1

1H2020 results briefing

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AGI 1H2020 P&L highlights

82.8

12.58.1

61.4

4.1 3.8

Revenues Pre-minorityincome

Attributableprofit

1H19 1H20

MEG EMP RWM GADC

23.821.4

6.1

9.7

5.43.3

-3.7-0.7

39%

35%

10%

16%

MEG

EMP

RWM

GADC

82%

65%

-39%-7%

MEG

EMP

RWM

GADC

Revenue share*

Attributable profit share*

Reve

nue

Prof

it

Reve

nue

Prof

it

Reve

nue

Prof

it

Reve

nue

Prof

it

*Excludes ‘Others.’ 2

AGI P&L highlights P&L highlights of subsidiaries

in Pbn Q220 Q219 % chg 1H20 1H19 % chg CommentsGroup revenues 23.3 41.8 -44% 61.4 82.8 -26%Megaworld 8.6 16.8 -49% 23.6 31.6 -25% Growth in office cushioned weakness in resi + malls + hotelsEmperador 10.8 10.4 4% 21.4 21.4 0% Strong whisky sales offset drop in brandy sales due to liquor banTravellers 0.7 6.7 -89% 6.1 13.7 -55% Weighed by temporary halt in casino gaming operationsGADC 2.9 8.0 -64% 9.7 15.5 -38% Limited store operations, especially during ECQOthers 0.3 (0.2) -- 0.6 0.6 8%Group costs/expenses (21.9) (33.6) -35% (54.6) (66.3) -18%Megaworld (6.0) (10.4) -43% (15.9) (19.8) -20% Drop in construction and operating costs during ECQEmperador (8.6) (8.7) -1% (17.5) (17.7) -1% Higher RM costs offset by sharper decline in selling and G&A exp.Travellers (3.4) (6.5) -48% (9.7) (13.1) -26% Drop in gaming-related and operating expenses GADC (3.7) (7.4) -50% (10.4) (14.4) -28% Decline in COGS and G&A expensesOthers (0.6) (0.6) 0% (1.2) (1.3) -7%Net income to owners 0.8 3.7 -78% 3.8 8.1 -53%Megaworld 1.2 3.0 -60% 3.6 5.5 -34% Steady contribution from office segment capped the fall in profits Emperador 1.6 1.2 28% 2.9 2.7 6% Doubling of whisky earnings vs flat growth in brandy profitTravellers (1.3) 0.1 - (1.7) 0.3 - Exacerbated by higher depreciation and interest charges GADC (0.4) 0.2 - (0.3) 0.4 - Weighed further by increased interest chargesOthers (0.3) (0.8) -65% (0.6) (0.8) -19%

Net profit margin 3.6% 9.0% -538bps 6.2% 9.8% -359bps

AGI 1H2020 financial performance

3

53 61 75 76 76 75

2929

38 39 37 331422

3145 60 57

22

11

0 2

20

30

3537

36 35

2015 2016 2017 2018 2019 1H20

MEG EMP RWM GADC Parent & others

144

118

181198

209202

Group borrowings

38.9 87.1 113.9 138.9 145.3 141.8

0.17x

0.35x

0.42x

0.48x 0.49x 0.48x

2015 2016 2017 2018 2019 1H20

Net debt (cash) Net debt/equity

4*All items are in billion pesos except net debt/equity(x)

Gross debts, by key subsidiary AGI gearing

*All items are in billion pesos except net debt/equity(x)

29.8 44.8 58.5 58.2 52.8 50.5

0.22x

0.31x

0.36x

0.31x

0.26x0.24x

2015 2016 2017 2018 2019 1H20

Net debt (cash)

Net debt/equity

0.0 19.2 28.0 33.0 29.5 26.8

0.00x

0.37x

0.48x

0.54x

0.46x0.41x

2015 2016 2017 2018 2019 1H20

Net debt (cash)Net debt/equity

11.1 13.4 7.4 18.0 20.2 21.6

0.03x

0.05x

0.03x

0.06x

0.07x 0.07x

2015 2016 2017 2018 2019 1H20

Net debt(cash)Net debt/equity

1.9 11.6 23.7 35.1 48.2 46.3

0.05x

0.26x

0.54x

0.77x

1.24x 1.31x

2015 2016 2017 2018 2019 1H20

Net debt (cash)Net debt/equity

(0.2)

(1.2) (3.8) (4.9) (5.2) (2.8)-0.03x

-0.19x

-0.52x

-0.57x

-0.65x

-0.39x

2015 2016 2017 2018 2019 1H20

Net debt (cash)Net debt/equity

5

MEG EMP RWM GADC PARENT

Group gearing

MEGAWORLD CORPORATION1H2020 PERFORMANCE HIGHLIGHTS

6

26Townships &

ILCs

4,300Landbank

(has)

3,637Hotel

room keys

1,312Offices GLA

(‘000)

721Lifestyle

malls GFA(‘000)

MEG: 1H2020 financial performance

P&L summary (Pbn) 2Q20 2Q19 YoY chg 1H20 1H19 YoY chg Comments

Revenue 8.7 16.8 -48% 23.8 31.7 -25%

Residential 4.7 10.7 -56% 14.3 20.2 -29% Lower project completion due to limited construction activities

Office 2.8 2.6 6% 5.6 5.1 10% Steady office occupancy rates despite the pandemic Malls 0,2 1.6 -88% 1.6 3.1 -47% Limited mall operations limited; rental holidays to tenantsHotel 0.4 0.7 -48% 0.9 1.3 -29% In-city hotels used by BPOs, repatriated Filipinos

EBITDA 3.8 7.4 -49% 10.1 14.0 -28% Office segment capped impact on financial performance

EBIT 3.0 6.8 -55% 8.6 12.7 -32% Increased depreciation charges

Net profit 2.1 4.8 -56% 5.9 8.9 -34% Reflects full quarter impact of the quarantine

Attributable profit 1.9 4.5 -58% 5.4 8.3 -35%

Margins

Gross profit margin 44.7% 44.1% Up 45.1% 45.0% Up Changes in sales mix in favor of horizontal projects

EBITDA margin 43.4% 44.0% Down 42.6% 44.1% Down

EBIT margin 34.9% 40.2% Down 36.3% 40.1% Down

Attributable profit margin 21.8% 26.6% Down 22.7% 26.2% Down

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All items are in billion pesos.Covers residential, rental and hotel operations only. Excludes financial and other income.

MEG: Quarterly operational performance

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REVENUE EBITDA EBIT

9.5 10.7 10.6

11.9 9.6

4.7

3.9 4.2 4.3

4.4

4.2

3.0

0.6

0.7 0.6

0.7

0.6

0.4

Q119 Q219 Q319 Q419 Q120 Q220

Development Rental Hotels

14.414.015.6 15.4

17.0

8.1

3.2 3.2 3.4 3.92.8

1.2

3.7 4.0 4.0 4.3

3.9

2.8

0.1 0.2 0.1

0.2

0.1

(0.0) Q119 Q219 Q319 Q419 Q120 Q220

Development Rental Hotels

7.0 7.3 7.58.3

6.8

3.9

3.1 3.2 3.3 3.9

2.7 1.1

3.2 3.5 3.5 3.6

3.3

2.2

0.1 0.1 0.1

0.2

0.1

(0.1) Q119 Q219 Q319 Q419 Q120 Q220

Development Rental Hotels

6.4 6.7 6.97.6

6.1

3.2

All items are in billion pesos.

MEG: Quarterly operational performance

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RES vs GROSS PROFIT RENTAL vs EBITDA HOTEL vs EBITDA

9

11 11

12

10

54.4 4.7 4.8 5.4

4.3

2.1

46%44% 45% 45% 45% 45%

Q119 Q219 Q319 Q419 Q120 Q220

Real estate sales Gross Profit GP margin

3.9 4.2 4.3 4.4

4.2

3.0

3.7 4.0 4.0 4.3 3.9

2.8

88% 87% 88%94%

87% 86%

Q119 Q219 Q319 Q419 Q120 Q220

Total rentals Rental EBITDA EBITDA margin

574

710

587

672

551

367

142 150 149 202

116 (47)

25%21%

25%

30%

21%

-13%

Q119 Q219 Q319 Q419 Q120 Q220

Hotel revenues Hotel EBITDA EBITDA margin

TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.

1H2020 PERFORMANCE HIGHLIGHTS

10

2,527Hotel

room keys

6International Hotel Brands

50%Hotel

occupancy

367VIP and mass

gaming tables

100Electronic Machines

RWM: 1H2020 financial performance

P&L summary (Pbn) 2Q20 2Q19 YoY chg 1H20 1H19 YoY chg Comments

Net Revenue 0.7 6.7 -90% 6.1 13.6 -55%Gross gaming revenue 0.6 6.6 -91% 6.1 13.5 -55%

Significantly affected by the temporary halt in casino gaming operations since mid-March

Mass 0.1 3.8 -97% 3.3 7.4 -55%

VIP 0.4 2.9 -84% 2.8 6.2 -54%

Less: promotional allowance (0.3) (1.4) -82% (1.8) (2.9) 41%Net gaming revenue 0.3 5.3 -94% 4.4 10.6 -59%

Non-gaming revenue 0.4 1.4 -73% 1.7 3.0 -44% Limited hotel operations; no MICE activities

EBITDA (1.3) 1.5 - (0.9) 2.9 -EBIT (2.2) 0.7 - (2.6) 1.4 - Weighed by higher depreciation chargesNet profit (2.7) 0.6 - (3.7) 0.8 - Pulled down further by increased interest chargesAttributable profit (2.7) 0.6 - (3.7) 0.8 -

MarginsEBITDA margin -134.4% 18.2% Down -11.2% 17.4% DownEBIT margin -225.3% 8.8% Down -32.9% 8.3% DownAttributable profit margin -284.0% 7.4% Down -47.5% 5.1% Down

Margins are based on gross revenues11

All items are in billion pesos, except Average Daily Visitors(‘000).

RWM: Quarterly operational performance

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GROSS REVENUES GGR: MASS vs VIP AVERAGE DAILY VISITORS

6.9 6.6 7.3 6.8

5.6

0.6

1.6 1.5

1.5 2.1

1.3

0.4

Q119 Q219 Q319 Q419 Q120 Q220

Gaming Non-gaming

8.58.2

8.8 8.9

6.9

1.03.6 3.8

4.4 4.2 3.2

0.1

3.3 2.9

2.9 2.6

2.4

0.4

Q119 Q219 Q319 Q419 Q120 Q220

Mass VIP

6.96.6

7.36.8

5.6

0.6

35.1 36.1 38.0

41.2

28.1

0.9

Q119 Q219 Q319 Q419 Q120 Q220

HOTEL SEGMENT1H2020 PERFORMANCE HIGHLIGHTS

13

14

AGI: combined hospitality business

Hotel Revenues

3.3 3.84.2

5.0

7.5

1.80.6

3.6

2.2

2015 2016 2017 2018 2019 2Q19 2Q20 1H19 1H20

+23% CAGR

- 66% - 40%

EMPERADOR INC.1H2020 PERFORMANCE HIGHLIGHTS

15

5Distilleries in

Scotland

105Countries under

global distribution

system

55countries where EDI brands are exported

25domestic

sales offices

6Vineyard estates in

Spain

EMP: 1H2020 financial performance

P&L summary (Pbn) 2Q20 2Q19 YoY chg 1H20 1H19 YoY chg Comments

Revenue 10.9 10.4 4% 21.5 21.5 0%

Brandy 7.3 7.7 -4% 14.9 15.3 -3% Sales affected by dry law during lockdown in key Philippine cities

Whisky 3.6 2.8 29% 6.6 6.1 9% Robust whisky sales except for travel retail, on premise

Gross Profit 3.6 3.6 -2% 7.0 7.3 -5%

Brandy 2.4 2.5 -4% 4.8 4.8 -1% Changes in sales mix in favor of domestic Emperador products

Whisky 1.2 1.1 5% 2.2 2.5 -12% Boosted by retail sales of lower-margin whiskiesEBITDA 2.6 2.2 19% 4.8 4.7 2% Effective cost management in placeEBIT 2.3 1.9 19% 4.1 4.1 0%

Lower interest chargesNet profit 1.9 1.5 24% 3.3 3.3 1%Attributable profit 1.9 1.5 24% 3.3 3.3 2%

MarginsGross profit margin 33.4% 35.3% Down 33.2% 34.8% Down

Brandy 32.6% 32.9% Down 32.3% 31.6% UpWhisky 33.9% 40.3% Down 34.1% 41.3% Down

EBITDA margin 24.0% 21.0% Up 22.4% 22.1% UpEBIT margin 21.0% 18.4% Up 19.2% 19.3% DownAttributable profit margin 17.2% 14.5% Up 15.4% 15.1% Up 16

EMP: Quarterly operational performance

*Excludes non-recurring expensesAll items are in billion pesos

*

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REVENUE ATTRIBUTABLE PROFIT

7.7 7.7 8.7

13.5

7.6 7.3

3.3 2.83.6

4.2

3.1 3.6

Q119 Q219 Q319 Q419 Q120 Q220

Brandy Whisky

12.4

10.411.0

17.7

10.7 10.9

1.1 1.2 1.4 1.3

1.1 1.2

0.7 0.3

0.6

0.4

0.3

0.7

Q119 Q219 Q319 Q419 Q120 Q220

Brandy Whisky

2.0

1.51.7 1.7

1.4

1.9

EMP: Quarterly operational performance

*Excludes non-recurring expensesAll items are in billion pesos

*

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WHISKY REVENUE, GROSS PROFIT, MARGIN

BRANDY REVENUE, GROSS PROFIT, MARGIN

3.3

2.8

3.6

4.2

3.1 3.6

1.4 1.1

1.6 1.4 1.0 1.2

42% 40%45%

34% 34% 34%

Q119 Q219 Q319 Q419 Q120 Q220

Whisky revenues Gross profit GP margin

7.7 7.7 8.7

13.5

7.6 7.3

2.3 2.5 3.2 3.4

2.4 2.4

30%33%

35%

26%

32% 33%

Q119 Q219 Q319 Q419 Q120 Q220

Brandy revenues Gross profit GP margin

GOLDEN ARCHES DEVELOPMENT CORPORATION

1H2020 PERFORMANCE HIGHLIGHTS

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668Store count

400McDelivery

hubs

326Stores

with Drive-thru

142NXTGEN

stores

GADC: 1H2020 financial performance

P&L summary (Pbn) 2Q20 2Q19 YoY chg 1H20 1H19 YoY chg Comments

Sales Revenues 2.94 7.98 -63% 9.70 15.43 -37% Limited store operations due to the quarantine

Sales by co. restos 2.65 7.17 -63% 8.74 13.89 -37% Sales done mostly through take-outs, drive-thru and deliveries; no dine-in

Rent, royalty & others 0.30 0.81 -63% 0.96 1.54 -38% Royalty contributions waived during ECQ

Gross Profit 0.02 1.71 -99% 1.35 3.30 -59%EBITDA 0.04 0.96 -96% 1.01 1.85 -45% Included impact of PFRS-16EBIT (0.60) 0.64 - (0.26) 1.22 - Higher depreciation expensesNet profit (0.82) 0.36 - (0.72) 0.75 - Increased interest chargesAttributable profit (0.82) 0.37 - (0.71) 0.75 -Attributable profit before PFRS 16 (0.80) 0.37 - (0.67) 0.75 -

MarginsGross profit margin 0.7% 21.5% Down 13.9% 21.4% DownEBITDA margin 1.3% 12.0% Down 10.4% 12.0% DownEBIT margin -20.4% 8.0% Down -2.7% 7.9% DownAttributable profit margin -27.8% 4.6% Down -7.3% 4.9% DownAttributable profit margin before PFRS 16 -27.0% 4.6% Down -6.9% 4.9% Down

20

GADC: Quarterly operational performance

All items are in billion pesos except margin(%) and store geographic distribution21

SALES, GROSS PROFIT, MARGIN

SYSTEMWIDE SAME-STORE SALES GROWTH

STORE GEOGRAPHIC DISTRIBUTION

7.5 8.0 7.7

8.9

6.8

2.9

1.6 1.7 1.7

3.0

1.3 0.0

21% 21% 22%

34%

20%

1%

Q119 Q219 Q319 Q419 Q120 Q220

Sales revenues Gross profit GP Margin

4.8% 6.2% 7.0% 5.1%

-14.4%

-40.8%

4.8% 5.5% 6.0% 5.8%

-14.4%

-65.1%

Q119 Q219 Q319 Q419 Q120 Q220

Quarterly End-of-period

230 244 256 260 261

202221

249 284 28448

5664

70 70

4045

5155 53

2016 2017 2018 2019 1H20

NCR Luzon Visayas Mindanao

566520

669620

668

22

Foray into infrastructure

Oct 2017Submission of unsolicited proposal

May 2018DOTr grant of Original Proponent Status

On-goingNEDA evaluation

4Q 2020*subject to changeEstimated project award

Capex spent in1H20: P15.9bn (38% of FY2020 budget)

Group investment commitment

2017 2018 2019 2020E 1H19 1H20

49 51 48 36

23 13

9 2 2

1

1

0.5

11 1511

4

4

2

2 22

1

1

1

MEG EMP RWM GADC INFRACORP

7163

42

70

16

30

24

AGI’s capex by major subsidiary

*All items are in billion pesos

2020 target capex of P42bn assumes only the completion of ongoing projects, particularly those slated for completion during the year.

25

253.8kOffice GLA

2020-2022

106.5k 2,268Hotels room keys

2020-2022Lifestyle Mall GLA

2020-2021

Much-reduced capex that focuses only on ongoing, near-completion projects

Planned projects under the new normal

15new stores

in 2020

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5-point recovery strategy

C O N S T A N T L Y

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Sustainability and Well-Being

Earnings Diversity

Digitalization

Financial Flexibility

Adaptability

5-POINT RECOVERY STRATEGY

We anchor our recovery thrust on a sustainability strategy

Diversifying and expanding our revenue mix to provide for future growth

Utilizing our digital platforms into the various aspects of our operations

AGI’s financial discipline over the years has enabled it to maintain the strong balance sheet

AGI has remained nimble and ready to take advantage of opportunities

To cushion the impact of the pandemic on Group performance

29

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“Adapting to change is not new to AGI, as we have always been constantly transforming the way we do business through the years as we keep pace with advances in technology while innovating our operations and making them

future ready.”

Dr. Andrew L. TanChairman

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End of presentation

C O N S T A N T L Y

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