1Q2020 financial performance

1

AGI 1Q2020 P&L highlights

AGI P&L highlights In Pbn

P&L highlights of subsidiariesIn Pbn

41.1

6.54.4

38.0

4.0 3.0

Revenues Pre-minorityincome

Attributableprofit

1Q19 1Q20

MEG EMP RWM GADC

15.1

10.6

5.46.8

3.5

1.5

-1.0

0.1

40%

28%

14%

18%

MEG

EMP

RWM

GADC

73%

38%

-14% 2%

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

in Pbn 1Q20 1Q19 % chg CommentsGroup revenues 38.03 41.05 -7%Megaworld 14.98 14.85 1% Growth in rentals mitigated slowdown in resi, mall and hotel activitiesEmperador 10.61 11.03 -4% Higher brandy sales cushioned drop in whisky sales.Travellers 5.40 6.91 -22% Half-month halt in casino business and weaker hotel operationsGADC 6.77 7.52 -10% Temporary store closures due to Taal Volcano eruption and initial ECQ pulled down SSSGOthers 0.27 0.74 -63%Group costs/expenses (32.32) (32.66) -1%Megaworld (9.89) (9.37) 6% Higher construction costs; increases in salaries, commisions and depreciation chargesEmperador (8.86) (9.00) -1% Rise in A&P and depreciation chargesTravellers (6.34) (6.65) -5% Increases in depreciation and interest chargesGADC (6.62) (6.95) -5% Rise in OH costs, depreciation and interest chargesOthers (0.61) (0.69) -12%Net income to owners 2.96 4.35 -32%Megaworld 2.41 2.54 -5% Cushioned by higher share of rentalsEmperador 1.26 1.45 -13% Increased share of brandy vs whiskyTravellers (0.45) 0.12 - Weighed mainly by closure of casino operationsGADC 0.08 0.21 -63% Impact of PFRS-16 accountingOthers (0.04) 0.04 -

Net profit margin 7.8% 10.6% -282bps

AGI 1Q2020 financial performance

3

• Capex spent in 1Q20: 15bn.

• 2020 target capex reduced to P42bn (from original P79bn) as Group shifts to cash preservation mode.

Group investment commitment

2017 2018 2019 2020E 1Q19 1Q20

49 51 48

36

13 11

9 22

0

11 15

11

4

2 2

2 2

2

1

0

MEG EMP RWM GADC INFRACORP

7163

42

70

1517

AGI’s capex by major subsidiary In Pbn

4

53 61 75 76 76 79

2929

38 39 37 3414

22

3145 60 59

22

11

0 1

20

30

3537

36 35

2015 2016 2017 2018 2019 1Q20

MEG EMP RWM GADC Parent & others

144

118

181198

209 208

Group borrowings

AGI GEARINGGROSS DEBTS, by key subsidiary

38.9 87.1 113.9 138.9 145.3 142.3

0.17x

0.35x

0.42x

0.48x 0.49x 0.47x

2015 2016 2017 2018 2019 1Q20

Net debt (cash) Net debt/equity

5

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

Group gearing

G A D CM E G E M P R W M P A R E N T

29.8 44.8 58.5 58.2 52.8 53.1

0.22x

0.31x

0.36x

0.31x

0.26x 0.26x

2015 2016 2017 2018 2019 1Q20

Net debt (cash)

Net debt/equity

0.0 19.2 28.0 33.0 29.5 26.6

0.00x

0.37x

0.48x

0.54x

0.46x0.41x

2015 2016 2017 2018 2019 1Q20

Net debt (cash)Net debt/equity

11.1 13.4 7.4 18.0 20.2 21.2

0.03x

0.05x

0.03x

0.06x

0.07x 0.07x

2015 2016 2017 2018 2019 1Q20

Net debt(cash)Net debt/equity

1.9 11.6 23.7 35.1 48.2 46.9

0.05x

0.26x

0.54x

0.77x

1.24x 1.24x

2015 2016 2017 2018 2019 1Q20

Net debt (cash)Net debt/equity

(0.2)

(1.2) (3.8) (4.9) (5.2) (3.6)-0.03x

-0.19x

-0.52x

-0.57x

-0.65x

-0.45x

2015 2016 2017 2018 2019 1Q20

Net debt (cash)Net debt/equity

6

MEGAWORLD CORPORATION1Q2020 PERFORMANCE HIGHLIGHTS

26Townships &

ILCs

4,688Landbank

(has)

3,637Hotel

room keys

1,312Offices GLA

(‘000)

721Lifestyle

malls GFA(‘000)

7

MEG: 1Q2020 financial performance

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

Revenue 15.08 14.91 1% Improving share of rental income Residential 9.61 9.47 1% Construction delays and Taal Volcano eruption Office 2.80 2.43 15% Steady office occupancy rates despite the pandemic

Malls 1.43 1.50 -4% Limited mall operations due to pandemic

Hotels 0.55 0.57 -4% Booking cancellations weighed on occupancy rates Others 0.69 0.93 -26%

EBITDA 6.35 6.58 -4% Higher construction costs and commission expenses

EBIT 5.59 5.97 -6% Jump in depreciation charges

Pre-minority profit 3.80 4.12 -8% Weighed by faster rise in costs & expenses vs topline growthAttributable profit 3.51 3.84 -9%

MarginsGross profit margin 45.2% 46.1% Down Change in sales mix; higher construction costsEBITDA margin 42.1% 44.1% DownEBIT margin 37.1% 40.0% DownAttributable profit margin 23.3% 25.7% Down

8

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

MEG: Quarterly operational performance

EBITDA EBITREVENUE

9.5 10.7 10.6 11.9 9.6

3.9 4.2 4.3

4.4

4.2

0.6 0.7 0.6

0.7

0.6

Q119 Q219 Q319 Q419 Q120

Development Rental Hotels

14.414.0

15.6 15.4

17.0

3.1 3.2 3.3 3.9

2.7

3.2 3.5 3.5 3.6

3.3

0.1 0.1 0.1

0.2

0.1

Q119 Q219 Q319 Q419 Q120

Development Rental Hotels

6.4 6.7 6.97.6

6.1

3.2 3.2 3.4 3.9 2.8

3.7 4.0 4.0 4.3

3.9

0.1 0.2 0.1

0.2

0.1

Q119 Q219 Q319 Q419 Q120

Development Rental Hotels

7.0 7.37.5

8.3

6.8

9

All items are in billion pesos.

MEG: Quarterly operational performance

RENTAL vs EBITDA

HOTEL vs EBITDA

REAL ESTATE SALES vs GROSS PROFIT

9

11 11

12

10

4.4 4.7 4.85.4

4.3

46%44% 45% 45% 45%

Q119 Q219 Q319 Q419 Q120

Real estate sales Gross Profit GP margin

3.9 4.2 4.3 4.4 4.2

3.7 4.0 4.0 4.3 3.9

88% 87% 88%94%

87%

Q119 Q219 Q319 Q419 Q120

Total rentals Rental EBITDA EBITDA margin

574

710

587

672

551

142 150 149202

116

25% 21% 25% 30%21%

Q119 Q219 Q319 Q419 Q120

Hotel revenues Hotel EBITDA EBITDA margin

10

2,527Hotel

room keys

6International Hotel Brands

61%Hotel

occupancy

363VIP and mass

gaming tables

100Electronic Machines

TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.1Q2020 PERFORMANCE HIGHLIGHTS

11

RWM: 1Q2020 financial performanceP&L summary (Pbn) 1Q20 1Q19 YoY chg Comments

Total net revenues 5.38 6.90 -22%Gross gaming revenue 5.55 6.90 -19%

Mass 3.17 3.58 -11% Better hold rate but volume growth lower due to ECQ

VIP 2.38 3.32 -28% Lower hold rate and rolling volume due to ECQ and travel ban

Less: promotional allowance (1.49) (1.59) -6%Net gaming revenue 4.06 5.30 -24%

Non-gaming revenue 1.32 1.60 -17% Booking cancellations and travel ban pulled down hotel occupancy rates

EBITDA 0.41 1.41 -71% Increased salaries and utilities expensesEBIT (0.42) 0.67 - Sharp jump in depreciation expenses

Pre-minority profit (1.01) 0.24 - Weighed down further by higher finance costsAttributable profit (1.00) 0.24 -

MarginsGross profit margin 30.5% 39.1% DownEBITDA margin 5.9% 16.6% DownEBIT margin -6.2% 7.9% DownAttributable profit margin -14.6% 2.9% Down

Margins are based on net revenues12

All items are in billion pesos, except Average Daily Visitors.

RWM: Quarterly operational performance

GGR: MASS vs VIP AVERAGE DAILY VISITORSGROSS REVENUES

6.9 6.6 7.3 6.8 5.6

1.6 1.4 1.6 2.1

1.3

Q119 Q219 Q319 Q419 Q120

Gaming Non-gaming

8.58.1

8.9 8.9

6.9

3.6 3.8 4.4 4.2

3.2

3.3 2.9 2.9

2.6

2.4

Q119 Q219 Q319 Q419 Q120

Mass VIP

6.96.6

7.36.8

5.635 36

3841

28

Q119 Q219 Q319 Q419 Q120

13

HOTEL SEGMENT1Q2020 PERFORMANCE HIGHLIGHTS

14

3.3 3.84.2

5.0

7.5

1.8 1.6

2015 2016 2017 2018 2019 1Q19 1Q20

AGI: combined hospitality business

+23% CAGR

3,637 room keys

Hotel RevenuesPbn

14%

15

1,513Vineyardsin Spain

(has)

105Countries under

global distribution

system

55countries where EDI brands are exported

25domestic

sales offices

EMPERADOR INC.1Q2020 PERFORMANCE HIGHLIGHTS

16

EMP: 1Q2020 financial performanceP&L summary (Pbn) 1Q20 1Q19 YoY chg Comments

Revenue* 10.66 11.03 -3%Brandy 7.58 7.69 -1% Initial strong sales capped by liquor ban during ECQ Whisky 3.08 3.34 -8% High 1Q19 base; weaker 1Q20 sales due to travel ban, FX translation

Gross Profit 3.41 3.69 -8%

Brandy 2.37 2.28 4% Improved product mix in favor of higher-priced brandies Whisky 1.04 1.40 -26% Changes in sales mix in favor of lower-margin products

EBITDA 2.21 2.54 -13%EBIT 1.86 2.22 -16% Higher selling and depreciation charges

Pre-minority profit 1.42 1.74 -18%Attributable profit 1.46 1.74 -16%

MarginsGross profit margin 32.9% 34.2% Down

Brandy 32.0% 30.3% UpWhisky 34.5% 42.1% Down

EBITDA margin 20.8% 23.0% DownEBIT margin 17.5% 20.1% DownAttributable profit margin 13.7% 15.8% Down*net of intersegment

17

EMP: Quarterly operational performance

ATTRIBUTABLE PROFITREVENUE

*Excludes non-recurring expensesAll items are in billion pesos

7.7 7.7 8.7

13.5

7.6

3.3 2.83.6

4.2

3.1

Q119 Q219 Q319 Q419 Q120

Brandy Whisky

12.4

10.411.0

17.7

10.7

1.1 1.2 1.4 1.3

1.1

0.7 0.3

0.6 0.4

0.3

Q119 Q219 Q319 Q419 Q120

Brandy Whisky

2.0

1.51.7 1.7

1.4

*

18

EMP: Quarterly operational performance

BRANDY REVENUE, GROSS PROFIT, MARGIN

WHISKY REVENUE,GROSS PROFIT, MARGIN

All items are in billion pesos except margin(%)

3.3

2.8

3.6

4.2

3.1

1.4 1.1

1.6 1.4 1.0

42% 40%45%

34% 34%

Q119 Q219 Q319 Q419 Q120

Whisky revenues Gross profit GP margin

7.7 7.7 8.7

13.5

7.6

2.3 2.5 3.2 3.4

2.4

30%33% 35%

26%

32%

Q119 Q219 Q319 Q419 Q120

Brandy revenues Gross profit GP margin

19

669Store count

395McDelivery

hubs

326Stores

with Drive-thru

-14.4%Same store

sales growth

GOLDEN ARCHES DEVELOPMENT CORPORATION1Q2020 PERFORMANCE HIGHLIGHTS

GOLDEN ARCHES

DEVELOPMENT CORPORATION

20

GADC: 1Q2020 financial performanceP&L summary (Pm) 1Q20 1Q19 YoY chg Comments

Sales Revenues 6,753 7,457 -9% -8% systemwide sales amid temporary store closures due to Taal volcano eruption and ECQ

Sales by co. restos 6,093 6,724 -9% Sharp drop in SSSG: -14.4% (vs 4.8% in 1Q19)Rent, royalty & others 660 733 -10% Lower sales, relief in royalty payments since ECQ

Gross Profit 1,331 1,583 -16% Higher direct overhead costsEBITDA 973 894 9% Due to PFRS-16 adjustments

EBIT 338 585 -42% Increases in depreciation charges due to PFRS-16 adjustments

Pre-minority profit 105 382 -73% Jump in interest chargesAttributable profit 108 383 -72% Due to PFRS-16 adjustmentsAttributable profit before PFRS 16 130 383 -66%

MarginsGross profit margin 19.7% 21.2% DownEBITDA margin 14.4% 12.0% UpEBIT margin 5.0% 7.8% DownAttributable profit margin 1.6% 5.1% DownAttributable profit margin before PFRS 16 1.9% 5.1% Down*Excludes non-recurring expenses 21

GADC: Quarterly operational performance

SALES, GROSS PROFIT, MARGIN

SYSTEMWIDE SAME-STORE SALES GROWTH

STORE GEOGRAPHIC DISTRIBUTION

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

7.5 8.0 7.7

8.9

6.8

1.6 1.7 1.7

3.0

1.3

21% 21% 22%

34%

20%

Q119 Q219 Q319 Q419 Q120

Sales revenues Gross profit GP margin

4.8%6.2% 7.0%

5.1%

-14.4%

4.8% 5.5% 6.0% 5.8%

-14.4%

Q119 Q219 Q319 Q419 Q120

Quarterly Average YTD

230 244 256 260 261

202 221 249 284 28548

5664

70 70

4045

5155 53

2016 2017 2018 2019 1Q20

NCR Luzon Visayas Mindanao

566520

669

620

669

22

23

Oct 2017Submission of unsolicited proposal

May 2018DOTr grant of Original Proponent Status

On-goingNEDA evaluation

4Q 2020*subject to changeEstimated project award

Fort Bonifacio-Makati Skytrain

Foray into infrastructure

Feb 2018Submission of

unsolicited proposal

May 2018DOTr grant of Original

Proponent Status

Sep 2019NEDA ICC approval

4Q 2020NEDA board approval

NAIA upgrade

Discussions ongoing

24

Initiatives

25

MEG: Initiatives amid the pandemic

Payment channels available

Payment methods available for the unit owners of MEG’s residential projects:

• Online Payment• Over the Counter

Through MEG partner banks

Faves on the Go allows shoppers or diners to choose necessities or restaurant favorites through the malls’ Viber.

Ordering will be done directly with the restaurant, and you can set your own pick-up time.

Faves on the Go

Safety Protocols

• Additional state-of-the-art sanitation and disinfection technologies are installed

• Cashless transaction with designated pick-up counters and drive-thru stations

Company efforts

• Rapid Antibody Testing on-site available for employees

• Employees were distributed to different sites to observe physical distancing in the headquarters.

26

RWM: Initiatives amid the pandemic

Resort World Manila’s signature restaurants are accepting orders for delivery.

The Grand Wing and the Garden Wing will ensure safety and physical distancing protocols for its gaming customers.

Spacious gaming facilities

Safety Protocols

• Additional state-of-the-art sanitation and disinfection technologies are installed in different areas.

• To ensure compliance, “Anti-Virus Patrol” will issue tickets for violations of rules.

Company efforts

• Ride With Me carpooling program for employees

• Rapid Antibody Testing on-site

• On-site accommodations for employees and also for outsourced labor

27

GADC: Initiatives amid the pandemic

Take-out and Drive-

thru services.

Available in select

stores

McDo favorites can now be cooked at home. This include Chicken cuts and other frozen food packs.

We are making sure that McDeliveryis clean and safe. We are stepping up our procedures to ensure the cleanliness of our riders and crew.

McDeliveryis now No-Touch

for your safety.

28

Key Takeaways

L e a d e r s h i p i n t o w n s h i p d e v e l o p m e n t : t h e w a y o f t h e f u t u r e a s c o n v e n i e n c e b e c o m e s a w a y o f l i f e .

H i g h l y v a l u a b l e i n v e n t o r y o f a g e d w h i s k y s t o c k s : e n s u r e s l o n g - t e r m p r o f i t a b i l i t y f o r t h e w h i s k y s e g m e n t .

S t r o n g b r a n d l e a d e r s h i p a c r o s s a l l b u s i n e s s s e g m e n t s .

W e l l - d i v e r s i f i e d p o r t f o l i o a l l o w s f o r b e t t e r r i s k m a n a g e m e n t : r i s i n g c o n t r i b u t i o n o f r e c u r r i n g i n c o m e , i n c r e a s i n g s h a r e o f h i g h e r - p r i c e d s p i r i t s b r a n d s .

E a r l y i n i t i a t i v e s o n d i g i t a l t r a n s f o r m a t i o n s h o u l d s t r e n g t h e n t h e b u s i n e s s m o v i n g f o r w a r d .

H e a l t h y b a l a n c e s h e e t , c o m f o r t a b l e f i n a n c i a l g e a r i n g : p r o v i d e s m o r e f l e x i b i l i t y d u r i n g c u r r e n t p e r i o d s o f u n c e r t a i n t y .

H u g e a n d v a l u a b l e l a n d b a n k : 4 , 3 0 0 h e c t a r e s o f d e v e l o p a b l e l a n d i n t h e P h i l i p p i n e s ; 1 , 5 0 0 h e c t a r e s o f v i n e y a r d s i n S p a i n ; 1 3 h e c t a r e s ( c a s e d g o o d s w a r e h o u s e ) i n S c o t l a n d .

29

End of presentation

1Q2020 financial performance

30