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Investor Presentation September 2020 Learn More About SM Investments Investor Presentation September 2020 Learn more about SM Investments 2019 Annual Report 2019 Sustainability Report Scanning QR code: 1. Install a QR Code Reader app on your smartphone. 2. Open the QR Code Reader app on your smartphone and scan the QR Code. You will be redirected to where the report can be found. SMIC Investor Presentation 1 Table of Contents The Philippine Economy 3 About SM Investments 4 What’s New In SM? 13 SM Retail 19 Banking 24 SM Prime 27 SM Equity Investments 38 CAPEX 46 Financials 47 SMIC Investor Presentation 2 Philippines: Strong Macroeconomic Fundamentals Young Workforce with Rising Incomes Opportunities GDP Growth Per Capita GDP Median Age . Improved Infrastructure development -9.0% USD3,282 23 . Provincial growth – Luzon, Visayas, Mindanao . Job creation and inclusive growth Consumption Driven Per Capita GNI Population . Agriculture, Manufacturing, Services 72.6% of GDP USD3,592 105M +1.6% p.a. Foreign Direct Investments Inflation and Interest Rate Environment Net External Inflows and ICT Exports . Avg. Inflation rate: 2.5% (Jan-Jul 2020) 51 . Avg. lending rate: 7.1% (Jan-Dec 2019) 6 32 33 Healthy Fiscal and Monetary System 1 35 USD bn USD 20 12 17 14 . Debt/GDP: 48.1% Current Credit Ratings 7 3 . CAR: 16.0% S&P BBB+ Stable 2 19 13 16 . NPLs: 2.1% Moody's Baa2 Stable 9 10 Fitch BBB Stable Malaysia Thailand Indonesia Vietnam Philippines Source: BSP Selected Economic and Financial Indicators Net FDI Inflows Remittances ICT Export Release as of August 28, 2020 Source: The World Bank, Most Recent Data (2019) SMIC Investor Presentation 3 About SM Investments SMIC is a leading Philippine company that is invested in market leading businesses in retail, banking and property. It also invests in ventures that can capture high growth opportunities in the emerging Philippine economy Strong Proxy for Philippine Growth . Market leading consumer-centric businesses . Strong brand franchise . Extensive group synergies Business Enabler . Partner of choice . Access to capital and SM’s extensive network of businesses, customers, tenants and suppliers . Strong management commitment to partner success Culture of Sustainability . Catalyst for development in the communities we serve . Environmental responsibility and disaster resilience . Strong governance and prudent financial management SMIC Investor Presentation 4 Our Investments Core Investments SM Equity Investments 26.4% Retail Banking Property BELLE CORP 34.1% ATLAS MINING 95.0% NEO SUBSIDIARIES 45.3% 22.6% 34.0% NEO ASSOCIATES 77.3% BDO CHINA 49.7% SM RETAIL INC. UNIBANK, BANKING SM PRIME HOLDINGS, INC. 34.0% INC. CORP. CITYMALL 30.5% 2GO GROUP 63.3% MYTOWN 35.0% AIRSPEED FOOD 34.1% MALLS TOURISM HOTELS & HOTELS LEISURE & LEISURE GOLDILOCKS SPECIALTY RETAILERS RESIDENTIAL COMMERCIAL CONVENTIONS THE STORE SM JOINT VENTURES JOINT 34.5% GRABPAY SMIC Investor Presentation 5 Leading Philippine Conglomerate Our three largest companies – SMIC, SM Prime and BDO – comprise over 30% of the value of the Philippine Index Philippine Conglos Philippine Retailers Philippine Banks Property Developers Market Cap (USD bn) Total Sales (USD mn) Total Resources (USD bn) Market Cap (USD bn) SMIC 21.1 SM Retail 6,838 BDO 62.1 SMPH 17.4 JG Summit 9.5 Robinsons 3,146 Metrobank 48.8 Ayala Land 8.7 Ayala Corp 9.5 Puregold 2,984 BPI 43.2 Megaworld 1.9 Aboitiz Equity 5.6 Landbank 40.2 Robinsons Land 1.6 SMC 5.0 PNB 22.3 Vistaland 0.8 Philippine Retailers Metro Pacific 2.2 Store Count China Bank 19.0 Double Dragon 0.7 LT Group 1.9 Security Bank 15.7 Filinvest 0.5 GT Capital 1.8 SM Retail 2,799 RCBC 15.2 Alliance Global 1.2 Robinsons 1,938 UBP 15.2 DMCI 1.1 Puregold 436 DBP 15.1 Source: Bloomberg; Source: Company Information, end-2019 Source: Consolidated statements of Source: Bloomberg; Figures as of August 28, 2020 condition (SOC), FY 2019 Figures as of August 28, 2020 SMIC Investor Presentation 6 Our Business Footprint Metro Manila (NCR) Provincial Penetration Opportunity . 984 retail outlets . 23 malls . 963 bank branches Luzon (ex-NCR) LUZON . 1,490 retail outlets P115k . 40 malls 7.1% . 660 bank branches METRO MANILA 47M Visayas P501k . 261 retail outlets 4.8% . 6 malls 14M VISAYAS . 226 bank branches P105k 6.9% Mindanao 20M . 147 retail outlets . 5 malls . 231 bank branches MINDANAO Total Philippines P96k ISLAND GROUP . 2,882 retail outlets Avg GDP per Capita 7.1% GDP growth 2018 . 74 malls Population . 2,080 bank branches 24M Note: Data as of 1H2020 SMIC Investor Presentation 7 Summary of SMIC Recent Performance Figures in PHP billion except percentages SM Investments 1H 2020 1H 2019 % Chg FY 2019 Recent Events Revenues 185.5 233.7 -21% 501.7 Parent/Group Net Income 7.1 23.0 -69% 44.6 . Submitted a registration statement for PHP30B in bonds under a shelf Net Margin (inc-NCI) 6.8% 15.2% - 13.8% registration of three years ROE 7.5% - - 11.9% . Enrolled PHP5.6B worth of fixed rate notes due 2022 intended for Net Debt:Equity 39:61 - - 36:64 Qualified Institutional Buyers . SM group recognized anew by global index FTSE4Good SM Retail 1H 2020 1H 2019 % Chg FY 2019 Gross Revenues 139.2 169.8 -18% 366.8 Retail Net Income 0.5 5.7 -91% 12.5 . Opened 97 Food and 15 Specialty stores, 83% outside Metro Manila Net Margin (inc-NCI) 0.3% 3.9% - 3.9% . Alfamart currently operating over 900 stores BDO 1H 2020 1H 2019 % Chg FY 2019 Banking Net Interest Income 66.4 56.9 17% 119.9 . BDO to buy out Nomura stake in JV Non Interest Income 24.8 29.5 -16% 60.6 . BDO issued a total of PHP36B in 1.75-year fixed rate bonds with an interest rates of 3.125% p.a. Net Income 4.3 20.2 -79% 44.2 . China Bank Mobile App bags Mobile Banking and Payment Initiative of the Year award SM Prime 1H 2020 1H 2019 % Chg FY 2019 Revenues 43.7 57.1 -23% 118.3 Property Net Income 10.4 19.3 -46% 38.1 . Issued a total of PHP15B in 5-year and 7-year fixed rate bonds with Net Margin 23.9% 33.8% - 32.2% interest rates of 4.8643% p.a. and 5.0583% p.a., respectively ROE 7.0% - - 13.0% . SM Xiamen is scheduled for expansion and will add 120,000sqm Net Debt:Equity 42:58 - - 40:60 SM Equity Investments . Airspeed online delivery platform SpeedFood readies nationwide expansion SMIC Investor Presentation 8 Our ESG Culture We are committed to sustainable growth and alignment with UN Sustainable Development Goals Provide inclusive economic opportunities . Job creation . Inclusive supply chains . Innovative banking products and services Facilitate community development . Public infrastructure building and rehabilitation . Disaster risk reduction Promote environmental responsibility . Responsible consumption . Conservation and preservation of natural environment and biodiversity . Green finance Drive advocacy and awareness . Signatory to UN Global Compact and UN Arise Philippines . Prescribe to the GHG Protocol and CDP . Partnered with GRI for 1st Sustainability Summit in the country SMIC Investor Presentation 9 Supporting our Stakeholders Business growth and social development go hand-in-hand Positive community impact . Construction of public health centers with birthing facilities . Feeding programs and medical missions . School buildings construction and scholarship programs Responsible employment practices . Forbes 2019 Global World’s Best Employer - #183 . 350,000 direct and indirect jobs created . Member of Bloomberg Equality Index Support for MSMEs . 25,000+ MSME’s engaged . Financing, market access and business continuity Anchored on good governance . ASEAN Corporate Governance Award 2019 - #1 in the Philippines Benchmark against global best practices . Forbes 2019 Global Best Regarded Companies - #172 SMIC Investor Presentation 10 Strong Leadership Board of Directors FROM L TO R: TOMASA H. LIPANA, Independent Director • ALFREDO E. PASCUAL, Independent Director FREDERIC C. DYBUNCIO, CEO and President • JOSE T. SIO, Chairman • TERESITA T. SY-COSON, Vice Chairperson HENRY T. SY, JR., Vice Chairman • ROBERT G. VERGARA, Independent Director • HARLEY T. SY, Director Business Leadership Teresita Elizabeth Henry Jr. Hans Herbert Harley BDO and Non-food Hotels and Integrated Property China Bank and Food Retail Non-food Retail Retail Convention Centers Development and Mall Development Residential SMIC Investor Presentation 11 10-Year Performance Assets grew at 12.8% p.a. Market Cap grew 20.3% p.a. 1,144 1,256,380 In PHP Billion 342 2009 2019 Revenue grew at 12.2% p.a. 502 In PHP Million PHP In In PHP Billion 158 2009 2019 Net Income grew at 10.8% p.a. 198,582 44.6 In PHP Billion 16.0 2009 2019 SMIC Investor Presentation 12 What’s New In SM? Call To Deliver MSMEs All Geared to Bounce Back Stronger with SM SM puts the spotlight on its thousands of micro, small and medium enterprise (MSME)-partners through its campaign “Kasama ng SM,” a collective effort across the company to provide immediate and long-term solutions to help businesses bounce back better. Find out more about #SMForMSMEs here. SMIC Investor Presentation 13 SM has got you covered with SM Community Riders Whether its online shopping services, takeout and deliveries or personal shopper program, SM has got you covered with SM Community Riders - taking care of your shopping needs, running errands in the mall or delivering items straight to your doors. SM partnered with over 1,000 riders in North and South Luzon and in Mindanao, helping displaced workers ride their way through the pandemic through the SM Community Riders program. Co-living best safety practices SMDC sets foothold in C5-Ortigas corridor SMDC launches its first of many developments East of the Metro with Gem Residences, located in C5-Ortigas.
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