REAL ESTATE MARKET INSIGHTS May 2017 THE The Philippines

LITERACY RATE 97.5% 6.8% GROWTH 103 LABOR FORCE GDP 68.1 Mn million 2.6%

24 years old INFLATION RATE POPULATION Average age of Filipinos

D E B T CREDIT PHILIPPINE RATING GDP EXTERNAL $292.45B S & P BBB $76.62B (SEPT 2016) MOODY’S Baa2 FOREIGN PUBLIC RESERVES FITCH BBB- 47.4% of GDP $81B (1H2016)

3 Source: Trading Economics, BSP Foreign Investment in the Philippines

LEASE TERM

25 years Renewable for another 25 years 40% In some cases, FOREIGN EQUITY LIMIT 50 years Renewable for another 25 years

PERSONAL INCOME TAX

If annual net taxable 30% income is at least P500,000 annual income (USD10,000) CORPORATE 32% INCOME TAX

4 Source: Trading Economics, BSP Philippine Foreign Direct Investments (FDI)

In USD Billions

5 Source: World Bank Government’s Socioeconomic Agenda

PRES. DUTERTE’S 10-POINT SOCIOECONOMIC AGENDA

Current Tax Reform Ease of Doing Infrastructure Rural and macroeconomic Business Spending value chain policies development

Security and Human Capital Science, technology, Social protection Responsible land tenure Development and programs Parenthood & creative arts Reproductive Health

6 Source: DOH Demand Drivers

Urban BPO Employee’s Overseas Filipino Population Growth Housing Need Remittances

Need to live 10 million Growing number near OF’s can invest in Real Estate of BPO workers their workplace.

More than 50% Housing backlog needs of remittances are to be addressed and real estate related It is projected to rise to 56.3% demand for dormitories by 2030 and 66% by 2050. will rise.

Source: Keynote speech of Sec. Arsenio M. Balisacan Director General of NEDA 7 “The Philippine Economic Growth and the Growth in the Property Sector” 2015 * 2010 OFFICE MARKET Metro Outlook Key Insights

There is a very strong pipeline of office space coming in 2017. City

Demand drivers are also very strong primarily fueled by IT-BPM industry and recently, the online gaming industry.

Manila San Juan

Ortigas/ Market has seen an unprecedented level of pre-commitments at 500,000 sqm

Makati Bay/

BGC / In 2017, we will see an equilibrium of supply and demand.

Parañaque remains to be the biggest Las Pinas producer of office space and is still the preferred location over other districts.

Alabang

9 Provincial Outlook Key Insights

LAOAG CAGAYAN

BAGUIO Companies will continue to look for new

TARLAC and untapped labor markets.

BULACAN PAMPANGA

QUEZON National Government promotes new / developments in the provinces. /

CAPIZ Preferred areas for expansion are PALAWAN and .

BACOLOD

DUMAGUETE BPOs in the provinces will continue to offer relocation incentives to interested applicants.

ZAMBOANGA

DAVAO

10 Provincial Outlook IT-BPAP Roadmap 2022 Whilst 70% of the total projected IT-BPM workforce will still remain in , National Government’s all inclusive-plan will positively impact expansion in the provinces. IT-BPM labor workforce in the provinces is estimated to grow by 60% in 2022. Provincial full time employees will grow from 1.2 million to 1.8 million in the next 5 years, which translates to 3 million of office requirement

11 Source: IT-BPAP Roadmap 2022 Metro Manila Cityscapes

• Most of these districts will be fully developed by 2018. • There will be little land left for development. • The most important districts moving forward will be Bonifacio Global City, Bay Area, , Evia and .

3 MAJOR CBDs

MAKATI MAKATI CBD. CENTURY CITY. . . Manila San Juan

ORTIGAS ORTIGAS CBD. ROCKWELL BUSINESS CENTER. . Manda- Ortigas/ SILVER CITY. . luyong Pasig BGC BONIFACIO GLOBAL CITY. MCKINLEY WEST. MCKINLEY HILL. Makati UPTOWN. VERITOWN. Bay/ Pasay BGC / Taguig 46 BUSINESS PARKS Parañaque QUEZON CITY. UP TECHNOHUB. . . ARANETA, CYBERARK. ROBINSONS IT PARK. . UP TOWN CENTER. . ALI CLOVERLIEF BALINTAWAK. NUVO. MANDALUYONG. . . ROCKWELL SHERIDAN. SAN JUAN. Las Pinas SANTOLAN TOWN PLAZA. . FILINVEST CORPORATE CITY. LA FUERZA. NORTHGATE CYBERZONE. MADRIGAL BUSINESS PARK. WEST. TAGUIG. ARCA SOUTH. LAS PINAS. PORTOFINO. EVIA. PASAY. NEWPORT CITY. SM MALL OF ASIA COMPLEX. METROPOLITAN BUSINESS PARK. DOUBLE DRAGON CYBERCAMPUS. FILINVEST Alabang CYBERZONE PASAY. PARANAQUE. ASIAWORLD CITY. ASEANA BUSINESS PARK. AYALA ASEANA. MANILA. CITYPLACE. SAN LAZARO. 12 Regional Cityscapes

LAOAG. CAMELLA. VALDEZ CENTER. CAGAYAN. CAGAYAN Unprecedented countryside SPECIAL ECONOMIC ZONE AND FREEPORT. PROJECT PRIMO. development. BAGUIO. BAGUIO TECHNOHUB. SM BAGUIO CYBERZONE BUILDING. PCH IT CENTER. ABANAO SQUARE. LAOAG CAGAYAN TARLAC. LUISITA BUSINESS PARK. TARLAC PROVINCIAL IT 2 Approximately PARK. BULACAN. PDC TECHNOPARK. ALTARAZA. FIRST 132,028 hectares BAGUIO 2 BULACAN IT PARK. CIUDAD DE VICTORIA. ABS-CBN of master-planned or CAMPUS. URDANETA. CB MALL. 4 TARLAC mixed-use developments 2 9 BULACAN PAMPANGA CAVITE. BATANGAS. LAGUNA. VERMOSA. Over 83 I.T. parks and 5 PONTEFINO. SUNTECH IT PARK. HAMILO COAST. PANGASINAN 1 1 QUEZON SMDM IT CENTER. SOUTHFORBES IT PARK. business districts CAVITE / BATANGAS 11 SOUTHWOODS. NUVALI. ETON CITY. / LAGUNA GREENFIELD CITY. PUERTO AZUL. Countryside development going through . CEBU IT PARK. CEBU SRP. unprecedented construction boom driven by . MACTAN NEWTOWN. AKLAN 1 1 CAPIZ ABOITIZLAND CEBU. WATERFRONT TOWNSHIP. CITTA DE MARE. SMC. OAKRIDGE BUSINESS PARK BPO and tourism. PALAWAN ILOILO 5 DAVAO. MATINA IT PARK. . DAVAO PARK 2 9 CEBU DISTRICT. LANANG IT PARK. DAMOSA IT PARK. 7 PAMPANGA. CLARK SPECIAL ECONOMIC ZONE. NORTHPOINT. CAMELLA. CIUDADES. LUBI ISLAND PHILEXCEL BUSINESS PARK. BERTAPHIL BUSINESS PLANTATION. PARK. SM CITY CLARK. CLARK GREEN CITY. GGLC. DUMAGUETE 4 NEPO CENTER. ALVIERRA. CAPILION. AKLAN. PALAWAN. LIO RESORT TOWN. SAN BORACAY NEW COAST. CAPIZ. PUEBLO DE PANAY 4 VICENTE. QUEZON. BALESIN ISLAND TECHNOPARK. ILOILO. ILOILO TECHNOHUB. ATRIA CAGAYAN DE ORO CLUB PARK DISTRICT. GAISANO CAPITAL. AYALA SICOGON. ZAMBOANGA 4 ZAMBOANGA. MEGALAND MALL. . BACOLOD. LOPUE’S 9 CITYMALL ZAMBOANGA. EAST IT CENTER. ONE AND TWO SANPARQ. THE DAVAO ZAMBOECOZONE AND FREEPORT NEW BLOCK IT PARK. ROBINSONS CYBERGATE CENTER. TOWNSHIP. ZAMBOECOZONE HIGHLANDS. CAGAYAN DE ORO. LOPUE’S SOUTHSQUARE IT PARK. BACOLOD IT . SM CITY BPO 2. PARK. . DUMAGUETE. . ONE PROVIDENCE. DUMAGUETE BUSINESS PARK. LINKSYS IT PARK. LP Legend: Number of townships IT PARK. YY STAR DAS. 13 Growth Sectors

Persistent growth despite prevailing political, Prepare for a boom in infrastructure, security TOURISM AND problems and natural disasters INFRASTRUCTURE for the past 15 years.

Source: UNWTO, iBPAP, World Bank 14 PH Growth Amidst Historical Events

15 Philippines Office Supply Current vs. Pipeline

16 METRO MANILA OFFICE MARKET Metro Manila Office Supply Current vs. Pipeline Current vacancy rate across Metro Manila is very tight at 4.3%. The take-up of the BPO industry alone is projected to reach 750,000 to 800,000 sqm this year. The Online Gaming industry could potentially reach BPO industry’s demand numbers within its first year of entry in the market.

Bonifacio Global City will produce most of the office supply pipeline, by 2020 Bonifacio Global City will be the same size as Makati office stock. The highest concentration of wealth will be in Bonifacio Global City. In the next 6 years, Bay Area will double its office supply. Quezon City and Ortigas Area will grow by 56% and 44% respectively.

18 Legend: Leased Pre-committed Vacant Metro Manila Office Supply Pipeline Per District, Per Year (2017 to 2023E)

19 *Gross Leasable Area in thousands (sqm) FY 2016 Supply and Demand

*Gross Leasable Area in thousands (sqm) 20 Metro Manila - Demand Activity 2016 | By Industry

70% of demand are coming from the information technology – business process management (IT-BPM) industry and 60% prefer Bonifacio Global City (BGC) over any other district.

21 FY 2017 Supply and Demand

*Gross Leasable Area in thousands (sqm) 22 Metro Manila - Demand Activity 2017 | By Industry

A total of 89K sqm take- up from online gaming within the last 6 months.

Bay Area 42% Alabang 32% BGC/Taguig 26%

*Online gaming transactions are concentrated in the Bay Area

23 Metro Manila - PEZA Status Full Year 2017E and 2018E Office Buildings

24 PEZA Status By District | FY 2017E to 2023E

Total PEZA-Accredited space: 1,257,241 sqm (35 buildings) 4.06M sqm Total space under application for PEZA: 2,341,618 sqm (86 buildings) Total supply Total non-PEZA space: 464,229 sqm (15 buildings) FY 2017-2023E

25 *Gross Leasable Area in thousands (sqm) Metro Manila Current Supply Developer Market Share (1960’s to 2016)

26 Metro Manila Supply Pipeline Developer Market Share (1960’s to 2016)

27 Metro Manila Rental Range PhP / sqm / month

28 Land Values by Business District

Y-o-Y Accommodation Accommodation Y-o-Y Increase Land Values Land Values Business *FAR Value Value Increase % Php/sqm Php/sqm District Range GFA/sqm GFA/sqm % (2014- (2015) (2016) (2015) (2016) (2015-2016) 2015)

Filinvest City 6 – 14 17% 99k – 264k 19,000 120k-280k 20,000 6%

Arca South 6 – 8 0% 210k – 220k 28,000 210k-280k 35,000 27%

Bay City 6 38% 150k – 180k 30,000 198k 33,000 10%

Bonifacio 6 – 15 14% 270k – 600k 360k-900k Global City 40,000 60,000 50%

Makati 6 – 16 27% 210k – 560k 35,000 300k – 800k 50,000 43%

Ortigas N/A 10% 109k – 223k N/A 200k – 350k N/A 57%

Bonifacio Global City still has the highest land values in the Philippines in the last 10 years.

29 PROVINCIAL OFFICE MARKET Provincial Office Supply (2017-2021E) Luzon, Visayas, and (excluding Metro Manila & Cebu) The ever-growing IT-BPM industry significantly impacts acceleration of developments not just in Metro Manila, but all over the Philippines. The efforts of the National Government to fund infrastructure projects positively impact cities nearby Metro Manila such as Cavite, Laguna, and Pampanga as these cities become more accessible. Major developers are expanding nationwide such as Ayala, DoubleDragon, Megaworld, Profriends, Robinsons and SM.

Legend: Leased Under Nego Vacant

31 *Gross Leasable Area in thousands (sqm) Cebu Supply Current vs. Pipeline Cebu continues to be one of the options of IT-BPM companies expanding outside Metro Manila. Pipeline supply in Cebu will increase by 57% within the next six years. Cebu IT Park is the core market in Cebu representing 62% of the total pipeline supply.

Legend: Leased Pre-committed Vacant Pipeline Supply – Under Negotiation 32 All Provincial - PEZA Status Full Year 2017E and 2018E Office Buildings

LEGEND: PEZA STATUS

ACCREDITED UNDER APPLICATION

Leased Vacant

Under Negotiations

Vacant

33 Provincial Rental Range PhP / sqm / month

PhP 300 350 400 450 500 550 600 650 700 Cebu Pampanga

Iloilo Davao Cagayan de Oro Bulacan Bicol Bacolod Baguio

Dumaguete Tarlac Palawan

Tuguegarao Roxas Kalibo Tacloban

Nueva Ecija 34 Provincial – Demand Activity Leading Third Party Service Providers Expands Regionally

The top 7 IT-BPM companies employs 220K full time employees nationwide and continue to expand aggressively in the provinces as they continue to lease space at a big scale.

No. of Sites (Provincial)

Bacolod, Baguio, Cebu, Clark, 15 Davao, Laguna 4 Cebu, Iloilo, Laoag Laoag, Pampanga, Batangas, Cebu, 7 Davao

3 Baguio, Puerto Princesa

Antipolo, Baguio, Bacolod, Cebu, 6 CDO, Davao

Bacolod, Cainta, Cebu, Dumaguete, 10 Iloilo, Lipa, Pampanga, Laguna

2 Davao, CDO

35 Provincial Real Estate Top Picks for BPOs Current, 2017 and 2018

RE Options PEZA Graduates Population CAGAYAN 1 13,111 Batangas 0 2,694,335 (5,000 sqm) (AY 2014-2015) 1 7,586 Bohol 0 1,313,560 (5,000 sqm) (AY 2014-2015) 4 2 15,188 Bulacan 3,292,071 (31,039 sqm) (17,167 sqm) (AY 2014-2015) 3 6.527 Cagayan 0 1,199,320 BULACAN (23,280 sqm) (AY 2014-2015)

RIZAL 8 6 10,630 Cavite 3,678,301 CAVITE (73,074 sqm) (49,174 sqm) (AY 2014-2015) LAGUNA 7 4 7,799 BATANGAS Cagayan De Oro 1,564,459 (64,865 sqm) (23,300 sqm) (AY 2014-2015) 8 6 14,128 Davao 2,537,909 (89,289 sqm) (26,730 sqm) (AY 2014-2015)

KALIBO/AKLAN 1 3,707 Kalibo/Aklan 0 574,823 (5,000 sqm) (AY 2014-2015) 6 15,679 LEYTE Laguna 0 3,035,081 (81,540 sqm) (AY 2014-2015) PALAWAN 2 10,094 BOHOL Leyte 0 1,966,768 (10,000 sqm) (AY 2014-2015) 3 2,718 Palawan 0 1,104,585 CAGAYAN DE ORO (14,860 sqm) (AY 2014-2015) 5 1 5.824 2,884,227 (15,300 sqm) (5,300 sqm) (AY 2014-2015)

LEGEND DAVAO Provincial options with none, one, or two BPO locators

Provincial options with exclusivity Presence of 3+ BPO locators 36 *Calamba and Batangas City offers exclusivity Source: Commission on Higher Education Provincial Pipeline Developer Market Share (2017 to 2022E)

37 RESIDENTIAL MARKET Residential Outlook Key Insights

Demand Drivers: • IT-BPM sector has created a growing market for residential condominium developments

• Overseas Filipinos is a main pillar of the Real Estate industry making up a major part of the widening middle income market. Over 60% of remittances go to real estate investments*

There is no expected residential sales hike due to the cautiousness of the Banks and Bangko Sentral ng Pilipinas.

Developers have no more significant landbank, thus the direction to go out of NCR, looking at:

1) Reclamation projects along Manila Bay and Laguna de Bay. 2) Townships in major cities and towns like Cavite, Laguna, Clark, Cebu, Iloilo and Davao. 3) Government land and military bases. 4) Improving industrial estates and manufacturing will result to out of Manila subdivision projects or townships outside Metro Manila.

39 Source: Bangko Sentral ng Pilipinas, World Bank Residential Demand Driver

2016 OF Remittances has seen a growth of 5% y-o-y or US$26.8Bn from 2015’s US$25.6Bn. 60% of remittances is being invested into the real estate sector As interest rates collapse, more residential condominium units are being introduced to the market and more money from OF remittances are channeled into real estate.

40 Source: Bangko Sentral ng Pilipinas, LPC Research Residential Constructions (Ongoing) Approved Building Permits by Floor Area in 2015

41 *Source: Philippine Statistics Authority Residential Constructions vs OFW Deployment Approved Building Permits by Floor Area in 2015

2016 Residential Constructions REGION Number of Deployed OFWs National NCR 278,580 278,580 Capital Region Cordillera Administrative 57,724 Region REGION I 240,934 REGION II 153,093 LUZON 1,417,996 REGION III 383,988 REGION IV-A 454,261 REGION IV-B 47,685 REGION V 80,311 REGION VI 223,366 REGION VII VISAYAS 414,105 160,623 Region VIII 30,117 REGION IX 57,724 Top 5 regions in terms of number of ongoing construction (2015): REGION X 70,272 REGION XI 77,802 ▪ Region IV-A (CALABARZON) 25% MINDANAO 399,047 REGION XII 110,428 ▪ Region III (Central Luzon) 11% ▪ NCR (Metro Manila) 10% REGION XIII 45,175 ▪ Region VII () 10% ARMM 37,646 ▪ Region X (Northern Mindanao) 7% TOTAL 2,509,72842 *Source: Philippine Statistics Authority Residential Supply 2016 NCR Approved Licenses to Sell

Market Price Range Segment Socialized P450k & below Low Cost 1 P450k-P1.7Mn Low Cost Low Cost 2 P1.7Mn to P3Mn Medium Cost P3Mn-P4Mn Open Housing Above P4Mn

✓ Sudden increase of residential supply in 2012, but significant decline from 2013-2015

✓ Supply introduced in 2012 is more than previous 3 years supply combined • Steady economic growth • Western firms offshoring to PH • Buying power of OFW • Low interest rate 43 Source: Housing and Land Use Regulatory Board Residential Condominium Supply Combined Preselling and RFO units in Metro Manila (1992 to 1Q 2017) Residential Condominium Supply By Selected Major Developers (2010-2016)

Source: LPC Research 45 Residential Condominium Supply By Selected Major Developers (2010-2016)

46 Source: LPC Research Historical Residential Rental Rate Increase in the rent rates of residential condominiums over the last 5 years

*Based on typical studio or 1BR unit Source: LPC Research *Inclusive of Dues 47 Metro Manila Villages High End Residential Villages (Number of Household)

METRO MANILA TOTAL HOUSEHOLDS: 15,187

48 Residential Historical Land Values High End Residential Villages (2011 to 2016)

Source: LPC Research 49 TOURISM Tourism Global Boom → Local Zoom

In 2016, the global tourism economy contributed 10% of world GDP and provided 10% of the world’s jobs.

GROWTH DRIVERS ESTIMATED 2030 • Ease of travel & reduced travel costs 2015 +50% TOURIST • Online travel agents (12% CAGR) TOURIST ARRIVALS ARRIVALS and digital disruption • Rise of Low-Cost-Carriers (7.1% 1.2 BILLION 1.8 CAGR) BILLION

MAJOR GROWTH MARKETS • Emerging markets(+) The bounties that the tourism industry yields • Asia Pacific(++) will reach unprecedented heights, the • Middle-class families, 50-60 year trillion dollar question is whether we can take old “empty nesters”, and millennials a good share of the spoils. • Regional travelers

THREATS TO THE INDUSTRY • Spike in fuel prices • Tightening of national borders • Geopolitical instability • Unstable currency markets

Source: UNWTO, SKIFT 2015 International Tourist Arrivals Asia Pacific

52 Source: UNWTO Travel and Tourism Competitiveness South East Asia

Singapore Malaysia Thailand Indonesia Sri Lanka Vietnam Philippines Lao PDR Cambodia

Tourist Arrivals 12M 25.7M 29.9M 10.4M 1.7M 7.9M 5.3M 3.5M 4.7M

GDP Contribution 4.8% 4.4% 9.3% 3.3% 4.6% 6.6% 4.2% 4.6% 13.5%

COMPETITIVENESS RANKING (out of 136 countries)

Overall Ranking 13 26 34 42 64 67 79 94 101

Business Environment 2 17 45 60 50 68 82 47 125

Price Competitiveness 91 3 18 5 20 35 22 14 51

Air Transport Infrastructure 6 21 20 36 68 61 65 97 96

Ground & Port Infrastructure 2 34 72 69 45 71 107 111 108

Tourist Service Infrastructure 24 46 16 96 94 113 87 86 102

Natural Resources 103 28 7 14 31 34 37 71 62

Safety & Security 6 41 118 91 59 57 126 66 88

53 Source: WEF Travel and Tourism Competitiveness Report 2017, World Trade and Tourism Council Tourism: Philippines Global Boom → Local Zoom

Duterte administration DOT GROWTH TARGETS takes action to maximize our share of the global tourism boom.

NATIONAL TOURISM DEVELOPMENT PLAN 2017-2022 Indicative budget: PHP 2.9 Trillion

Source: National Tourism Development Council Philippine Tourism Moving Forward

Over 631,000 tourist arrivals in January 2017, the highest ever recorded volume of tourists in a single month.

13 new international routes from local carriers in 2016. New direct flights by both foreign and local carriers create 888,056 additional annual seat capacity.

DOT’s National Cruise Tourism Development Strategy identifies the Turquoise Triangle (Manila, Boracay and Northern Palawan) as priority areas for cruise development. In 2016, the PH attracted 72 port calls. Target is for more than 100 port calls in 2017.

Infrastructure Safety and Tourism Inclusive and Development Security Investments Diversified Growth

55 Source: PhilStar Department of Tourism Philippine Airports Pipeline

2016 2017 2018 2019 ~2025 Sangley Point Clark San Vicente Mactan-Cebu Bohol- International International International International Panglao Airport Airport Airport Airport Island Terminal 1 International (Bidding) Airport Expansion San Bicol Fernando International Caticlan Airport Iloilo Airport International EXPANSION International (Planning) Airport Passenger Capacity: Airport Expansion Kalibo Clark International 8.8 M – 24 M International Airport Area: 37, 000 sqm – Airport 82,000 sqm Terminal 2 (Planning) El Nido Airport Davao Terminal Airport (Bidding)

Puerto Bacolod Silay Princesa International International Airport Airport (Bidding) Ninoy Aquino International Airport Every year, there is an increasingly larger share of air passenger (Planning) traffic into the country’s secondary destinations, driven by LGU and Coron Airport private efforts, cheaper flights and improved airport infrastructure. – DOT (Planning)

RECENTLY EXPANSION/ AIRPORTS TO 56 COMPLETED REDEVELOPMENT BE BUILT Philippine Tourist Arrivals Top 10 Markets

Source: Department of Tourism Airports in the Philippines 2016 Passenger Count

Significant growth Average Number of Average Number of Annual Passenger Growth in in passenger traffic Daily Daily Footprint Passenger from 2011 to 2016. Flight Arrivals Flight Arrivals (Inbound Footprint (2011) (2016) and Outbound) (2011 to 2016)

350 flights daily 650 flights daily 39.5 Million (2016) Metro Manila 25% (100 are Int’l flights) (182 are Int’l flights) 31.5 Million (2011)

84 flights daily 170 flights daily 8.8 Million (2016) 42% (25 are Int’l flights) (38 are Int’l flights) 6.2 Million (2011)

15 flights daily 54 flights daily 3.5 Million (2016) Davao City 35% (1 is Int’l flight) (5 are Int’l flights) 2.6 Million (2011)

11 flights daily 43 flights daily 2.7 Million (2016) Kalibo 108% (5 are Int’l flights) (8 are Int’l flights) 1.3 Million (2011)

33 flights daily 1.9 Million (2016) Iloilo 14 flights daily 12% (1 is Int’l flight) 1.7 Million (2011) 1.7 Million (2016) Cagayan de Oro 9 flights daily 27 flights daily 21% 1.4 Million (2011) 1.6 Million (2016) Puerto Princesa 6 flights daily 21 flights daily 62% 988K (2011) 1.4 Million (2016) Bacolod 10 flights daily 24 flights daily 8% 1.3 Million (2011) 1.1 M (2016) Tacloban 10 flights daily 17 flights daily 10% 1 Million (2011) 980 K (2016) Zamboanga 6 flights daily 16 flights daily 22% 804K (2011) 5 flights daily 23 flights daily 950 K (2016) Clark 24% (2 are Int’l flights) (16 are Int’l flights) 767K (2011)

Source: Civil Aviation Authority of the Philippines, ourairports.com, NSCB statistics, Civil Aeronautics Board Philippine Tourism Palawan

No. 1 Most Beautiful Beach in the World (El Nido) – Conde Nast Traveler, 2014 and 2015 No. 1 Best Beach and Island Destination in the Philippines – CNN Go, 2014 No. 2 Best Island in the World – Conde Nast Traveler, 2015 and 2016 One of World’s Best Budget Travel Destinations – Forbes, 2017

1.1 million hectares of coral reefs, representing 35% of PH total PH’s largest marine sanctuary: El Nido-Taytay Managed Resource Protected Area – UNEP

1.4 million hectares of land Largest PH province by land area

2,000 kilometers of Underground River, coastline Matinloc Shrine, El Nido Puerto Princesa

Regular daily flights via: Puerto Princesa – 15 daily flights Busuanga – 16 weekly flights El Nido – 4 to 5 daily flights

1.8 million tourists in 2015 Long Beach, San Vicente

59 Source: Conde Nast Traveler, Forbes, Department of Tourism, airline websites About LEECHIU PROPERTY CONSULTANTS MISSION

To deliver superior value and profitable real estate solutions for like- minded partners through local, dynamic & insightful property-related expertise in corporate leasing and investments.

To be the advisor of choice who provides the most strategic and outstanding property-related advice, solutions and services to our customers. Our company values unity, integrity and passion for excellence.

VISION

Together, our firm, redefines the real estate industry by being a catalyst of sustainable growth, through principled and expert property consulting advice and action. Our Services

Occupier Project IT-BPM Site Investment Research & Solutions Leasing Selection Sales Consultancy

The Philippines’ deepest bench of seasoned real estate advisors & brokers Occupier Solutions

Occupier Solutions transactions to date Closed Deals Live Deals 82,000 SQM 333,000 SQM

Our Clients

IT-BPM Site Selection Clients Project Leasing

We also advise and support landlords, building owners and real estate developers. Our leasing experts create and implement strategies for finding the right tenant mix and ensure maximum occupancy in a timely manner. Our real estate brokers have managed to lease more than thirty office buildings in Metro Manila on behalf of developers.

Currently marketing 32 projects Total of 792,585 sqm BGC. Citibank Plaza. Ecoprime. Menarco Tower. Net Park. Milestone at Fifth Avenue. Orē Central. The Curve. Twenty-five Seven McKinley. W CityCenter. W Fifth Avenue. . W Office at High Street. High Street South Corporate Plaza I. Retail QUEZON CITY. Hexagon Corporate Center. One Luna Global Connections. Panorama Technocenter. ALABANG. Asian Star Building. One Griffinstone Building MAKATI CITY. Frabelle Corporate Plaza. Liberty Plaza. M1 Tower. MJ Corporate Plaza. Nex Tower. ORTIGAS. St. Francis Square. L&Y Plaza. Ortigas Technopoint Two BAY AREA. DoubleDragon Plaza. Nexgen Tower. CAVITE. Suntech iPark. CEBU. Latitude Corporate Center. Mabuhay Tower.

Looking to exclusively handle more project leasing appointments across the Philippines in 2017 Investment Sales

LPC officially started October 1, 2015 and in the first year of operating, we have concluded the following:

✓ Prime Commercial Lots in Bonifacio Global City PhP 3.5 billion ✓ Office floor in Grade AAA building or USD 70 along Ayala Avenue, Makati million ✓ Prime Residential Apartment Building in Salcedo Village, Makati ✓ Residential Apartment Buildings in , Makati ✓ Office floors in Filinvest City

LPC looking to transact circa PhP 25 billion or USD 500 million in 2017

USD to PHP $1 : 50.04 PHP Source: Investment Sales pipeline as of January 2017 65 Research and Consultancy

Our research and consultancy arm allows us to offer to clients a full suite of consulting services that include business planning, highest and best use studies, market research, project conceptualization, and project feasibility.

Completed Projects – Highest and Best Use Study

Central Business District: Project Cost of BGC and Muntinlupa PhP 58.1 billion Mixed Use developments: Lakewood City Cabanatuan or USD 1,211 Batulao, Woodlands Batangas million USD to PHP $1 :48 PHP Pico de Loro, Batangas CBRE Strategic Alliance with Leechiu Property Consultants

Source: CBRE Website