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Investor Presentation September 2016 Table of Contents • The Philippine Economy 3 • About SM Investments 5 • SM Retail 13 • Banking 17 • SM Prime 18 • Land Bank 32 • Portfolio Investments 35 • Financials 38 2 Philippines: Strong Macroeconomic Fundamentals Young Workforce with Rising Incomes Opportunities Strong GDP Growth Consumption Driven • Job creation and inclusive growth 6.9% 70% of GDP • Regional growth – Visayas, Mindanao Per Capita GDP Per Capita GNI • Infrastructure development USD2,932 (+1.8%) USD3,558 (+2.2%) • Agriculture, Tourism, Manufacturing Median Age Population 23 101M (+1.7%) • Foreign Investment Improving Costs of Doing Business Net External Inflows and ICT Exports 60 • Avg. Inflation rate: 1.3% (Jan-Jun 2016) 52.4 50 • Avg. Real lending rate: 4.33% (Jan-Jun 2016) 42.1 17.7 40 • Stable Currency: -0.44% (YE2015 vs End-Jun 2016) 7.2 8.6 30 23.8 USD USD bn 17.8 19.0 Healthy Fiscal and Monetary System 20 11.6 28.4 8.6 9.6 1.6 26.3 10 • Debt/GDP: 43.6% Current Credit Ratings 5.7 10.6 9.2 6.2 • CAR: 16.4% S&P BBB Stable 0 3.7 • NPLs: 1.7% Moody's Baa2 Positive Viet Thai (2014) Mal Indo (2014) Phil (2014) • Net lender to the IMF Fitch BBB- Positive Net FDI Inflows Remittances ICT Export Source: The World Bank Notes: Source: BSP Selected Economic and Financial Indicators • Vietnam: FDI (2014), Remit (2011), ICT Services Export No Data Release as of July 29, 2016 • Malaysia: FDI, and Remit (2014) and ICT Services Export (2013) 3 Current Administration’s 10-point Socio-economic Agenda Maintain current macroeconomic policies, including fiscal, monetary, Effective land management and trade policies Invest in human capital Progressive tax management development Promote science, technology, and Pursue investment friendly reforms the creative arts to enhance innovation and creative capacity Accelerate infrastructure Improve social protection programs development for greater social inclusion Increase agricultural and rural Strengthen implementation of the enterprise productivity and rural Responsible Parenthood and tourism Reproductive Health Law Images from PhilStar.com 4 About SM Investments Strong proxy for the continuing breakout of the Philippine Economy . Consumer-centric businesses . Large cap and diversified market play . Core businesses remain market leaders Strong business model and excellent management . Prudent financial management . Tightly managed to leverage strengths and extract synergies across the Group . Ongoing focus on good corporate governance and shareholder value creation Aggressive expansion plans ensure long-term growth . Aggressive expansion plans in all core businesses . China and Portfolio Investments provide additional upside . Funding options available for both organic and acquisition-led expansion 5 Our Investments Portfolio Core Investments Investments Retail Banking Property 28% BELLE CORP 29% 77.3% 44% 20% 50% ATLAS CHINA CONSOLIDATED BANCO SM RETAIL INC. BANKING SM PRIME HOLDINGS, INC. MINING DE ORO CORP. 90% NET GROUP FOOD MALLS 34% HOTELS & HOTELS RESIDENTIAL CITYMALL COMMERCIAL THE STORE SM CONVENTIONS JOINT VENTURES COMMERCIAL LEISURE LEISURE & TOURISM SPECIALTY RETAILERS SPECIALTY CENTERS 6 SM Group Companies’ Rankings Philippine Conglos Philippine Retailers Philippine Banks Property Developers Market Cap ($bn) Total Sales ($mn) Total Resources ($bn) Market Cap ($bn) SMIC 17.8 FY 2015 BDO 45.1 SMPH 18.1 JG Summit 12.8 SM Retail 4,482 Metrobank 36.1 Ayala Land 12.5 Ayala Corp 11.6 Puregold 2,060 BPI 33.2 Megaworld 3.5 Aboitiz Equity 9.3 Robinsons* 1,927 Landbank 27.9 Robinsons Land 2.8 GT Capital 5.8 *Includes all retail formats PNB 14.5 Double Dragon 2.7 Source: Company Information Metro Pacific 4.5 China Bank 11.7 Vistaland 1.7 SMC 4.2 Philippine Retailers Security Bank 11.2 Filinvest 1.0 DMCI 3.7 Total Stores RCBC 10.6 LT Group 3.6 DBP 10.5 FY 2015 Alliance Global 3.6 UBP 9.0 SM Retail 294 Puregold 281 Robinsons* 166 Source: Bloomberg; *Supermarkets and Department Stores only Source: Bloomberg; Figures as of July 29, 2016 Source: Company Information Source: Company Information, 1Q 2016 Figures as of July 29, 2016 7 Our Business Footprint Metro Manila Total Population: 101M Luzon 16 Cities 1 Municipality 38 Provinces 55 Cities Retail Stores GSA Retail Stores GSA Total 113 830,326 Total 163 800,437 Food 91 469,824 Food 140 553,636 Non-food 22 360,503 Non-food 23 246,801 Property Buildings GFA Property Buildings GFA Malls 20 3,297,272 Malls 29 2,683,723 Residential 24 Residential 2 Office Bldgs 5 330,247 Hotels 2 32,326 Exhibit Halls 3 Banking Branches Banking Branches BDO 290 BDO 459 China Bank 174 China Bank 238 Visayas Mindanao 16 Provinces 43 Cities 27 Provinces 33 Cities Retail Stores GSA Retail Stores GSA Total 37 218,259 Total 15 104,764 Food 31 138,191 Food 11 62,413 Non-food 6 80,068 Non-food 4 42,351 Property Buildings GFA Property Buildings GFA Malls 5 1,088,157 Metro Manila 42% Metro Manila 44% Malls 4 491,254 Hotels 1 35,630 Luzon 41% Luzon 35% Hotels 1 11,013 Exhibit Halls 2 Visayas 11% Visayas 14% Exhibit Hall 1 Banking Branches Banking Branches Mindanao 5% Mindanao 6% BDO 112 BDO 167 China Bank 64 Retail GSA 1,953,786 Mall GFA 7,560,406 China Bank 41 8 Our ESG Programs “SM continues to find ways to provide Filipinos with various opportunities for growth. Equally important is our impact on the environment and the company’s thrust to becoming a progressive leader in sustainable business practices in the country.” - Harley T. Sy Environmental Corporate Social Inclusion Sustainability Governance Sustainable Cities Food security through sustainable Corporate and Communities agriculture and backyard farming Governance Policies & Code of Ethics Access to health and medical care Disclosure and Sustainable Transparency Operations Access to inclusive and equitable Annual ESG Report education ASEAN Corporate Awareness Programs Governance Harnessing Human Potential Scorecard Conservation and Enterprise Risk Preservation Social Programs for persons Management with special needs Disaster Risk Disaster Response, Relief and Board & Reduction Rehabilitation Management Note: All of SM’s ESG programs are aligned with the Sustainable Development Goals 9 Strong Leadership Board of Directors From L to R: TOMASA H. LIPANA, Independent Director • HENRY T. SY, JR., Vice Chairperson • TERESITA SY- COSON, Vice Chairperson • HENRY SY, SR., Chairman • HARLEY T. SY, Director and President • JOSE T. SIO, Director, Executive Vice President and Chief Finance Officer • JOSEPH R. HIGDON, Independent Director • AH DOO LIM, Independent Director Business Leadership Retail Banking Property Food Non-Food BDO China Bank SM Prime Herbert Teresita Harley Teresita Hans Henry Jr. Hans Elizabeth 10 10-Year Performance since PSE Listing Assets grew at 16.3% p.a. Market Cap grew 18.5% p.a. Revenue grew at 18.6% p.a. Net Income grew at 13.5% p.a. 11 Summary of SMIC Recent Performance Figures in PHP billion except percentages Recent Events SM Investments 1H 2016 1H 2015 Change FY 2015 Retail Revenues 151.1 139.2 8.5% 295.9 • Completed merger of retail affiliates Net Income* 15.0 13.5 11.1% 28.4 • Ecommerce agreement with Lazada Net Margin 9.9% 9.7% - 9.6% • Opened 19 stores in 1H, 11 outside Manila ROE 10.5% 10.3% - 10.3% • Alfamart operating 146 stores Net Debt:Equity 39:61 38:62 - 36:64 Banking *Recurring Earnings growth of 8% • TPG invested in ONB to develop microlending • Joint investment in PCIB Securities with Nomura SM Retail 1H 2016 1H 2015 Change FY 2015 • BDO took full control of its JV with BDO Life. Revenues 106.9 98.4 8.7% 211.4 • China Bank forms China Bank Securities Net Income 3.5 3.1 13.5% 6.8 Corporation to service equities-related transactions Net Margin 3.4% 3.2% - 3.2% Property • Formed an agreement with the local government BDO 1H 2016 1H 2015 Change FY 2015 to reclaim 1,500 hectares in Cordova, Cebu Net Interest Income 31.7 27.1 17.2% 57.0 • Formed a JV with ALI and acquired 26 hectares in Non Interest Income 22.1 16.4 34.6% 31.9 South Road Project (SRP) in Cebu Net Income 13.2 11.7 12.9% 25.0 • Opened Conrad Manila and S’Maison in the MOA Complex SM Prime 1H 2016 1H 2015 Change FY 2015 • Launched FiveE-Com Center, started construction Revenues 39.2 35.9 9.4% 71.5 of Three and FourE-com Centers Normalized Net Income 12.6 11.2* 12.0% 20.9* Net Margin 32.1% 31.4% - 28.0% Portfolio Investments *Adjusted for gain on sale of AFS • Atlas Mining announced restructuring plan • Belle delivered record recurring net income 12 SM Retail: Footprint Expansion Opportunity Philippine Population: 101M SM Retail Footprint 1H 2016 (Pre-Merger) Luzon Per Region Stores GSA (sqm) % of Total 45M Metro Manila (NCR) 113 830,326 42% people Luzon (ex-NCR) 163 800,437 41% NCR Visayas 37 218,259 11% 13M people Mindanao 15 104,764 5% Total 328 1,953,786 Visayas 19M Per Format Stores GSA (sqm) Average people The SM Store 55 729,722 13,268 SM Supermarket 47 327,731 6,973 Mindanao SM Hypermarket 45 346,788 7,706 24M people SaveMore 147 447,409 3,044 Waltermart 34 102,135 3,004 Retail Strategy Alfamart 140 29,280 209 • Expand nationwide footprint outside Metro Manila • Deliver excellent customer service Total* 328 1,953,786 • Work with partners to provide best in class modern retail *Alfamart not consolidated 13 SM Retail: Merger of Related Businesses • Merger – SM Retail Inc. surviving entity • Strategic Fit Discretionary retailing Scale and diversity Strong mall synergies • Alignment of Structure and Ownership • Earnings Accretive – higher growth and margins • Greater footprint • Local market leadership 14 Merger
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