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FPC IR Handout 2019 03 26

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FPC IR Handout 2019 03 26 Information Summary for Investors HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com in Asia Copyright © First Pacific Company Limited 26 March 2019. All rights reserved. Consumer Foods Infrastructure Natural Resources Telecommunications First Pacific owns 50.1% of First Pacific owns 42.0% of First Pacific owns 31.2% of First Pacific owns 25.6% of Indofood and has an MPIC and has economic Philex and Two Rivers, a PLDT which in turn owns economic interest of 40.3% interests of 19.1% in PhiliPPine affiliate, holds 100% of Smart, its mobile in ICBP. Meralco, 26.2% in Global 15.0%. First Pacific holds an telecommunications Business Power, 47.3% of effective economic interest subsidiary. PacificLiGht, 22.2% of of 42.4% in PXP EnerGy, Maynilad, and 41.9% of 31.4% in IndoAgri, and Metro Pacific Tollways. 50.0% in Roxas HoldinGs. 2 Senior Management of First Pacific Joseph H.P. Ng John W. Ryan Stanley H. Yang Exec. Vice President, Chief Investor Relations Exec. Vice President, Manuel V. Pangilinan Chris H. Young Executive Director Group Finance & Sustainability Officer Corp. Development Managing Director and CEO & Chief Financial Officer Ray C. Espinosa Victorico P. Vargas Marilyn A. Associate Director Assistant Director Victorio-Aquino Assistant Director 3 Gross Asset Value of $5.45 Billion Investment Objectives Roxas Holdings o Unlock value, enhance cash flows to deliver $39 mln (0.7%) dividend/distribution returns, grow share price, and Philex finance further investment in value-enhancing PLP $230 Group $338 businesses, taking into consideration all relevant criteria, mln including Environmental, Social and Governance (ESG) (6%) factors, to better manage risk and generate sustainable mln PLDT long-term returns (4%) $1.10 bln Investment Criteria 20% of GAV o Be located in or trading with fast-growing economies of emerging Asia MPIC 13 cm Goodman mlnFielder o Be related to our four industry sectors (consumer foods, $1.20 bln $325 infrastructure, natural resources and 6% of GAV telecommunications) 22% of GAV X o Have a strong or dominant market position in their sectors o Possess the potential for substantial cash flows 13 cm o Allow FPC to establish management control or significant influence Indofood Investment Strategies $2.21 bln o Identify undervalued or underperforming assets with 41% of GAV strong growth potential and possible synergies o Set strategic direction, develop business plans and define targets o Raise reporting and ESG standards to world-class levels at First Pacific and the investee companies Data as at 28 February 2019 except Goodman Fielder 26 March 2018; rounding may affect totals. Head Office cash not included. Data provided by Bloomberg or internal valuations. 4 $31.7 Bln of Major Assets Represented in Portfolio Philex Plantations PLP $548 & Sugar Diversified Portfolio, Strong Returns $1.44 bln Group o Balanced weighting of the more mature mln $951 PLDT assets and newer ones mln MPIC mln $4.31 bln $2.87 bln o Balanced weighting of different sectors o 15 years of growth: Gross Asset Value 13.6 cmGoodman Fielder $650 grew at a compound annual growth rate X Indofood of 11% from end-2003 to end-2018 $4.42 bln o CAGR of 20% in dividend income to First Meralco13.6 cm Pacific from 2003 to 2018 $8.02 bln o First Pacific market cap: $1.76 billion at ICBP end-February 2019 $8.48 bln Note: Area of pie chart and pie chart segments represents market Consumer Foods 43% capitalization (or investment/carrying cost for unlisted assets) as at 28 Infrastructure 36% February 2019 (except Goodman Natural Resources 8% Fielder, 26 March 2019). Rounding Telecommunications 14% may affect totals. Data from Bloomberg or internal valuations. 5 Renewed Focus on Core Assets Core Assets Are Engines of GrowtH Diverse Emerging ASEAN Portfolio o First Pacific’s key investments are based in the fast- o Our Hong Kong-based investment management and growing economies of Southeast Asia, a region we know holding company has developed three core assets in fast- well growing ASEAN markets: Indofood, MPIC, and PLDT o Our ambition is threefold: o Together they offer earnings stability and high growth o Increase distributable earnings potential o Narrow valuation discounts o Capital is continually recycled to the most promising o Nurture core holdings for growth opportunities Non-Core Investments to Be Guided to Exit Indofood (Gross Revenues of $5.1 Billion) o First Pacific has selected a handful of investments to be o One of the largest food companies in Indonesia sold, freeing capital for debt reduction and distribution to o Largest instant wheat noodles producer in the world shareholders via share repurchases o Largest flour and pasta manufacturer in Indonesia o These assets are outside our chosen geography of o Operator of one of the largest FMCG distribution networks emerging Asia and outside our sector focus on consumer in Indonesia foods, infrastructure, telecommunications and natural resources PLDT (Gross Revenues of $2.9 Billion) o Potential disposals after Goodman Fielder will come from o The largest overall telecom services provider in the non-core investments Philippines Value Investments o Operator of the most technologically advanced network in the country o Our holding company is currently trading at a historically o Entering a new phase of sustained growth in both high discount to its net asset value subscriber numbers and average revenue per user o Two of our three core investments are also trading at large discounts – Indofood and MPIC MPIC (Gross Revenues of $1.6 Billion) o First Pacific management is rigorously seeking to narrow o The largest infrastructure investment holding company in our NAV discount and release value to shareholders the Philippines and expanding in other ASEAN markets o Our key means is seeking maximum disposal value for o Invested in key natural monopolies in electricity those assets deemed non-core while narrowing interest distribution and generation, toll roads, and water, as well and head-office costs as other growth investments, e.g. hospitals and logistics 6 Turnover Rises to Record; Net Profit up 9% Currencies, Commodities Hold Back Contribution 2018 Free Cash Flow (USD mln) 350 202.9 o Turnover rose 6% to $7.74 billion vs. $7.30 billion on higher 300 sales at MPIC and PLP 250 o Contribution from operations fell 6% to $393.9 million vs. 200 (71.2) 7.5 $420.5 million largely as a result of weaker peso and rupiah, 150 alone delivering $20.9 million of the decline 90.6 (74.6) (6.6) 89.5 100 (32.9) o Recurring profit fell 4% to $289.5 million vs. $300.0 million on 50 (26.2) lower contribution, mitigated in part by lower interest 0 expense, other expenses and corporate overhead o Net profit increased 9% to $131.8 million vs. $120.9 million on lower non-recurring losses o The contribution from infrastructure investments rose 7% to Distribution Paid Net Investments Corp. Overheads Closing Free Cash Opening Free Cash Tax Paid & Others $114.7 million vs. $107.3 million, boosted by higher earnings Net Interest Expense Net New Borrowings at MPIC and lower losses at PLP Dividend & Fee Income o Natural resources contribution fell 75% to $2.6 million vs. 2018 Recurring Profit (USD mln) $10.2 million on lower metal volumes at Philex Mining and 310 300.0 higher costs at sugar and ethanol producer Roxas Holdings 300 o 1.4 289.5 Telecommunications contribution from PLDT fell 3% to $120.7 290 5.0 2.3 million from $124.8 million on lower gains from asset sales 8.1 280 16.1 and losses at its Voyager unit (20.9) 270 o Food/Consumer contribution fell 13% to $155.9 million vs. (9.7) $178.3 million on weak CPO prices at Indofood’s Agribusiness 260 (8.4) and weaker earnings at Goodman Fielder 250 (4.4) o Net interest expense fell 6% to $76.4 million vs. $80.9 million, 240 corporate overheads fell 13% to $23.7 million vs. $27.1 million 230 and other expenses fell 66% to $4.3 million vs. $12.5 million FX o Sale of Goodman Fielder stake in March 2019 seen delivering 2017 GF PLP PLDT 2018 Philex MPIC FPNR cash inflow of $325.0 million but non-recurring, non-cash loss Indofood of $280.0 million in 2019 Head Office 7 Headline Group Data FY 2018 & End-December (USD mln) Core Core Gross Net Cash Interest Total Turnover Gearing EBITDA Profit/(Loss) Debt Debt/(Cash) On Hand Cover Equity PLDT 2,927 1,215 491 3,353 2,348 1,005 1.06 5.5 2,219 MPIC(i) 1,576 717 286 4,091 3,084 1,007 0.68 4.3 4,546 MPIC - Head Office 183 155 91 1,274 1,092 182 0.46 1.9 2,354 MPTC 294 199 84 938 751 187 0.77 5.4 980 Meralco 5,778 709 425 761 (759) 1,520 n/a n/a 1,686 GBPC 509 174 47 691 469 223 0.79 3.2 592 Beacon Electric(ii) 103 79 92 137 90 47 0.05 10.6 1,637 Beacon PowerGen 27 27 16 191 178 13 0.67 2.5 266 Maynilad 418 293 147 654 427 227 0.47 12.4 918 Philex 145 47 11 180 164 17 0.36 n/a 451 PXP Energy 2 1 (2) 40 34 7 0.47 n/a 72 Indofood(i) 5,136 851 279 2,053 1,445 608 0.42 7.8 3,447 ICBP 2,688 522 295 155 (171) 326 n/a 50.7 1,568 IndoAgri 984 161 (13) 773 619 154 0.43 0.9 1,440 SIMP 993 159 698 555 143 0.44 1.3 1,263 Lonsum 281 52 - (115) 115 n/a n/a 575 PacificLight Power 729 7 (32) 515 499 16 2.90 1.0 172 Roxas 302 20 (1) 220 209 11 1.04 0.5 201 Goodman Fielder 1,608 144 47 553 360 193 0.54 2.4 666 Total 24,684 5,529 2,262 17,277 11,279 5,998 25,052 First Pacific - Head Office 203 177 99 1,640 1,550 90 0.76 2.5 2,040 FX rates vs.
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