Metro Pacific FY2014

FULL YEAR 2014
FINANCIAL RESULTS
ANALYSTS BRIEFING
26 February 2015
DISCLAIMER
This presentation was prepared solely and exclusively for discussion purposes. This
presentation and/or any part thereof may not be reproduced, disclosed or used without the
prior written consent of Metro Pacific Investments Corporation (the Company).
This presentation, as well as discussions arising therefrom, may contain statements relating
to future expectations and/or projections of the Company by its management team, with
respect to the Company and its portfolio companies. These statements are generally identified
by forward-looking words such as believe, plan, anticipate, continue,estimate,
expect, may, will, or other similar words. These statements are: (i) presented on the
basis of current assumptions which the companys management team believes to be
reasonable and presumed correct based on available data at the time these were made, (ii)
based on assumptions regarding the Companys present and future business strategies, and
the environment in which it will operate in the future, (iii) a reflection of our current views with
respect to future events and not a guarantee of future performance, and (iv) subject to certain
factors which may cause some or all of the assumptions not to occur or cause actual results
to diverge significantly from those projected. Any and all forward looking statements made by
the Company or any persons acting on its behalf are deemed qualified in their entirety by
these cautionary statements.
This presentation is solely for informational purposes and should in no way be construed as a
solicitation or an offer to buy or sell securities or related financial instruments of the Company
and/ or any of its subsidiaries and/or affiliates.
Ticker: PSE:MPI
American Depositary Receipts
ADR Ticker: MPCIY
CUSIP: US59164L2007
Ratio: 1 ADR : 100 Ordinary Shares
Depositary Bank:
Deutsche Bank Trust Company Americas
ADR Broker Helpline:
+1 212 250 9100 (New York)
+44 207 547 6500 (London)
E-mail: adr@db.com
ADR Website: www.adr.db.com
Depositary Banks Local Custodian:
Deutsche Bank Manila
ABOUT MPIC
Metro Pacific Investments Corporation (PSE:MPI) is a Philippine-based, publicly listed investment and management company, focused in infrastructure,
with holdings in Manila Electric Company, Maynilad Water Services, Inc., Metro Pacific Tollways Corporation, Makati Medical Center, Cardinal Santos
Medical Center, Asian Hospital, Davao Doctors Hospital, Riverside Medical Center, Lourdes Hospital, De Los Medical Center and Central Luzon Doctors
Hospital.
HEADQUARTERS
10/F MGO Building, Legazpi corner Dela Rosa Streets,
Legazpi Village, Makati 0721 Philippines
Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813
Email: investorrelations@mpic.com.ph
Official Website: www.mpic.com.ph
INVESTOR RELATIONS TEAM (investorrelations@mpic.com.ph)

VP Investor Relations Albert WL Pulido (awlpulido@mpic.com.ph)
Investor Relations Manager Maricris C. Aldover (mdaldover@mpic.com.ph)
Investor Relations Assistant Ma. Isabel O. Acuzar (ioacuzar@mpic.com.ph)
FINANCIAL HIGHLIGHTS
In Millions of Pesos
2014
2013
% Change
MPIC share
Maynilad
MERALCO / Beacon
MPTC
Hospitals
Rail
Share of operating income
Head office expenses
Interest expense
Core income
Non-core expenses
Reported income
WATER - 4% in billed volume of Maynilad and

4% in average effective tariff (lower provisioning
through better collection)
4,376
3,027
2,239
465
(28)
10,079
(1,025)
(546)
8,508
(568)
3,789
2,333
1,874
581
8,577
(917)
(431)
7,229
(20)
15%
30%
19%
-20%
100%
18%
12%
27%
18%
7,940
7,209
10%
HOSPITALS - Increasing number of patients, offset

by lower effective ownership with entry of GIC as
an investor in July 2014
178%
Slower growth in Reported Income due to Maynilad

arbitration costs; and various tollroads / rail project
expenses in 2014
Dividend per share

In Centavos
18% growth in MPIC Share driven by:
10.30
3.70
POWER - 3% in energy sales, 403 bps lower

interest rate at Beacon due to refinancing;
increased shareholding in MERALCO from 24.98%
to 27.48%; and increase in Non-electricity
Revenues
TOLLROADS - 7% in average daily traffic and in
average kilometers traveled in NLEX, 8% in
average daily traffic in CAVITEX; contribution from
Don Muang Tollways; and increased shareholding
in MNTC from 67.1% to 75.6% in July 2014
18% GROWTH IN MPIC SHARE OF OPERATING INCOME

FY 2014
FY 2013
Hospitals 7%
Hospitals 5%
MPTC Hospitals
22%
Toll Roads
Hospitals
Maynilad
43%
MPTC
22%
Toll Roads
Water
Meralco/
Beacon 30%
Maynilad
44%
Water
Meralco/
Beacon 27%
Power
* Chart above does not include Pre-operating Rail Expenses
P10,079M
P8,577M
4
STAND-ALONE CORE INCOME VS MPIC SHARE

18% Growth in MPIC Share from P8.6B to P10.1B
WATER
In Millions
Stand-alone Core Income
Maynilad (52.8%)
DMWC Parent and FVA
MPWIC/ MWCI
MPIC Share
2014
8,777
4,634
(235)
(23)
4,376
POWER
2013
7,530
4,012
(223)
3,789
%
17%
16%
5%
100%
15%
TOLLROADS
In Millions
MPTC (99.9%)
Fair Value Adjustments
Don Muang Tollways/ AIF
MPIC Share
2014
2,154
2,151
(40)
128
2,239
2013
1,963
1,961
(87)
1,874
In Millions
MERALCO (26.2%-24.5%)
Beacon
MPIC Share
2014
18,128
4,735
(217)
(1,491)
3,027
2013
17,023
4,168
(201)
(1,634)
2,333
%
6%
14%
8%
-9%
30%
HOSPITALS
%
10%
10%
-54%
100%
19%
In Millions
Hospitals
Fair value adjustments
MPIC Share
2014
1,007
469
(4)
465
2013
879
510
71
581
%
15%
-8%
-106%
-20%
CURRENT PENDING ISSUES / OPPORTUNITIES

TOLL ROADS
Connector Road Swiss

Challenge within 2015
Delayed tariff increases
o NLEX due January
2013 & 2015
o CAVITEX due January
2012 & 2015
Timing of completion of
Segment 9 / Harbour Link
POWER
Rate rebasing
Power plant projects
WATER
Timing of arbitration
decision implementation
RAIL
Increase in maximum
fare of 45% announced
by DOTC - Concession
called for 60% increase
Turn-over of existing
LRT1 operations and
start of construction
AFCS operational by
September 2015
Regional investments
PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES
MAYNILAD FY 2014 HIGHLIGHTS

In Millions
Maynilad (52.8%)
DMWC Parent and FVA
MPWIC/ MWCI
MPIC S hare
2014
8,777
4,634
(235)
(23)
4,376
2013
7,530
4,012
(223)
3,789
%
17%
16%
5%
0%
15%
MAYNILAD
Revenues increased by 9% due to:
In Millions
Revenues
Cost of services
Gross profit
Operating expenses
Other income and expense - net
Interest expense
Benefit from income tax
Core income
Non-core expenses
Reported net income
Core EBITDA Computation:
Core income
Depreciation and amortization
Interest expense
Benefit from income tax
Core EBITDA
2014
18,363
(4,966)
13,397
(2,072)
(530)
2013
16,895
(4,702)
12,193
(2,391)
(515)
%
9%
6%
10%
-13%
3%
4% increase in billed volume from 443.8 MCM to

463.2 MCM
(2,082)
64
8,777
(522)
8,255
(2,039)
282
7,530
(594)
6,936
2%
-77%
17%
-12%
19%
Gross Profit and EBITDA grew faster as savings from the

right sizing program start to bear fruit
8,777
2,062
2,082
(64)
12,857
7,530
1,796
2,039
(282)
11,083
17%
15%
2%
-77%
16%
5% increase in billed customers from 1,129,497 to

1,190,062
4% increase in average effective tariff from lower

provisioning through better collection
Faster growth in Reported Net Income due to lower non-core

expenses for 2014. Those expenses, which include
Maynilads right-sizing program and arbitration cost, are
lower than the refinancing cost incurred in 2013
Other Businesses Stand-alone
PhilHydro Gross Revenues of P135 million and Core
Income of P2 million; billed volumes were marginally lower
at 27.8 MLD
Subic Water Gross Revenues of P563 million and Net
Income of P187 million
KEY METRICS AND KEY PRIORITIES

KEY METRICS
2014
NON-REVENUE WATER
2013
NRW
42.0%
120
118
Average
33.9%
38.7%
40.0%
Period end
32.9%
35.4%
38.0%
114
112
36.0%
Coverage
Total population
116
110
108
9.68M
9.69M
34.0%
106
104
32.0%
Population coverage
8.87M
8.40M
24hr availability
100%
98%
Over 7 psi
100%
100%
Customer Mix
30.0%
100
Mar-13
Jun-13
Sep-13
Billed Volume (MCM)
Dec-13
Mar-14
Average NRW
Jun-14
Sep-14
Dec-14
Period End NRW
Seasonality of water consumption affects NRW
IMPLEMENTATION OF ARBITRATION DECISION
Residential
80%
80%
Commercial
20%
20%
P4,345M
P5,558M
Capital Expenditure
102
Significant Events:
January 2015
Arbitration panel upheld Maynilads rate hike

application
February 2015
Submitted letter calling on the performance

undertaking of the Philippine Government
MERALCO FY 2014 HIGHLIGHTS

In Millions
MERALCO (26.2% - 24.5%)
Beacon
MPIC Share
In Millions
Electricity
Non-Electricity
Total revenues
Purchased power
Operating expenses
Other income
Provision for income tax
Non-controlling interests
Core income
Non-core income (expense)
Reported net income
Core income
Net Interest income
Others
Core EBITDA
2014
2013
261,740
294,849
4,596
3,787
266,336 298,636
(203,242) (238,198)
(36,948)
(36,288)
413
(8,353)
(78)
18,128
(75)
18,053
18,128
6,093
691
8,353
(93)
33,172
%
-11%
21%
-11%
-15%
2%
(11) -3855%
(7,054)
18%
(62)
26%
17,023
6%
188
-140%
17,211
5%
17,023
6,118
307
7,054
343
30,845
6%
0%
125%
18%
-127%
8%
2014
18,128
4,735
(217)
(1,491)
3,027
2013
17,023
4,168
(201)
(1,634)
2,333
%
6%
14%
8%
-9%
30%
Consolidated Electricity Revenues decreased due to (a)

the loss of pass-through supply revenue component on
the electricity of contestable customers who switched
their sourcing of power to other retail electricity
suppliers under Retail Competition and Open Access,
and (b) the P 9.3 billion downward adjustment in the
Wholesale Electricity Market bill for December 2013
supply volumes
Non-Electricity Revenues up by 21% due to higher
revenues of subsidiaries
Growth in EBITDA was a function of higher energy sales
and increased revenues of subsidiaries
3% growth in total energy sales from 34,084 GWh

to 35,160 GWh (1.3% residential, 3.9%
commercial and 4.2% industrial sector) offset by
a 3.0% decrease in average distribution rate from
P1.65/kWh to P1.60/kWh
10

KEY METRICS
System Loss
System Average Interruption
Frequency Index
Customer Average
Interruption Duration Index
Number of customers
Capital Expenditure
(excluding Singapore Plant)
2014
2013
6.49%
6.92%
2.66 times 3.36 times

94.09
minutes
97.65
minutes
5.57M
5.37M
P12,350M P10,187M
Final stages of discussion with preferred EPC contractor; will issue

Notice to Proceed upon ERC approval of PSA between San
Buenaventura and Meralco
Redondo Peninsula Energy, Subic
Environmental case resolved
Proceed with the completion of all remaining development activities
and commence construction within the year 2015
Atimonan One Energy
Evaluating 1,200MW coal powerplant
Residential
10,364
10,235
Commercial
13,814
13,302
Industrial
10,850
10,417
132
130
35,160
34,084
Total (in GWh)
Baseload
San Buenaventura Power, Quezon (Online by 2018)
Energy Sales
Streetlights
POWER GENERATION UPDATES
An experienced international engineering firm has been engaged as

Owners Engineer. EPC prequalification process has commenced
Other Investments
2 x 400MW combined cycle LNG plant in Jurong Island, Singapore
28% effective ownership for MERALCO
Officially launched on 3 June 2014
MGen raises stake to 22% stake in Global Business Power
Corporation
Largest IPP in Visayas with 627MW gross capacity (410MW coal

and 217MW diesel)
Commenced operations of a 1 x 82MW CFB coal-fired plant in
December 2014; another 1 x 150MW CFB coal-fired plant is being
built with target COD in 3Q 2016
11
MPTC FY 2014 HIGHLIGHTS

In Millions
MPTC (99.9%)
Don Muang Tollways/ AIF
MPIC Share
In Millions
Net toll revenues
Operating and maintenance costs
Gross profit
Operating expenses
Interest expense
Non-controlling interest
2014
8,641
(3,533)
5,108
(820)
(1,112)
(722)
2013
8,154
(3,305)
4,849
(742)
(934)
(792)
%
6%
7%
5%
11%
19%
-9%
Share in earnings of associates

Other income
Core income
Non-core income (expenses)
Reported net income
290
(860)
270
2,154
(92)
2,062
247
(865)
200
1,963
38
2,001
17%
-1%
35%
10%
-342%
3%

Core income
Interest expense
Core EBITDA
2,154
940
1,112
722
860
5,788
1,963
986
934
792
865
5,540
10%
-5%
19%
-9%
-1%
4%
2014
2,154
2,151
(40)
128
2,239
2013
1,963
1,961
(87)
1,874
%
10%
10%
-54%
100%
19%
Net Toll Revenues increased due to:

NLEX
7% increase in average daily vehicle entries (open &
closed systems) to 185,297
7% increase in average kilometers travelled to 3.51M
Revenues up by 6% to P7,516 million
CAVITEX
8% increase in average daily vehicle entries to 110,393
Revenues up by 7% to P1,125 million
Core EBITDAs slower growth primarily due to higher Operators
Fees and normalization of CAVITEX expenses
Faster growth in Core Income due to a 9% increase in
shareholding in MNTC; lower amortization of concession
assets driven by the adoption of UOP method; and higher
income from advertisements
Don Muang Tollway
Revenues increased by 5% to THB2,133 million
Core Income up by 13% to THB914 million
Average daily vehicle entries
5% increase for Original Tollway to 80,698
3% increase for North Extension to 49,645
12

KEY METRICS
2014
NORTH
NLEX
NLEX Harbour Link
Average Daily Vehicle Entries (Open & Closed)
Class 1
139,560
129,484
Class 2
29,697
28,773
Class 3
16,040
14,810
185,297
173,067
Total
PROJECT UPDATES
2013
Average Kilometers Travelled (In thousands of kms)

Class 1
2,509
2,305
Class 2
618
608
Class 3
379
360
3,506
3,273
Total
Segment 9 (P1.5 billion project cost)
Ongoing construction operational by 1Q 2015
Segment 10 (P10.7 billion project cost)
Ongoing construction operational by 2017
NLEX Citi Link (P7.5 billion project cost)
Final alignment undergoing evaluation operational by 2020
Connector Road / Metro Expressway Link (P14.2 billion project cost)
Swiss Challenge to be conducted within 2015 MPIC will have the right to match the
best bid
SCTEX
Received Notice of Award from BCDA on 9 February 2015 P4.1 billion to be paid in
March 2015
Concession until 2043
SOUTH
CAVITEX
Cavitex (P8.0 billion project cost)
Average Daily Vehicle Entries
Preparation of detail engineering design for expansion plans ongoing; construction to

begin by 2015
Class 1
96,768
88,774
Class 2
9,655
9,859
Cebu-Cordova Bridge Project (P16.9 billion project cost)
Class 3
3,970
3,647
Total
110,393
102,280
Capital expenditure
P2,592M
P401M
CEBU
Granted Original Proponent Status target project award by 2Q 2015
VIETNAM
CII Bridges and Roads (P4.1 billion investment)
16 kilometers under construction and 39 kilometers to be constructed
Other projects under development
13
HOSPITAL GROUP FY 2014 HIGHLIGHTS

In Millions
Hospitals
Fair value adjustments
MPIC Share
2014
1,007
469
(4)
465
2013
879
510
71
581
%
15%
-8%
-106%
-20%
Increase in gross revenues due to:

In Millions
Gross revenues
Discounts
Net revenues
Cost of supplies
Gross profit
Operating expenses
2014
14,096
(1,276)
12,820
(5,571)
7,249
(5,809)
2013
12,493
(1,044)
11,449
(4,916)
6,533
(5,226)
%
13%
22%
12%
13%
11%
11%
Interest expense
Other income
Core income
Non-core income
Reported net income
(282)
293
(444)
1,007
4
1,011
(288)
272
(412)
879
7
886
-2%
8%
8%
15%
-47%
14%

Core income
Interest expense
Core EBITDA
1,007
1,213
282
444
2,946
879
1,077
288
412
2,656
15%
13%
-2%
8%
11%
15% increase in Gross Revenues from Cardinal Santos

Medical Center, 14% from Davao Doctors, 7% from Our
Lady of Lourdes and Asian Hospital, 6% from Makati
Medical and Riverside Medical Center
Full year impact of Delos Santos Medical Center and

Central Luzon Doctors Hospital
Higher Core Income growth than Core EBITDA due to lower
interest expense in Asian Hospital
Slower growth in Core EBITDA due to the normalization of
Senior Citizen refunds and higher costs in Makati Med due
to the implementation of a new information system and JCI
accreditation
MPICs lower share due to entry of GIC as an investor in
the beginning of July 2014
14

KEY PRIORITIES
Invest in more hospitals to expand the chain
Target of 3,700 beds and better coverage
Implement synergies across the network - groupwide policies and protocols on equipment and other
purchases
KEY METRICS
2014
2013
Total number of beds (Period end)
2,134
2,021
Number of accredited doctors
5,367
5,418
Invest in new equipment and renovations /

expansions in existing hospitals
Strive to integrate into one chain and build centers
of excellence across the network
Address changes in healthcare delivery
Average number of enrollees (YTD)
4,228
3,897
Average occupancy rate (YTD)
66.8%
72.0%
124,467
115,570
1,849,301
1,626,017
Mall-based diagnostic centers
Number of patients
In patient
Out patient
15
QUARTERLY ANALYSIS
16
MAYNILAD QUARTERLY HIGHLIGHTS

Revenues
Core EBITDA
Core Income
Reported Income
Billed volume (In MCM)
Billed customers
Non-revenue water
Average
Period end
Service levels
24-hour coverage
Over 7 psi
1Q
2Q
4,391
4,605
2,985
3,336
2,109
2,391
2,046
1,934
KEY METRICS
111.6
117.9
1,145,934
1,162,959
(In Millions of Pesos)

3Q
4Q
4,577
2,761
1,866
1,817
4,790
3,775
2,411
2,458
116.5
1,176,010
117.2
1,190,062
35.8%
35.3%
34.4%
31.1%
34.1%
34.1%
33.9%
32.9%
98.2%
100%
97.7%
100%
98.6%
100.0%
100.0%
100.0%
Growth in revenues driven by increase in billed volume and

reduced provisioning for regularly unpaid bills reflecting better
collections
Core EBITDA grew faster due to revenue growth and decrease in
headcount
Slower Core Income growth due to higher amortization of
concession assets and higher interest expense
Reported Income grew faster due to the adjustment of arbitration
costs in 4Q
17
MERALCO QUARTERLY HIGHLIGHTS

Total Revenues
Core EBITDA
Core Income
Reported Income
System Loss
Number of customers
Energy Sales
Residential
Commercial
Industrial
Streetlights
Total (in GWh)
(In Millions of Pesos)
1Q
2Q
55,109
77,059
7,503
9,893
4,088
5,782
4,008
5,629
KEY METRICS
6.59%
6.68%
3Q
70,722
9,204
4,416
4,671
6.67%
4Q
63,446
6,572
3,842
3,745
6.49%
5.42M
5.48M
5.53M
5.57M
2,209
3,119
2,547
33
7,908
2,938
3,634
2,787
32
9,391
2,649
3,525
2,747
33
8,954
2,568
3,536
2,769
34
8,907
Combined effects of net lower pass-through generation charge,

lower average distribution tariff and unrealized sales due to
weather disturbances in Meralcos franchise area slowed down
the pace of Revenues this quarter
18
MPTC QUARTERLY HIGHLIGHTS (In Millions of Pesos)

Net Revenues
Core EBITDA
Core Income
Reported Income
1Q
2Q
2,108
2,220
1,428
1,510
546
615
538
575
KEY METRICS
NLEX
Average Daily Vehicle

Entries
Class 1
136,757
142,429
Class 2
29,544
29,824
Class 3
16,025
15,924
Total
182,326
188,177
Average Kilometers Travelled (In thousands of kms)
Class 1
2,446
2,671
Class 2
Class 3
Total
Average Daily Vehicle
Entries
Class 1
Class 2
Class 3
Total
621
384
3,451
CAVITEX
626
384
3,681
3Q
4Q
1,970
1,245
388
359
2,343
1,605
605
590
132,466
28,975
15,745
177,186
146,559
30,442
16,464
193,465
2,254
586
371
3,211
2,665
638
379
3,682
Growth in revenues driven by increase in average

daily vehicle entries in NLEX and CAVITEX
Higher growth in Core EBITDA due to lower O&M
costs and operating expenses
Faster growth in Core Income due to lower finance
cost and income tax
Growth of Reported Income due to the reversal of
provision for heavy maintenance
95,225
9,858
3,908
108,991
97,297
9,688
3,871
110,856
94,193
9,425
3,972
107,590
100,329
9,652
4,127
114,108
19
HOSPITAL GROUP QUARTERLY HIGHLIGHTS (In Millions of Pesos)

1Q
2Q
Revenues
3,456
3,411
Core EBITDA
731
664
Core Income
253
205
Reported Income
254
204
KEY METRICS
Total number of beds
2,075
2,109
Number of accredited
5,446
5,393
doctors
Number of enrollees
4,188
3,439
3Q
4Q
3,746
822
311
312
3,483
729
238
241
2,068
2,134
5,401
5,367
3,972
4,228
Lower Revenues this quarter attributed to seasonality during

the Christmas holidays
Core Income slowed down significantly due to higher
depreciation from purchasing new medical equipment
20
BALANCE SHEETS AND CASH FLOWS
21
METRO PACIFIC INVESTMENTS CORPORATION PARENT

BALANCE SHEET
In PhP Millions
ASSETS
CURRENT ASSETS
Cash and short-term investments
Receivables - net
Other current assets
Total Current Assets
NONCURRENT ASSETS
Investments and advances to subs., associates & JVs
Receivables
Due from related parties
Other noncurrent assets
Total Noncurrent Assets
TOTAL ASSETS
As of
Dec 2014 Dec 2013
4,088
98
1,712
5,898
4,529
573
551
5,653
94,905
967
95,872
77,863
588
51
1,457
79,959
101,770
85,612
BALANCE SHEET (continued)

In PhP Millions
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable and other current liabilities
Due to related parties
Current portion of long-term debt
Total Current Liabilities
NONCURRENT LIABILITIES
Long-term debts - net of current portion
Other noncurrent liabilities
Total Noncurrent Liabilities
Total Liabilities
As of
Dec 2014 Dec 2013
819
7,547
65
8,431
567
362
65
994
6,318
1,186
7,504
6,383
172
6,555
15,935
7,549
26,096
42,993
106
16,640
85,835
26,076
42,933
281
8,773
78,063
101,770
85,612
EQUITY
Capital stock
Additional paid-in capital
Other reserves
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
22
METRO PACIFIC INVESTMENTS CORPORATION PARENT

CASH FLOW STATEMENT
In PhP Millions
Cash Flows from Operating Activities
Income before income tax
Adjustments for:
Interest expense
Dividend income
Interest income
Others
Operating loss before working capital changes
Decrease (increase) in:
Receivables
Increase (decrease) in accounts payable and other liabilities
Net cash used in operations
Dividend received
Interest paid
Income tax paid
Interest received
Net cash provided by operating activities
Cash Flows from Investing Activities
Acquisition/purchase of:
Investments and advances
Other non-current assets
(Forward)
Dec 2014*
Dec 2013
10,183
8,013
673
(6,750)
(160)
(5,102)
(1,156)
607
(9,554)
(211)
294
(851)
(18)
251
(389)
268
(1,044)
2,365
(494)
(18)
416
1,225
8
(171)
204
(340)
(1,150)
9,241
(651)
(21)
120
7,539
CASH FLOW STATEMENT (continued)

In PhP Millions
Increase in other non-current assets
Proceeds from sale of AFS financial assets
Proceeds from:
Hospital selldown
Sale of AFS investments
Proceeds from disposal of other assets
Net cash used in investing activities
Cash Flows from Financing Activities
Proceeds from:
Issuance of capital stock
Subscription arising from ESOP
Payments of:
Notes payable
Transaction costs
Refinancing cost
Long-term debt
Dividends
Net cash provided by (used in) financing activities
Effect of foreign exchange rate changes
(6,087)
(29)
(4,243)
(40)
Net increase (decrease) in cash and cash equivalents
Dec 2014* Dec 2013

(226)
(129)
11
6,533
458
649
58
(64)
(2,298)
(2,304)
2
(4,399)
6,118
225
(4,700)
(140)
(397)
(66)
(915)
(2)
123
(11)
11
(441)
3,274
Cash and cash equivalents at beginning of period
4,529
1,255
Cash and cash equivalents at end of period
4,088
4,529
*Tentative
23
METRO PACIFIC INVESTMENTS CORPORATION CONSOLIDATED

BALANCE SHEET
In PhP Millions
ASSETS
CURRENT ASSETS
Receivables and other current assets
As of
Dec 2014 Dec 2013
28,125
6,274
34,399
1,370
35,769
17,090
7,799
24,889
24,889
NONCURRENT ASSETS
Investments and advances
Goodwill
Service concession assets
Property and equipment - net
65,175
18,308
98,260
7,368
9,132
198,243
48,854
18,308
94,540
6,859
7,134
175,695
TOTAL ASSETS
234,012
200,584
Asset held for sale


CURRENT LIABILITIES
Accounts payable and other current liabilities
Current portion of Concession fees payable,
long-term debt and others
12,049
13,829
17,151
29,200
8,792
22,621

In PhP Millions
NONCURRENT LIABILITIES
Long-term debts - net of current portion
Service concession fees payable
Deferred tax and other noncurrent liabilities
As of
Dec 2014 Dec 2013
57,494
7,271
10,475
75,240
47,536
7,909
9,238
64,683
Total Liabilities
104,440
87,304
EQUITY
Capital stock
Other Reserves
Retained earnings
Total equity attributable to owners of Parent
Total Equity
26,096
42,993
7,081
27,525
103,695
25,877
129,572
26,076
42,933
3,570
21,882
94,461
18,819
113,280
234,012
200,584
24
MAYNILAD WATER SERVICES INC. & SUBSIDIARIES

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Trade and other receivables
As of
Dec 2014 Dec 2013
7,104
2,048
2,675
11,827
6,491
2,010
2,393
10,894
Non-current Assets
Service concession assets - net
Deferred tax assets - net
Property and equipment - net
Other noncurrent assets - net
56,926
2,161
810
818
60,715
54,561
2,073
548
654
57,836
TOTAL ASSETS
72,542
68,730

Current Liabilities
Trade and other payables
Current portion of interest-bearing loans
Current portion of service concession obligation
10,334
1,692
1,094
13,120

In PhP Millions
Non-current Liabilities
Interest-bearing loans - net of current portion
Noncurrent portion of service concession obligation
Pension liability
Deferred credits and other noncurrent liabilities
As of
Dec 2014 Dec 2013
22,509
7,041
282
1,723
31,555
23,638
7,915
193
1,406
33,152
Total Liabilities
44,675
48,037
Equity
Capital stock
Other equity adjustments
Retained earnings
Total Equity
4,547
9,980
(362)
13,702
27,867
4,547
9,980
(280)
6,446
20,693
72,542
68,730
12,226
1,704
955
14,885
25
MAYNILAD WATER SERVICES INC. & SUBSIDIARIES

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Interest expense
Amortization of service concession assets
Interest income
Others
Operating income before working capital changes
Decrease (increase):
Short-term investments
Trade and other receivables
Increase in trade and other payables
Cash generated from operations
Interest received
Income taxes paid
Dec 2014*
Dec 2013
8,225
6,529
2,163
1,804
(81)
257
(59)
12,309
2,571
1,566
(91)
231
116
10,922
712
(247)
(4,170)
(282)
(1,795)
6,527
77
(62)
6,542
(3,613)
529
(5,154)
(597)
(388)
1,699
84
(3)
1,780

In PhP Millions
Acquisitions of property and equipment
Acquisitions of available-for-sale financial assets
Cash paid on acquisition of subsidiary
Proceeds from sale of property and equipment
Decrease (increase) other noncurrent assets
Dec 2014*
Dec 2013
(526)
(57)
11
(51)
(623)
(400)
(211)
(195)
2
(63)
(867)
(1,184)
(1,721)
(1,000)
654
(94)
-
(1,253)
(22,459)
(13,494)
26,241
6
10,366
194
(1,443)
(4,594)
81
(1,443)
(1,955)
Net decrease in cash and cash equivalents
1,325
(1,042)
2,864
3,906
4,189
2,864

Payments of:
Service concession obligation payable
Interest-bearing loans
Dividends
Proceeds from availment of interest-bearing loans
Reissuance (acquisition) of treasury shares
Proceeds from increase in capital stock
Increase (decrease) in:
Interest paid
Net cash provided used in financing activities
*Tentative
26
METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Cash and cash equivalents
Receivables
Inventories
Noncurrent Assets
Available for sale investments
Property and equipment
Investment in an associate
Goodwill
TOTAL ASSETS
As of
Dec 2014 Dec 2013
4,258
699
50
109
5,472
10,588
3,298
245
50
108
2,446
6,147
26,309
2,012
182
273
4,979
1,946
35,701
24,448
65
1,850
164
178
4,979
905
32,589
46,289
38,736

In PhP Millions
Current Liabilities
Accounts payable and accrued expenses
Current portion of long term debt
Other current liabilities
As of
Dec 2014 Dec 2013
2,536
1,220
873
4,629
1,799
1,158
883
3,840
Noncurrent Liabilities
Long-term debt - net of current portion
Deferred tax liabilities
25,456
703
1,659
27,818
16,586
526
1,891
19,003
Total Liabilities
32,447
22,843
11,837
(3,182)
3,190
11,837
(763)
2,349
11,845
13,423
Total Equity
1,997
13,842
2,470
15,893
46,289
38,736
Equity
Capital Stock
Retained earnings
Total Equity Attributable to Equity Holders of
Parent
27
METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Interest expense and other finance costs
Amortization of service concession assets
Equity in net earnings of an associate
Interest income
Depreciation
Others
Receivables
Inventories
Advances to contractors and consultants
Input VAT
Increase (decrease):
Accounts payable and other liabilities
Long-term incentive plan payable
Unearned toll revenue
Income tax paid
Decrease (increase) in other noncurrent assets
Dividends received
Interest received
(Forward)
Dec 2014*
Dec 2013
3,731
3,515
1,214
646
(291)
(91)
47
(168)
5,088
1,086
757
(247)
(132)
42
(71)
4,950
(448)
(1)
98
(73)
-
(72)
(5)
4
(211)
(40)
(5)
525
(1)
30
10
(790)
4,438
(418)
(63)
3
(717)
3,426

In PhP Millions
Acquisition of subsidiary, net of cash acquired
Advances for future stock subscription
Additions to:
Property and equipment
Intangible assets
Acquisition of AFS financial assets
Proceeds from:
Sale of property and equipment
Sale of AFS financial assets
Maturity in investment in bonds
Payments of:
Dividends
Interest
Loans
Swap termination cost
Debt issue cost
Cost on issuance of preferred shares
Acquisition for non-controlling interest
Proceeds from loans
Net cash used in financing activities
Effect of exchange rate changes on cash
(916)
360
64
7
243
103
Dec 2014*
(103)
Dec 2013
746
-
(2,500)
(65)
(118)
(4,051)
(411)
(64)
(4)
(4,012)
2
867
(6,460)
4
1,077
51
(2,260)
(1,868)
(954)
(1,236)
(93)
(3,116)
10,250
2,983
(1,685)
(1,152)
(6,342)
(175)
(116)
(34)
8,300
(1,204)
(1)
960
1
(37)
3,298
3,335
4,258
3,298
*Tentative
28
MEDICAL DOCTORS INC. AND SUBSIDIARIES

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Noncurrent Assets
Property and Equipment - net
TOTAL ASSETS

Current Liabilities
Current portion of long-term liabilities
As of
Dec 2014 Dec 2013
338
640
219
41
1,239
369
550
203
30
1,151
7,798
37
7,835
7,094
14
7,108
9,073
8,259
848
19
93
960
901
404
99
1,403

In PhP Millions
Deferred income tax liabilities
Retirement benefit obligation
Loans payable
As of
Dec 2014 Dec 2013
997
44
1,081
2,122
861
58
368
1,286
Total Liabilities
3,082
2,690
Equity
Capital stock
Capital in excess of par value
Retained earnings
Treasury Stock
332
1,514
2,535
1,595
(15)
330
1,483
2,207
1,529
(15)
Total Equity Attributable to Equity Holders of

Parent
Total Equity
5,960
31
5,992
5,534
35
5,569
9,073
8,259
0.00
(0)
29
MEDICAL DOCTORS INC. AND SUBSIDIARIES

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Provisions
Retirement benefit expense
Interest expense
Interest income
Others
Receivables
Inventories
Prepayments
Refundable deposits and other liabilities
Contributions to the retirement fund
Interest received
*Tentative
Dec 2014*
Dec 2013
322
398
66
416
34
50
(1)
2
890
74
397
28
32
(3)
(3)
925
(122)
(16)
(21)
(183)
(7)
20
(201)
(2)
528
(18)
1
511
(72)
(17)
667
(17)
3
653
(0)

In PhP Millions
Construction in progress
Increase in other noncurrent assets
Others
Proceeds from:
Loans
Issuance of capital stock
Payment of loan
Interest paid
Dividends paid
Dec 2014*
Dec 2013
(377)
(294)
(24)
0
(695)
(280)
(360)
(3)
3
(640)
392
34
(64)
(45)
(164)
153
400
19
(246)
(34)
(157)
(19)
(31)
(5)
369
374
338
369
(0)
30
COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)

BALANCE SHEET (restated)
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
As of
Dec 2014 Dec 2013
127
149
70
39
385
104
138
77
31
349
Noncurrent Assets
Deferred income tax assets
1,097
79
6
1,182
1,166
61
6
1,233
TOTAL ASSETS
1,567
1,582

In PhP Millions
Current Liabilities
Loans payable, current
Retirement plan
Lease payable
Total Liabilities
1,000,000
Equity
Capital stock
Retained earnings
Total Equity
As of
Dec 2014 Dec 2013
505
10
65
17
597
482
22
125
15
644
17
615
632
18
626
644
1,229
1,287
5
333
338
5
289
294
1,567
1,582
(0)
(0.00)
31
COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Provisions
Interest expense
Interest income
Receivables
Inventories
Prepayments
Refundable deposits and other liabilities
Interest received
*Tentative
Dec 2014*
Dec 2013
173
171
6
185
106
(0)
469
4
162
104
1
442
(17)
6
(8)
(50)
(1)
(24)
(64)
3
389
15
2
384
389
(1)
383

In PhP Millions
Increase in other noncurrent assets
Dec 2014*

Loans payable
Dividend payments
Net cash provided by (used in) financing activities
Dec 2013
(116)
(116)
(331)
(1)
(332)
(171)
(80)
(251)
(62)
(20)
(82)
23
(30)
104
135
127
104
0
0
1,000,000
18
32
DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables, net
Inventory, net
Prepaid expenses
As of
Dec 2014 Dec 2013
227
132
79
5
442
171
157
68
7
403

In PhP Millions
Retirement benefit obligations
Total Liabilities
Noncurrent Assets
Deferred income tax assets
1,011
20
47
1,078
953
21
42
1,016
Equity
Capital stock
Capital in excess of par value
Treasury shares
Retained earnings
Total Equity
TOTAL ASSETS
1,520
1,419
213
30
243
243
18
261

Current Liabilities
As of
Dec 2014 Dec 2013
39
8
48
32
9
41
291
302
91
48
(7)
1,097
1,229
91
47
(7)
985
1,117
1,520
1,419
33
DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Depreciation
Provision for bad debts
Receivables
Inventories
Prepayments and others
Deferred tax asset
Other non current liabilities
Dec 2014*
Dec 2013
292
216
131
8
431
117
28
362
22
(10)
1
(108)
2
4
342
(2)
(2)
(3)
(9)
(7)
(10)
328

In PhP Millions
Increase in noncurrent assets
Dec 2014*
Dec 2013
(188)
(5)
(194)
(233)
(2)
(235)

Dividends paid
Decrease in other noncurrent liabilities
(90)
(3)
(93)
(90)
(11)
(101)
Net increase in cash and cash equivalents
56
(8)
171
180
227
171
(0)
*Tentative
1,000,000
34
RIVERSIDE MEDICAL CENTER GROUP

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Noncurrent Assets
Pension Asset
TOTAL ASSETS
As of
Dec 2014 Dec 2013
117
162
94
10
383
67
183
84
6
340
874
23
10
906
823
21
8
852
1,289
1,192

Current Liabilities
Unearned tuition and other school fees
Income tax payable

In PhP Millions
Long-term debt - net of current
Deferred income tax liabilities
Accrued retirement costs
123
71
21
21
236
83
71
31
9
194
Total Liabilities
641
630
Equity
Capital stock
Retained earnings
Treasury Stock
Total Equity
39
176
437
(4)
648
39
175
352
(4)
562
1,289
1,192

304
25
44
9
24
406
311
79
40
6
436
As of
Dec 2014 Dec 2013
(0.00)
35
RIVERSIDE MEDICAL CENTER GROUP

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Depreciation
Interest expense
Interest income
Others
Decrease (increase) :
Receivables
Inventories
Other assets
Interest received
Income taxes paid
Interest paid
Retirement payment
*Tentative
Dec 2014*
Dec 2013
176
150
79
6
(1)
11
270
76
7
(1)
8
240
21
(10)
(6)
(40)
(3)
(3)
8
8
289
1
(48)
(6)
(22)
214
1,000,000
22
11
228
1
(44)
(7)
(20)
158
-

In PhP Millions
Proceed from sale of property and equipment
Dec 2014*
Dec 2013
(118)
(118)
(167)
1
(166)
65
(79)
(40)
7
(47)
80
(55)
(30)
(0)
(5)
50
(13)
Cash and cash equivalents as of beginning of period
67
80
117
67

Proceeds of long-term debt
Payment of long-term debt
Dividend payments
Others
Cash and cash equivalents at end of the period
0
(0)
36
EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Prepaid expenses
As of
Dec 2014
Dec 2013

In PhP Millions
Accrued retirement
Loans payable
As of
Dec 2014 Dec 2013
19
259
278
11
90
255
355
Total Liabilities
488
487
117
61
38
1
217
112
53
26
192
Noncurrent Assets
Deferred income tax
Total NonCurrent Assets
183
31
179
393
145
24
189
358
Equity
Capital stock
Retained earnings
Total Equity
50
2
70
122
13
4
45
62
TOTAL ASSETS
610
549
610
549

Current Liabilities
110
90
1
211
110
1
131
37
EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Depreciation
Provision for doubtful accounts
Interest expense
Increase:
Receivables
Inventories
Increase in:
Retirement fund obligation
Income taxes paid
Dec 2014*
Dec 2013
38
34
53
6
4
100
46
10
5
95
(14)
(11)
(1)
(10)
(1)
(0)
(20)
5
59
-
9
(1)
(2)
89
(9)
59
81

*Tentative

In PhP Millions
Decrease (Increase) in other noncurrent assets
Cash Flows from Financing Activity
Proceeds from subscription receivable
Net cash provided by financing activities
Net increase in cash and cash equivalents
Dec 2014*
(87)
3
(85)
38
(11)
4
31
Dec 2013
(37)
1
(36)
9
4
13
58
112
54
117
112
38
ASIAN HOSPITAL INC.

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Prepaid expenses
As of
Dec 2014 Dec 2013
407
238
85
8
6
745
352
289
79
7
4
731
Noncurrent Assets
Property and equipment, net
Deferred income tax
Computer software - net
3,455
135
5
13
3,608
3,483
129
2
14
3,628
TOTAL ASSETS
4,353
4,359
1000000

In PhP Millions
Current Liabilities
Accrued interest
Long-term debts, currently due
Refundable deposits and other current liabilities
As of
Dec 2014 Dec 2013
478
27
257
71
833
427
32
256
87
802
Long-term debt - net of current
Other non-current liabilities
Total Liabilities
562
55
617
1,450
818
41
859
1,661
Equity
Capital stock
Capital stock in excess of par value
1,937
185
1,937
185
Subscription receivable
Retained earnings
Total Equity
(5)
(8)
794
2,904
(6)
(3)
584
2,698
4,353
4,359
39
ASIAN HOSPITAL INC.

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Provisions
Depreciation
Amortization of capitalized borrowing cost
Interest expense
Loss on disposal of property and equipment
Others
Receivables
Inventories

In PhP Millions
Increase in noncurrent assets
Dec 2014*
Dec 2013
383
295
29
275
4
98
1
(10)
779
(10)
288
5
120
5
(24)
678
48
(6)
(4)
26
(10)
(6)
(87)
31
(13)
718
48
768

Dividends paid
Interest paid
Dec 2014*
Dec 2013
(248)
2
(246)
(273)
4
(269)
(260)
(58)
(99)
(417)
(260)
(39)
(121)
(419)
55
80
352
271
407
352
(0)
(0)
(1)
*Tentative
1,000,000
40
DELOS SANTOS MEDICAL CENTER

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Prepaid expenses
As of
Dec 2014
Dec 2013
19
55
40
12
127
83
86
39
13
221
Noncurrent Assets
Deferred income tax
370
23
13
407
198
10
12
220
TOTAL ASSETS
533
441
1,000,000

In PhP Millions
Current Liabilities
Long-term debts, currently due
Refundable deposits and other current liabilities
As of
Dec 2014 Dec 2013
73
3
0
24
100
86
22
10
10
128
26
25
127
153
79
79
Capital stock in excess of par value

Deposit for future stock subscription
Retained earnings
Total Equity
160
117
1
50
407
160
22
27
288
533
441
Retirement Liability
Total Liabilities
Equity
Capital stock
41
DELOS SANTOS MEDICAL CENTER

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Provisions
Depreciation
Receivables
Inventories
Other liabilities
Dec 2014*
Dec 2013
44
37
5
47
97
2
15
54
(6)
(1)
(0)
(34)
3
57
(34)
(20)
(11)
17
5
12

In PhP Millions
Proceeds from disposal of assets
Equity Infusion
Dividends
Dec 2014*
(220)
19
(201)
(47)
(47)
(9)
95
(6)
79
(7)
22
15
(64)
(20)
83
103
19
83
(0)
*Tentative
Dec 2013
(0)
0
1,000,000
42
CENTRAL LUZON DOCTORS HOSPITAL

BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Prepaid expenses
As of
Dec 2014 Dec 2013
99
44
24
5
172
116
45
19
3
183
Noncurrent Assets
240
240
TOTAL ASSETS
413
1000000

In PhP Millions
Current Liabilities
As of
Dec 2014 Dec 2013
81
76
Deferred Income Tax
Dividends payable
8
24
176
208
13
20
175
208
217
217
Total Liabilities
289
284
400
Equity
Capital stock
Additional Paid-in Capital
Treasury stock
Retained earnings
Total Equity
99
70
(3)
(84)
41
124
98
67
(3)
(83)
38
117
413
401
43
CENTRAL LUZON DOCTORS HOSPITAL

CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Depreciation
Receivables
Inventories
Dec 2014*
1
(5)
(2)
(2)
38
(4)

Dividends payment
Dec 2013
22
24
46
(4)

In PhP Millions

(4)
Dec 2014*
Dec 2013
(48)
(8)
(17)
(4)
116
120
99
116
(0.34)
-
*Tentative
44
MEGA CLINIC
BALANCE SHEET
In PhP Millions
ASSETS
Current Assets
Receivables - net
Inventories - net
Prepaid expenses
Noncurrent Assets
Deferred income tax
TOTAL ASSETS
As of
Dec 2014 Dec 2013
12
47
2
9
71
18
4
17
39
111
1000000
19
38
27
84
14
4
8
26
110

In PhP Millions
Current Liabilities
As of
Dec 2014 Dec 2013
50
16
66
42
20
63
Total Liabilities
1
4
5
71
1
9
10
73
Equity
Capital stock
66
66
Retained earnings
Total Equity
(26)
40
(29)
37
111
110
45
MEGA CLINIC
CASH FLOW STATEMENT
In PhP Millions
Adjustments for:
Provisions
Depreciation
Receivables
Inventories
Prepayments
Dec 2014*
Dec 2013
(1)
(1)
10
1
9
(2)
(3)
(12)
(0)
(3)
12
6
8
1
1
-

In PhP Millions
Dec 2014*
Dec 2013
(4)
(4)
(1)
(1)
(6)
(3)
(10)
11
(12)
(1)
(7)
19
15
12
0
19

Due to related partties
Payment of Loans
(0)
*Tentative
1,000,000
46

Metro Pacific FY2014

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Metro Pacific FY2014

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FULL YEAR 2014

INVESTOR RELATIONS TEAM (investorrelations@mpic.com.ph)

WATER - 4% in billed volume of Maynilad and

HOSPITALS - Increasing number of patients, offset

Slower growth in Reported Income due to Maynilad

Dividend per share

18% growth in MPIC Share driven by:

POWER - 3% in energy sales, 403 bps lower

18% GROWTH IN MPIC SHARE OF OPERATING INCOME

* Chart above does not include Pre-operating Rail Expenses

STAND-ALONE CORE INCOME VS MPIC SHARE

CURRENT PENDING ISSUES / OPPORTUNITIES

Connector Road Swiss

Power plant projects

PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES

MAYNILAD FY 2014 HIGHLIGHTS

4% increase in billed volume from 443.8 MCM to

Gross Profit and EBITDA grew faster as savings from the

5% increase in billed customers from 1,129,497 to

4% increase in average effective tariff from lower

Faster growth in Reported Net Income due to lower non-core

KEY METRICS AND KEY PRIORITIES

Billed Volume (MCM)

Period End NRW

Seasonality of water consumption affects NRW

IMPLEMENTATION OF ARBITRATION DECISION

Arbitration panel upheld Maynilads rate hike

Submitted letter calling on the performance

MERALCO FY 2014 HIGHLIGHTS

Consolidated Electricity Revenues decreased due to (a)

3% growth in total energy sales from 34,084 GWh

KEY METRICS AND KEY PRIORITIES

2.66 times 3.36 times

Final stages of discussion with preferred EPC contractor; will issue

Total (in GWh)

POWER GENERATION UPDATES

An experienced international engineering firm has been engaged as

Largest IPP in Visayas with 627MW gross capacity (410MW coal

MPTC FY 2014 HIGHLIGHTS

Share in earnings of associates

Core EBITDA Computation:

Net Toll Revenues increased due to:

KEY METRICS AND KEY PRIORITIES

NLEX Harbour Link

Average Daily Vehicle Entries (Open & Closed)

Average Kilometers Travelled (In thousands of kms)

Segment 9 (P1.5 billion project cost)

Ongoing construction operational by 1Q 2015

Segment 10 (P10.7 billion project cost)

Ongoing construction operational by 2017

NLEX Citi Link (P7.5 billion project cost)

Final alignment undergoing evaluation operational by 2020

Connector Road / Metro Expressway Link (P14.2 billion project cost)

Concession until 2043

Cavitex (P8.0 billion project cost)

Average Daily Vehicle Entries

Preparation of detail engineering design for expansion plans ongoing; construction to

Cebu-Cordova Bridge Project (P16.9 billion project cost)

16 kilometers under construction and 39 kilometers to be constructed

Other projects under development

HOSPITAL GROUP FY 2014 HIGHLIGHTS

Increase in gross revenues due to:

Core EBITDA Computation:

15% increase in Gross Revenues from Cardinal Santos