PLDT Indofood MPIC Philex PLP DMT RHI PLDTIndofood MPIC PhilexPLP DMT21.9RHI PLDT MPIC Indofood Philex FPM Power FPM Infrastructure FP Natural Resourc

00142

PLDT Indofood MPIC Philex PLP DMT RHI PLDTIndofood MPIC PhilexPLP DMT21.9RHI PLDT MPIC Indofood Philex FPM Power FPM Infrastructure FP Natural Resources25.6% 55.8% 50.1% 31.2% (1) 68.1% (2) 89.0% (3) 79.1% (4) (1) Two Rivers Pacific Holdings CorporationPhilex15.0% (2) Meralco 8.1% FPM Power Holdings LimitedFPM PowerFPM PowerPLP 70.0% (3) MPIC 14.0% FPM Infrastructure Holdings LimitedFPM InfrastructureFPM InfrastructureDMT 29.45% (4) IndoAgri 9.1% FP Natural Resources LimitedFP Natural ResourcesFP Natural ResourcesRHI 34.0%

2 4 6 7 13 13 17 PLDT 24 MPIC 32 Indofood 42 Philex 48 FPM Power/PLP 49 FPM Infrastructure/DMT 50 FP Natural Resources/RHI 51 52 54 62 73 73 82 82 84 90 93 93 95 100 104 105 217 220 1

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 6,206.3 5,990.8 5,684.1 4,640.2 3,925.6 4,105.3 3,040.8 2,474.8 1,986.1 2,054.6 620.9 834.9 1,097.4 785.3 680.6 326.8 673.5 233.6 138.3 150.3 235.3 353.3 574.0 403.0 410.9 202.2 496.6 176.6 102.6 107.2 467.2 460.8 511.8 474.0 335.2 304.4 244.8 173.5 142.1 125.8 327.1 358.0 423.0 402.1 286.6 239.2 186.7 134.2 103.5 99.6 115.9 103.8 109.8 99.4 56.1 37.0 41.1 22.4 12.3 5.66 9.01 14.49 10.16 11.72 5.82 14.35 5.13 2.99 3.12 7.87 9.13 10.68 10.13 8.18 6.89 5.39 3.90 3.01 2.90 2.70 2.70 2.85 2.55 1.54 1.15 1.28 0.70 0.39 81.44 84.65 78.50 65.99 49.64 35.17 35.09 18.18 12.00 7.14 361.58 362.80 327.55 279.68 243.43 224.03 161.94 89.97 73.60 68.07 281.90 281.45 251.57 208.51 178.58 155.13 151.17 88.89 72.58 66.92 17.41 25.54 16.22 20.66 1.69 4.76 3.78 3.69 2.63 3.66 (%) 29.47 31.08 31.21 35.50 30.20 24.41 23.68 23.63 23.27 25.15 (%) 10.15 11.83 15.01 16.11 15.20 18.88 18.96 20.90 21.13 28.87 (%) 9.69 11.43 15.11 17.91 18.82 21.16 21.79 27.80 33.92 71.53 (%) 35.43 28.99 25.96 24.72 19.57 15.47 22.01 16.69 11.88 2.82 3.45 3.85 4.05 5.11 6.46 4.54 5.99 8.41 5.00 6.29 7.18 5.02 3.67 4.76 3.89 3.35 2.64 2.75 1.71 1.78 1.57 1.85 1.37 0.87 0.94 1.21 1.45 1.42 0.42 0.30 0.26 0.33 0.67 1.06 0.68 0.83 1.12 1.45 0.51 0.67 0.71 0.46 0.36 0.47 0.35 0.16 0.11 0.10 2

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 899.7 701.6 561.7 513.7 389.8 300.5 106.3 46.3 56.6 105.1 15,582.8 13,886.7 12,611.8 10,914.1 9,397.3 7,199.0 5,221.1 2,883.5 2,347.1 2,168.7 3,182.5 2,145.8 1,764.8 1,847.0 2,719.5 2,520.8 1,443.8 857.2 788.5 854.3 8,064.6 6,636.0 5,732.6 5,302.0 5,358.2 4,823.8 3,098.1 1,850.7 1,640.4 1,577.6 1,647.6 1,613.9 1,193.0 1,278.4 594.3 (264.7) (86.9) 175.0 292.8 251.9 13,252.1 11,817.1 10,508.8 9,409.3 7,797.0 5,123.3 3,665.1 2,034.8 1,697.0 1,571.2 3,509.9 3,240.0 3,022.7 2,575.2 1,916.2 1,130.1 1,131.3 582.7 382.8 227.4 7,518.2 7,250.7 6,879.2 5,612.1 4,039.1 2,375.2 2,123.0 1,032.8 706.7 591.1 12 31 (i) 1,160.3 1,133.8 1,170.3 816.9 651.7 731.3 532.4 237.9 152.6 103.3 4,309.7 3,827.6 3,850.4 3,902.4 3,860.3 3,213.4 3,224.1 3,204.8 3,188.8 3,186.0 4,157.4 3,922.7 3,961.8 3,967.7 3,505.6 3,474.1 3,461.1 3,441.2 3,434.4 3,433.7 8.82 8.323 7.902 6.846 4.636 2.496 5.614 3.749 2.784 1.925 8.510 8.080 7.000 4.740 2.690 6.050 4.040 3.000 2.075 12.57 15.09 13.09 12.63 10.14 5.54 10.63 6.34 3.87 2.89 15.43 13.38 12.91 10.37 5.97 11.46 6.83 4.17 3.12 (%) 29.8 44.8 39.6 45.8 54.3 54.9 47.2 40.8 28.1 33.3 4,873.3 4,176.0 3,988.6 3,502.2 2,345.9 1,108.2 2,500.7 1,659.9 1,226.5 847.6 (%) 2.38 2.49 2.75 2.84 2.39 3.34 1.64 1.35 1.00 4,884 4,606 4,503 4,608 6,202 4,983 4,736 4,989 5,167 5,321 91,874 80,941 73,582 70,525 68,416 66,452 62,395 50,087 46,693 49,165 (i) 217219 19 2(B)(i) (ii)(iii)(iv)(v) (vi)(vii) (viii)(ix) (x) (xi) (xii) (xiii)(xiv)(xv) (xvi)(xvii) (xviii) 3.408.10 (i)(ii)(iii)(iv)(v) (vi) 3

3.6% 1.4% 8.6% 33.4% 4.7% 11.7% 35% 4

7 6 5 4 3 2 1 0 09 10 11 12 13 0 0 0 0 0 0 0 09 10 11 12 13 500 400 300 200 100 0 09 10 11 12 13 600 500 400 300 200 100 0 09 10 11 12 13 350 300 250 200 150 100 50 0-50 12 13 12 13 12 13 11 10 9 8 7 6 5 4 3 2 1 0 16 14 12 10 8 6 4 2 10.37 4.74 12.57 8.82 30% 5% 65% 5,213.0 2,380.4 431.3 8,024.7 5

25.6% (1) 99.6% Digital Telecommunications Philippines, Inc. 100% Digitel Mobile Philippines, Inc. 100.0% Smart Communications, Inc. 99.8% PLDT Communications and Energy Ventures, Inc. 50.0% 50.0% Beacon Electric Asset Holdings, Inc. 49.96% Manila Electric 100% Company Meralco PowerGen Corporation 51.3% DMCI-MPIC Water Company Inc. 55.8% (1) 5.2% 92.9% Maynilad Water Services, Inc. 99.9% Metro Pacific Tollways Corporation 100% (1) Cavitex Infrastructure Inc. 33.7%- 100.0% 100% Metro Pacific Tollways Development Corporation 71.0% 46.0% Manila North Tollways Corporation Tollways Management Corporation 80.5% PT Indofood CBP Sukses Makmur 60.5% (1) Indofood Agri Resources Ltd. 50.1% (1) 6.8% 72.9% PT Salim Ivomas Pratama Tbk 59.5% PT Perusahaan Perkebunan London Sumatra Indonesia Tbk 100% PT Indomarco Adi Prima 82.9% 31.2% (1)(2) 100.0% Silangan Mindanao Mining Co., Inc. 11.4% 64.8% Philex Petroleum Corporation 50.3% Pitkin Petroleum Plc 3.3% 48.8% Forum Energy Plc 100% Forum (Gsec101) Limited 68.1% (1)(3) FPM Power Holdings Limited 70.0% PacificLight Power Pte. Limited Don Muang Tollway Public FPM Infrastructure 29.5% 89.0% (1)(4) Holdings Limited Company Limited 79.1% (1)(5) FP Natural Resources Limited 34.0% Roxas Holdings, Inc. (1) (2) Two Rivers Pacific Holdings CorporationPhilex Philex Petroleum15.0% 5.4% (3) Meralco 8.1% FPM PowerFPM PowerPLP 70.0% (4) MPIC 14.0% FPM InfrastructureFPM InfrastructureDMT 29.45% (5) IndoAgri 9.1% FP Natural ResourcesFP Natural ResourcesRHI 34% 6

PacificLight Power Pte. LimitedPLP PLP Meralco PowerGen CorporationMeralco PowerGenMPIC Indofood Agri Resources Ltd.IndoAgri PacificLight Power Pte Ltd. PLPDon Muang Tollway Public Company LimitedDMTRoxas Holdings, Inc.RHI Philex Padcal Silangan Padcal MPICDMTMeralco PowerGen PLP MPIC Metro Pacific Tollways CorporationMPTC Manila-Cavitex Toll ExpresswayCAVITEX PhilexPadcalPadcal 7

PLDT16% 18% 23%PLDT3G 100% LTE Digitel/ Sun PLDT 3% 47% PLDT/Smart/Sun Digitel Digitel/SunPLDT SPi PLDTAsia Outsourcing Gamma Ltd.AOGLCVC Capital Partners SPi Global 100%PLDT20% AOGL PLDT 3% 20% Digitel/Sun PLDT 8

Maynilad Water Services, Inc. Maynilad Manila Electric Company Meralco MPIC(Automated Fare Collection System) Metro Rail Transit SystemMPIC (Light Rail Transit System Line 1 South Extension) LRT1 LRT1 LRT1 MPIC Mactan-Cebu MPICDe Los Santos Medical Center Inc.DLSMCCentral Luzon Doctors Hospital CLDH51.0% 2,150 1,7003,000 NLEX Harbour Link38% Manila North Tollways Corporation Philippine National Construction Corporation Metro Expressway Link Harbour LinkCAVITEX Toll Regulatory BoardSubic Clark Tarlac ExpresswaySCTEXNorth Luzon Expressway NLEXBases Conversion Development Authority MayniladSubic Water and Sewerage Co., Inc.Subic Water10% Subic Water Olongapo(Subic Bay Freeport Zone) 40,000MPIC MetroPac Water Investments CorporationCebu Manila Water Development, Inc.CMWD20% CMWD Metropolitan Cebu Water DistrictMCWD 20Maynilad Metropolitan Waterworks and Sewerage SystemMWSS MWSS Maynilad 4.82%1.46Maynilad Maynilad Secretariat of the International Chamber of Commerce ICCInternational Court of Arbitration Bernard HanotiauBrussels and Paris bars Meralco PowerGen FPM Power Holdings LimitedFPM Power PLP 70%Meralco PowerGen CorporationMeralco PowerGenElectricity Generating CompanyQuezonMauban 460 Meralco PowerGenGlobal Business Power Corporation 20% MeralcoMPower287167 Maynilad SCTEX PPP Meralco 9

Indomie Taste of Asia Sarimi Supermi ICHI OCHA Indofood AsahiPT Prima Cahaya IndobeveragesPCIBPT Pepsi Cola IndobeveragesPepsiCo Tropicana Twister Asahi CLUBIndofood IndofoodIndofood 10

Padcal Silangan Manila Mining Corporation Kalayaan Philex Mines and Geosciences BureauMGB PadcalPhilex MGBBoyongan (Declaration of Mining Project Feasibility) MGB Philex Silangan Philex Silangan Padcal 11

FPM Power / PLP70% FPM Infrastructure / FP Natural Resources / RHI 5% Roxol BioenergyRoxol 12

(i) 12 31 2013 2012 2013 2012 (ii) PLDT (iii) 209.9 190.5 MPIC 724.1 660.8 94.5 86.6 Indofood 5,476.3 5,330.0 159.6 170.1 Philex (iii) 7.3 13.6 FPM Power 5.9 (4.8) FPM Infrastructure 0.5 FP Natural Resources 0.2 350 300 250 200 150 100 50 0-50 12 13 12 13 12 13 (iv) 6,206.3 5,990.8 467.2 460.8 (32.5) (23.7) (86.2) (77.7) (21.4) (1.4) (v) 327.1 358.0 (vi) (56.3) 1.8 (1.0) (0.1) (vii) (34.5) (6.4) 235.3 353.3 (i) (ii) 19 (iii) (iv) (v) (vi) (vii) PLDT Philex PLDTPLDT PLDT Digitel Philex PLDTDigitelPLDT 0.2% 13

4% Indofood2%MPIC10% 9% 11% PLDT PhilexPLDT PLDT 33% 12 31 2013 2012 44.40 41.05-7.5% 12,189 9,670-20.7% 1.263 1.222-3.2% 32.71 30.59-6.5% 12 31 2013 2012 42.64 42.08-1.3% 10,522 9,392-10.7% 1.254 1.245-0.7% 30.84 31.00 +0.5% 14

2013 2012 (3.6) (2.5) PLDT (9.0) 6.7 MPIC 0.9 (0.9) Indofood (41.0) (0.3) Philex (1.4) (1.2) FPM Power (2.2) (56.3) 1.8 8.1 1.04 10 Meralco Meralco PowerGen PLP 70% PLP(Jurong Island) FPM Power 60%Meralco PowerGen 40%PLP 400 8 6 4 MPIC 75%/25% FPM Infrastructure DMT 29.45% DMT IndoAgri 70%/30% FP Natural ResourcesRHI 34.0% PLDT MPIC Indofood Philex 13.001.67 212.70 35% 25% 15

25% 10% 8.91.1 % 40 35 30 25 20 6. 114% 60%5.5% 15 09 10 11 12 13 11% 3.4 16

PLDT 3,200 3,000 2,800 2,600 2,400 PLDT 17

PLDT PLDT 2013 2012 % 2013 2012 % (i) (i) 80 2,736.4 2,703.9 +1.2 859.6 872.9 1.5 1,451.0 1,403.8 +3.4 327.4 172.1 +90.2 4.5 80.2 94.4 (340.0) (311.6) +9.1 3,847.4 3,796.1 +1.4 1,191.5 1,125.2 +5.9 (123.7) (121.2) +2.1 62.9 26.0 +141.9 70 60 50 40 30 (i) 1,130.7 1,030.0 +9.8 (305.2) (294.5) +3.6 825.5 735.5 +12.2 (2.3) 12.9 (0.8) 1.2 822.4 749.6 +9.7 (1.6) (4.4) 63.6 820.8 745.2 +10.1 (%) 25.6 25.6 209.9 190.5 +10.2 19 3.5 3.0 2.5 2.0 1.5 1.0 PLDT 45%41%10.2%16% PLDT16%14% 18

SPi PLDT 5% PLDT 2% 19 3% 3% 47% 12% PLDT 18% 23%20% PLDT3G 100% LTE 19

PLDT PLDT 61% 57% 41%54%4.33%5.18% PLDT100%PLDT 621.5PLDT70% 541.3 1162.7631.5 1794.2 PLDTPLDT PLDT PLDTAOGLCVC Capital PartnersSPi Global 100% PLDTAOGL20%PLDT MediaQuest Holdings, Inc.MediaQuest PLDTePLDTMediaQuest CignalTV 64% MediaQuest PLDT Beneficial Trust FundTV5 CignalTV CignalTV PLDTePLDTMediaQuestHastings HoldingsMediaQuestHastings HoldingsPhilippine Star Philippine Daily Inquirer BusinessWorld PLDTePLDTMediaQuest Hastings HoldingsePLDTHastings Holdings60% PLDTPLDTPLDT PLDT 65%60% Smart SunPLDT 97% 5%PLDT 54% 20

109% 5%63% SmartSun 3% PLDT 47% PLDT15% Smart MusicSPINNR PLDT MCA/Universal Music Sony Music Entertainment PLDT PLDT Smart CignalTVCignalTV-To-GoCignalTV 21

PLDT PLDT69% PLDT 4% 6% 9% 61% 48% 45% 7% 11% 34%36% PLDTIP PLDT million bits per second47% PLDT PLDT CignalTV 51% 48% Meralco PLDT Communications and Energy Ventures, Inc.Smart99.8% Beacon Electric Asset Holdings, Inc. ( Beacon Electric )MPIC 50% Beacon ElectricMeralco 49.96% Meralco MeralcoMeralco MeralcoMeralco PowerGen 60/40FPM PowerPLP 70%PLP 400 Meralco MPIC 100PLDT 2% 18 20% 22

PLDT PLDT42.64 42.081PLDT PLDT PLDT 2013 2012 (i) 35,420 36,148 (ii) (59) (51) 35,361 36,097 (iii) 1,792 1,867 (3,660) (5,499) 33,493 32,465 (iv) 1,505 (1,108) PLDT 34,998 31,357 201342.64201242.08 820.8 745.2 201325.6% 201225.6% 209.9 190.5 (i) 19 PLDT (ii) (iii) Meralco19 12PLDT PLDT2.7% (iv) 23

MPIC 6.5 6.0 5.5 5.0 4.5 4.0 12 12 13 3 13 6 13 9 13 12 14 2 24

MPIC 2013 2012 % 2013 2012 % (i) 396.2 377.4 +5.0 211.5 199.2 +6.2 191.2 161.2 +18.6 101.1 82.2 +23.0 136.7 122.2 +11.9 23.2 20.0 +16.0 (12.1) (8.1) +49.4 724.1 660.8 +9.6 323.7 293.3 +10.4 (82.9) (81.0) +2.3 53.6 37.2 +44.1 22% 7% 27% 44% Maynilad 88.9 Meralco 54.7 MPTC 43.9 13.6 201.1 MPIC 294.4 249.5 +18.0 (19.6) (20.4) 3.9 274.8 229.1 +19.9 (180.3) (142.5) +26.5 94.5 86.6 +9.1 (i) 19 MPIC Maynilad 52.8% Beacon Electric 50.0%Beacon ElectricMeralco 49.96% MPTC 99.9%MPTCManila North Tollways CorporationMNTC71.0% Tollways Management CorporationTMC46.0%Cavitex Infrastructure Corporation CIC100% FPM Infrastructure 25.0%FPM InfrastructureDMT29.45% Medical Doctors, Inc.MDI33.7% Colinas Verdes Hospital Managers Corporation 100% Cardinal Santos Medical Center CSMC Riverside Medical Center, Inc.RMCI51.0% Davao Doctors Hospital, Inc.DDH34.9% East Manila Hospital Managers Corporation 100% Our Lady of Lourdes Hospital OLLH Asian Hospital, Inc.AHI85.6%AHIAsian Hospital and Medical Center 100% DLSMC 51.0% CLDH 51.0% DLS-STI Megaclinic, Inc.Megaclinic51.0% MPICMPIC 9% 25

MPIC 10% Maynilad Meralco MPTCMPIC44% 27% 22% 7% Maynilad7% Meralco5% NLEXCAVITEXMPTC 19% DLSMC15% MPICCAVITEX16%CAVITEX 22% MPICMaynilad Beacon Electric 11% Maynilad MPTC MPIC 4.611.1 CAVITEX Cavite-LagunaCALAExpressway MPIC 17% MayniladSubic Water 10%Subic Water Olongapo (Subic Bay Freeport Zone) 40,000 Meralco Meralco PowerGen70% PLPPLP (Jurong Island)FPM Power 60%Meralco PowerGen 40% MPIC DLSMC 51%Quezon150 Megaclinic MPIC MPIC50%Beacon Electric Meralco 26

Meralco PowerGenElectricity Generating Public Company Limited QuezonMauban460 MPIC Tarlac200CLDH 51% Meralco PowerGenGlobal Business Power Corporation 20% MPIC MPIC75%/25% FPM InfrastructureDMT 29.45%DMT MPIC0.0220.050 10%0.015 0.0350.0370.08516% Maynilad Maynilad Maynilad Maynilad98% 100% MayniladMPIC Angat(Angat Dam) 4%4% 11% 9% 6% 4%5% 3% 43.5% 38.7% 41,171 4% 1,073,5085% 1,129,497 27

MPIC Maynilad Maynilad Meralco Meralco4% 34,0844%4% 3% 7.04%6.92%Meralco Meralco 1% 5% 4% Meralco Meralco PowerGen(Subic Bay)300 28

Retail Competition and Open Access Meralco782 287167Meralco MPower Meralco MPTC MPTCMNTC TMC CIC NLEX Subic Freeport Expressway SCTEX CAVITEX NLEX SCTEXCAVITEX MPIC MPTCCAVITEXCAVITEX Parañaque Cavite 25% NLEX CAVITEX 36% 20% NLEX6% CAVITEX9% 25% NLEXCAVITEX NLEX Harbour Link NLEX (North Manila Port)MPTC NLEX CitilinkNLEX MNTC Bases Conversion Development AuthorityBCDA SCTEX MNTCSCTEX NLEX MNTC PNCC Metro Expressway LinkHarbour LinkMPTC Metro Expressway Link 20 MPTC MPICNLEX Harbour Link Citilink Metro Expressway Link CAVITEX 29

MPIC MPIC MegaclinicSM Megamall MPICMegaclinic Bacolod2,150 5,418 3,897 65% 22% 24% 10% MMC 12% RMCI10% CSMC7% DDH2% DLSMC CLDH 3,000 MPIC 30

MPIC MPIC42.64 42.081MPIC MPIC 2013 2012 (i) MPIC 7,209 5,907 (ii) (5) (4) 7,204 5,903 (iii) 86 589 (8) (388) 7,282 6,104 (iv) (66) 66 MPIC 7,216 6,170 201342.64201242.08 169.2 146.6 201355.8% 201259.0% 94.5 86.6 (i) 19 MPIC (ii) (iii) MPICMaynilad Beacon Electric MPICMaynilad Beacon Electric MPIC (iv) 31

Indofood 7,500 7,000 6,500 6,000 5,500 12 12 13 3 13 6 13 9 13 12 14 2 32

Indofood * 2013 2012 % 2013 2012 % 1,640.6 1,622.6 +1.1 216.8 249.6 13.1 422.1 410.8 +2.8 22.8 25.8 11.6 164.3 159.7 +2.9 2.1 11.3 81.4 130.3 124.3 +4.8 8.0 6.7 +19.4 48.9 52.4 6.7 (0.3) 3.3 19.2 (4.8) (73.6) (73.4) +0.3 20% 8% 3% 26% 43% 2,342.5 Bogasari 1,417.4 1,094.3 421.7 200.4 5,476.3 Indofood 2,351.8 2,296.4 +2.4 244.6 296.7 17.6 * Bogasari 1,775.2 1,696.6 +4.6 131.8 144.7 8.9 803.1 893.1 10.1 145.2 231.8 37.4 821.8 1,021.2 19.5 19.6 41.2 52.4 (360.9) (437.6) 17.5 1,264.0 1,476.7 14.4 164.8 273.0 39.6 3% 8% 421.7 418.8 +0.7 15.5 15.3 +1.3 200.5 50.8 (536.9) (558.5) 3.9 27% 22% 40% 5,476.3 5,330.0 +2.7 607.5 729.7 16.7 (57.0) (40.9) +39.4 11.0 (3.8) 244.6 Bogasari 131.8 164.8 15.5 50.8 607.5 561.5 685.0 18.0 (149.1) (180.0) 17.2 412.4 505.0 18.3 (252.8) (334.9) 24.5 159.6 170.1 6.2 Indofood Bogasari Indofood 6% 10.7% 3% 33

Indofood 3% 23.2% 15% Bogasari Bogasari 43% 26% 20% 8% 3% 27.1%24.8% 21% 13.7% 11.6% 0.06 0.27 Indofood 23% 26% 1,000 800 42% 9% 63,233 4-6 21,593 7-20 99,711 20 55,384 239,921 600 400 200 0 09 10 11 12 13 34

Indofood82.9% PT Salim Ivomas Pratama TbkSIMPPT Perusahaan Perkebunan London Sumatra Indonesia TbkLonsum SIMPPT Mentari Pertiwi MakmurMPM79.7% MPM Indofood IndoAgriCompanhia Mineira de Açúcar e Álcool ParticipaçõesCMAA50% CMAA ICBPAsahi Group Holdings Southeast Asia Pte. Ltd. PCIBPCIB PepsiCo Tropicana TwisterPCIB Fruitamin Tekita IndoAgri70%/30% FP Natural ResourcesRHI 34.0%RHI ICBPAsahi Group Holdings Southeast Asia Pte. Ltd.Tirta Bahagia CLUB Indofood Indomie Supermi Sarimi Sakura Pop Mie Pop Bihun Mi Telur Cap 3 AyamIndofood PT IndolaktoIndomilk IndoeskrimOrchid Butter Indolakto Chitato Lays Qtela Trenz Wonderland 35

Indofood Indofood Nestle SA50% Promina SUN 6 12 Govit Provita 14% 4% 13% 9% 8% 6% 13.1% 10.6% Indofood PepsiCo CLUBICHI OCHA AsahiTsukishima Foods Industry Co., Ltd. Indofood JASDAQJC Comsa 36

Bogasari Bogasari IndofoodBogasari Cakra Kembar Segitiga Biru Lencana MerahLa Fonte BogasariChesa Bogasari 17% Indofood 9% 8.6% 7.5% Indofood IndoAgri 60.5%IndoAgri SIMP 72.9%SIMP Lonsum 59.5% 37

Indofood SIMP Lonsum 35% 4% 3% 8% 29% 12% Bimoli Simas Palmia 4% 17.2% 10.3% 4% 21% 2% Riau MPM CMAA RHI Indofood 38

IndofoodIndofoodIndofood 16% Indofood 3.6% Indofood82.9%Indofood 39

Indofood 52% 37% 11% 25.2% 40

Indofood Indofood 10,5229,392 1Indofood Indofood 2013 2012 2,504 3,261 (i) (21) (1) 54 54 (65) (132) Indofood 2,472 3,182 (ii) 861 6 (ii) 21 1 Indofood 3,354 3,189 201310,52220129,392 318.8 339.5 201350.1% 201250.1% 159.6 170.1 (i) Indofood 41 Indofood 12Indofood (ii) 41

Philex 20 18 16 14 12 10 8 6 12 12 13 3 13 6 13 9 13 12 14 2 42

Philex 2013 2012 % 2013 2012 % (i) 201.6 212.3 5.0 31.9 29.4 +8.5 5.1 5.8 12.1 2.4 2.5 4.0 206.7 218.1 5.2 34.3 31.9 +7.5 (8.3) 0.3 (0.2) (0.1) +100.0 Philex 25.8 32.1 19.6 (10.6) (5.1) +107.8 15.2 27.0 43.7 0.7 2.4 70.8 15.9 29.4 45.9 % 46.2 46.3 7.3 13.6 46.3 (i) 19 10 9 8 7 6 5 09 10 11 12 13 900 850 800 750 700 650 600 09 10 11 12 13 27 % 8% 9% 13% 24% 19% 4.8 3.9 2.6 2.0 1.6 5.5 20.4 43

Philex Philex Philex Philex Gold Philippines, Inc. 100% Silangan Mindanao Mining Co., Inc. 100% Philex Petroleum* Pitkin 50.3% Forum Energy PlcForum48.8%** (Service Contract 72) 70.0% Galoc14-C (SC 14-C) 2.3% * Philex64.8% 11.4%Two Rivers Pacific Holdings Corporation5.4% ** Philex Petroleum36.4%51.2%FEC Resources Inc.24.1%3.3% Philex 46.1% Philex Philex Balog CreekItogon, Benguet Balog Creek Agno River 3Philex3 90% 39.8% 0.5030.5070.235%0.224% 49.4%40% 46% 21% 18%3.273.99 Philex SilanganPadcal 1,800 1,600 1,400 1,200 1,000 800 4.0 3.5 3.0 2.5 600 09 10 11 12 13 2.0 09 10 11 12 13 44

45 Philex 11% 64% 15% 53%44%3% 34% 42% 18.8 10% 20.4 53% SilanganPadcal PadcalPhilex Philex0.050.0011 16% Philex La Union Poro Point Padcal Padcal Philex

Philex PhilexPitkinPitkin18.5%50.3% PitkinVietnam American Exploration Company LLC Silangan Surigao del NorteBoyongan BayugoBayugo KalayaanManila Mining Corporation SilanganSilangan PadcalSilangan Silangan Padcal * Boyongan Bayugo 173 (i) 273 (i) 125 (i) 0.48 0.72 0.66 (%) 0.24 0.52 0.66 900,860 3,120,000 1,820,000 2,680,000 6,300,000 2,700,000 (ii)(%) 0.317 (%) 0.50 0.50 65.8 0.40 (%) 0.20 239,200 627,000 (ii) (%) 0.317 * (i) (ii) = % + 0.317 x3.001,50082%72% Forum (Contingent Resources)(Prospective Resources) 46

the Philippines' Department of Energy PadcalPhilexMGBPadcal Silangan Philex Philex42.64 42.081Philex Philex Philex 2013 2012 (i) 342 209 (ii) 1,040 1,363 (401) 24 (328) (255) (102) (219) 551 1,122 (iii) 126 117 Philex 677 1,239 201342.64201242.08 15.9 29.4 201346.2% 201246.3% 7.3 13.6 (i) 19 Philex (ii) 3 3 Brixton Forum Energy Philex 18 Philex Philex Petroleum12Philex (iii) 47

FPM Power/PLP Meralco PowerGen60%/40%FPM PowerPLP 70% FPM Power PLP BG SLNG 400 771 PLP 30% 70% PLP 47,000 PLP110 FPM Power 2,400 PLP PLP PLP40% 48

FPM Infrastructure/DMT MPIC75%/25% FPM InfrastructureDMT 29.45%DMT DMT26.2% FPM Infrastructure DMT15.4 6.5 DMT 21.9 Din Daeng Don Muang FPM Infrastructure/DMT DMT Don Muang DMT15.414.6%76,842 8.9%48,261 DMT0.540.0174 0.630.0204 DMT17% 32% 3.3 DMT DMT 49

FP Natural Resources/RHI IndoAgri70%/30%FP Natural ResourcesRHI 34.0%RHI26.9% FP Natural Resources RHI 50% RHI Batangas Negros Occidental Batangas Lkg Lkg RHI Negros Occidental RHI Lkg 7.9%45.09%Hawaiian-Philippine Company 18% Lkg 4.3%11.4%95%83% 48%5% RHI 50

21% 10% 35% 45% PacificLight Power 21% 51

52 PLDT 5% PLDT MPIC MPIC Maynilad Indofood Indofood Asahi Indofood 6 7 8 9 10 11 12 13 12 12 13 3 13 6 13 9 13 12 14 2 18,000 19,000 20,000 21,000 22,000 23,000 24,000 25,000

Philex Padcal Philex (Mindanao) Silangan PacificLight Power Don Muang Tollway Roxas Holdings 53

1 2 3 4 54

1 Ewell County Technical College PT Indofood Sukses Makmur Tbk PT Indofood CBP Sukses Makmur Tbk GE International Advisory BoardAllianz SE International Advisory BoardRabobank Asia (Food & Agribusiness Advisory Board) (Asia Business Council) 2 (Ateneo de Manila University) (Wharton School) Philippine Investment Management Consultants Inc. (PHINMA)Bancom International Limited PT Indofood Sukses Makmur TbkPhilippine Long Distance Telephone Company (PLDT) Metro Pacific Investments Corporation (MPIC) Manila Electric Company (Meralco) epldt, Inc. Smart Communications, Inc. PLDT Communications and Energy Ventures, Inc.Pilipino Telephone CorporationMaynilad Water Services, Inc. Metro Pacific Tollways Corporation Manila North Tollways Corporation Philex Mining Corporation Philex Petroleum Corporation Landco Pacific Corporation Medical Doctors, Inc. (Makati Medical Center) Davao Doctors, Inc. Colinas Verdes Corporation (Cardinal Santos Medical Center) Mediaquest Holdings, Inc. Associated Broadcasting Corporation (TV 5) Roxas Holdings, Inc. (Management Association of the Philippines) (Management Man of the Year 2005) Far Eastern University Holy Angel University Xavier University(San Beda College) Philippine Business for Social Progress (PBSP) PLDT-Smart Foundation Inc. One Meralco Foundation, Inc. Philippine Disaster Recovery Foundation (PDRF) Philippine Business for Education (PBED) Panganga Holy Angel University MVP Sports Foundation, Inc.Samahang Basketbol ng Pilipinas Amateur Boxing Association of the Philippines (ABAP) 3 Forum Energy Plc PT Indofood Sukses Makmur TbkMetro Pacific Investments Corporation Philex Mining Corporation Philex Petroleum Corporation Komandante Order of Lakandula 55

4 Fairfield University Crocker BankOlivetti Corporation Fairchild Semiconductor Corporation EA Edwards Associates PT Indofood Sukses Makmur Tbk Metro Pacific Investments Corporation Philex Mining Corporation FPM Power Holdings LimitedFEC Resources Inc. Forum Energy PlcAsia Society PhilippinesIdeaSpace FoundationJeti Investments, LLC. the Center for Strategic and International Studies (the U.S. ASEAN Strategy Commission) Napoleon L. Nazareno NazarenoUniversity of San Carlos Asian Institute of Management (AIM)European Institute of Business AdministrationINSEAD NazarenoPhimco Industries, Inc. Akerlund & Rausing Akerlund & Rausing Nazareno Metro Pacific Corporation NazarenoPLDT Communications and Energy Ventures, Inc.Pilipino Telephone CorporationSmart Communications, Inc. (Smart) Smart Philippine Long Distance Telephone Company NazarenoDigital Telecommunications Philippines Inc.GSM Association Worldwide CBE Goodman Group AustralianSuper 56

HSBC Holdings Plc QBE Insurance Group Limited (University of New England) PT Indocement Tunggal Prakarsa TbkPacific Industries and Development Limited (Ngee Ann College)PT Indofood Sukses Makmur TbkPT Indofood CBP Sukses Makmur Tbk PT Nippon Indosari Corpindo Tbk PT Indoritel Makmur Internasional TbkPT Fast Food Indonesia TbkPT Indocement Tunggal Prakarsa Tbk Philippine Long Distance Telephone Company Graham L. Pickles Pickles PicklesPT Indofood Sukses Makmur Tbk Tech Pacific Holdings LimitedTech Pacific Hagemeyer N.V. Pickles 57

1 2 3 4 5 6 58

Ray C. Espinosa 1 Espinosa Integrated Bar of the Philippines SyCip Salazar Hernandez & Gatmaitan Covington and Burling (Ateneo de Manila) EspinosaPhilippine Long Distance Telephone Company (PLDT) Manila Electric Company (Meralco) Roxas Holdings, Inc. Metro Pacific Investments Corporation Meralco PowerGen CorporationLepanto Consolidated Mining Company (Lepanto)Meralco LepantoEspinosaMeralco PLDT PLDT Beneficial Trust Fund Espinosa 2 University of Santo Tomas University of the Philippines Sycip Salazar Hernandez and Gatmaitan Law Offices 3 University of Newcastle Upon Tyne FPM Power Holdings LimitedForum Energy Plc 4 5 FPM Power Holdings Limited 6 University of Connecticut St. Antony s College Philex Mining Corporation Philex Gold Philippine, Inc. Philex Petroleum Corporation Silangan Mindanao Mining Company Inc. Lepanto Mining Corporation Maynilad Water Services, Inc. Pitkin Petroleum Plc 59

7 8 9 10 11 12 60

7 (Wharton School) (Deutsche Bank) 8 9 (UCLA) Southern Illinois University National Investor Relations Institute 10 McMaster University 11 University of Southampton Coventry University C. Noel E. Torres 12 Torres (Wharton School) University of the PhilippinesTorres Metro Pacific Investment Corporation 61

62

63 Mano Amiga Shore It Up Philex Pusong Philex Adopt-A-Mountain Adopt-A- Forest

Hope for Children 64

Visayas 6,200 PLDTSmart Communications Tulong Kapatid Tulong KapatidMaynilad PLDT-Smart Foundation MPIC Manila North Tollways Corp. One Meralco Foundation TV5 Alagang Kapatid Foundation, Inc. MPIC Philex Mining LeyteTacloban Indofood(the Philippine Government s Department of Social Welfare and Development) DSWD 65

Makati Medical Center PhilexMaynilad Tulong Kapatid TV5 The Mega and the Songwriter PLDT Smart Communications PLDT Smart Sun Cellular Smart Sun Cellular Twitter MeralcoVisayas Panay Island Leyte MeralcoTacloban Isabel Merida IdeaSpace Foundation, Inc.IdeaSpace IdeaSpace First Pacific Leadership Academy (Shaping the Leaders of the Future, Today) PLDT 66

PLDT SmartmHealth ASCeNT Operation Smile Mobile Operation Smile SHINE (Secured Health Information Network and Exchange) PLDT PLDT(PLDT Infoteach Outreach Program) GSM(GSMA)Sun Cellular Smart PLDT PLDT PLDTMPICShore It Up 67

Smart(Green Merchandising)(2013 Asian CSR Award) Smart Iloilo Gawad KalingaSmart MPIC(Millennium Development Goals) MPICMPIC MPIC MPIC MPIC(ManPower for Infrastructure Cooperative Development Project) Shore It Up MPIC Shore It UpShore It Up Shore It Up MPIC Anilao Puerto Galera Lingayen Gulf and Hundred Islands ZambalesMPIC 68

MPIC Mano Amiga Academy Taguig City Mano Amiga MPIC Indofood Roundtable on Sustainable Palm OilRSPOIndonesian Sustainable Palm OilISPONorth Sumatra ISP 28% RSPO RSPO 2 5 0 3 8 4 1 1 1 8 13 25 6 12 10 11 13 23 7 12 10 1 1 1 39 65 74 69

IndoAgriwww.indofoodagri.com Indofoodthe State Ministry of the Environment Indofood (Indofood s Environmental Performance Rating Program) (Green Rating)Bogasari (Blue Rating) Indofood IndofoodEnvironmental Management SystemBogasari ISO 14001Indofood (Green Factory and Green Office Program)3-R(Reduce) (Re-use) (Re-cycle) Indofood IndofoodPasar Minggu Pejaten (Packaging Waste Bank) IndofoodIndofoodJakarta Green Monster BogasariBogasari Indofood 70

IndofoodBismaIndofood Research Nugrahaare Public Private PartnershipPPP Infofood PPPInfofood IndofoodSoldiers Home Rehabilitation Program (Indonesia Sustainable Agriculture)Indomie IndofoodIndofood Cares Indofood Indofood Peduli Posts IndofoodIndofood IndofoodISO 9001 2008(HACCP) ISO 22000 2005 Indofood(Assessment Institute for Foods, Drugs and Cosmetics of the Indonesian Council of Ulamas)LPPOM MUI (halal) 71

IndofoodLPPOM MUI160Indofood Pusong PhilexPhilexPhilex Mining Pusong Philex Bulawan PadcalNegros OccidentalZamboanga del Norte Sibutad Surigao del Norte Silangan Philex Pusong Philex Pusong Philex Philex Sto. NinoTuba Itogon15,000 Surigao del Norte Negros Occidental20,000 Philex Mining558393,986Philex Negros Occidental Surigao del Norte Zamboanga del Norte 3,500 PLP Dignity Kitchen St Luke s Eldercare Bishan Home for the Intellectually Handicapped 72

14 A.6.7 B.1.8 C.1.6 C.1.7 (www.firstpacific.com) 73

Graham L. Pickles CBE Napoleon L. Nazareno i. ii. Graham Pickles iii. iv. v. vi. 74

4 6 3 7 1 3 1 4/4 4/6 6/7 1/1 4/4 4/6 4/7 # 1/1 4/4 6/6 3/3 # 3/7 # 1/1 # 3/3 1/1 3/4 2/6 1/1 1/1 4/4 6/6 3/3 1/1 Napoleon L. Nazareno 4/4 6/6 1/1 3/4 6/6 0/1 Graham L. Pickles 4/4 6/6 3/3 7/7 1/1 1/1^ 1/1 CBE 4/4 6/6 3/3 7/7 1/1 3/3 1/1 * 1/2 3/3 1/1 0/1 0/1 3/4 6/6 3/3 3/3 1/1 4/4 6/6 1/1 3/3 1/1 91% 88% 100% 95% 80% 100% 83% # * ^ 75

76 (www.firstpacific.com) 10 8 6 4 2 0 (4) (4) (3) (1) (10) (3) (8) 41-50% (1) 81-90% (2) 100% (6) 71-80% (2) 21 30(5) 0 10 (4) 51 60 (3) 61 70 (7) 70 (1) 11 20 (2) 12 (www.firstpacific.com)(www.hkexnews.hk)

AIG Insurance Hong Kong Limited ACE Insurance Limited Federal Insurance Company Liberty International Underwriters Allied World Assurance Company, Ltd Graham L. Pickles Begerpang Estate CibitungBogasariTanjung Priok Indofood 3.13 77

19 5457 Indofood 1. 2. XIVA Napoleon L. Nazareno Graham L. Pickles CBE 78

Δ * * * # Δ * * Δ * * * Δ * * * Δ * # (www.firstpacific.com) Graham L. Pickles 3.21 79

B.1.3(a) (j) A.5.2(a) (d) 77 D.3.3(i) (v) 80

2013 2012 3.5 3.7 (i) 0.9 0.3 4.4 4.0 (i) 15 81

36(A) 36(D) (E) (www.firstpacific.com) 82

(www.firstpacific.com) companysecretary@firstpacific.com (a) (b) companysecretary@firstpacific.com (a) (b) (i) (ii) (www.firstpacific.com) companysecretary@firstpacific.com 83

PT Indomobil Sukses Internasional Tbk (Indomobil) IndomobilIndomobilIndofood IndofoodIndomobil Indofood (1) IndofoodPT Salim Ivomas Pratama TbkSIMP PT Nippon Indosari Corpindo TbkNICSIMP NIC(2) Indofood PT Indofood Asahi Sukses BeverageIASBPT Pepsi Cola IndobeveragesPT Prima Cahaya IndobeveragesPCIBPCIB IASB PT Tirta Makmur Perkasa (TMP) PT Tirta Sukses Perkasa (TSP) 22CLUB Tirta BahagiaIgnatius Soegianto DihardojoSoegianto TMP IASB PT Multi Bahagia (MB) 80% 20%TMP Indofood TSP PT Asahi Indofood Beverage Makmur (AIBM) MB 80% 20% TSP Indofood 14ATMP TMP 50.1%Indofood MBSoegiantoTMP20%MB SoegiantoTMP Soegianto (1) Indofood (2) (3) 84

I. 14A.45Indofood A. Indofood 2013 12 31 PT Indofood Sukses De United Food Industries (1)Dufil 2011 1 1 2013 12 31 30.7 Makmur Tbk (ISM)/ Ltd. (Dufil) ISMIndomie PT Indofood CBP Dufil Sukses Makmur Tbk (2) (ICBP) ISM/ICBP Pinehill Arabian Food Ltd. (1)Pinehill 2011 1 1 2013 12 31 60.8 (Pinehill) ISMIndomie SupermiPop Mie(2) Pinehill (3) ISM/ICBP Salim Wazaran Group Limited (1)SAWAZ 2011 1 1 2013 12 31 5.8 (SAWAZ) ISM Indomie(2)SAWAZ (3) 97.3 85

B. Indofood 2013 12 31 PT Salim Ivomas Pratama Tbk (SIMP) PT Adithya Suramitra (ADS) SIMP ADS SIMP 20 1996 6 1 2016 5 31 0.1 SIMP PT Sarana Tempa Perkasa (STP) STP SIMP 2011 1 1 2013 12 31 0.4 SIMP PT Rimba Mutiara Kusuma (RMK) SIMPRMK RMK RMK 2011 1 1 2013 12 31 0.3 SIMP IndoInternational Green Energy Resources Pte. Ltd. (IGER) SIMPIGER IGER 2011 1 1 2013 12 31 9.9 PT Lajuperdana Indah (LPI) PT Indotek Konsultan Utama (IKU) IKU LPI 2011 1 1 2013 12 31 ISM SIMP LPI PT Fast Food Indonesia, Tbk (FFI) ISMLPI SIMP FFI 2011 1 1 2013 12 31 3.9 ISM LPI ISMLPI ISM INDOSUGAR 2011 3 22 2013 12 31 0.6 SIMP Shanghai Resources International Trading, Co. Ltd. (Shanghai Resources) SIMP Shanghai Resources 2011 2 14 2013 12 31 10.2 ISM IKU IKU ISM 2011 10 31 2013 12 31 ISM PT Indomobil Sukses Internasional Tbk (Indomobil) Indomobil ISM 2013 5 2 2013 12 31 5.7 SIMP PT Nippon Indosari Corpindo Tbk (NIC) SIMPNIC 2013 10 1 2013 12 31 0.1 31.2 86

C. Indofood 2013 12 31 ISM PT Asuransi Central, Asia ACA ISM 2011 1 1 2013 12 31 4.2 (ACA) ISM PT Central Asia Raya CAR ISM 2011 1 1 2013 12 31 3.3 (CAR) ISM PT Indosurance Broker Utama (IBU) IBU ISM 2011 1 1 2013 12 31 0.6 8.1 D. Indofood 2013 12 31 PT Surya Rengo PT Prima Cahaya SRC PCIB 2011 1 1 2013 12 31 0.8 Containers (SRC) Indobeverages PT Pepsi Cola Indobeverages (PCIB) ICBP PCIB ICBP PCIB 2011 1 1 2013 12 31 0.2 SRC FFI SRC FFI 2011 1 1 2013 12 31 0.1 ISM IKU IKU ISM 2011 10 31 2013 12 31 ISM Indomobil Indomobil ISM 2013 5 2 2013 12 31 0.1 1.2 87

E. Indofood 2013 12 31 PT Indomarco Adi Prima (IAP) PT Lion Superindo (LS) IAP LS 2011 1 1 2013 12 31 14.6 IAP PT Buana Distrindo BDIAP 2011 1 1 2013 12 31 20.8 (BD) PETPCIB IAP FFI IAP FFI 2011 1 3 2013 12 31 2.5 PT Indofood Asahi Sukses Beverages (IASB) FFI IASB FFI 2013 12 9 2013 12 31 2.5 PT Putri Daya Usahatama (PDU) LS PDU LS 2011 1 1 2013 12 31 1.3 ISM IKU IKU ISM 2011 10 31 2013 12 31 ISM Indomobil Indomobil ISM 2013 5 2 2013 12 31 0.9 42.6 88

F. Indofood 2013 12 31 Bogasari Flour Mills division of ISM (Bogasari) NIC Bogasari NIC 2011 1 1 2013 12 31 19.1 Bogasari FFI Bogasari FFI 2011 1 1 2013 12 31 0.8 Bogasari PT Tarumatex (Tarumatex) Bogasari Tarumatex 2011 10 31 2013 12 31 0.1 ISM IKU IKU ISM 2011 10 31 2013 12 31 0.0 ISM Indomobil Indomobil ISM 2013 5 2 2013 12 31 0.1 20.1 G. Indofood 2013 12 31 IASB Asahi Breweries Ltd. (ABL) ABL IASB 2013 1 25 2013 12 31 0.2 ISM PT Asahi Indofood Beverage Makmur (AIBM) ISM AIBM 2013 1 1 2013 12 31 0.1 IASB PCIB PCIB IASB 2013 10 1 2013 12 31 15.4 SRC AIBM SRC AIBM 2013 12 9 2013 12 31 0.1 ICBP AIBM ICBP AIBM 2013 12 9 2013 12 31 0.1 15.9 89

II. 14A.45Maynilad DMCI Holdings Inc. (DMCI) 2013 12 31 Maynilad D.M. Consunji, Inc. Consunji Maynilad 2012 1 20 2014 12 31 4.8 (Consunji) DMCI * Maynilad DMCI Project Developers, Inc. (DMCIPD) DMCI Maynilad DMCIPD 2012 2 1 2015 1 31 0.1 4.9 * MayniladConsunji 14A.37 14A.38 IndofoodMaynilad 3000 740 14A.38 90

39(A) 39(B) Maynilad Metropolitan Waterworks and Sewerage System (MWSS) MWSS 91

PLDT MPICMaynilad MPTCMPIC Meralco PLP Indofood Indofood Philex 92

12 31 2013 2012 % 6,206.3 5,990.8 +3.6 1,829.2 1,861.8 1.8 (989.5) (875.8) +13.0 (99.4) 36.7 (234.2) (198.7) +17.9 267.7 240.6 +11.3 (152.9) (229.7) 33.4 (385.6) (481.6) 19.9 327.1 358.0 8.6 235.3 353.3 33.4 3.6% Indofood15.0%MPIC11.0% PLP 10.7% Indofood MPIC Maynilad MPTCCICDSLMC CLDH 1.8% Indofood MPIC 29.5% 31.1% Indofood 24.8%27.1% MPIC 61.6%59.8% 13.0% IndofoodIndofood MPIC Indofood MPICPLP Indofood MPIC Beacon ElectricPLDT MPIC 0.2% Beacon Electric 17.9% Indofood MPICPLPCIC Indofood MPIC 11.3% PLDT Meralco PLDT Meralco 33.4% Indofood 93

19.9%Indofood 8.6%Indofood PLDT MPIC 33.4% 12 31 2013 2012 % 2,920.1 1,824.3 +60.1 1,166.4 1,301.5 10.4 3,406.6 3,299.1 +3.3 1,047.1 808.2 +29.6 2,386.8 2,305.8 +3.5 (i) 2,435.8 2,219.2 +9.8 2,220.0 2,128.6 +4.3 15,582.8 13,886.7 +12.2 5,618.3 4,365.0 +28.7 2,446.3 2,271.0 +7.7 8,064.6 6,636.0 +21.5 7,518.2 7,250.7 +3.7 3,509.9 3,240.0 +8.3 4,008.3 4,010.7 0.1 7,518.2 7,250.7 +3.7 (i) 60.1% PLPIndofood PLP MPIC 20.7% 7.5% 10.4%MPM 3.3%PLDT Philex MeralcoDMT CMAAPT Asahi Indofood Beverage Makmur (AIBM)RHI 94

29.6% FPM PowerPLP MPICCIC 3.5% CIC PLP MPIC 9.8% IndofoodMPICMaynilad 4% 4.3% PLPCIC 28.7%IndofoodCMAA PLPCIC 8.3% 0.1%Indofood MPIC PLPMPICMaynilad 4%FPM Power Meralco 12 31 2013 2012 % 723.9 1,002.0 27.8 237.6 258.7 8.2 (892.5) (696.0) +28.2 (1,574.3) (364.4) +332.0 1,083.5 508.1 +113.2 (297.0) (285.5) +4.0 785.6 (86.1) 66.8 336.8 80.2 1 1 (i) 2,161.7 1,874.9 +15.3 (225.7) (50.0) +351.4 12 31 (i) 2,002.8 2,161.7 7.4 (i) 95

27.8% Indofood MPIC 8.2% Philex 28.2%IndofoodPLP 332.0% FPM PowerPLP 70.0% Indofood82.9% CMAA 50.0%MPM 99.4% AIBMHeliaeFPM InfrastructureDMT 29.5%FP Natural ResourcesRHI 34.0%MPIC IASB MPIC CHI MPIC Beacon Electric IndofoodHeliae 26.4%AIBM 49.0% 113.2% IndofoodFPM Power PLPMPIC MPIC Indofood 4.0% Indofood MPIC MPIC Maynilad 4%FPM Power Indofood Maynilad Maynilad 96

(A) PLPDMTRHI 2013 1 1 1,717.9 (584.1) 1,133.8 15.6 10.9 26.5 2013 12 31 1,733.5 (573.2) 1,160.3 12 31 2013 2012 305.8 320.9 (30.2) (25.1) (81.6) (73.7) (0.3) (0.4) 193.7 221.7 (507.1) (12.1) (55.9) (26.7) 494.5 395.0 394.7 2.6 15.8 (393.8) 46.2 (108.6) (103.8) (31.3) (54.2) (10.9) 481.6 1 1 584.1 102.5 12 31 573.2 584.1 97

(B) (i) (i) 2013 2013 2013 2012 2012 2012 1,160.3 2,284.4 0.51x 1,133.8 1,693.1 0.67x MPIC 764.8 2,535.1 0.30x 807.2 2,290.9 0.35x Indofood 841.1 3,497.9 0.24x 204.8 4,005.7 0.05x FPM Power 418.2 567.8 0.74x FPM Infrastructure (0.6) 133.6 FP Natural Resources (1.3) 57.5 (ii) (1,558.1) (739.0) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 12 13 0.6 0.5 0.4 0.3 0.2 0.1 0 3,182.5 7,518.2 0.42x 2,145.8 7,250.7 0.30x (i) 2013 2013 2013 2012 2012 2012 PLDT 1,626.0 3,092.9 0.53x 1,915.9 3,550.2 0.54x Philex 48.4 583.7 0.08x (5.3) 538.2 DMT 186.7 182.9 1.02x 222.2 191.9 1.16x RHI 156.3 126.1 1.24x 181.6 132.7 1.37x (i) (ii) MPIC PLDT Philex RHIIndofood MPICMPIC Maynilad CIC Indofood CMAA MPM 98

PLDT Philex Padcal 0.42 PLP CICIndofood 46% 19% 31% 4% 1 1,067.0 1 2 225.6 2 5 1,751.3 5 2,574.4 5,618.3 2013 2012 2013 2012 1 1,067.0 926.5 1,066.8 926.6 1 2 225.6 501.2 224.7 504.0 2 5 1,751.3 1,536.6 1,754.6 1,552.2 5 2,574.4 1,400.7 2,586.9 1,408.5 5,618.3 4,365.0 5,633.0 4,391.3 32% 21% 12% (i) MPICCIC(ii) Indofood CMAA (iii) 35% 1 926.5 1 2 501.2 2 5 1,536.6 5 1,400.7 4,365.0 PLDT Philex DMT RHI 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 1 341.7 316.4 344.4 318.4 139.1 35.3 139.1 35.3 40.2 38.1 40.2 38.1 10.3 39.5 10.3 39.5 1 2 287.3 471.4 290.1 498.5 1.2 1.2 50.3 42.9 50.4 43.0 28.8 5.7 28.8 5.7 2 5 983.4 1,268.4 986.1 1,271.1 64.9 110.0 65.1 110.4 113.4 90.1 113.4 90.1 5 732.2 765.0 732.6 765.4 34.7 37.1 34.9 37.3 8.2 50.7 8.2 50.7 2,344.6 2,821.2 2,353.2 2,853.4 140.3 35.3 140.3 35.3 190.1 228.1 190.6 228.8 160.7 186.0 160.7 186.0 PLDT Philex 99

(A) (i) (ii) 1% (i) PLDT (i) 33.2 6.00 MPIC (i) 14.1 2.56 Indofood (i) 23.8 4.31 Philex (i) 4.1 0.74 Philex Petroleum (i) 0.5 0.09 FP Natural Resources (ii) 0.3 0.05 (iii) 0.8 0.14 76.8 13.89 (i) (ii) FP Natural Resources 70%RHI (iii) Philex (B) 100

1% 5% 1% 17% 20% 56% 3,128.1 1,128.4 965.9 316.0 57.4 22.5 5,618.3 (i) (883.0) (396.0) (607.8) (86.0) (381.3) (81.7) (2,435.8) 2,245.1 732.4 358.1 230.0 (323.9) (59.2) 3,182.5 1,247.4 (11.4) (0.1) (75.6) 1,160.3 MPIC 21.0 743.8 764.8 Indofood 501.3 358.2 284.7 (323.9) 20.8 841.1 FPM Power 477.2 (54.7) (4.3) 418.2 FPM Infrastructure (0.5) (0.1) (0.6) FP Natural Resources (1.3) (1.3) 3,128.1 1,128.4 965.9 316.0 57.4 22.5 5,618.3 2,245.1 732.4 358.1 230.0 (323.9) (59.2) 3,182.5 PLDT 1,219.6 408.7 (2.3) 1,626.0 Philex 41.9 6.5 48.4 DMT 186.7 186.7 RHI 156.3 156.3 (i) 97 PLDT PLDT17% PLDTPLDT 6% PLDT0.11% 101

Maynilad Metropolitan Waterworks and Sewerage System (MWSS) MayniladMaynilad MeralcoMeralco Meralco 40 41 42 9,500/1.22 10,000/1.23 10,500/1.24 1% 1% (i) 1,247.4 1,247.4 MPIC 21.0 21.0 0.2 0.1 Indofood 501.3 (112.5) 388.8 3.9 1.5 FPM Power 477.2 (490.7) (13.5) (0.1) (0.1) FPM Infrastructure (i) (0.5) (0.5) FP Natural Resources (i) (1.3) (1.3) PLDT 1,219.6 (201.7) 1,017.9 10.2 1.8 Philex 41.9 41.9 0.4 0.1 43 44 45 46 12 13 13 13 12 3 6 9 13 12 14 2 11,000/1.25 11,500/1.26 12,000/1.27 12,500/1.28 3,506.6 (804.9) 2,701.7 14.6 3.4 (i) FPM Infrastructure FP Natural Resources 102

2012 12 31 5,813 4,317 3,167 2013 12 31 5,890 4,274 3,167 2013 +1.3% 1.0% 2014 3 25 6,336 4,703 3,104 2014 1 12014 3 25 +7.6% +10.0% 2.0% PCI/JCI/SSTI 8,000 7,000 6,000 5,000 4,000 3,000 12 12 13 3 13 6 13 9 13 12 (PCI) (JCI) (SSTI) 14 2 (i) 1,483.9 249.6 (573.2) 1,160.3 MPIC 1,098.9 50.8 (384.9) 764.8 Indofood (ii) 467.8 1,776.6 (1,403.3) 841.1 FPM Power (ii) 490.7 (72.5) 418.2 FPM Infrastructure (0.6) (0.6) FP Natural Resources (1.3) (1.3) 3,541.3 2,077.0 (2,435.8) 3,182.5 37% 63% 3,541.3 2,077.0 5,618.3 PLDT 1,256.9 1,087.7 (718.6) 1,626.0 Philex 82.5 57.8 (91.9) 48.4 DMT 190.1 (3.4) 186.7 RHI 160.7 (4.4) 156.3 (i) (ii) Indofood FPM PowerPLP 103

1% 1% 249.6 2.5 2.5 MPIC 50.8 0.5 0.2 Indofood 1,776.6 17.8 6.7 PLDT 1,087.7 10.9 1.9 Philex 57.8 0.6 0.2 RHI 160.7 1.6 0.3 3,383.2 33.9 11.8 12 31 2013 2012 PLDT (i) 3,317.2 3,404.8 MPIC (i) 1,413.0 1,574.4 Indofood (i) 2,380.4 2,659.5 Philex (i) 407.0 832.6 Philex Petroleum (i) 49.9 208.1 FPM Power (ii) 330.0 FPM Infrastructure (ii) 101.3 FP Natural Resources (iii) 25.9 (iii) 80.0 26.8 (1,160.3) (1,133.8) 16 14 12 10 8 6 4 2 10.37 4.74 12.57 8.82 6,944.4 7,572.4 4,309.7 3,827.6 1.61 1.98 12.57 15.43 8.82 8.51 (%) 29.8 44.8 (i) (ii) FPM Power FPM Infrastructure (iii) FP Natural Resources 70%RHI (iv) Philex 104

106 111 112 113 114 115 116 118 119 1. 121 2. 121 3. 140 4. 143 5. 147 6. 147 7. 148 8. 149 9. 149 10. 150 11. 150 12. 152 13. 155 14. 156 15. 160 16. 162 17. 164 18. 166 19. 167 20. 168 21. 168 22. 169 23. 170 24. 170 25. 171 26. 173 27. 174 28. 174 29. 176 30. 178 31. 179 32. 180 33. 181 34. 183 35. 186 36. 191 37. 202 38. 207 39. 210 40. 215 41. 216 105

4 2829 36(D)(a) 116118 28(B) 28(c) 29 112216 8.001.038.001.03 13.001.6713.001.67 21.002.7021.002.70 106

11 25 5457 82 36(A) 571 XV(a)XV352(b) (A) (%) 1,925,474,957 (C)(i) 44.68 58,299,092 (P)(ii) 1.35 29,753,578 37,274,149 (P) 0.86 20,573,666 2,229,939 (P)(iii) 0.05 27,632,368 3,594,812 Napoleon L. Nazareno 477,166 (P)(iv) 0.01 4,502,055 Graham L. Pickles 2,528,635 CBE 898,838 (P)(v) 0.02 4,502,790 238,582 (P)(vi) 0.01 1,812,887 238,582 (P)(vii) 0.01 1,812,887 (C) = (P) = (i) First Pacific Investments (B.V.I.) Limited 100%First Pacific Investments (B.V.I.) LimitedSalerni International Limited First Pacific Investments (B.V.I.) Limited Salerni International Limited 633,186,599502,058,994First Pacific Investments Limited 56.8% 790,229,364 10.0%46.8%Salerni International LimitedFirst Pacific Investments Limited43.2% Ibrahim Risjad30.0% 10.0% 3.2% (ii) 2,726,660 (iii) 1,772,329 (iv) Nazareno381,733 (v) 381,733 (vi) 238,582 (vii) 238,582 107

(B) MPIC21,342,404 (0.08%) * (P) 6,250,000229,033 (0.11%) *PLDT (P) 15,4170.01% *PLDT 4,655,000 (0.09%) *Philex (P) 891,250 (0.05%) *Philex Petroleum Corporation (PPC) (P) 25,0000.01% *Meralco (P) 50,000 0.01% *Roxas Holdings, Inc. MPIC69,596 (C) 10,660,000 (P) 0.04% *5,000,000 104,874 (0.05%) *PLDT (P) 3,285,1000.07% *Philex (P) 1,515,000 Philex 37,5120.01% *PPC (P) 600,000FPC Finance Limited 1,2500.01% *Philex (P) 1560.01% *PPC (P) 15,000,000 MPIC 400,000FPMH Finance Limited200,000FPT Finance Limited 600,000FPC Finance Limited 15,520,335 (0.18%) *Indofood (C) 1,329,770 (0.02%) *Indofood (P) 4,396,103,450 (50.07%) *Indofood 2,007,788 (0.14%) *Indofood Agri Resources Ltd. (IndoAgri) (C) 1,018,200,000 (71.84%) *IndoAgri 20,483,364 (0.13%) *PT Salim Ivomas Pratama Tbk (SIMP) (C) 12,448,625,000 (79.34%) *SIMP Napoleon L. Nazareno6,6480.01% *MPIC (P) 19,9270.01% *PLDT (P) 110,000 (0.01%)* Meralco (P) (P) = (C) = * XV352 336 (a) Salerni International Limited (Salerni)Salerni 502,058,99411.65%First Pacific Investments Limited (FPIL-Liberia) 46.80%First Pacific Investments (B.V.I.) Limited (FPIL-BVI) 100%1,925,474,957 44.68% SalerniSalerni (b) FPIL-LiberiaFPIL-Liberia790,229,364 18.34% FPIL-Liberia Ibrahim Risjad 107(i) FPIL-Liberia 108

(c) FPIL-BVIFPIL-BVI633,186,599 14.69% FPIL-BVIFPIL-BVI (d) Lazard Asset Management LLC (Lazard)301,481,399 7.84%Lazard XV336 8590 2936(D)(a) 23 30% 36% 35%32%31% 14A 8590 25% 109

110

112216 1981 90 111

12 31 2013 2012 (i) 4 6,206.3 5,990.8 (4,377.1) (4,129.0) 1,829.2 1,861.8 (461.0) (432.1) (528.5) (443.7) (99.4) 36.7 70.3 75.0 5 (304.5) (273.7) 267.7 240.6 6 773.8 1,064.6 7 (152.9) (229.7) 620.9 834.9 8 235.3 353.3 385.6 481.6 620.9 834.9 9 5.66 9.01 5.60 8.90 (i) 2(B) 10 121216 112

12 31 2013 2012 (i) 620.9 834.9 (990.5) (37.0) 18.0 (2.2) (0.8) 7.6 0.1 2.7 (1.3) (0.2) 2.3 (26.0) (25.6) (32.6) (1.6) 1.6 (51.4) (23.6) (1,043.3) (117.2) (422.4) 717.7 (177.2) 366.5 (245.2) 351.2 (422.4) 717.7 (i) 2(B) 121216 113

2013 12 31 2012 12 31 2012 1 1 (i) (i) 11 2,920.1 1,824.3 1,651.7 12 1,164.4 1,301.5 1,280.9 14 3,406.6 3,299.1 3,035.1 15 1,047.1 808.2 819.6 16 2,386.8 2,305.8 2,105.9 17 18.5 190.6 32.5 18 63.7 41.9 33.1 19 162.9 132.3 109.9 20 11.1 11.1 11.1 21 423.3 288.4 236.0 11,604.5 10,203.2 9,315.8 22 2,375.4 2,175.0 1,875.4 20 49.3 33.1 43.7 18 101.8 58.7 63.4 17 754.1 600.0 581.8 23 695.7 816.7 731.7 12 2.0 3,978.3 3,683.5 3,296.0 24 980.7 984.4 796.5 25 1,067.0 926.5 1,119.3 26 32.6 39.0 49.6 27 250.4 119.7 137.6 2,330.7 2,069.6 2,103.0 1,647.6 1,613.9 1,193.0 13,252.1 11,817.1 10,508.8 28 43.1 38.3 38.5 29 (9.6) 1,575.7 1,479.8 1,284.0 30 1,900.7 1,721.9 1,700.2 3,509.9 3,240.0 3,022.7 31 4,008.3 4,010.7 3,856.5 7,518.2 7,250.7 6,879.2 25 4,551.3 3,438.5 2,575.7 27 816.0 691.2 607.2 19 366.6 436.7 446.7 (i) 2(B) 121216 5,733.9 4,566.4 3,629.6 13,252.1 11,817.1 10,508.8 114

12 31 2013 2012 13 1,106.9 1,028.4 1,106.9 1,028.4 22 552.5 558.6 13(A) 3,437.5 2,494.9 17 0.4 0.2 3,990.4 3,053.7 13(B) 1,106.9 742.0 24 1.4 3.7 1,108.3 745.7 2,882.1 2,308.0 3,989.0 3,336.4 28 43.1 38.3 210.0 135.5 30 2,031.3 1,519.3 2,284.4 1,693.1 13(C) 1,703.1 1,643.3 27 1.5 1,704.6 1,643.3 3,989.0 3,336.4 121216 115

32 2012 1 1 38.5 1,289.2 39.7 109.8 248.6 12.3 1,284.6 3,022.7 3,856.5 6,879.2 2(B) 0.6 (0.6) 38.5 1,289.2 39.7 110.4 248.6 12.3 1,284.0 3,022.7 3,856.5 6,879.2 348.8 348.8 481.4 830.2 2(B) 4.5 4.5 0.2 4.7 353.3 353.3 481.6 834.9 52.4 1.0 (42.4) 11.0 (130.2) (119.2) 2(B) (42.4) 44.6 2.2 (0.2) 2.0 10.0 1.0 2.2 13.2 (130.4) (117.2) 10.0 1.0 355.5 366.5 351.2 717.7 28(A) 0.3 23.0 (7.5) 15.8 15.8 28(B) (0.5) 0.5 (56.5) (56.5) (56.5) 1.6 1.6 1.6 12.7 (12.7) 0.8 0.8 (15.3) (14.5) (7.1) (7.1) (7.1) (0.6) 0.6 2011 (64.2) (64.2) (64.2) 2012 10 (39.6) (39.6) (39.6) (181.7) (181.7) 2012 12 31 38.3 1,312.2 33.8 133.1 242.3 0.5 1,479.8 3,240.0 4,010.7 7,250.7... 116

32 2013 1 1 38.3 1,312.2 33.8 174.9 242.3 0.5 1,431.3 3,233.3 4,010.7 7,244.0 2(B) (41.8) 48.5 6.7 6.7 38.3 1,312.2 33.8 133.1 242.3 0.5 1,479.8 3,240.0 4,010.7 7,250.7 235.3 235.3 385.6 620.9 (411.6) (0.9) (412.5) (630.8) (1,043.3) (411.6) (0.9) 235.3 (177.2) (245.2) (422.4) 28(A) 0.3 18.9 (6.0) 13.2 13.2 28(B) (0.3) 0.3 (28.5) (28.5) (28.5) 28(C) 4.8 496.7 501.5 501.5 29 (10.6) (10.6) (10.6) 29 (1.0) 1.0 29 2.0 (2.0) 28(C) (7.0) (7.0) (7.0) 20.3 20.3 20.3 (6.7) 60.8 54.1 135.3 189.4 12.7 12.7 12.7 1.5 (1.5) 0.8 (0.8) 2012 10 (64.2) (64.2) (64.2) 2013 10 (44.4) (44.4) (44.4) 154.5 154.5 141.4 141.4 (188.4) (188.4) 2013 12 31 43.1 (9.6) 1,821.8 46.1 (285.2) 303.1 14.9 1,575.7 3,509.9 4,008.3 7,518.2 121216 117

2012 1 1 38.5 1,289.2 37.9 1.2 173.8 106.5 1,647.1 189.3 189.3 28(A) 0.3 23.0 (7.5) 15.8 28(B) (0.5) 0.5 (56.5) (56.5) 1.2 1.2 2011 (64.2) (64.2) 2012 10 (39.6) (39.6) 2012 12 31 38.3 1,312.2 31.6 1.7 173.8 135.5 1,693.1 211.6 211.6 28(A) 0.3 18.9 (6.0) 13.2 28(B) (0.3) 0.3 (28.5) (28.5) 28(C) 4.8 496.7 501.5 29 (10.6) (10.6) 29 (1.0) 1.0 29 2.0 (2.0) 28(C) (7.0) (7.0) 19.7 19.7 2012 10 (64.2) (64.2) 2013 10 (44.4) (44.4) 2013 12 31 43.1 (9.6) 1,821.8 43.3 2.0 173.8 210.0 2,284.4 121216 118

12 31 2013 2012 (i) 773.8 1,064.6 5 304.5 273.7 6 176.5 143.9 6 109.1 8.9 6 85.7 93.7 35(A) 21.6 1.6 6 12.4 16.0 (267.7) (240.6) (70.3) (75.0) 6 (9.5) (13.3) 6 (5.8) (5.9) 6 (0.2) 0.2 6 (14.4) 32.5 30.5 1,162.6 1,283.9 89.1 355.9 8.8 (3.5) (68.6) (57.1) (34.1) (133.0) 1,157.8 1,446.2 66.9 75.6 (300.2) (266.3) 26 (200.6) (253.5) 723.9 1,002.0 14(B) 228.1 245.4 9.5 13.3 7.2 6.2 5.6 1.0 33(A) (693.0) (4.9) (659.5) (423.7) (376.0) 0.2 33(B) (194.3) (25.3) (131.7) (160.6) (108.5) (117.3) (73.1) (7.5) 33(C) (71.3) 33(D) (55.9) (26.7) 33(E) (52.3) 33(F) (52.0) (3.6) (13.6) 13.2 (160.9) (84.7) (64.2) (2,229.2) (801.7) (i) 2(B)... 119

12 31 2013 2012 (i) 3,588.9 1,274.7 494.5 145.5 3.5 141.4 82.8 1.3 14.2 15.8 (2,505.4) (766.6) (188.4) (181.7) (108.6) (103.8) (31.3) (54.2) (29.7) (26.5) (20.2) (4.7) (11.6) (21.3) 1,572.1 136.5 66.8 336.8 1 1 2,161.7 1,874.9 (225.7) (50.0) 12 31 2,002.8 2,161.7 2,375.4 2,175.0 (360.5) (0.3) (12.1) (13.0) 12 31 2,002.8 2,161.7 (i) 2(B) 121216 120

1. Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda 2. (A) (B) 1 19 27 28 1 7 10 11 12 10 11 12 13 20 (i) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (i) (ii) 19 1 1213 13(E) 14(I)(J)(K) 31 12(E) 38(A)19 19 19(a) (b) (c) 19 35(B) 121

(a) 2013 2012 2012 12 31 12 31 1 1 6.7 6.7 (30.3) (22.2) (10.2) (79.7) (19.6) 10.8 110.0 48.5 (0.6) 6.7 (b) 12 31 2013 2012 (0.1) (0.2) (6.7) 4.9 0.1 (6.7) 4.7 (6.7) 4.5 0.2 (6.7) 4.7 (0.16) 0.11 (0.16) 0.11 (c) 12 31 2013 2012 (8.1) (12.0) (60.1) (30.4) 68.2 44.6 2.2 122

(C) 19 32 36 39 9 9 7 39 10 12 27 14 21 (i) (ii) (ii) (ii) (iii) 97 39 (iii) (ii) (iv) (ii) (v) (v) (i) (ii) (iii) (iv) (v) 19 32(i)(ii) 32 36 (i) (ii) (iii)(iv) 39 (i) (ii) (iii) 9 39 9 3939 123

97 39 7 39 9 9 9 10 9 12 2712 14 21 2 39 8(i) (ii) (iii) 13 124

1638(i) (ii) 24 311 1339 932 403 3 3 (D) (a) (I) (i)(ii) (iii) (iv) 125

(i) (ii)(iii) (iv) (v) (vi)(vii) (viii) (ix) (II) 39 39 39 126

5 (III) (b) (c) (d) (e) 11(A) 127

(f) 1 128

(g) 20% 39(i) (ii) 39 (h) 129

(i) (j) (k) 130

(l) (i) (ii) (m) (n) (I) (II) 131

(III) ( ) (o) (I) (II) (III) (i) (ii) (iii) 132

(IV) (p) (q) (r) (s) (I) 133

(i) (ii) (II) (III) Black-Scholes-Merton 134

(IV) (V) (VI) (VII) (VIII) (i)(ii) (t) (u) 135

(i) (ii) (i) (ii) (i)(ii) (iii) 136

(i) (ii)(iii) (i) (ii) (I) 137

(II) (III) (v) (i) (ii) (iii)(iv) (i) (ii) (iii) 138

(w) (x) 139

(y) (I) (i) (ii) (iii) (II) (i) (ii) (iii) (iv) (v) (vi) (I) (vii) (I)(i) 3. (A) (a) 39 2(D)(u) (b) Maynilad Water Services, Inc. (Maynilad) Manila North Tollways Corporation (MNTC) 12 2(D)(h) 140

Maynilad (B) (a) (b) (c) 141

(d) (e) (f) (g) (h) 142

(i) 41 (j) 2 4. 2013 2012 5,395.3 5,247.8 5.9 805.1 743.0 6,206.3 5,990.8 143

2013 12 31 12 31 2013 730.0 5,476.3 6,206.3 209.9 90.2 159.8 7.3 (140.1) 327.1 1,427.7 1,168.6 191.7 618.6 3,406.6 3,794.9 4,060.0 34.9 7,889.8 1,427.7 4,963.5 4,251.7 618.6 34.9 11,296.4 791.2 2,835.9 659.3 4,286.4 1,427.7 5,754.7 7,087.6 618.6 694.2 15,582.8 1,640.5 2,244.3 1,733.5 5,618.3 1,067.3 1,269.1 109.9 2,446.3 2,707.8 3,513.4 1,843.4 8,064.6 (89.8) (169.7) (24.3) (283.8) 5.8 5.8 (3.8) (8.6) (12.4) 10.7 49.1 10.5 70.3 (93.5) (106.1) (104.9) (304.5) 207.0 54.2 11.3 (4.8) 267.7 (13.0) (125.1) (14.8) (152.9) 869.8 920.6 38.2 1,828.6 144

2013 12 31 12 31 2013 724.1 5,476.3 5.9 6,206.3 311.9 159.6 (4.8) 0.5 (140.1) 327.1 3,143.9 133.4 129.3 3,406.6 2,717.2 4,060.0 1,077.7 34.9 7,889.8 5,861.1 4,193.4 1,077.7 129.3 34.9 11,296.4 663.4 2,834.6 124.3 4.8 659.3 4,286.4 6,524.5 7,028.0 1,202.0 134.1 694.2 15,582.8 1,149.8 2,244.3 490.7 1,733.5 5,618.3 810.3 1,269.1 257.0 109.9 2,446.3 1,960.1 3,513.4 747.7 1,843.4 8,064.6 (88.9) (169.7) (0.9) (24.3) (283.8) 5.8 5.8 (3.8) (8.6) (12.4) 10.7 49.1 10.5 70.3 (93.5) (106.1) (104.9) (304.5) 255.9 11.0 0.8 267.7 (14.0) (125.1) 1.0 (14.8) (152.9) 413.5 864.0 380.7 132.2 38.2 1,828.6 145

2012 2012 12 31 12 31 660.8 660.8 5,330.0 5,990.8 190.5 86.6 13.6 290.7 170.1 (102.8) 358.0 1,560.0 1,065.8 642.7 3,268.5 30.6 3,299.1 2,472.4 2,472.4 3,999.7 6,472.1 1,560.0 3,538.2 642.7 5,740.9 4,030.3 9,771.2 615.6 615.6 2,875.6 624.3 4,115.5 1,560.0 4,153.8 642.7 6,356.5 6,905.9 624.3 13,886.7 1,062.5 1,062.5 1,584.6 1,717.9 4,365.0 862.4 862.4 1,298.8 109.8 2,271.0 1,924.9 1,924.9 2,883.4 1,827.7 6,636.0 (92.7) (92.7) (144.9) (1.6) (239.2) 5.9 5.9 (3.7) (3.7) (12.3) (16.0) 15.5 15.5 58.6 0.9 75.0 (93.6) (93.6) (99.4) (80.7) (273.7) 203.5 45.0 (4.1) 244.4 (3.8) 240.6 (41.4) (41.4) (170.4) (17.9) (229.7) 330.1 330.1 601.0 3.7 934.8 12 31 2013 2012 773.8 1,064.6 8 120.7 0.9 6 (5.8) (5.9) 51.9 (6.6) (613.5) (695.0) 327.1 358.0 146