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Disclosure Filed by Metro Pacific Investments Corporation Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. OVERSEAS REGULATORY ANNOUNCEMENT Please refer to the attached disclosure filed by Metro Pacific Investments Corporation (“MPIC”) with the Philippine Stock Exchange, in relation to the SEC Form 17-C together with the press release relating to MPIC’s audited consolidated financial results for the year ended 31 December 2016. Dated this the 1st day of March, 2017 As at the date of this announcement, the board of directors of First Pacific Company Limited comprises the following directors: Executive Directors: Manuel V. Pangilinan, Managing Director and CEO Edward A. Tortorici Robert C. Nicholson Non-executive Directors: Anthoni Salim, Chairman Benny S. Santoso Tedy Djuhar Ambassador Albert F. del Rosario Independent Non-executive Directors: Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok Madeleine Lee Suh Shin 3/1/2017 Press Release C01158­2017 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17­C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Mar 1, 2017 2. SEC Identification Number CS200604494 3. BIR Tax Identification No. 244­520­457­000 4. Exact name of issuer as specified in its charter METRO PACIFIC INVESTMENTS CORPORATION 5. Province, country or other jurisdiction of incorporation METRO MANILA, PHILIPPINES 6. Industry Classification Code(SEC Use Only) 7. Address of principal office 10th Floor, MGO Building, Legazpi cor. Dela Rosa Streets, Legazpi Village, Makati City, Metro Manila, Philippines Postal Code 0721 8. Issuer's telephone number, including area code (632) 888­0888 9. Former name or former address, if changed since last report N/A 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common shares of stock 31,528,148,752 11. Indicate the item numbers reported herein 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party. http://edge.pse.com.ph/openDiscViewer.do?edge_no=8b36d3327d3efb103318251c9257320d#sthash.DRwl18hs.dpbs 1/2 3/1/2017 Press Release Metro Pacific Investments Corporation MPI PSE Disclosure Form 4­31 ­ Press Release References: SRC Rule 17 (SEC Form 17­C) Section 4.4 of the Revised Disclosure Rules Subject of the Disclosure FY 2016 Core Net Income Up 17% to Record P12.1 Bln Background/Description of the Disclosure Metro Pacific Investments Corporation (“MPIC” or the “Company”) (PSE: MPI) today reported consolidated Core Net Income rose 17% to P12.1 billion for the year ended 31st December 2016 from P10.3 billion in 2015 on the back of strong growth at all its operations. Other Relevant Information See attached press release. Filed on behalf by: Name RICARDO III PILARES Designation GROUP LEGAL COUNSEL http://edge.pse.com.ph/openDiscViewer.do?edge_no=8b36d3327d3efb103318251c9257320d#sthash.DRwl18hs.dpbs 2/2 PRESSRELEASE FY 2016 Core Net Income Up 17% to Record ₱12.1 Bln Continuing to Exceed Targets 2016 Core Net Income up 17% to ₱12.1 Bln from ₱10.3 Bln in 2015 Reported Net Income attributable to shareholders up 20% to ₱11.5 Bln Consolidated revenues up 20% to ₱44.8 Bln vs. ₱37.2 Bln Fully Diluted Core Net Income per share up 8% to 40.22 centavos Final dividend per share increased 11% to 6.8 centavos Full year 2016 payout ratio at 25% of Core Income per share MPIC Parent gearing ratio of 26.4% vs. 26.9% at year end MERALCO Core Net Income ₱19.6 Bln, Core EBITDA ₱33.9 Bln Global Power Core Net Income ₱2.8 Bln, Core EBITDA ₱8.6 Bln Maynilad Water Core Net Income ₱7.2 Bln, Core EBITDA ₱14.4 Bln Tollways Core Net Income ₱3.3 Bln, Core EBITDA ₱7.7 Bln Hospital Group Core Net Income ₱1.8 Bln, Core EBITDA ₱4.3 Bln Light Rail and Logistics - both new businesses contributed positively to Core Net Income MPIC Group wide CAPEX for 2016 amounted to ₱40.5 Bln, with a further ₱32.7 Bln invested in acquisitions. MANILA, Philippines, 1st March 2017 – Metro Pacific Investments Corporation (“MPIC” or the “Company”) (PSE: MPI) today reported a 17% rise in consolidated Core Net Income to ₱12.1 billion for the year ended 31st December 2016 from ₱10.3 billion in 2015 on the back of strong growth at all its operations. 1 Core Net Income was lifted by: (i) robust traffic growth on each of the roads held by Metro Pacific Tollways Corporation (“MPTC”); (ii) an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc. (“Beacon Electric”) and Global Business Power Corporation (“Global Power”); (iii) continuing growth in the Hospital Group; (iv) first full-year contribution from Light Rail Manila Corporation (“LRMC”); and (v) a profitable entry into the Logistics sector. In terms of contribution to the Company’s net operating income: Power (distribution and generation) accounted for ₱7.2 billion or 48% of the aggregate contribution; Water (distribution, production and sewerage treatment) contributed ₱3.6 billion or 24% of the total; Tollroads contributed ₱3.5 billion or 23% of the total; the Hospital Group contributed ₱589 million or 4% of the total; and the Rail, Logistics and Systems Group contributed ₱234 million or 1% of the total. Consolidated Reported Net Income attributable to owners of the parent company rose 20% to ₱11.5 billion in 2016 from ₱9.6 billion in 2015. Non-recurring expense amounted to ₱650 million substantially comprising project expenses and our share in the impairment loss recognized by MERALCO on its investment in PacificLight Power Pte Ltd (“PacificLight”), a Singapore-based power generator and electricity retailer. “MPIC’s group-wide capital expenditure in 2016 was ₱40.5 billion, all of it contributing to the fabric of our nation and enhancing our capacity to serve the public. In addition, we have made an aggregate ₱32.7 billion of investments in our existing businesses and in expanding in to new areas in the course of the year. Our continuing earnings growth reflects significant volume increases for all our businesses, supported by our capital expenditures, together with intense focus on operational efficiencies. In light of this strong performance, your Board of Directors today declared a final dividend for 2016 of 6.8 centavos per share which is 11% higher than the final dividend in 2015. The dividend payout ratio for 2016 is 25% of Core Income per share,” said Jose Ma. K. Lim, President and CEO of MPIC. “Our shareholders are legitimately concerned about the continuing delay in resolving various tariff issues left over from the previous administration. Discussions with the new Administration continue and there is agreement that our capital expenditures are essential and that contracts will be honored. However, I have as yet no timetable for resolution of these issues although the matter looks promising.” he said. Lim said he expected continued strong volume growth this year but it was too early to provide earnings guidance for the full year 2017. The record date for the final dividend is 30th March 2017. Payment date is 26th April 2017. 2 Operational Review POWER: In May last year MPIC deepened its participation in the Philippine power sector with an increase in MPIC’s effective ownership in MERALCO through the acquisition of 25% of Beacon Electric and Beacon Electric’s acquisition of Global Power. The increase in MPIC’s effective ownership in MERALCO, lower debt at Beacon Electric and the earnings from Global Power combined to increase the power business contribution to MPIC for the year by 59% to ₱7.2 billion. MPIC is now ideally positioned to continue its development of power related services and investments in the Philippines with its combination of distribution, generation and retail electricity sales across Luzon and the Visayas. MERALCO MERALCO’s Core Net Income for 2016 rose 4% to ₱19.6 billion mainly due to an 8% increase in electricity consumption and higher interest income. The benefit from increased volume was partially offset by lower distribution tariffs, the absence of the generation and transmission recoveries recorded in 2015 and losses at PacificLight. The growth in energy sales was driven by strong demand from all customer classes, particularly residential, warmer weather during the first four months of the year and high electricity consumption during the national elections in May. Notwithstanding the increase in energy sales, total revenues declined slightly to ₱257.2 billion primarily due to lower pass-through generation and other charges owing to significantly lower fuel prices, higher availability of MERALCO’s contracted power plants and competitively negotiated Power Supply Agreements (“PSA”). This is good for consumers. MERALCO spent ₱11.4 billion on capex in 2016 to address critical loading of existing facilities and to accommodate growth in demand and customer connections. MERALCO surpassed the previous year’s operating performance for system loss achieving a record best of 6.4% at the end of December 2016, 2.1 percentage points lower than the regulatory cap set by the ERC of 8.5%.
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