FIRST QUARTER 2016 FINANCIAL RESULTS · In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 408 293 39% Hospitals 147 106 39% MPHHI Parent and Fair value Adjustments (13) (1) 1200%

1

Let’s Move Forward

FIRST QUARTER 2016

FINANCIAL RESULTS

ANALYSTS’ BRIEFING

4 May 2016

2

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, Metro Pacific Hospital Holdings, Inc. and Light Rail

Manila Corporation.

HEADQUARTERS INVESTOR RELATIONS TEAM ([email protected])

10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Albert WL Pulido ([email protected])

Legazpi Village, Makati 0721 Philippines AVP Investor Relations – Maricris C. Aldover – Ysmael ([email protected])

Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Investor Relations Specialist – Baby Diane A. Martinez ([email protected])

Email: [email protected]

Official Website: www.mpic.com.ph

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 company’s 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 Company’s 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: [email protected]

ADR Website: www.adr.db.com

Depositary Bank’s Local Custodian:

Deutsche Bank Manila

http://www.mpic.com.ph/

mailto:[email protected]

http://www.adr.db.com/

33

FINANCIAL HIGHLIGHTS

16% growth in MPIC Share driven by:

POWER – 12% ↑ in energy sales; increased shareholding in

MERALCO from 27.5% to 32.5%; increased dividend income from

Beacon preferred shares; and lower interest expense at Beacon

WATER – 5% ↑ in billed volume and average effective tariff offset

by higher tax expense due to expiration of Maynilad’s Income Tax

Holiday in December 2015

TOLLROADS – 9% ↑ in average daily traffic and 12% ↑ in average

kilometers travelled on NLEX; 5% ↑ in average daily traffic on

CAVITEX; 16% ↑ in average daily traffic on DMT and contribution

from CII B&R (Mar 2015) and SCTEX (Oct 2015)

HOSPITALS – 24% ↑ in in-patient and out-patient treatments

across hospitals; lower interest cost in Asian Hospital;

contribution from newly-acquired hospitals; and increased

ownership in Riverside Medical Center from 58% to78% (October

2015)

RAIL – LRT1 only started operations in September 2015

Increase in interest expense due to new debt drawdown of P23.5

billion in 2H 2015 and accretion of interest arising from payable to

Beacon for the acquisition of MERALCO shares

Faster growth in reported income due to foreign exchange

fluctuations

In Millions of Pesos 1Q 2016 1Q 2015 % Change

MPIC share

Power (MERALCO / Beacon) 1,621 1,107 46%

Water (Maynilad) 843 1,120 -25%

Toll Roads (MPTC / DMT) 833 683 22%

Hospitals 134 105 28%

Rail 78 (5) 1660%

Others (28) (7) 300%

Share of operating income 3,481 3,003 16%

Head office expenses (283) (281) 1%

Interest expense (459) (156) 194%

Core income 2,739 2,566 7%

Non-core expenses (111) (122) -9%

Reported income 2,628 2,444 8%

Diluted EPS on Core Income

In Centavos 9.81 9.47 4%

44

Maynilad

37%

MERALCO /

Beacon

37%

MPTC / DMT

23%

Hospitals / Rail /

Others**

3%

Maynilad

24%

MERALCO /

Beacon

46%

MPTC / DMT

24%

Hospitals / Rail /

Others*

6%

*In Millions 1Q 2016

Hospitals 134

Rail 78

Others (28)

Total 184

16% GROWTH IN MPIC SHARE OF OPERATING INCOME

P3,481M P3,003M

1Q 2016 1Q 2015

**In Millions 1Q 2015

Hospitals 105

Rail (5)

Others (7)

Total 93

55

STAND-ALONE CORE INCOME VS MPIC SHARE

16% Growth in MPIC Share from P3.0B to P3.5B POWER

In Millions 1Q 2016 1Q 2015 %

Stand-alone Core Income 4,590 4,416 4%

MERALCO (32.5% - 27.5%) 1,491 1,214 23%

Fair Value Adjustments (67) (55) 22%

Beacon 197 (52) 479%

MPIC Share 1,621 1,107 46%

WATER


Stand-alone Core Income 1,708 2,250 -24%

Maynilad (52.8%) 902 1,188 -24%

MWHCI Parent and Fair Value

Adjustments (42) (57) -26%

MPWIC/ MWCI (17) (11) 55%

MPIC Share 843 1,120 -25%

TOLL ROADS

In Mil l ions 1Q 2016 1Q 2015 %

Stand-alone Core Income 747 628 19%

MPTC (99.9%) 746 627 19%


Don Muang Tollways / AIF 99 63 57%

MPIC Share 833 683 22%

HOSPITALS

In Mil l ions 1Q 2016 1Q 2015 %



MPHHI Parent and Fair value

Adjustments (13) (1) 1200%


RAIL

In Mil l ions 1Q 2016 1Q 2015 %

Stand-alone Core Income 144 (16) 1028%

LRMC (55.0%)* 79 (9) 1028%

MPLRC / LRMH* (1) 4 -134%

MPIC Share 78 (5) 1660%

*Take-over of operations starting September 2015

OTHERS

In Mil l ions 1Q 2016 1Q 2015 %

AFPI (32) (7) 357%

Indra Phil. / Logistics 4 - 100%

MPIC Share (28) (7) 300%

66

CURRENT PENDING ISSUES / OPPORTUNITIES

WATER TOLL ROADS RAIL

Maynilad calls on the

Government’s

Undertaking to

indemnify

concessionaire for

losses caused by

delays in tariff

implementation

Ongoing arbitration –

hearings expected to

commence in 4Q

2016

Continue to bid and

execute on attractive

bulk water supply

projects

Delayed tariff increases

o NLEX – due January

2013 and 2015

o CAVITEX – due

January 2012 and

2015 for R1; January

2014 for R1 extension

o Issued a Demand

Letter to the

Philippine Republic for

the delayed toll

increase

implementation on

August 26

o Filed arbitration cases

for NLEX and CAVITEX

in April 2016

Connector Road –

ongoing Swiss Challenge

Filed Claim from

Grantors for various

LRT1 costs (shortfall

payments, compliance

with maintenance,

availability of LRVs,

cycle time, premature

system degradation

etc.) on October 26

Right of Way

acquisition – ongoing

preparation work

HOSPITALSPOWER

Memo by Department

of Energy on DU

participation in Open

Access

Delayed rate rebasing

Execution of power

generation agenda

Achieve target of

5,000 beds

Evaluate greenfield

hospitals and

expansion of

nonhospital-based

diagnostic centers

Continue expanding

existing hospitals to

optimize growth

77

PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES

8

MERALCO 1Q 2016 HIGHLIGHTS

Electricity Revenues were a function of:

12% growth in total energy sales from 8,092 GWh

to 9,077 GWh (20% ↑ residential, 13% ↑

commercial and 5% ↑ industrial sector)

4% growth in number of customers from 5.6M

to 5.8M

8% decrease in average distribution rate from

P1.54/kWh to P1.41/kWh

7% decrease in generation, transmission and

other electricity revenues due to lower pass-

through charges as a result of lower WESM, fuel

and natural gas cost

Growth of 53% in Non-electricity Revenues was

primarily from MServ, CIS Bayad Center and Radius

Telecoms


Stand-alone Core Income 4,590 4,416 4%

MERALCO (32.5% - 27.5%) 1,491 1,214 23%


Beacon 197 (52) 479%

MPIC Share 1,621 1,107 46%


Electricity 57,851 61,073 -5%

Non-Electricity 2,322 1,517 53%

Total revenues 60,173 62,590 -4%

Purchased power (44,929) (48,124) -7%

Operating expenses (9,008) (8,002) 13%

Other income 250 (106) -336%

Provision for income tax (1,872) (1,925) -3%

Non-controlling interests (24) (17) -41%

Core income 4,590 4,416 4%

Non-core income (expense) (43) 5 -960%

Reported net income 4,547 4,421 3%

Core EBITDA Computation:

Core income 4,590 4,416 4%

Depreciation and amortization 1,661 1,608 3%

Interest expense (income) - net (148) 58 -355%

Provision for income tax 1,872 1,925 -3%

Others 176 220 -20%

Core EBITDA 8,151 8,227 -1%

9

KEY METRICS AND KEY PRIORITIES

POWER GENERATION UPDATES

Baseload

San Buenaventura Power, Mauban, Quezon (Target completion in

2019)

• Awarded the EPC contract to a Korean and Japanese consortium;

construction ongoing

Redondo Peninsula Energy, Subic (Target completion in 2019)

• Ongoing negotiation for Phase 1 EPC contract

• Target commencement of construction for the first 300MW by 4Q

2016

Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021)

• Environmental Compliance Certificate issued in October 2015

• Commenced EPC tender process; awarding of EPC contract

expected by 3Q 2016

• Target site preparation by mid 2017

Other Investments

Pacific Light Power, Singapore (28% ownership)

• 2 x 400MW combined cycle LNG plant in Jurong Island

Global Business Power Corporation (22% ownership)

• Largest IPP in Visayas with 854MW gross capacity – including

150MW CFB coal-fired plant being built with target COD by 3Q

2016

KEY METRICS 1Q 2016 1Q 2015

12-MMA System Loss 6.53% 6.50%

System Average Interruption

Frequency Index0.40 times 0.47 times

Customer Average Interruption

Duration Index116.39 min 82.74 min

Number of customers 5.84M 5.63M

Capital Expenditure (excluding

Power Generation)1,187 3,438

Energy Sales

Residential 2,714 2,262

Commercial 3,620 3,213

Industrial 2,709 2,584

Streetlights 34 33

Total (in GWh) 9,077 8,092

10


Stand-alone Core Income 1,708 2,250 -24%

Maynilad (52.8%) 902 1,188 -24%

MWHCI Parent and Fair Value

Adjustments (42) (57) -26%

MPWIC / MWCI (17) (11) 55%

MPIC Share 843 1,120 -25%

MAYNILAD 1Q 2016 HIGHLIGHTS

MAYNILAD

Revenues increased by 10% due to:

5% increase in billed volume from 114.7 MCM to 120.3 MCM

5% increase in billed customers from 1,211,954 to

1,275,902

5% increase in average effective tariff

Core EBITDA grew slower due to a) higher repairs and maintenance

due to timing issues; b) reversal of provision for doubtful accounts

in 1Q 2015; and c) higher sanitation expenses

Core Income dropped significantly due to the expiration of

Maynilad’s Income Tax Holiday

Other Businesses – Stand-alone

PhilHydro – Gross Revenues of P44 million and Operating Loss of

P2 million; billed volume improved from 32.7 MLD to 34.8 MLD

Subic Water – Gross Revenues of P153 million and Net Income of

P44 million


Revenues 4,935 4,487 10%

Cost of services (1,346) (1,151) 17%

Gross prof it 3,589 3,336 8%

Operating expenses (655) (538) 22%

Other income and expense - net (177) (154) 15%

Interest expense - net (474) (482) -2%

Benefit from (Provision for) income tax (575) 88 -753%

Core income 1,708 2,250 -24%

Non-core expenses (69) (31) 123%

Reported net income 1,639 2,219 -26%


Core income 1,708 2,250 -24%

Depreciation and amortization 590 527 12%

Interest expense - net 474 482 -2%

Provision for (Benefit from) income tax 575 (88) -753%

Core EBITDA 3,347 3,171 6%

11


NRW

Average 30.6% 34.1%

Period end 30.4% 32.7%

Coverage

Total population 9.89M 9.79M

Population coverage 9.25M 8.99M

24hr availability 100% 100%

Over 16 psi* 74% N/A

Customer Mix

Residential 81% 80%

Commercial 19% 20%

Capital Expenditure P1,241M P1,719M

*Starting 2016, Maynilad increased their service obligation to 16 psi

from 7 psi last year. 1Q 2016 over 7 psi is approximately 100%.


NON-REVENUE WATER

Seasonality of water consumption affects NRW

SIGNIFICANT EVENTS: APPLICATION FOR TARIFF INCREASE

95

100

105

110

115

120

125

130

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

Billed Volume (MCM) Average NRW Period End NRW

20 February 2015

Maynilad calls on Government’s (Department of Finance)

undertaking to indemnify concessionaire for losses caused

by delays in implementation of tariff

09 March 2015 Maynilad sends a follow-up letter to the DOF

27 March 2015Maynilad serves Notice of Arbitration to the Philippine

Republic

14 May 2015 MWSS board approves Maynilad’s request for CPI increase

22 October 2015Arbitral Tribunal for Arbitration with Philippine Republic is

constituted

December 2016 Expected commencement of Arbitration hearings

12

MPTC 1Q 2016 HIGHLIGHTS

Net Toll Revenues increased due to:

NLEX

• Revenues up by 10% from P1,970 million to P2,176 million

• 9% increase in average daily vehicle entries (open & closed systems) from

196,058 to 214,664 – Class 1 grew fastest at 11%

• 12% increase in average daily kilometers travelled from 3.83M to 4.28M –

Class 1 grew fastest at 15%

CAVITEX

• Revenues up by 7% from P302 million to P323 million

• 5% increase in average daily vehicle entries from 118,435 to 124,414 – R1

extension traffic grew fastest at 14%

SCTEX

• Inclusion of revenues from SCTEX amounting to P382 million – Takeover in

October 2015

Slower growth in Core Income due to a) lower profit ratio for SCTEX given its higher

government revenue share at 50%; and b) 1Q 2015 includes P46 million dividend

income from CITRA

Don Muang Tollway – increased stake from 7.4% to 29.5% in 31 July 2014

Contribution amounted to P99 million net of financing costs

16% increase in average daily vehicle entries for Original Tollway from 82,772 to

96,058

16% increase in average daily vehicle entries for North Extension from 49,193 to

56,826

CII Bridges & Roads – acquired stake in March 2015

Equity interest in earnings equivalent to P44 million

8% increase in average daily vehicle entries from 46,365 to 50,078

In Mill ions 1Q 2016 1Q 2015 %


MPTC (99.9%) 746 627 19%


Don Muang Tollways / AIF 99 63 57%



Net toll revenues 2,881 2,272 27%

Cost of services (1,222) (832) 47%

Gross prof it 1,659 1,440 15%


Other income - net 65 84 -23%

Share in earnings of associates 119 77 55%

Interest expense - net (297) (282) 5%

Provision for income tax (275) (272) 1%

Non-controlling interest (217) (198) 10%

Core income 747 628 19%

Non-core income (expenses) 10 (37) 127%

Reported net income 757 591 28%




Interest expense - net 297 282 5%

Provision for income tax 275 272 1%

Non-controlling interest 217 198 10%

Core EBITDA 1,803 1,597 13%

13


NORTH

NLEX Harbour Link

Segment 9 (P1.6 billion project cost)

• Began operations in March 2015

Segment 10 (P10.5 billion project cost)

• Ongoing construction – target completion in 2017

NLEX Road Widening (P2.4 billion project cost)

Target completion in 2017

NLEX Citi Link (P8.2 billion project cost)

Ongoing finalization of detailed engineering design

Connector Road / Metro Expressway Link (P18.0 billion project cost)

Approved by the National Economic and Development Authority

Swiss Challenge published in April 2016

Project award expected within 2016

SCTEX (P600.0 million project cost)

Officially turned-over on 27 October 2015

Integration with NLEX completed in March 2016

Concession until 2043

SOUTH

Cavitex C5 South Link (11.7 billion project cost)


CALAEX (P28.7 billion project cost)

Ongoing preparation of detailed engineering design


CEBU

Cebu-Cordova Bridge (P27.9 billion project cost)

Pending TRB approval

35 year concession including construction period


VIETNAM

CII Bridges and Roads (P4.1 billion investment)

53 kilometers under pre and ongoing construction – target completion in 2018

Other projects under development

PROJECT UPDATESKEY METRICS 1Q 2016 1Q 2015

Class 1 165,697 148,845

Class 2 31,021 30,195

Class 3 17,946 17,018

Total 214,664 196,058

Class 1 3,200 2,794

Class 2 660 637

Class 3 423 397

Total 4,283 3,828

Class 1 110,961 104,367

Class 2 9,300 9,747

Class 3 4,153 4,321

Total 124,414 118,435

Class 1 34,352 28,646

Class 2 4,778 4,519

Class 3 2,610 2,295

Total 41,740 35,460

Capital Expenditure 725 799

SCTEX (Class 1 Tariff: P2.8/km)

Average Daily Vehicle Entries

NLEX (Class 1 Tariff: Open system - P40.2/entry / Closed system - P2.4/km)

Average Daily Vehicle Entries (Open & Closed)

Average Daily Kilometers Travelled (In thousands of kms)

CAVITEX (Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1)

Average Daily Vehicle Entries

14




MPHHI Parent and Fair value

Adjustments (13) (1) 1200%


HOSPITAL GROUP 1Q 2016 HIGHLIGHTS

25% increase in Gross Revenues due to:

10% from existing hospitals:

15% from contributions of Manila Doctors Hospital, West

Metro Medical Center and Sacred Heart Hospital

24% growth in patients

Core Income grew faster due to cost containment from

economies of scale and decrease in financing costs


Gross revenues 4,615 3,683 25%

Discounts (432) (349) 24%

Net revenues 4,183 3,334 25%

Cost of supplies (1,703) (1,453) 17%

Gross prof it 2,480 1,881 32%

Operating expenses (1,934) (1,475) 31%

Interest expense (63) (70) -10%

Other income 93 82 13%

Provision for income tax (168) (125) 34%


Non-core expenses (1) (1) 0%

Reported net income 407 292 39%




Interest expense 63 70 -10%

Provision for income tax 168 125 34%

Core EBITDA 1,014 801 27%

Hospital / Stand-alone % increase/(decrease)

Central Luzon Doctors’ Hospital 17%

Delos Santos Medical Center 15%

Asian Hospital 15%

Davao Doctors 12%

Riverside Medical Center 10%

Cardinal Santos Medical Center 9%

Makati Med 8%

Our Lady of Lourdes 8%

Mega Clinic (4%)

15


Invest in more hospitals to expand the chain –

Target of 5,000 beds and better coverage

Harvest synergies across the network - group-wide

policies and protocols on equipment and other

purchases

Improve existing hospitals through investments in

new equipment and renovations / expansions

Establish central laboratory for the group

Address changes in healthcare delivery

Nonhospital-based diagnostic centers

Non-invasive surgery training center

Specialist cardiology center

KEY PRIORITIES


Total number of beds 2,637 2,135

Number of accredited doctors 6,882 5,477

Average number of enrollees 5,793 4,972

Average standard occupancy rate 67% 62%

Number of patients

In patient 36,721 29,720

Out patient 604,358 488,935

16

LRMC 1Q 2016 HIGHLIGHTS

Rail revenues:

Take-over of LRT1 operations beginning September

2015

Average daily ridership at 419,081

Successes:

Restored 14 LRVs, bringing total in operation to 91

Signed EPC agreement for the LRT1 Cavite Extension

Key priorities:

Replacement of rails commenced in April 2016, target

completion by end of 2017

On-going preparation work for right of way acquisition

Upgrade of signaling system

In Mill ions 1Q 2016 1Q 2015 %

Stand-alone Core Income 144 (16) 1028%

LRMC (55%) 79 (9) 1028%

MPLRC/ LRMH (1) 4 -134%

MPIC Share 78 (5) 1660%


Rail revenue 746 0 100%

Cost of services (428) - 100%

Gross prof it 318 - 100%


Other income and expense - net 11 - 100%

Interest income 4 1 300%

Provision for income tax (66) - -100%

Core income 144 (16) 1000%

Non-core income 3 - 100%

Reported net income 147 (16) 1019%


Core income 144 (16) 1000%


Interest income (4) (1) 300%

Provision for income tax 66 - 100%

Core EBITDA 211 (16) -1419%

1717

QUARTERLY ANALYSIS

18

MERALCO QUARTERLY HIGHLIGHTS (In Millions of Pesos)

4Q 2015 1Q 2016

Total Revenues 61,352 60,173

Core EBITDA 3,820 8,151

Core Income 3,092 4,590

Reported Income 2,949 4,547

System Loss (12 mo. moving average) 6.47% 6.53%

Number of customers 5.78M 5.84M

Energy Sales

Residential 2,881 2,714

Commercial 3,805 3,620

Industrial 2,908 2,709

Streetlights 34 34

Total (in gWh) 9,628 9,077


KEY METRICS

Revenues dropped by 2% due to lower energy sales, average

distribution rate and non-electricity revenues

Core EBITDA and Core Income grew significantly higher due to

higher operating expenses in 4Q

19

MAYNILAD QUARTERLY HIGHLIGHTS (In Millions of Pesos)

Revenues increased by 2% despite slight drop in billed volume due

to inflationary tariff increases

Core EBITDA dropped by 11% due to higher taxes and licenses and

reversal of provision for doubtful accounts in the previous quarter

Core Income affected by expiry of Income Tax Holiday

4Q 2015 1Q 2016

Revenues 4,855 4,935


Core Income 2,523 1,708

Reported Income 2,480 1,639

Billed volume (In MCM) 120.8 120.3

Billed customers 1,265,625 1,275,902

Non-revenue water

Average 28.6% 30.6%

Period end 29.3% 30.4%

Service levels

24-hour coverage 99.8% 99.7%

Over 16 psi* N/A 73.7%


KEY METRICS

*Starting 2016, Maynilad increased their service obligation to 16 psi from

7 psi last year. 1Q 2016 over 7 psi is approximately 100%.

20

MPTC QUARTERLY HIGHLIGHTS (In Millions of Pesos)

6% growth in Revenues due to higher traffic on all roads

Slower growth in Core EBITDA at 3% due to higher

government revenue share in SCTEX at 50% vs. NLEX at

6%

Core Income grew faster at 25% due to lower financing

costs and provision for heavy maintenance and

depreciation expenses

Reported income grew faster at 57% due to significant

non-recurring expenses in the previous quarter

4Q 2015 1Q 2016

Net Revenues 2,720 2,881


Core Income 599 747

Reported Income 482 757

NLEX

Average Daily Vehic le Entr ies (Open & Closed)

Class 1 161,242 165,697

Class 2 30,989 31,021

Class 3 16,988 17,946

Total 209,219 214,664

Average Daily Kilometers Travelled (In thousands of kms)

Class 1 3,129 3,200

Class 2 675 660

Class 3 406 423

Total 4,210 4,283

CAVITEX

Average Daily Vehic le Entr ies

Class 1 105,318 110,961

Class 2 9,116 9,300

Class 3 3,933 4,153

Total 118,367 124,414

SCTEX

Average Daily Vehic le Entr ies

Class 1 28,689 34,352

Class 2 4,926 4,778

Class 3 2,351 2,610

Total 35,966 41,740


KEY METRICS

21

HOSPITAL GROUP QUARTERLY HIGHLIGHTS (In Millions of Pesos)

Higher Revenues attributed to seasonality during the

Christmas holidays, contributions from new hospitals and

increased enrollees in schools

Core EBITDA and Core Income grew slower due to

increased operating and personnel expenses

Reported Income grew faster at 40% due to a one-time

non-core expense in the previous quarter

4Q 2015 1Q 2016

Revenues 3,812 4,615

Core EBITDA 914 1,014

Core Income 363 408


Total number of beds 2,510 2,637

Number of accredited doctors 5,869 6,882

Number of enrollees 4,938 5,793


KEY METRICS

22

LRMC QUARTERLY HIGHLIGHTS (In Millions of Pesos)

*Take-over of operations starting 12 September 2015

4Q 2015* 1Q 2016

Net Revenues 746 746

Core EBITDA 165 211

Core Income 132 144


LRMC - Average Daily Ridership 389,478 419,081


KEY METRICS

Core EBITDA and Core Income grew due to significantly lower

operating expenses this quarter

2323

BALANCE SHEET AND CASH FLOW STATEMENTS

2424

METRO PACIFIC INVESTMENTS CORPORATION – PARENT

BALANCE SHEET BALANCE SHEET (continued)

In PhP Millions Mar 2016 Dec 2015 In PhP Millions Mar 2016 Dec 2015

ASSETS LIABILITIES AND EQUITY

CURRENT ASSETS CURRENT LIABILITIES

Cash and short-term investments 5,754 3,463 Accounts payable and other current liabilities 2,854 1,381

Receivables - net 2,796 876 Due to related parties 8,907 8,809

Other current assets 1,681 2,185 Current portion of long-term debt 305 382

Total Current Assets 10,231 6,524 Total Current Liabilit ies 12,066 10,572

NONCURRENT ASSETS NONCURRENT LIABILITIES

Investments and advances to subs., associates & JVs 134,198 133,971 Noncurrent portion of long-term debt 30,737 29,296

Other noncurrent assets 595 598 Other noncurrent liabilities 3,625 3,917

Total Noncurrent Assets 134,793 134,569 Total Noncurrent Liabilit ies 34,362 33,213

TOTAL ASSETS 145,024 141,093 Total Liabilit ies 46,428 43,785

EQUITY

Capital stock 27,945 27,935

Additional paid-in capital 50,023 49,981

Other reserves 100 108

Retained earnings 20,528 19,284

Total Equity 98,596 97,308

TOTAL LIABILITIES AND EQUITY 145,024 141,093

As of As of

2525

METRO PACIFIC INVESTMENTS CORPORATION – CONSOLIDATED



ASSETS NONCURRENT LIABILITIES

CURRENT ASSETS Noncurrent portion of concession fees payable

Cash and short-term investments 26,453 26,350 long-term debt and others 110,873 108,884

Receivables 6,636 4,441 Deferred tax liabilities 4,544 4,610

Other current assets 5,299 5,555 Other noncurrent liabilities 3,970 3,996

Total Current Assets 38,388 36,346 Total Noncurrent Liabilit ies 119,387 117,490

NONCURRENT ASSETS Total Liabilit ies 153,672 151,403

Investments and advances 95,660 96,202

Goodwill 18,308 18,308 EQUITY

Service concession assets 137,351 135,760 Capital stock 27,945 27,935

Property and equipment 8,225 8,016 Additional paid-in capital 50,023 49,980

Other noncurrent assets 7,632 7,548 Other equity adjustments and reserves 6,553 6,758

Total Noncurrent Assets 267,176 265,834 Retained earnings 36,073 35,149

Total equity attributable to owners of Parent 120,594 119,822

TOTAL ASSETS 305,564 302,180 Non-controlling interest 31,298 30,955

Total Equity 151,892 150,777

LIABILITIES AND EQUITY

CURRENT LIABILITIES TOTAL LIABILITIES AND EQUITY 305,564 302,180

Accounts payable and other current liabilities 15,710 15,174

Due to related parties 8,628 8,550

Current portion of concession fees payable

long-term debt and others 9,947 10,189

Total Current Liabilit ies 34,285 33,913

As of As of

2626

MAYNILAD WATER SERVICES INC. & SUBSIDIARIES




Current Assets Current Liabilit ies

Cash and short-term investments 6,559 9,182 Accounts payable and other current liabilities 10,827 11,327

Receivables 2,382 2,429 Current portion of interest-bearing loans 1,742 1,742

Other current assets 3,327 3,216 Current portion of service concession obligation 1,086 1,358


Non-current Assets Non-current Liabilit ies

Service concession assets 63,169 62,488 Interest-bearing loans - net of current portion 22,451 23,337

Deferred tax assets 1,996 2,140 Service concession obligation - net of current portion 6,673 6,737

Property and equipment 850 834 Other noncurrent liabilities 1,130 1,313

Other noncurrent assets 786 1,064 Total Noncurrent Liabilit ies 30,254 31,387

Total Noncurrent Assets 66,801 66,526

Total Liabilit ies 43,909 45,814

TOTAL ASSETS 79,069 81,353

Equity



Other equity adjustments and reserves (299) (240)




As of As of

2727

MAYNILAD WATER SERVICES INC. & SUBSIDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)

In PhP Millions Mar 2016 Mar 2015 In PhP Millions Mar 2016 Mar 2015

Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies

Income before income tax 2,203 2,125 Acquisitions of property and equipment (88) (40)

Adjustments for: Decrease (increase) other noncurrent assets 143 (100)

Interest expense 518 521 Net cash provided by (used in) investing activities 55 (140)

Amortization of service concession assets 518 472

Interest income (32) (32) Cash Flows from Financing Activit ies

Depreciation and amortization 71 55 Proceeds from availment of interest-bearing loans - 984

Others 6 (17) Payments of:

Operating income before working capital changes 3,284 3,124 Dividends (2,000) (2,000)

Decrease (increase) Loans (846) (838)

Short-term investments 3,971 (518) Service concession obligation payable (631) (457)

Receivables 47 110 Interest (520) (539)

Service concession assets (1,199) (1,686) Reissuance (acquisition) of treasury shares 87 -

Other current assets (110) 139 Increase (decrease) in:

Increase accounts payable and other current liabilities (336) (80) Customers' deposits

Cash generated from operations 5,657 1,089 Other noncurrent liabilities (480) 423

Interest received 32 32 Net cash used in financing activities (4,390) (2,427)

Net cash provided by operating activities 5,689 1,121

Net increase (decrease) in cash and cash equivalents 1,354 (1,446)

Cash and cash equivalents at beginning of period 3,093 4,188

Cash and cash equivalents at end of period 4,447 2,742

2828

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES





Cash and short-term investments 5,710 5,606 Accounts payable and accrued liabilities 2,354 2,931

Receivables 873 768 Current portion of long-term debt 1,121 1,332

Other current assets 1,192 1,277 Other current liabilities 1,544 1,753


Noncurrent Assets Noncurrent Liabilit ies

Service concession assets 53,710 52,987 Long-term debt - net of current portion 29,286 28,242

Goodwill 4,979 4,979 Service concession obligation 15,563 15,354

Investment in associates 4,310 4,381 Deferred tax liabilities 890 978

Other noncurrent assets 3,750 3,464 Other noncurrent liabilities 1,078 894

Total Noncurrent Assets 66,749 65,811 Total Noncurrent Liabilit ies 46,817 45,468

TOTAL ASSETS 74,524 73,462 Total Liabilit ies 51,836 51,484

Equity



Other equity adjustments and reserves (9,927) (9,997)


Total Equity Attributable to Equity Holders of Parent 20,373 19,859

Non-controlling interest 2,315 2,119



As of As of

2929

MEDICAL DOCTORS INC. AND SUBSIDIARIES



ASSETS Noncurrent Liabilit ies

Current Assets Deferred income tax liabilities 816 820

Cash and cash equivalents 499 531 Retirement benefit obligation 70 66

Receivables - net 825 620 Loans payable 928 931

Inventories - net 199 222 Provisions 109 109

Other current assets 67 52 Total Noncurrent Liabilit ies 1,923 1,926

Total Current Assets 1,590 1,425

Total Liabilit ies 3,080 3,008

Noncurrent Assets

Property and Equipment - net 7,342 7,343 Equity

Other noncurrent assets 44 48 Capital stock 334 334

Total Noncurrent Assets 7,386 7,391 Capital in excess of par value 1,545 1,543

Deposit for future subscription

TOTAL ASSETS 8,976 8,816 Other equity adjustments 2,203 2,205


LIABILITIES AND EQUITY Treasury Stock (15) (15)

Current Liabilit ies

Total Equity Attributable to Equity Holders of

Parent 5,870 5,781

Accounts payable and accrued expenses 1,004 861 Non-controlling interest 26 27

Current portion of long-term liabilities 149 149 Total Equity 5,896 5,808

Other current liabilities 4 72

Total Current Liabilit ies 1,157 1,082 TOTAL LIABILITIES AND EQUITY 8,976 8,816

As of As of

3030

MEDICAL DOCTORS INC. AND SUBSIDIARIES




Income before income tax 130 102 Acquisitions of property and equipment (45) (21)

Adjustments for: Construction in progress (68) (72)

Provisions 16 11 Net cash used in investing activities (113) (93)

Depreciation and amortization 114 114

Retirement benefit expense 9 9 Cash Flows from Financing Activit ies

Interest expense 14 14 Proceeds from issuance of capital stock 2 6

Interest income (1) - Payment of loan (4) (9)

Others 0 - Interest paid (15) (15)

Operating income before working capital changes 282 250 Dividends paid (55) (80)

Decrease (increase): Net cash used in financing activities (72) (98)

Receivables (230) (81)

Inventories 23 13 Net increase (decrease) in cash and cash equivalents (32) 76

Prepayments (13) (13)

Increase (decrease) in: Cash and cash equivalents at beginning of period 531 338

Accounts payable and accrued expenses 96 107

Refundable deposits and other liabilities - (3) Cash and cash equivalents at end of period 499 414

Cash generated from operations 158 273

Contributions to the retirement fund (6) (6)

Interest received 1 -

Net cash provided by operating activities 153 267

3131

COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)





Cash and cash equivalents 309 222 Accounts payable and accrued expenses 699 536

Receivables - net 217 172 Due to related parties 6 12

Inventories - net 71 78 Other current liabilities 19 19

Other current assets 45 35 Total Current Liabilit ies 724 567

Total Current Assets 642 507

Noncurrent Liabilit ies

Noncurrent Assets Retirement plan 20 20

Property and Equipment - net 1,058 1,052 Lease payable 599 647

Deferred income tax assets 115 108 Total Noncurrent Liabilit ies 619 667

Other noncurrent assets 6.00 6

Total Noncurrent Assets 1,179 1,166 Total Liabilit ies 1,343 1,234

TOTAL ASSETS 1,821 1,673 Equity

Capital stock 20 20

Deposit for future stock subscription 30 30

Other comprehensive income 3 3

Retained earnings 425 386

Total Equity 478 439


As of As of

3232

COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)



Cash Flows from Operating Activit ies Cash Flow from an Investing Activity


Adjustments for:

Provisions 1 3 Cash Flows from Financing Activit ies

Depreciation and amortization 34 49 Loans payable (74) (38)

Interest expense 26 26 Issuance of capital stock - 45

Operating income before working capital changes 116 124 Net cash provided by (used in) financing activities (74) 7

Decrease (increase):

Receivables (41) (13) Net increase in cash and cash equivalents 87 41

Inventories 7 (9)

Prepayments (10) - Cash and cash equivalents at beginning of period 222 127

Increase (decrease) in:

Accounts payable and accrued expenses 144 (43) Cash and cash equivalents at end of period 309 168

Refundable deposits and other liabilities - 3


3333

DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES




Current Assets Retirement benefit obligations 47 46

Cash and cash equivalents 280 272 Other noncurrent liabilities 12 14

Receivables, net 251 211 Total Noncurrent Liabilit ies 59 60

Inventory, net 79 92

Prepaid expenses 24 18 Total Liabilit ies 351 371


Equity

Noncurrent Assets Capital stock 91 91

Property and Equipment - net 1,039 1,037 Capital in excess of par value 48 48

Deferred income tax assets 22 25 Treasury shares (7) (7)

Other noncurrent assets 58 59 Other equity adjustments 30 30

Total Noncurrent Assets 1,119 1,121 Retained earnings 1,240 1,181


TOTAL ASSETS 1,753 1,714 Non-controlling interest 0 0



Current Liabilit ies TOTAL LIABILITIES AND EQUITY 1,753 1,714



Total Current Liabilit ies 292 311

As of As of

3434

DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES





Adjustments for: Increase in noncurrent assets (2) (9)

Depreciation 37 36 Net cash used in investing activities (41) (69)

Provision for bad debts - 2

Operating income before working capital changes 120 115 Net increase in cash and cash equivalents 8 19

Decrease (increase):

Receivables (41) 1 Cash and cash equivalents at beginning of period 272 228

Inventories 13 3

Prepayments and others (7) (6) Cash and cash equivalents at end of period 280 247


Accounts payable and accrued expenses (38) (27)

Other non current liabilities 2 2


-

-

3535

RIVERSIDE MEDICAL CENTER GROUP




Current Assets Long-term debt - net of current 93 98

Cash and cash equivalents 580 566 Deferred income tax liabilities 74 71

Receivables - net 145 210 Accrued retirement costs 6 7

Inventories - net 83 110 Other noncurrent liabilities 19 19

Other current assets 11 10 Total Noncurrent Liabilit ies 192 195


Total Liabilit ies 541 673

Noncurrent Assets

Property and Equipment - net 905 901 Equity

Pension Asset 22 23 Capital stock 39 39

Other noncurrent assets 18 18 Deposit for future stock subscription 400 400

Total Noncurrent Assets 945 942 Other equity adjustments 173 172


TOTAL ASSETS 1,764 1,838 Treasury Stock (4) (4)



Current Liabilit ies TOTAL LIABILITIES AND EQUITY 1,764 1,838


Current portion of long-term debt 23 24

Unearned tuition and other school fees 2 61

Income tax payable 32 19



As of As of

3636

RIVERSIDE MEDICAL CENTER GROUP





Adjustments for: Decrease (increase) in investments/other noncurrent assets - 5


Interest expense 1 2

Interest income (2) - Cash Flows from Financing Activit ies

Others 3 2 Payment of long-term debt (7) (5)

Operating income before working capital changes 94 76 Others 1 1

Decrease (increase) : Net cash used in financing activities (6) (4)

Receivables 65 24

Inventories 26 12 Net increase in cash and cash equivalents 14 14

Other assets (2) (2)

Decrease in: Cash and cash equivalents as of beginning of period 566 117

Accounts payable and accrued expenses (138) (9)

Other current liabilities - (63) Cash and cash equivalents at end of the period 580 131

Cash generated from operations 45 38

Interest received 2 -

Interest paid (1) (1)

Retirement payment (3) (11)


3737

EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)




Current Assets Accrued retirement 21 19

Cash and cash equivalents 104 46 Other noncurrent liabilities 323 246

Receivables - net 58 68 Total Noncurrent Liabilit ies 344 265

Inventories - net 32 34

Prepaid expenses 2 1 Total Liabilit ies 614 528


Equity

Noncurrent Assets Capital stock 50 50

Property and Equipment - net 310 167 Other equity adjustments 6 6

Deferred income tax 101 316 Retained earnings 102 93

Other noncurrent assets 165 45 Total Equity 158 149

Total Noncurrent Assets 576 528

TOTAL LIABILITIES AND EQUITY 772 677

TOTAL ASSETS 772 677


Current Liabilit ies


Current portion of long-term debt 90 90

Due to related parties 16 11



As of As of

3838

EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)





Adjustments for: Decrease (Increase) in other noncurrent assets (1) -


Provision for doubtful accounts 2 2

Interest expense 1 1 Cash Flows from Financing Activity

Operating income before working capital changes 35 30 Increase in:

Increase: Due to related parties 5 5

Receivables 11 (24) Other noncurrent liabilities 3 4

Inventories 2 1 Net cash provided by financing activities 8 9

Other current assets (2) (1)

Increase in: Net increase (decrease) in cash and cash equivalents 58 (32)

Accounts payable and accrued expenses 17 (24)

Retirement fund obligation 2 2 Cash and cash equivalents as of beginning of period 46 122

Cash generated from (used in) operations 65 (16)

Income taxes paid (5) - Cash and cash equivalents at end of the period 104 90

Net cash provided by (used in) operating activities 60 (16)

3939

ASIAN HOSPITAL INC.






Receivables - net 253 269 Accrued interest 33 25

Inventories - net 84 106 Long-term debts, currently due 258 258

Other current assets 20 11 Refundable deposits and other current liabilities 47 55

Prepaid expenses 8 8 Total Current Liabilit ies 1,011 1,022



Noncurrent Assets Long-term debt - net of current 264 306

Property and equipment, net 3,624 3,657 Other non-current liabilities 71 68

Deferred income tax 132 128 Total Noncurrent Liabilit ies 335 374

Computer software - net 3 5

Other non-current assets 14 13 Total Liabilit ies 1,346 1,396

Total Noncurrent Assets 3,773 3,803

Equity

TOTAL ASSETS 4,652 4,607 Capital stock 1,937 1,937

Capital stock in excess of par value 185 185

Subscription receivable (5) (5)

Other equity adjustments (12) (12)




As of As of

4040

ASIAN HOSPITAL INC.





Adjustments for:

Provisions 7 (2) Cash Flows from Financing Activit ies

Depreciation 73 59 Payment of long-term debt (42) (42)

Amortization of capitalized borrowing cost 1 1 Interest paid (8) (11)

Interest expense 16 21 Net cash used in financing activities (50) (53)

Others 1 (1)

Operating income before working capital changes 234 184 Net increase in cash and cash equivalents 104 22

Decrease (increase) :

Receivables 7 (22) Cash and cash equivalents as of beginning of period 410 407

Inventories 22 2

Other current assets (8) (6) Cash and cash equivalents at end of the period 514 429


Accounts payable and accrued expenses (83) 14



4141

DELOS SANTOS MEDICAL CENTER






Receivables - net 96 93 Due to related parties 3 -

Inventories - net 58 54 Long-term debts, currently due 190 115

Prepaid expenses 23 15 Refundable deposits and other current liabilities 25 -

Total Current Assets 209 183 Total Current Liabilit ies 336 301

Noncurrent Assets Noncurrent Liability

Property and equipment, net 561 539 Retirement Liability 29 28

Deferred income tax 18 17

Other non-current assets 13 17 Total Liabilit ies 365 329


Equity

TOTAL ASSETS 801 756 Capital stock 114 114





As of As of

4242

DELOS SANTOS MEDICAL CENTER





Adjustments for:

Provisions 3 1 Cash Flows from Financing Activit ies

Depreciation 18 13 Proceeds from long term debt 75 15

Interest expense-net 1 - Interest paid (1) -

Operating income before working capital changes 37 23 Net cash provided by financing activities 74 15

Increase in:

Receivables (6) (4) Net increase in cash and cash equivalents 11 2

Inventories (4) (2)

Other current assets (9) (2) Cash and cash equivalents as of beginning of period 21 19


Accounts payable and accrued expenses (42) 16 Cash and cash equivalents at end of the period 32 21

Other liabilities (4) -

Net cash used in operating activities (28) 31

4343

CENTRAL LUZON DOCTORS’ HOSPITAL






Receivables - net 63 57 Dividends payable 11 11

Inventories - net 29 30 Total Current Liabilit ies 88 97

Prepaid expenses 3 4

Total Current Assets 179 178 Noncurrent Liabilit ies

Retirement Liability 7 6

Noncurrent Asset Deferred Income Tax 28 28

Property and equipment, net 271 274 Total Noncurrent Liabilit ies 35 34

TOTAL ASSETS 450 452 Total Liabilit ies 123 131

Equity

Capital stock 103 103

Additional Paid-in Capital 76 76

Treasury stock (3) (3)

Other equity adjustments 79 80




As of As of

4444

CENTRAL LUZON DOCTORS’ HOSPITAL





Adjustment for depreciation 9 7

Operating income before working capital changes 19 16 Cash Flow from a Financing Activity

Decrease (increase) : Dividends payment - (1)

Receivables (3) (7)

Inventories 1 2 Net decrease in cash and cash equivalents (3) (20)

Other current assets (1) (2)

Increase (decrease) in: Cash and cash equivalents as of beginning of period 87 99

Accounts payable and accrued expenses (14) 11

Other current liabilities 1 - Cash and cash equivalents at end of the period 84 79


4545

MEGA CLINIC






Receivables - net 59 41 Loans payable 20 20

Inventories - net 3 3 Due to related parties 13 18

Prepaid expenses 11 30 Total Current Liabilit ies 103 99



Noncurrent Assets Retirement Liability 2 1

Property and equipment, net 34 33

Deferred income tax 8 10 Total Liabilit ies 105 100

Other non-current assets 18 9

Total Noncurrent Assets 60 52 Equity

Capital stock 66 66

TOTAL ASSETS 147 144 Retained earnings (24) (22)

Total Equity 42 44


As of As of

4646

MEGA CLINIC




Income (Loss) before income tax (2) 3 Acquisitions of property and equipment (1) (2)

Adjustments for: Increase in noncurrent assets (0) -

Provisions 3 2 Net cash used in investing activities (1) (2)

Depreciation 3 2

Operating income before working capital changes 4 7 Cash Flows from Financing Activit ies

Decrease (increase) : Due to related parties - (6)

Receivables (17) (7) Payment of Loans - (1)

Inventories (2) - Net cash used in financing activities - (7)

Prepayments (3) (2)

Increase (decrease) in: Net increase (decrease) in cash and cash equivalents (4) -


Net cash provided by (used in) operating activities (3) 9 Cash and cash equivalents as of beginning of period 18 14

Cash and cash equivalents at end of the period 14 14

4747

MANILA DOCTORS, INC.






Receivables - net 173 174 Long-term debts, currently due 180 23

Inventories - net 127 130 Refundable deposits and other current liabilities - 17

Other current assets 12 1 Total Current Liabilit ies 563 374

Prepaid expenses 16 5

Total Current Assets 447 367 Noncurrent Liabilit ies

Other non-current liabilities 5 1

Noncurrent Assets

Property and equipment, net 1,197 1,038 Total Liabilit ies 568 375

Deferred income tax 14 14

Other non-current assets 8 5 Equity

Total Noncurrent Assets 1,219 1,057 Capital stock 198 198


TOTAL ASSETS 1,666 1,424 Other equity adjustments 34 33




As of As of

4848

MANILA DOCTORS, INC.


In PhP Millions Mar 2016 In PhP Millions Mar 2016


Income before income tax 54 Acquisitions of property and equipment (191)

Adjustments for: Increase in noncurrent assets (3)

Provisions 3 Net cash used in investing activities (194)

Depreciation 35

Operating income before working capital changes 92 Net increase in cash and cash equivalents 62

Decrease (increase) :

Receivables 1 Cash and cash equivalents as of beginning of period 57

Inventories 3

Other current assets (21) Cash and cash equivalents at end of the period 119

Increase in:

Accounts payable and accrued expenses 32

Other current liabilities 149

Net cash provided by operating activities 256

4949

WEST METRO MEDICAL CENTER






Receivables - net 8 5

Inventories - net 23 9 Noncurrent Liabilit ies

Total Current Assets 100 18 Retirement Liability 2 2

Deferred Income Tax 4 -

Noncurrent Assets Total Noncurrent Liabilit ies 6 2

Property and equipment, net 9 5

Other non-current assets 98 86 Total Liabilit ies 32 20


Equity

TOTAL ASSETS 208 109 Capital stock 75 75

Deposit for future stock subscriptions 110 25

Deficit (9) (11)

Total Equity 176 89


As of As of

5050

WEST METRO MEDICAL CENTER





Increase in:

Receivables (3) Cash Flows from Financing Activit ies

Inventories (14) Equity Infusion 85

Increase in: Increase in Non-Current Assets (3)

Accounts payable and accrued expenses 7 Net cash provided by financing activities 82

Other current liabilities 3

Net cash used in operating activities (3) Net increase in cash and cash equivalents 65

Cash and cash equivalents as of beginning of period 4

Cash and cash equivalents at end of the period 69

5151

SACRED HEART HOSPITAL





Cash and cash equivalents 165 Accounts payable and accrued expenses 48

Receivables - net 25 Other current liabilities 9

Inventories - net 13 Total Current Liabilit ies 57

Prepaid expenses 1

Total Current Assets 204 Noncurrent Liabilit ies

Retirement Liability 3

Noncurrent Assets Deferred Income Tax 2

Property and equipment, net 135 Total Noncurrent Liabilit ies 5

Other non-current assets 2

Total Noncurrent Assets 137 Total Liabilit ies 62

TOTAL ASSETS 341 Equity

Capital stock 25

Deposit for future stock subscription 200

Retained earnings 54

Total Equity 279

TOTAL LIABILITIES AND EQUITY 341

As of As of

5252

SACRED HEART HOSPITAL





Adjustment for depreciation 5

Operating income before working capital changes 14 Cash Flow from a Financing Activity

Decrease (increase) : Equity Infusion 200

Receivables 3

Inventories 1 Net increase in cash and cash equivalents 135

Other current assets (1)

Increase (decrease) in: Cash and cash equivalents as of beginning of period 30

Accounts payable and accrued expenses (81)

Other current liabilities 1 Cash and cash equivalents at end of the period 165

Net cash used in operating activities (63)

FIRST QUARTER 2016 FINANCIAL RESULTS · In Millions 1Q 2016 1Q 2015 % Stand-alone Core Income 408 293 39% Hospitals 147 106 39% MPHHI Parent and Fair value Adjustments (13) (1) 1200%

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