Investor Presentation November 2019 Section 1 FDC at a Glance Diversified range of market-leading businesses that target the underserved middle market

Real Estate & Hospitality Banking Power Others – Sugar & Infra

Pacific Sugar 65%1 100% 78%1 100% Holdings 100% 93%1 Clark Consortium 42.5% NAIA Consortium TBC

• One of the leading • Manages c.1,800 keys • Most consumer • Early mover into the • Operates sugar mill, real estate developers in significant growth focused bank in retail Mindanao power refinery and sugarcane in the with areas across the and middle-market sector farms that provide residential land bank of Philippines corporate segments stable cash flows 2,236 ha • Operates a 405MW • First mover advantage • One of the largest clean coal thermal • Led a consortium that • Developed over to invest in the consolidated branch power plant in was awarded a 25-year 200 projects and Clark region store networks with Mindanao Operation and 3,000 ha of land a total of 467 branch Management (“O&M”) • Obtained a provisional stores • Offtake agreements for contract for Clark • Develops integrated casino license from a total of 302 MW4 International Airport self-contained PAGCOR2 for its 201 ha • Ranked 2nd in auto with 17 distribution masterplanned cities integrated resort in loans in the Philippines utilities and an • Member of the and “REIT-able” assets Clark industrial customer in consortium that was Mindanao awarded NAIA Original Proponent Status ("OPS")

Respective bubbles represent % ownership Source: Company information Notes: 1 Directly and indirectly 2 PAGCOR = Philippine Amusement and Gaming Corporation 2 3 In terms of credit card receivables in 2018, according to Credit Cards Association of the Philippines 4 Includes 70MW subject to SC ruling requiring the distribution utility to submit a DOE certification to the ERC that they have complied with CSP Rules. From its humble beginnings, FDC has grown to become a major conglomerate with a market cap of US$2.3bn1

Amongst the top 6 publicly-listed conglomerates in terms of assets1

Amongst the top 35 publicly-listed companies in terms of market capitalization1

Original shophouse office in 1955 3

Note: 1 As of 30 September 2019 on the Philippine Stock Exchange 3 Targeted diversification strategy to capture growth sectors and create synergies

Infrastructure Sustainable Hospitality Solutions 2018 Hospitality 2017 Won OPS for Ninoy Completed Phase 1 of Aquino International the largest district Airport as part of the cooling system in the NAIA Consortium Banking 2008 2012 Philippines under Chroma Hospitality PDDC1, a JV Real Estate 1989 Hospitality Inc. Corporation with Engie and FDC 2019 Filinvest Land, Inc 1994 formed formed Utilities, Inc. Signed O&M concession incorporated East West Banking with FDC holding agreement for Clark 60% interest 1967 Corporation International Airport incorporated Filinvest Realty 2016 Launched an innovation Corporation 1993 Filinvest Mimosa, Inc. and logistics park at incorporated Sugar Power incorporated FLI listed on the PSE New Clark City 1973 Filinvest 2009 Signed JV with Hitachi to Filinvest , Inc. 2007 FDC Utilities, Inc. establish FLOW for Development incorporated FDC acquired 100% incorporated water and wastewater Corporation of Pacific Sugar services incorporated Holdings Corporation 2012 1982 EW listed on the PSE FDC listed on the Philippine Stock Exchange (“PSE”)

Source: Company information Note: 1 PDDC = Philippine DCS Development Corporation 4 Strong track record of growing a diverse portfolio of profitable businesses

Consolidated revenues (PHPbn) Consolidated net income (PHPbn)

64.1 13.4

57.9

49.6 10.3

43.5 8.5

32.1 7.0 6.5 28.9 6.2 5.8 24.5 4.9 5.0 19.8 16.9 12.6 2.8

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Real estate Hospitality Banking Power Sugar

Source: Company information 5 Key Investment Highlights

1 Strategically positioned in 3 Disciplined strategic financial attractive sectors management supports business expansion First mover advantage into high growth areas and provinces Strong cash flow and healthy which target the middle market leverage to finance expansion and M&A initiatives

2 Solid foundation for future 4 Experienced management growth in place, including team strategic partnerships with Gotianun family representatives industry leaders and professional management Well-positioned to monetise its with extensive industry growth initiatives experience

Source: Company information 6 Section 2 Strategically positioned in attractive growth sectors Macroeconomic overview Participative play in the key drivers of Philippine growth

Key Philippine Macro Themes Strong real GDP growth PHP Trillion Sustained GDP growth. 6.2% GDP growth in 2018 and consistent >6% 24 GDP growth every year since 2012 21 22 19 20 Expansionary fiscal policy. Relatively low debt / GDP of 43.3% as of Q3 2019 16 17 14 15 13 14 Growing middle-income class. Young demographics with a median age of 24.7 Controlled inflation. Annual inflation rate fell to a 3-year low of 0.8% in October 2019 from a high of 6.7% in September-October 2018 Growth drivers 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F China factor. Tourism, manufacturing transfers, POGO players lead China Youngest country in SEA with a median age of 24.7 in 2018 investments and drive hospitality, power, real estate sector growth 2018 median age (years) 43.3 Heavy infrastructure spending. The Government Build Build Build program 39.3 31.7 targets US$158bn from 2017 to 2022 28.8 28.9 24.7 Tourism sector. Local and International arrivals have a 5-year CAGR of 11% and 9%, respectively BPO sector. US$23bn BPO sector contributes to consumer spend and office and residential demand OFW remittances. US$29bn (+ 3.1%) remittances continue to drive domestic consumption Young population with increasing disposable income Significant spending on infrastructure > 80 0.7 35.8 30.7 70-79 2.2 25.1 28.2 7.3% 60-69 5.3 20.9 59% (62.8m) of the population 50-59 8.9 6.8% 6.9% 6.9% is under 30-years old 40-49 11.8 6.3% 30-39 14.7 20-29 19.0 10-19 21.0 2018 2019F 2020F 2021F 2022F 0-9 22.9 Infra spending target in US$bn Infra spending target % of GDP

Source: Oxford Economics, World Bank, Fitch, UBS Macroeconomic Reports 2019, Department of Trade and Industry, Philippines, Economist Intelligence Unit, Trading Economics 8 Real estate Well-positioned in middle-market housing and CBD office leasing

Housing Philippines' middle-class Pioneering landlord for IT-BPO space Rising CBD commercial rates Housing demand backlog is estimated to reach The Philippine IT-BPO sector is expected to Land values have increased 3-5x in less than a 3.2m units for affordable to middle-income continue its consistent growth trend decade

segment by 2030 1,000 ) 4.0 2,000 1.8m 800 3.0 sqm

3.0 2.6 1,500 1.1m 600 2030 2030 – 2.0 1,000 400

2012 2012 1.0 0.6 500 200 backlog units (m) units backlog 0.1m

0.0 ('000) employees of # 0 0

Socialized Affordable Middle High End '000/ (PHP values Land

2004 2006 2008 2010 2012 2014

2015 2011 2012 2013 2014 2016 2017 2018

Income 2010

2018F 2020F 2020F

2019F 2016E CBD Fort Bonifacio Bay Area Filinvest Land Cyberzone Properties Filinvest Alabang

Development of residential projects, adding PEZA registered IT zone designed, master- Flagship , an integrated retail, 7,000 to 8,000 affordable and middle-income planned and built around the needs of commercial, residential and leisure units per year technology-based companies township development in

Source: Department of Tourism, IBPAP, Colliers , KMC Savills, Department of Trade and Industry, Board of Investments, Company information 9 Real estate Filinvest City – successful 244-hectare township project

Residential Office Retail and hospitality From high-end lots to studio apartments, there is a 31 high-rise office towers with an IT hub for BPO Festival Mall, the largest mall in South Metro place for every target segment and Knowledge Process Outsourcing ("KPO") in the Manila, has over 1,500 tenants with a GLA of 18.7 ha PEZA registered IT zone 231,000 sqm; total of 1,680 hotel keys including Crimson Hotel; Palms Country Club

Sprawling over an expansive 244 hectares of prime property in Alabang, City, Filinvest City is a fully-integrated, self-contained, master- planned urban development, divided into districts that provide a balanced mix of developments

86 hectares of prime commercial land, the largest contiguous Metro Manila CBD property controlled by a single group

Gateway to high growth regions Close proximity to CBDs and airport Well supported community Less than 1 hour drive from Calabarzon, one of the 15 mins drive from Makati and Home to 3 hospitals, a university and other fastest growing industrial regions in the Philippines via ; 20 mins drive from NAIA Airport healthcare and education facilities

Source: Company information, Philippine Statistics Authority 10 Real estate Superior location of Filinvest City to become even more strategic with the completion of two major infrastructure projects

North and South Rail will connect Filinvest City all the NLEX-SLEX Connector Road will reduce travel way from Clark in the north to Bicol in the south, further time from Filinvest City to and increasing number of major access points in addition to Clark significantly, improving accessibility the existing five major roads Philippines

Nueva Ecija New Clark City

Clark International Airport

Pampanga

Bulacan

Metro Manila

Manila Makati NAIA Airport SLEX Highway / PNR Metro Metro Manila Skyway

Source: Department of Transportation, Department of Public Works and Highways 11 Real estate Successful focus on high growth affordable and middle-market residential sector

Focused on the largest end-user housing segments A decade of consistent growth throughout the cycles Filinvest’s core focus segments Real estate – Trading1 revenues (PHPbn)

Market Middle- 22.6 Socialized Affordable High-end segment income 19.7 18.6 17.7 Brands 15.9 13.0 13.8 Price range (PHP) 10.5 8.8 Lot price Up to 160k 160k-750k 750k-1.2m >1.2m 5.6 Unit price Up to 580k 450k-1.5m 1.5m-4.0m >4.0m Product House House & Lots, House & Lots, House & Lots, type & Lots MRBs MRBs, HRBs MRBs, HRBs 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Over 100 projects throughout 48 cities and towns Consistent pre-sales growth over the years across Philippines Real estate pre-sales (PHPbn) Breakdown by location and type (% based on number of units) 30.1 4.2% 2.7 22.2 4.4 20.1 13.0% 1.9 1.4 2.7 2.0 27.6% 15.2% 23.1 17.0 71.7% 68.2% 15.7

2016 2017 2018

Luzon Visayas Mindanao House and Lots MRBs / HRBs Socialized Affordable / Middle Income High-End and Others Commercial Lots Socialized

Source: Company information Note: 1. Development and sale of real estate 12 Real estate Growing recurring income base of stable cashflows off the back of strong positioning in BPO segment - one of the pioneers of this business

Continued growth in leasing share High rental GLA growth for both office and retail spaces Recurring net income share (% of total property net income) Rental GLA (sqm ‘000)

747 25% 38% 2013 2018 627 62% 75% 502 454 470 Recurring1 Trading 380 352

Consistent growth in BPO revenues and employment 316 +2.9% YOY 279 growth in 211 revenues 1,146 in 2018 958 1,044 777 858 640 527 275 277 20.6 21.2 17.9 20.1 169 175 186 14.2 15.6 9.5 11.2 12.5

2010 2011 2012 2013 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Revenues (US$bn) Employment ('000) Retail Office

Source: Company information, National Statistical Board Note: 1. Includes rental and hospitality income 13 Hospitality Award winning hotel portfolio of c.1,800 keys under management to ride on robust tourism growth

Strong growth in Philippine tourism Strong operational performance1

90% 6.6 7.1 5.4 6.0 4.3 4.7 4.8 3.5 3.9 80%

70% rate (%) rate 2010 2011 2012 2013 2014 2015 2016 2017 2018 Metro Manila avg Arrivals (m) Average occupancy 60% Strategic hotel assets portfolio 50% 2016 2017 2018 Luxurious, full-service hotels/resorts targeting the upper to middle class 6,000 business and leisure clientele • 3 resorts in Mactan, Filinvest City and Boracay, totalling 827 keys 4,000

Premium value driven hotels for the (PHP) rate

business and leisure traveler looking daily roomAverage for consistent services 2,000 • 3 hotels in , Clark and Tagaytay, totalling 2016 2017 2018 2 945 keys Notable awards

Hotels for the independent travelers, groups of friends, “bizcationers” and couples • 1 hotel in Mactan with 388 keys, expected to be completed in 2021

Source: Company information, Bureau of Trade and Industrial Policy Research, Colliers International Note: 1 Excluded CRSB in 2016 and 2017 as construction work was ongoing 2 Includes serviced apartments in Grand Cenia Cebu 14 Banking Philippine banking sector dynamics remain attractive and supportive of loan growth

Credit growth to accelerate as GDP per capita surpasses US$3k … with further acceleration over the last few years Change in private debt, loans and debt securities (% of GDP) Consumer loans of Universal and Commercial banks (as % of GDP) Year 1 = 1st year when GDP per capita reached US$3k

80% 6.3% What if Philippines replicates this pattern? 6.1% 70% 16%–50% increase in penetration by 5.5% 4.9% 60% year 6 = 5 year loan CAGR of 14%–23% 4.1% 4.5% 50% 4.0% 40%

30% Penetration 20% 10% 0% -10% 2012 2013 2014 2015 2016 2017 2018 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Russia (2004) Singapore (1978) Malaysia (1992) Thailand (2006) China (2008) Philippines (2018)

Potential for sustained loan growth … and immense potential for expansion

350% R² = 0.5652

1 206.7% 1 300% Hong Kong 165.5% 145.0% 250% 130.7% 130.1% China South Korea 200% Australia 150% Thailand Japan Malaysia Singapore 58.7% 54.3% 40.4% 100% Vietnam

securities securities penetration Philippines securities securities penetration 50%

Private Private debt, and loans debt Indonesia

Private Private debt, and loans debt India 0%

0 10,000 20,000 30,000 40,000 50,000 60,000 India

China GDP per Capita (US$)1

Vietnam

Thailand

Malaysia

Indonesia

Singapore Philippines

Source: BSP, EIU, IMF Note: 1 As of Dec 2017 except for Malaysia, which is as of Dec 2016 15 Banking Eastwest is positioned as the most consumer-focused bank in the Philippines

Faster than industry loan growth with a clear retail focus Industry-leader in consumer finance Total gross loans (PHPbn)

• Contributes 49% and 35% of EW’s 246.7 #2 Largest in 223.5 consumer and total loans respectively; Auto Loans 201.8 grow in line with industry 30% Industry1 157.0 28% Loan mix 32% (As of Dec 2018) 122.1 42% 95.6 17% 72.4 46% 72% 70% 49% 68% 48% 83% Top 3 58% • Contributes 3% and 2% of EW’s 54% in Personal 52% 51% consumer and total loans respectively Loans 2012 2013 2014 2015 2016 2017 2018 Consumer Corporate

Maintained double digit CAGR in operating income

Operating income (PHPbn) #5 Largest in • Contributes 18% and 13% of EW’s Credit Cards consumer and total loans respectively

25.7 25.5 21.9

16.3 14.9 13.2 Opportunity • Contributes 12% and 8% of EW’s 9.8 for growth consumer and total loans respectively in mortgage • Potential to scale through synergies loans within FDC

2012 2013 2014 2015 2016 2017 2018

Source: Company information, Bangko Sentral ng Pilipinas Note: 1 Industry pertains to all universal/commercial private banks; data taken from BSP 16 Banking

Superior NIM has led to high ROE

Maintained superior NIM compared to industry1

6.6% Peers’ median = 3.7% 4.3% 4.1% 3.9% 3.9% 3.7% 3.7% 3.3% 3.3% 3.2%

EW AUB BDO MBT RCB UBP SECB BPI CHIB PNB Cost-to-income vs. industry1 (%)

63.1 64.0 63.0 61.9 63.6 63.5 63.2 59.2 60.0 59.8 60.6 60.2 57.4 58.7 54.4 55.5

2012 2013 2014 2015 2016 2017 2018 3Q2019 Return on equity (%) Investing in branch, IT infrastructure Optimising profitability and and lending portfolio expansion realising full potential

14.4 13.8 13.8 11.9 11.9 11.1 11.0 9.8 10.1 10.0 10.0 10.4 9.6 9.1 10.4 7.7

2012 2013 2014 2015 2016 2017 2018 3Q2019 Universal/Comm'l Private Banks EW

Source: Company information, Bangko Sentral ng Pilipinas Note: 17 1 Industry pertains to all universal/commercial private banks; data taken from BSP Power FDC Utilities operates the largest power plant in Mindanao

Overview Power Purchase Agreements ("PPA") – Tenure2 • The FDC Group entered the Mindanao power market in 2009, when the 405 region was experiencing a significant shortage in power supply, via the establishment of FDC Utilities, Inc. (“FDCUI”) 103 • Largest baseload facility within the PHIVIDEC Industrial Estate in 24 Mindanao with a total installed capacity of 3x135MW (405MW), of which 67 302MW(1) is contracted with 17 Distribution Utilities and an Industrial 10 Customer 201 • FDCUI's thermal plant utilizes circulating fluidized bed technology (“CFB”), Uncontracted with its turbines from blue-chip supplier, Alstom capacity to provide income • World-class partners including Marubeni-affiliated PIC as O&M services boost provider and a subsidiary of China Energy Engineering Group as EPC contractor • In the retail electricity supply business catering to contestable customers under the Retail Competition and Open Access regime since 2016 25 years 20 years 15 years < 10 years MOU Total

2 FDC Misamis plant Key statistics Operational Capacity Financials

91.0% 405MW PHP8.6bn 3Q2019 availability Total installed FY18 Revenue factor capacity

Mindanao 22.6 years 302MW1 PHP4.6bn Remaining plant life Total contracted FY18 EBITDA3 capacity

4 19.6 years 270MW PHP2.1bn Capacity-weighted Additional capacity FY18 Net Income Source: Company information remaining PPA life expansion capabilities Notes: 1 Includes 70MW subject to SC ruling requiring the distribution utility to submit a DOE certification to the ERC that they have complied with CSP Rules. 2 As at 31 Dec 2018 unless otherwise specified 3 Pre-elimination figure which does not take into account intra-Group transactions 18 4 Endorsement from DOE for the construction of two additional 135MW units obtained, MTCP impact studies ongoing and transmission lines already in place at existing (3x135MW) power plant site Power High service level and environmental compliance with world class partners and equipment

World Class Partners High Service Level Environmental Compliance

• Marubeni-affiliated PIC provides third party contractual O&M and energy services for a multi-year Nitrogen Oxide (NOx) emissions term 2.6%91% (in mg/Nm3, as at 31 December 2018) 20183Q19 Forced Availability Outage Factor Rate • Marubeni, a Fortune Global 500 • DENR standards 1,000 company acquired PIC in 2008 • World Bank standards 500 • FDC Misamis Plant 132 9,523BTU/kWh 2018 Gross Heat Rate Sulfur Dioxide (SOx) emissions (in mg/Nm3, as at 31 December 2018)

• DENR standards 700 10,577BTU/kWh • Alstom is a world leader in developing • World Bank standards 400 2018 Net Heat Rate and marketing systems, equipment and • FDC Misamis Plant 321 services

• In February 2014, signed a contract with FDCUI to supply 3 x 135MW steam turbines and generator for FDC's Misamis CFB plant

Source: Company information; Department of Environment and Natural Resources (DENR); World Bank 19 Section 3 Solid foundation for future growth in place, including strategic partnerships with industry leaders Power Room for growth within the existing power plant location

1 Significant demand growth expected in Mindanao... 2 ...with demand coming from investments in the PHIVIDEC Industrial Estate, where FDCUI's power plant is located Mindanao forecast system peak demand Over 3,000-hectares of land zoned for economic purposes, with over System Peak Demand (MW) PHP4.0bn of new investments from international and domestic companies Available incentives include low land lease rates, exemption from 2,990 2,588 2,782 custom duties and taxes and other investment privileges 2,229 2,407 2,064 Select blue-chip companies currently in the PHIVIDEC Industrial Estate

2018 2019 2020 2021 2022 2023

3 ...which FDCUI is well positioned to capitalize on, given Site of existing (3x135MW) power plant with room current ~103MW uncontracted capacity and its ability to earmarked for additional expansion of (2x135MW) further expand its plant by an additional 2x135MW units Current and potential installed capacity (MW) 270 675 405 103 (Uncontracted)

Expansion capacity can be connected to existing 302(1) transmission line and (Contracted) substation infrastructure

Current installed capacity Potential expansion Potential installed capacity

Source: Company information; Philippines Department of Energy Note: 1 Includes 5MW that is contracted to commence from 2020 onwards 21 Power and Utilities New ventures in renewable energy and environmentally friendly urban solutions

Renewable energy solutions District cooling Desalinaton and wastewater services (Solar power)

• FDCUI has a 60:40 joint venture with Engie • FLI has also partnered with Engie in a 60:40 • FDC recently entered into a joint-venture Services, one of the largest power joint venture and developed the agreement with Hitachi Aqua-Tech, a generators and distributors in the world, Philippines' largest district cooling system subsidiary of Hitachi, Ltd. (TSE:6501, for solar energy solutions, providing cost in Northgate Cyberzone in Filinvest City “Hitachi”) to provide overall water savings to large industrial and commercial with capacity of up to 12,000 tons of solutions, such as water treatment customers across the Philippines refrigerant facilities, including desalination, recycled – 5.4MW of solar rooftop systems have water and sewage treatment for both been awarded across three contracts internal FDC projects as well as for external customers

Source: Company information 22 Banking Optimizing network productivity and increase share of wallet to benefit from economies of scale

Nationwide footprint more than tripled since 20111 Stable build-up of an increasing CASA base # of stores Total deposits (PHPbn)

466 467 Deposit/ 433 445 446 375 372 413 487 621 667 739 746 405 Parent store (PHPm) 347 Mindanao 292 15% Metro Visayas Manila 288 292 240 259 13% 46% 168 184 124 148 115 143 111 111 91 91 77 41 47 129 143 146 168 64 71 93 26% 50 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 (As of 3Q2019) 2012 2013 2014 2015 2016 2017 2018 3Q19 CASA Term Deposits and LTNCDs 7th largest store network Deposits/store vs. peers3 # of stores (in 3Q19) (PHPm, in 3Q19)

2012 – 3Q19 Deposits 11% 15% 12% 20% 17% 12% 20% 26% 8% 19% CAGR 1,394 Median = 564 • Target of deposits/store at the 80th percentile of mid-tier banks (ex. top-3) • Ongoing efforts to optimise store network and improve productivity 238 1,108 • Further supported by training and development programs

957 2,500 • New endorser engaged to complement store efforts 406 1,875 2,000 1,728 250 712 1,647 1,590 621 80th percentile of 67 1,500 507 1,252 1,175 1,153 1,156 162 467 mid-tier banks 978 356 1,000 166 76 306 886 702 707 269 645 147 459 500 341 391 41 746 209

228 - BDO BPI MBT PNB CHIB RCB EW UBP SECB AUB BPI BDO MBT SECB CHIB UBP PNB AUB RCB EW Notes: Parent Stores Subsidiary Stores 1 Industry pertains to all universal/commercial private banks; data taken from BSP 2 Peers refers to all universal/commercial private banks; BPI branches excluding BPI Direct; RCB branches excluding Micro; parent branches only for AUB and EW Source: Company information, companies' public disclosure, Bangko Sentral ng Pilipinas 23 Banking Strong consumer market franchise positioned to capture high growth segments across key products

Banking segments where Eastwest Bank primarily caters to Market leader in key consumer lending products that are expected to grow at double-digit revenue CAGR until 2025 expected to grow further Financial services revenues after risk1 by segments (PHPbn) Forecasted Industry Revenue growth rates CAGR by Product, 2018- 2025F (%) Industry Revenue growth rates CAGR by Eastwest Bank Market Segment, core segments 2018-2025F (%) Auto loans 16%

71 17%

Personal loans 16% 417 17%

Credit cards 19%

306 10%

Mortgages 10% 2025F Mass Mass affluent and upper Mass Affluent & HNWI

Source: McKinsey Global Banking Pools, McKinsey PFS2017, Company analysis Note: 1 Margins (net interest and fee) less risk cost (net new loan loss provisions for a product). Revenues refer to Payments, Deposits, Formal lending, Investment and Insurance products only. 24 Banking

Geared for future growth

1 Foundation of organic growth in place

• Raised PHP8bn through rights offering to boost capital adequacy ratio and support • Received Certificate of Registration of strategic growth initiatives Underwriting License from SEC • Upgraded core banking system to Temenos 2019 • Exceeded the committed 350 branch network target 2016 • IPO on the Philippine Stock Exchange to raise growth capital 2015 • Acquired PBCom’s car loan portfolio 2014 • Acquired the credit 2012 cards, personal loans, 2009 2011 wealth management • Entered into a and retail deposits bancassurance JV with business of Standard • Teamed up with • Acquired AIG Philam • Acquired Green • Acquired Finman Ageas Life to enter life Chartered Bank in the Singapore Airlines Savings Bank, Philam Bank (a Rural Rural Bank, insurance to Philippines to enhance to introduce a co- Auto Finance and Bank), increasing its complement existing its retail and consumer branded credit card Leasing and significantly presence in product offerings banking scale PFL Holdings expanding its City • Expanded portfolio branch network with substantial auto by adding 46 loan and credit card branches business

2 Successful strategic acquisitions and partnering model

Source: Company information 25 Hospitality

Robust hotel and resort pipeline ready to go

Hotel portfolio target of 5,000 keys under management by 2023

Current By 2023

• Portfolio of 6 hotels across • Strategic monetisation of Crimson and Quest brands existing landbank • 1,800 keys managed • 2,600 keys in the pipeline across 10 new hotels and expansions • 2 Championship Golf courses

Chinese tourists arrivals expected to continue driving growth in Philippine tourism 17.9% 18.0% 17.8% 17.6% 17.4% 16.8% 9.4 10.0 8.8 8.2 14.6% 7.6 7.1 6.6 New Hotel Locations Expansions

• Mactan (Grafik) • Mactan • Puerto Princesa • Clark • Cubao • Tagaytay • Dumaguete • Filinvest City 2017 2018 2019F 2020F 2021F 2022F 2023F • Cebu IT Park Tourist arrivals (in m) % of Chinese tourists • Zamboanga

Source: Company information, BMI, Department of Energy, Bureau of Trade and Industrial Policy Research 26 Real estate Unlock value through accelerated monetisation of landbank

Successfully launched PHP16.0bn worth of projects in 2018 Over 2,000ha of developable strategically-located land to drive future growth c. 93% of land bank located in regions with higher population growth and housing backlog vs. Philippines national average (Calabarzon, Central Luzon, Central Visayas and Metro Manila)

Residential land breakdown Ha Commercial land breakdown Ha Residential - Greater Metro Manila 901 Filinvest City 86 Residential - Luzon ex-Metro Manila 1,314 Filinvest Mimosa+ 70 Residential - Visayas 144 New Clark City 200 Residential - Mindanao 144 Other Metro Manila & Cebu 8 Total 2,504 Total 364

Source: Company information 27 Real estate Monetise valuable commercial land bank through strategic recurring income investments

Rental GLA (in '000 sqm) New developments: Mixed-use development in partnership with Mitsubishi Corp Targets to reach 1.7m sqm by 2023

• FAI has signed a joint-venture agreement with with Mitsubishi Corporation, which paves the way for the acquisition by MC of 40% interest in FAI’s almost 17,000 sq.m. of land across the Festival Mall and adjacent to Parkway Avenue 747 • The land will then jointly be developed as a multi-tower, mixed- use complex, through a joint venture company 470 • An estimated Php 15 bn has been earmarked and it is anticipated to add approximately 183,000 sq.m. of mixed-use GLA to the 277 booming central business district in Alabang 2018 Target expansion By 2023 Available for Recurring GFA Sqm (‘000) Retail Office

Northgate Cyberzone and Filinvest City 3,500

New Clark City / Filinvest Mimosa+ 3,000

Cebu 670

Other locations 438

Total 7,608

Source: Company information, Colliers 28 Real estate Clark corridor: Realising synergies through township 2.0

New Clark City: strategic growth zone Tarlac Real estate: Filinvest Mimosa+ • Filinvest's JV with the Bases Conversion • Formed a joint venture to lease and develop Development Authority is developing a 288 201 ha of CSEZ into a lifestyle destination with ha logistics and industrial park and mixed-use residential, office and entertainment areas New Clark City Bataan development at New Clark City ("NCC") in • Land development and rehabilitation of the Clark Special Economic Zone ("CSEZ") Mimosa Township has been substantially • NCC has a strategic location that is Clark completed and two office towers are operational International – situated on major highways • 33,000 sqm lifestyle mall, two additional office Airport – 120km / 2 hours drive from Manila towers, four dormitels, six residential buildings, – 20km / 40 mins drive from Clark retail strip to be completed in 2019 International Airport – 90km / 1.5 hours drive from Subic • Government announced that NCC as the new Pampanga government center and prioritised completion of road access by late 2019, in time for the South East Asian Games

Bulacan

Metro Manila

Manila Infrastructure: Clark Int’l Airport Hospitality: venture into gaming Makati Philippines • Part of the North Luzon Airport Consortium that won • Obtained provisional license from PAGCOR NAIA Airport the Clark International Airport O&M contract, which for FHC's subsidiary Mimosa Cityscapes Mac Arthur Highway – SCTEX SLEX Highway / Includes a fit-out and O&M of a new • > US$200m earmarked for a casino, lifestyle TPLEX Metro Manila Skyway terminal with an estimated annual capacity mall, five-star hotel, and events venue NLEX Highway of 8 million passengers, NCC-Mac Arthur Access Road Filinvest City • Completed renovation of the existing Quest NCC-Airport Access Road – covers the O&M of existing passenger terminal, Hotel and Conference Center-Clark, two NCC-SCTEX Road – lasts for a period of 25 years championship golf courses and villas Clark Rail Subic-Clark Cargo Rail

Source: Company information 29 Infrastructure

Strategic partnerships in high growth sectors

Clark International Airport Ninoy Aquino International Airport

• Awarded a 25-year O&M Concession for the Clark • Unsolicited offer to upgrade, expand, operate and Overview International Airport maintain for 15-years the existing Ninoy Aquino International Airport

• Leading stake in the consortium at • Part of the "NAIA Consortium" Group / Partners 42.5% alongside other blue-chip alongside six other leading names Philippine conglomerates

# of Flights ('000s) # of Passengers ('000s) # of Passengers (m)

65 Significant growth 25 2,664 48 2,104 42 demand in air travel 18 31 expected, with NAIA 887 currently operating 7 at over-capacity Current airport 2017A actual 2020E forecast 2022E target 2014 2018 2019 1H 2014 2018 2019 1H capacity p.a. airport traffic airport traffic capacity p.a. (w/o upgrade) (with upgrade) Domestic International

Source: Company information; National Economic Development Authority; Clark airport air travel data from its annual report; NAIA air travel and capacity data from NAIA ` consortium and Japan International Cooperation Agency ("JICA") 30 Section 4 Disciplined strategic financial management supports business expansion Doubling revenue and net income while diversifying earnings stream to protect against volatility

Revenue and net income used to be heavily inclined … but is now more balanced between defensive and towards cyclical industries… cyclical industries

4% 3%

34% 32% 37% 2013 2018

44% PHP28.9bn PHP64.1bn Revenue 9% 10% 10% 4% 13%

2% 1 29% 28% 40% 2013 35% 2018 PHP6.5bn PHP13.4bn 1%

5% Net Net income 14% 26% Cyclical industries 20% Real estate - Trading Banking Hospitality

Real estate - Recurring Sugar Power Defensive industries Source: Company information Note: 1 Percentage breakdown based on net income after elimination but excludes other operations. 2013 power net income was also excluded as it was negative. Segments with less than 1% are not shown 32 Strong financial performance of mature businesses and new businesses turning profitable

Mature businesses New businesses

Banking Real estate Hospitality Power

Revenue (PHPm) EBITDA1 (PHPm)

14,414 4,595 23,795 546 21,495 480 11,841 2,973 17,684 10,184 10,368 316 311 14,170 1,713 7,805 11,436 1,095 159 (112)

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Net income1 (PHPm)

9,142 1,867 5,051 4,508 7,763 155 7,065 134 3,408 6,783

5,451 60 (131) (56) (62) 2,073 2,004

(26) 5 2014 2015 2016 2017 2018

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 *net loss in 2017 due to the termination of an (1,150) Source: Company filings *decline in 2017 due to the accounting effect of IPPA contract Note: having to expense capitalised costs once hotels 1 Pre-elimination were operational 33 Unblemished credit track record enables access to capital and financing at competitive rates to support growth

The group has substantial goodwill from its history of honoring financial commitments to creditors, shareholders and investors, even during the Asian financial crisis in 1997

Strong balance sheet and cashflow generation from being well-positioned in highly cash-generative businesses

Gross debt and net debt (PHPbn) Free cash flow1 (PHPbn) and free cash flow yield2 (%) Net debt/ 0.5x 0.5x 0.6x equity

Net debt/ 3.2x 2.4x 3.0x EBITDA 145 28.4% 18.6% 130 7.8% 120

18.9

59 11.2 54 50

5.7

2016 2017 2018 2016 2017 2018

Gross debt (PHPbn) Net debt (PHPbn) Free cash flow (PHPbn) Free cash flow yield (%)

Notes: Source: Company information, FactSet 1 Free cash flow is calculated by deducting capital expenditure from net cash flow from operations 2 Free cash flow yield is calculated by dividing free cash flow by average annual market cap

34 Thoughtful allocation of resources for strategic investments

Centralised approach to capital allocation decisions across the group

Strategic and active management of financial resources

Strong financial flexibility to reinvest capital into high growth opportunities and regions

Strategically drive synergies across businesses and subsidiaries

Original shophouse office in 1955 3

35 Section 5 Experienced management team Backed up by the mix of the Gotianun entrepreneurship and professional management with extensive experience

Principal officers of FDC and subsidiaries

Jonathan T. Gotianun Josephine G. Yap Chairman of Filinvest Development Corporation President & CEO of Filinvest Development Corporation • Director of FDC since 1993 • President and CEO, FLI; Director of FDC since 1990 • Holds a Master's degree in Business Administration from • Holds a Master's degree in Business Administration from the Northwestern University University of Chicago

Antonio C. Moncupa, Jr Roberto S. Reyes Vice Chairman & CEO of EastWest Bank President & Deputy CEO of EastWest Bank • 34-year veteran of the banking industry • More than 32 years of banking experience • Holds a Master's degree in Business Administration from the • Holds a Master's degree in Business Management from the Asian University of Chicago Institute of Management

Juan Eugenio L. Roxas Catherine A. Ilagan President and CEO of FDC Utilities, Inc President and COO of Filinvest Alabang, Inc • Power industry experience since 2009 • 25 years in the real estate industry • Holds a Bachelor's degree in Business Administration from • Holds a Master's degree in Business Management from the Asian St. Paul University Institute of Management

Charles Brookfield Francis C. Gotianun President and CEO of Chroma Hospitality, Inc Vice President of Filinvest Hospitality Corporation • Over 40 years of experience in the global hotel industry • Over 11 years in management roles, last 9 in hospitality • Holds a Bachelor's degree in Finance from Boston University • Holds a Bachelor's degree in Commerce from University of Virginia and an MBA from IESE Business School – University of Navarra

Xavier G. Marzan SVP & Group Chief Digital Officer of Filinvest Development Corporation • Over 15 years in technology-driven sectors, last 6 years in fintech • Holds a Bachelor's degree in Management Engineering from Ateneo de Manila University and an MBA from Duke University

Source: Company information 37 Section 6 Growth Strategies FDC's strategies

1 Leverage on foundation for growth to scale-up businesses

2 Accelerate monetization of land bank

Continue building up investment portfolio and participate in the investment trust 3 markets

4 Tapping opportunities with closer relations and access to China markets

5 Continue to explore and maximize synergies within the Group

Accelerate digital transformation, sustainability and other modernization initiatives 6 across our businesses

Continue to selectively pursue acquisition and partnership opportunities, particularly in 7 complementary and sustainable businesses

39 Section 7 Financials Strong momentum in 3Q19 maintained

Consolidated revenues (PHPbn) Consolidated net income (PHPbn)

Net income attributable to non-controlling interest Net income attributable to holders of parent

55.3 +17% 47.4

11.8 10.3 +14%

9.0 7.7 +16%

3Q18 3Q19 3Q18 3Q19

41 Disclaimer

This presentation has been prepared by Filinvest Development Corporation (the “Company”) solely for use at the presentation regarding the Company and its consolidated subsidiaries and their joint ventures (collectively, the “Group”). The information contained in this presentation has been taken from sources deemed reliable by the Group and the Company. However, no representation or warranty (whether express or implied) is made as to the fairness, accuracy, completeness or correctness of, and no reliance should be placed on, such information or opinions contained herein. None of the Company, any member of the Group, any of their advisors nor any of their respective affiliates or any of their directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented at this presentation or otherwise arising in connection with this presentation. This presentation contains statements that reflect the current beliefs and expectations of the Group and the Company about the future as of the respective dates indicated. These forward-looking statements are based on a number of assumptions about the operations of the Group and the Company and factors beyond the control of the Group and the Company and are subject to significant risks and uncertainties, and, accordingly, actual results may differ materially from these 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 Company and its advisors have no obligation and do not undertake to revise forward- looking statements contained in this presentation to reflect future events or circumstances. By accepting this presentation, the recipient acknowledges and agrees that it is accustomed to receiving the type of information contained in this presentation and (c) is a person into whose possession this presentation may be lawfully delivered in accordance with the laws of the jurisdiction in which it is located. The information contained in this presentation is not to be taken as any recommendation made by the Group or the Company or any of their advisors or any other person to enter into any agreement with regard to any investment. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.

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