanding bonds total $219 mln Bond $54 mln Bond $828 million Redemption Repurchase (2010 7-yr) (2018 7-yr)

2009 2010 2012 2013 2017 2018 2019 2020

$282 mln Rights Offer $500 mln Rights Offer (one-for-five (one-for-eight at HK$3.40/share) at HK$8.10/share)

7-yr $300 mln 7.375% 7-yr $400 mln 6.00% 7-yr $175 mln 5.75% 7-yr $350 mln 4.375% Secured Bond Unsecured Bond Unsecured Bond Unsecured Bond (redeemed) (redeemed) ($121 mln outstanding) ($350 mln outstanding)

10-yr $400 mln 6.375% 10-yr $400 mln 4.50% Secured Bond Unsecured Bond (redeemed) ($358 mln outstanding)

26 Shareholding Structure of the Company

Shareholder Breakdown Investor Mln Shares % Stake 1 Brandes Investment Partners 331 7.6% 2 GIC Asset Management 145 3.3% 3 Lazard Asset Management 142 3.3% 4 All Seafarer Capital Partners 97 2.2% 5 Letko, Brosseau & Associates 79 1.8% Others 6 Gokongwei Investors 68 1.6% 15% 7 Dimensional Fund Advisors 67 1.6% 8 Guthrie Venture 66 1.5% 9 The Vanguard Group 64 1.5% 10 Capital International Los Angeles 58 1.3% Salim 11 Prusik Investment Management 54 1.2% 13.4 x 13.4Group 12 M&G Investment Management 48 1.1% 13 Oldfield Partners 47 1.1% 1.3 x 4.5 44.3% 14 Capital International Geneva 45 1.0% 15 Marathon Asset Management 44 1.0% 16 BlackRock Fund Advisors 44 1.0% 17 Neon Liberty Capital Management 44 1.0% 18 Charles Schwab IM 39 0.9% 19 GMO 36 0.8% Letko 20 Maple-Brown Abbott 29 0.7% Seafarer 21 Hof Hoorneman Bankiers 27 0.6% Lazard 22 Banque Pictet & Cie 25 0.6% GIC Brandes 23 BofA Securities 21 0.5% 24 Value Square 19 0.4% Remaining Board Directors & Mgt 2.4% 25 Morgan Stanley Asia 17 0.4% Data as of 29 March 2021. Analysis counts 267 minority shareholders. Total shares out 4,344,931,044; free float 2,307,648,338. 27 Insider Ownership & Institutional Shareholder Statistics

Turnover Total Interest of Directors Unvested Shares Share Awards Options Anthoni Salim NED, Chairman 1,925,474,957 - - Not Stated Manuel Pangilinan ED, CEO 70,493,078 - - 32% Low Chris Young ED, CFO 6.5 6,774,906x 16 1,610,283 - 6.5 x 6.5 Tedy Djuhar NED - - - 59% Axton Salim NED 8.1 x 3.6 - - - 0.07% Holding periods: 1.3Low: x Longer 3.6 than 3 years Benny Santoso NED - - 5,167,600 Very Active Medium Medium: 2-3 years Edward Chen INED 2,627,559 319,000 - High: 1-2 years Philip Fan INED 9,749,652 319,000 - 9% Very Active: <1 year Madeleine Lee INED 600,000 - 3,828,000 Margaret Leung INED 1,769,652 319,000 - Blair Pickerell INED - 937,000 -

Geography Investment Style Concentration

Rest ANZ 5% of Asia The Europe 8% 4% Rest Not Stated Growth 11% 27% 27% Next 25 Top 10 North 7.1 x 7.1 12% 7.1 x 7.1 Hong Kong 12% America 50% of all shares 7.1 x 7.1 held by institutional 48% Other 2.5%9.15 x 11.1 17.0 xinvestors 11.1 are held by 1.3 x 11.1 the top 10. Quant 4% Value Next 15 Singapore 12% 22% 28% UK Index 7% 12% Multi-Style 11%

28 All pie chart data on this page are as of 29 March 2021; directors’ interests are as of 30 April 2021. Percentage totals may be affected by rounding. FPC’sFPC’s EconomicEconomic 25.6% 25.6% InterestInterest 43.1% (%)(%) 50.1% 19.6% 40.3%

19.6% 40.3% Pinehill 47.5%

43.1% 35.9%

22.8% 29.9%

19.3% 17.8%

43.1% 13.0%

32.9% 50.8%

8.6% 15.4% 46.2% 42.4% 46.2%

29 Notes

30 IMPORTANT NOTICE

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 other companies it is invested in, 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. “Ton” and “tons” refer to the metric unit of mass.

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31 Contact Us

First Pacific Company Limited (Incorporated with limited liability under the laws of Bermuda)

24th Floor, Two Exchange Square 8 Connaught Place, Central Hong Kong Tel: +852 2842 4374 Email us at [email protected]

firstpacific.com

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