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Presentation to Investors8 December 2017

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Presentation to Investors 8 December 2017

Table of Contents

Slide

• The Philippine Economy • Corporate structure• Description of Businesses:

- Real estate• Metro Manila• Tagaytay Highlands / Midlands• Land held for development

- APC Group, Inc. - Gaming: Premium Leisure Corp.

• Historical Financials• Recent Dividend History

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5679

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Philippines: Strong Macroeconomic Fundamentals

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Corporate Structure and Lines of Business

61.8million shares(less than 1%)

3.7 billion shares(48.8% )

REAL ESTATE GAMING PORTFOLIO INVESTMENTS

City of Dreams Manila• Land and Buildings• Lease agreement with Melco Group

Land bank and finished real estate

24.9 billion shares(78.7%)

APC GROUP, INC.• Energy and Natural

resources• Listed on PSE (APC)

100%

224.3 millionshares

(50.1% of issued shares)

Tagaytay Highlands and Midlands developments SM PRIME HOLDINGS, INC.• One of the largest

integrated property developers in Asia

• Listed on PSE (SMPH)

PREMIUM LEISURE CORP.• Gaming Investments• Listed on PSE (PLC)

PREMIUMLEISURE & AMUSEMENT, INC. • Holding Company for

PAGCOR license• Operating agreement

with Melco Group

PACIFIC ONLINE SYSTEMS CORP.• Lease of Lottery and

Keno equipment• Listed on PSE (LOTO)

100%

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• 6.2 hectares of land: 4.2 hectares owned and 2.0 hectares leased through 2035 (renewable) from thePhilippine Social Security System (SSS) in PAGCOR Entertainment City, ASEANA Business Park, Paranaque City.

• City of Dreams Manila building, with more than 30 hectares of gross floor area.

Real Estate: Metro Manila

• Recurring rental income from land and building lease to the Philippine Subsidiary of Melco Resorts andEntertainment Limited (Melco).

• 9,734 square meters of land held for future development near City of Dreams Manila.

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Real Estate: Tagaytay Highlands and Midlands Complexes

• Premium residences in gated communities between 2,000 to 2,500 feet above sea level.

• Themed luxury residences situated about 1,000 feet above sea level with picture-perfect view of scenic Taal Lake

Highlands Projects Midlands and Greenlands Projects

Tagaytay Highlands International Golf Club

• 18-hole championship golf course• Scenic views of Taal Lake and Mt.

Makiling.

The Country Club at Tagaytay Highlands

• Fully-equipped Sports Center. Various F&B options.

• Swiss-engineered cable car ascending to mountain peak.

• Currently with 27 holes, and eventually 36 holes.

• Connected to Tagaytay Highlands by 48-seater Swiss Funicular System.

Tagaytay Midlands Golf Club

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55

44

33

13

14

1212

15

667

2

118

16

17

99

101018

1

Plantation Hills

Saratoga Hills

MidlandsGolf Course

HighlandsGolf Course

The Woodlands Pinecrest Village

The Villas

Belleview

Lakeview Heights

Alta Mira

Lakeside Fairways

Tagaytay Highlands

International Golf Club

Tagaytay Highlands

Internatioal Golf Club

The Country Club

at Tagaytay

Highlands

Tagaytay Midlands

Golf Club

Land Held for Development – Tagaytay Highlands and Midlands Complexes

View of Taal Lake

View of Laguna de Bay

View of Mt. Makiling

Tagaytay

Highlands

66 Kilometers Road

Length from Manila

Manila

Location Map

Laguna de Bay

Taal Lake

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Land Held for Development – Lakelands

TagaytayMidlands

Lakelands(approx. 333 hectares)

21 Kilometers Road Length from Tagaytay Midlands

Taal Lake

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• Listed in the Philippine Stock Exchange, under ticker “APC”.• Belle is the largest shareholder, with around 3.7 billion shares and 48.8% ownership as of

30 September 2017.• Aragorn Power and Energy Corporation, a 90% -owned subsidiary of APC, in partnership

with Chevron Kalinga Ltd. and Guidance Management Corp., has an active GeothermalRenewable Energy Service contract with the Department of Energy for a project in Kalingaprovince with a resource potential of 100 MW of new capacity that will provide anadditional source of clean, indigenous and reliable baseload power to the Luzon grid.

Investments – APC Group

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Premium Leisure Corp. (PLC) is a public company listed on the Philippine Stock Exchange that holds the gaming assets of Belle Corporation.

Through its wholly owned subsidiary, Premium Leisure and Amusement, Inc. ( PLAI), benefits from a Philippine Amusement and Gaming Corporation (PAGCOR) license to operate an integrated resort in Entertainment City, Manila.

Involved with Belle and Melco in City of Dreams Manila, which opened on 14 December 2014.

Owns a 50.1% stake in Pacific Online Systems Corp. (POSC), a company that develops and manages online computer systems, terminals and software for the parimutuel sector of the Philippine gaming industry.

Generous dividend policy that requires it to distribute at least 80% of prior year’s unrestricted retained earnings.

Overview of Premium Leisure Corp.

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Belle Historical Financials

2017 2016 2016 2015 2014

CONSOLIDATED

REVENUE 6,213 4,641 6,322 5,352 3,317

EBITDA 3,638 2,590 3,678 2,756 1,413

EBIT 3,320 2,312 3,167 2,225 1,349

Net income 2,651 1,873 3,096 1,772 2,557

Recurring net income 2,467 1,500 2,076 1,334 1,036

Belle dividend payments:

Regular 1,003 1,003 1,003 1,003 211

Special - - - 1,900 -

ROE 12.1% 9.0% 11.7% 6.8% 10.7%

City of Dreams Lease

Revenue 1,689 1,639 2,194 2,108 1,598

EBITDA 1,396 961 1,465 1,258 1,053

Net Income 674 495 602 595 485

Premium Leisure Corp. (excl. Pacific Online and intercompany dividends)

Revenue 2,160 1,108 1,643 756 39

EBITDA 1,424 890 1,187 640 (31)

Net Income 1,206 509 753 266 1,160

Pacific Online Systems Corporation (excl. intercompany dividends)*

Revenue 1,681 1,386 1,888 1,718 1,731

EBITDA 665 565 769 623 663

Net Income 405 309 392 323 346

Property Development and Management (excl. mark to market gains on club shares)

Revenue 683 508 586 590 474

EBITDA 265 258 257 235 260

Net Income 180 171 149 68 43

9 MONTHS FULL YEAR (Amounts in Php millions

except percentages)

*Pacific Online was consolidated into Belle’s financials starting June 2014. Prior to June 2014, Pacific Online’s net income was equitized in Belle’s income statement. For comparability, Pacific Online’s revenues and earnings for 2014 are shown herein on a full year basis.

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Belle Historical Financials

City of Dreams Lease= 1,689

Premium Leisure Corp (excl. Pacific

Online) = 2,160

Pacific Online Systems

Corporation = 1,681

Property Development and Management = 683

Revenue Mix 9 months 2017(amounts in Millions of Php, except percentages)

35%

11%

City of Dreams Lease = 1,396


Online) = 1,424


Corporation = 665

Property Development and

Management = 265

EBITDA Mix 9 months 2017 (amounts

in Millions of Php, except percentages)

37%

38%

18%City of Dreams Lease = 1,465


Online) = 1,187


Corporation = 769

Property Development and

Management = 257

EBITDA Mix 2016 (amounts in Millions of

Php, except percentages)

40%

32%

21%

27%

27%

7% 7%

City of Dreams Lease= 2,194


Online) = 1,643


Corporation = 1,888

Property Development and Management = 586

Revenue Mix 2016(amounts in Millions of Php, except percentages)

26%

35%

9%

30%

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Recent Dividend History

Declaration Date Payment Date Amount Stock Price on Declaration

Date

Dividend as a % of

Stock Price₱ millions ₱/ share

February 28, 2017(Regular Dividend)

March 30, 2017 ₱1,003 ₱0.095 ₱3.42 2.78%

February 29, 2016 (Regular Dividend)

March 29, 2016 ₱1,003 ₱0.095 ₱3.08 3.08%

July 31, 2015(Regular Dividend)

August 28, 2015 ₱1,003 ₱0.095 ₱3.70 2.57%

January 27, 2015(Special Dividend)

March 9, 2015 ₱1,900 ₱0.180 ₱4.50 4.00%

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Belle Corporation Contact Information and Disclaimer

Principal Investor Relations Contact: Manuel A. GanaCorporate Information Officer

Office Number: +632 662-8807

Email Address: [email protected]

Official Website: www.bellecorp.com

PSE Ticker BEL

Bloomberg Ticker BEL:PM

Reuters Ticker BEL:PS

DisclaimerExcept for historical financial and operating data and other information in respect of historical matters, the statement contained hereinare “forward-looking statements”. Any such forward-looking statement is not guarantee of future performance and involves a numberof known and unknown risks, uncertainties, and other factors that could cause the actual performance, financial condition or results ofoperation of SM and its subsidiaries to be materially different from any future performance, financial condition or results of operationimplied by such forward-looking statement.

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