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FIRST QUARTER 2013 FINANCIAL RESULTS ANALYSTS BRIEFING 08 May 2013 1 DISCLA CLAIM IMER ER This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced,

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FIRST QUARTER 2013 FINANCIAL RESULTS ANALYSTS’ BRIEFING

08 May 2013

SLIDE 2

ABOUT OUT MPIC Metro

Pacif

ific c Investmen ments Corporation

ration (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, Makati Medical Center, Cardinal Santos Medical Center, Asian Hospital, Davao Doctors Hospital, Riverside Medical Center, and Lourdes Hospital. HEADQU QUARTERS INVESTOR OR RELATIO IONS TEAM (inves estorr

rrelations

elations@mpic.co mpic.com. m.ph) ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Albert WL Pulido (awlpulido@mpic.com.ph) Legazpi Village, Makati 0721 Philippines Investor Relations Manager – Maricris C. Aldover (mdaldover@mpic.com.ph) Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Associate IR Manager – Kristine A. Pineda (kapineda@mpic.com.ph) Email: investorrelations@mpic.com.ph Official Website: www.mpic.com.ph

DISCLA CLAIM IMER ER 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: er: PSE:MPI MPI Amer eric ican an Deposit itar ary Receipts ts ADR Ticker: MPCIY CUSIP: US59164L2007 Ratio: 1 ADR : 200 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: adr@db.com ADR Website: www.adr.db.com Depositary Bank’s Local Custodian: Deutsche Bank Manila

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CONSOLID OLIDATED ED FI FINANCIAL IAL HIGHLIGHT IGHTS

26% growth in MPIC Share driven by:  Maynil ilad ad - 2% increase in billed volume and 7% 7% effective tariff increase  MERALCO - 9% increase in average distribution rate, 1% growth in energy sales and growth in preferred dividends from Beacon  MPTC - 5% 5% increase in average daily traffic and average kilometers travelled for NLEX; and inclusion of CAVITEX earnings  Hospit itals als – Growth in most hospitals and recovery of Senior Citizen discount Core Income grew slower due to:  24% increase in head office expenses driven by investments in personnel , including bid teams; and increased public relations expenses  99% increase in interest expense primarily due to additional P4.7 billion loan for CAVITEX acquisition Slower growth in Reported Income of 13 13% due to refinancing costs at Maynilad and Beacon In Millions of Pesos

1Q 2013 1Q 2012 % Change MPIC share Maynilad 1,015 862 18% MERALCO / Beacon 779 779 534 46% MPTC 438 438 367 19% Hospitals 141 141 124 14% Share of operating income 2,373 1,887 26% 26% Head office expenses (284) (229) 24% Interest expense (141) (71) 99% Core income 1,948 1,587 23% 23% Non-core expenses (175) (19) 821% Reported income 1,773 1,568 13% 13% Diluted EPS on Core income In Centavos 7.57 6.44 18% 18%

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PORTF TFOLIO LIO COMPANY ANY RESULTS TS AND KE KEY PRIORITIE RITIES

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MAYNILAD NILAD 1Q 2013 3 HIGHLIGHT IGHTS

Revenues increased due to: – 2% 2% increase in billed volume from 104 MCM to 106 MCM

6% increase in billed customers from 1,023,49 ,494 to 1,088,26 ,264 – 7% 7% effective tariff increase Core EBITDA grew in line with Revenues Double-digit growth in Core Income driven by no additional provisions for doubtful accounts and lower depreciation and amortization Slower growth in Reported net income due to refinancing costs PhilHydr Hydro - P28.4M in Revenues and net contribution to Maynilad of P6M

In Millions 1Q 2013 1Q 2012 % Stand-alone Core Income 1,9 1,965 65 1,663 18% Maynilad (56.8% - 52.8%) 1,0 1,074 74 945 14% DMWC Parent and Fair Value Adjustments ( (59 59) (83)

MPIC Share 1,0 1,015 15 862 18%

In Millions 1Q 2013 1Q 2012 % Revenues 4,064 3,749 8% Cost of services (1,072) (1,049) 2% Gross profit 2,992 2,699 11% 11% Operating expenses (509) (524)

Other income and expense - net (144) (116) 24% Interest expense (491) (483) 1% Benefit from income tax 116 116 87 33% Core income 1,965 1,663 18% 18% Non-core expenses (200) 1

20100%

Reported net income 1,765 1,664 6% 6% Core EBITDA Computation: Core income 1,965 1,663 18% Depreciation and amortization 419 419 463

Interest expense 491 491 483 1% Benefit from income tax (116) (87) 33% Core EBITDA 2,759 2,522 9% 9%

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KE KEY METRICS S AND KE KEY PRIORIT RITIES IES

KEY METRICS CS 1Q 2013 1Q 2013 NRW RW Average 41.3 .3% 45.4% Period end 39.9 .9% 44.9% Coverage verage Total population 9.69M 9.58M Population coverage 8.32M 8.05M 24hr availability 97% 84% Over 7 psi 100% 96% Custome tomer r Mix Residential 79% 79% 79% Commercial 21% 21% Capit ital al Expendit diture re P1,186M P1,566M

BULK LK WATER TER SUPPLY Y AND DISTR TRIBUT IBUTION ION PROJECT ECTS RATE TE REBAS ASING ING UPDATES TES

All Regulatory Office deputy administrators have been appointed (MWSS Board member Atty. Emanuel Caparas acting as Chief Regulator) Revised business plan submitted in September 2012 On-going review focused on capital expenditure plan audit and review of opening cash position Completion scheduled for 2H 2013 UNDER R MAYNILA LAD PHILHYDR YDRO INC.

– 100% ownership by Maynilad – With current bulk water supply and distribution projects in

Albay, Bulacan, Nueva Vizcaya and Nueva Ecija; total population approx. 610 thousand; total capacity of 53MLD

– Albay & Bulacan – 25 year water rights (20 years remaining;

renewable for another 20 years) SUBIC WATER

– Maynilad acquired Olongapo City’s 10% stake – Population of approx. 230 thousand with 36 thousand service

connections

– 2012 Data: Billed volume – 40MLD; Revenues of P519M; Net

Income of P192M UNDER R METROPAC WATER CARMEN EN BULK WATER SUPPLY

– 39% of JV with Manila Water for 35-MLD Bulk Water Supply

Project for Metro Cebu Water District; partnering with Provincial Government of Cebu on a 51:49 basis

– Population of approx. 2.4 million; projected to deliver 35 MLD – 30 year contract – Operational by 4Q 2013

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MERAL ALCO O 1Q 2013 3 HIGHLIGHT IGHTS

Distribution & other revenues grew due to: – 9% increase in average distribution rate per kWh from P1.49 to approved maximum average price of P1.63 – 1.2% growth in total energy sales from 7,687gWh to 7,777gWh – 2.1%  industrial sector, 1.6%  commercial sector and 0.3%  residential sector Faster growth in Core Income due to strict control

f operating expenses and lower financing costs

Reported Income benefitted from decrease in non-core expenses

In Millions 1Q 2013 1Q 2012 % Stand-alone Core Income 4,0 4,024 24 3,418 18% MERALCO (23.6% - 24.2%) 97 972 2 807 20% Fair Value Adjustments ( (49 49) (50)

Beacon ( (14 144) 4) (223)

MPIC Share 77 779 9 534 46%

In Millions 1Q 2013 1Q 2012 % Distribution and other revenues 13,270 11,930 11% Pass-through revenues 51,550 53,696

Total revenues 64,820 65,626

Purchased power (51,589) (53,445)

Operating expenses (7,670) (7,665) 0% Other income 112 112 102 10% Provision for income tax (1,636) (1,276) 28% Non-controlling interests (13) (82)

Income from discontinued operations

158
100%

Core income 4,024 3,418 18% 18% Non-core expenses

(45)
100%

Reported net income 4,024 3,373 19% 19% Core EBITDA Computation: Core income 4,024 3,418 18% Depreciation and amortization 1,459 1,398 4% Interest income (38) 3

1367%

Provision for income tax 1,636 1,276 28% Others 9 199

Core EBITDA 7,090 6,294 13% 13%

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KE KEY METRICS S AND KE KEY PRIORIT RITIES IES

Baseloa load  Updates s on 600 MW Redondo

Peninsu

sula la Energy gy Projec ject

EPC negotiations completed
ECC amendment issued by Environmental

Management Bureau on November 15, 2012

Site preparation to be completed by June 2013
Writ of Kalikasan – resolution still ongoing

 500 500-600M 0MW W Coal Projec ect t – under negotiation Mid-Mer Merit it (Target capacity ity of 1, 1,500MW; ; onlin ine e by 2018 18)  Commercial evaluation of LNG projects ongoing

Feasibility study with Chubu Electric complete
Joint study with Shell ongoing

KEY METRICS CS 1Q 2013 1Q 2012 System em Loss 7.09% 7.33% System em Ave verage rage Interrup upti tion

Freq eque uency ncy Index 0.61 times 0.77 times Custome tomer r Ave verage rage Interru rrupti tion

n Duration

ion Index 90.4 .43 mins 87.03 mins Number er of custo tomer ers 5.23M 5.07M Capit ital al Expendit diture re P1,6 ,699M P1,430M Energy gy Sales Industrial 2,409 2,359 Commercial 3,052 3,003 Residential 2,284 2,292 Streetlights 32 32 33 Tot

al (in gWh) 7,777 7,687

POWER ER GENERA ERATION ION UPDATES TES RETAIL IL COMPETI ETITION ION AND OPEN ACCESS CESS

Transition period – Dec. 26, 2012 to June 25, 2013 Start of commercial operations:  June 26, 2013 – voluntary contestability  December 26, 2013 – mandatory contestability Contracted a total of up to 2,880MW from Therma Luzon Inc., San Miguel Energy Corp., Masinloc Power, SEM-Calaca Power and South Premier Power

OVER ERSEA EAS INVES ESTME MENT NT

2 x 400MW combined cycle LNG plant in Jurong Island, Singapore through acquisition of 70% of GMR Energy (Singapore) Pte. Ltd.  28% effective ownership for Meralco  Total investment of US $214.8M (approximately P8.8B)  Operational by the end of 2013

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MPTC 1Q 2013 3 HIGHLIG LIGHTS HTS

Net Toll Revenues increased due to:  NLEX

5% increase in average daily vehicle entries (open & closed systems) from 162,329 to 170,271

5% increase in average kilometers travelled from

3.10M to 3.26M  CAVIT ITEX X

7% increase in average daily vehicle entries from 93,584 to 100,040

1Q Revenues amounted to P254 million

Faster growth in Core EBITDA driven by increase in earnings from TMC and strict control over operating and maintenance costs Slower growth in Core Income due to consolidation of interest expense and amortization of intangible assets

f CAVITEX; and increased provision for heavy

maintenance at NLEX Growth in Reported Income from removal of Input VAT provisions

In Millions

1Q 2013 1Q 2012

% Net toll revenues 1,995 1,670 19% Operating and maintenance costs (541) (512) 6% Gross profit 1,454 1,158 26% 26% Operating expenses (437) (327) 34% Interest expense (220) (143) 54% Non-controlling interest (180) (165) 9% Share in earnings of associates 63 63 51 24% Provision for income tax (260) (212) 23% Other income 30 30 16 88% Core income 450 450 378 378 19% 19% Non-core expenses 16 16 4 300% Reported net income 466 466 382 382 22% 22% Core EBITDA Computation: Core income 450 450 378 19% Depreciation and amortization 265 265 191 39% Interest expense 220 220 143 54% Non-controlling interest 180 180 165 9% Provision for income tax 260 260 212 23% Core EBITDA 1,375 1,089 26% 26%

In Millions 1Q 2013 1Q 2012 % Stand-alone Core Income 4 450 378 19% MPTC (99.8% - 99.9%) 4 449 378 19% Fair Value Adjustments ( (11) (11) 0% MPIC Share 4 438 367 19%

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KE KEY METRICS S AND KE KEY PRIORIT RITIES IES

NORTH TH NLEX EX Harbo bour Link Segment 9 − Right of way acquisition status (ROW) – substantially completed − Held groundbreaking on February 7, 2013; construction start date on May 6, 2013 Segment 10 - Revised detailed engineering design submitted to DOTC; preparations for ROW acquisition ongoing Connec ector

r Road

ad Swiss Challenge pending resolution of issues Agreement with CMMTC - costs and pre-agreed budget for the construction and O&M will be shared between Citra (62.5%) and MPTC (37.5%); estimated completion by 2016 Segmen ment 8.2 Final alignment undergoing evaluation SOUT UTH Cavi vitex - Studying further expansion of capacity to address pent-up demand and expected traffic increase from NAIA and CALA

KEY METRICS CS 1Q 2013 1Q 2012 12 NLEX Average verage Daily Vehicle le Entries es (Open & Closed) d) Class 1 127,6 ,627 121,493 Class 2 28,2 ,285 26,871 Class 3 14,3 4,359 13,965 Tot

al 170,2 ,271 162,329 Average verage Kilomet eter ers Travelled velled (In thousands of kms) Class 1 2,313 2,185 Class 2 601 569 Class 3 351 343 Tot

al 3,265 3,097 CAVIT ITEX EX Average verage Daily Vehicle le Entries es Class 1 86,3 ,385 80,128 Class 2 9,986 10,142 Class 3 3,669 3,314 Tot

al 100,0 ,040 93,584 Capit ital al expendit diture ure P29M P50M

PROJEC JECT UPDATES TES

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HOSPIT PITAL AL GROUP 1Q 2013 3 HIGHLIGHT IGHTS

Increase in gross revenues due to: – 10% increase in Gross Revenues from Cardinal Santos, 9% 9% from Makati Med, 5% 5% from Riverside and 7% 7% from Our Lady of Lourdes Faster growth in Core EBITDA and Core Income driven by reimbursement of Senior Citizen’s discount from drug companies Growth in Reported Income due to foreign exchange movements

In Millions 1Q 2013 1Q 2012 % Gross revenues 2,895 2,748 5% Discounts (257) (236) 9% Net revenues 2,638 2,512 5% 5% Cost of supplies (1,117) (855) 31% Gross profit 1,521 1,657

Operating expenses (1,198) (1,361)

Interest expense (78) (65) 20% Other income 71 71 52 37% Provision for income tax (97) (90) 8% Core income 219 219 193 193 13% 13% Non-core items 5 (5)

200%

Reported net income 224 224 188 188 19% 19% Core EBITDA Computation: Core income 219 219 193 13% Depreciation and amortization 263 263 177 49% Interest expense 78 78 65 20% Provision for income tax 97 97 90 8% Others 8 68

Core EBITDA 665 665 593 593 12% 12%

In Millions 1Q 2013 1Q 2012 % Stand-alone Core Income 21 219 9 193 13% Hospitals 124 124 109 14% Fair value adjustments 17 17 15 13% MPIC Share 141 141 124 14%

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KE KEY METRICS S AND KE KEY PRIORIT RITIES IES

Investing in more hospitals to expand the chain – Target

f 3,000 beds and better coverage
Target completion of two hospital acquisitions the first

half of 2013

Announced acquisition of De Los Santos Medical

Center (DLSMC) (150 beds)

Ongoing due diligence for one more hospital in Luzon

(additional 150 beds) Addressing changes in healthcare delivery

Investment in DLSMC includes subsidiary Megaclinic,

a mall-based diagnostic center Synergies across the network - Implement group-wide policies and protocols on equipment and other purchases Existing hospitals to invest in new equipment and renovations / expansions Strive to integrate into one chain and build centers of excellence across the network Value crystalize with strategic partner

KEY METRICS CS 1Q 2013 1Q 2012 Tot

al number r of beds (including luding bassine nets ts) 1,817 1,701 Number er of accredit edited ed doctor tors 4,542 4,332 Average verage number of enrollees lees 4,019 3,704 Average verage occupanc ancy rate 68% 68% 67%

KEY EY PRIORITIE RITIES

SLIDE 13

13 13

OVERALL RALL FU FUNDING G CAPACIT ITY

LEVE VERAGE RAGE Cash sh Gross

ss debt

Equity ity 2012 EBITDA DA Avera erage ge opera ration tional CAPEX EX New projec ects ts MPIC C Share re PAREN ENT P6.3B P6.5B* P77.3B N/A N/A N/A P20.3B ELECTRICITY P60.9B P25.0B P64.9B P26.8B P9.3B Power Generation – P220.0B

WATER

P1.8B P21.5B P-17.5B P10.5B P9.0B Bulk water supply & distribution – P5.8B P5.8B TOLL ROADS P3.4B P14.6B P8.4B P4.4B P0.5B Harbour Link (P11.0B), Citi Link (P7.0B), Connector Road (P15.8B), CAVITEX (P5.4B), CALA (P43.3B) P11.3B HOSPITALS P1.2B P2.3B P10.0-B P2.2B P0.7B Acquisitions – P3.2B P3.2B

Normaliz alized ed 2013 13 Cash h Flow

s for MPIC (In Billions of Pesos) Dividend idend income me Maynilad 1.10 To increase as concession moves cash flow positive MPTC 1.40 85% to 90% of core income. Requires capital to support expansion Beacon Electric 0.80 Beacon preferred shares at 7% coupon Hospitals 0.10 Accelerating with growth in hospital group 3.40 Interest - net (0.50) Operating expenses (0.90) Includes expenses from acquisition-related projects Available lable for dividen ends/d s/deb ebt 2.00

* In addition, Beacon (held 50%) has P33B of debt.

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QUARTERL TERLY Y ANALYSIS SIS

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MAYNILAD NILAD QUARTERL ERLY Y HIGHLIGHT IGHTS

4% drop in Revenues driven by 2% decline in billed volume 15% growth in Core Income mainly due to decrease in amortization of service concession assets and no provision for doubtful accounts 37% growth in Reported Income due to 4Q 2012 write

ff of deferred income tax assets

1Q 2013 4Q 2012 Revenues 4,064 4,234 Core EBITDA 2,759 2,692 Core Income 1,965 1,713 Reported Income 1,765 1,293 Billed volume (In MCM) 106 106 108 Billed customers 1,088,264 1,073,508 Non-revenue water Average 41.3% 43.5% Period end 39.9% 41.0% Service levels 24-hour coverage 97% 97% 96% Over 7 psi 100% 100% 100% FINANCIAL HIGHLIGHTS (In Millions of Pesos) KEY METRICS

SLIDE 16

MERAL ALCO O QUARTERL ERLY Y HIGHLIGHTS GHTS

6% decrease in distribution and other revenues due to 7% seasonal decline in energy sales quarter over quarter 35% growth in Core EBITDA driven by decrease in

perating expenses

Growth in Core and Reported Income affected by higher provision for income tax in 1Q 2013

1Q 2013 4Q 2012 Distribution and other revenues 13,270 14,045 Core EBITDA 7,090 5,258 Core Income 4,024 3,511 Reported Income 4,024 3,508 System Loss 7.09% 7.04% Number of customers 5.23M 5.19M Energy Sales Industrial 2,409 2,565 Commercial 3,052 3,307 Residential 2,284 2,418 Streetlights 32 32 33 Total (in gWh) 7,777 8,323 FINANCIAL HIGHLIGHTS (In Millions of Pesos) KEY METRICS

SLIDE 17

MPTC QUARTERL ERLY HIGHLIGHT IGHTS S

12% Growth in Net Revenues driven by inclusion of revenues from CAVITEX amounting to P254 million in 1Q 2013 Faster growth in Core EBITDA due to strict control of

perating and maintenance costs and decrease in
perating expenses

Drop in Core Income due to due to consolidation of interest expense and amortization of intangible assets of CAVITEX Movement in Reported Income driven by marked to market gains recognized in 1Q 2013

1Q 2013 4Q 2012 Net Revenues 1,995 1,787 Core EBITDA 1,375 1,180 Core Income 450 450 459 Reported Income 466 466 403 Average Daily Vehicle Entries Class 1 127,627 127,786 Class 2 28,285 29,044 Class 3 14,359 14,439 Total 170,271 171,269 Average Kilometers Travelled (In thousands of kms) Class 1 2,313 2,317 Class 2 601 601 620 Class 3 351 351 357 Total 3,265 3,294 Average Daily Vehicle Entries Class 1 86,385 Class 2 9,986 Class 3 3,669 Total 100,040 NLEX CAVITEX FINANCIAL HIGHLIGHTS (In Millions of Pesos) KEY METRICS

SLIDE 18

HOSPIT PITAL AL GROUP QUARTERL ERLY Y HIGHLIG IGHTS HTS

Gross Revenues dropped by 2% Q-O-Q driven by decline in Revenues by 13% in Cardinal Santos, 5% by Davao Doctors and 4% by Our Lady of Lourdes and 2% by Asian Hospital Faster growth in Core EBITDA and Core Income due to reimbursement of Senior Citizen’s discount from drug companies Movements in Reported Income driven by provisions and contingencies

1Q 2013 4Q 2012 Gross Revenues 2,895 2,966 Core EBITDA 665 665 483 Core Income 219 219 188 Reported Income 255 255 178 Total number of beds 1,817 1,806 Number of accredited doctors 4,542 4,546 Number of enrollees 4,019 3,291 FINANCIAL HIGHLIGHTS (In Millions of Pesos) KEY METRICS

SLIDE 19

19 19

BALANC NCE E SHEETS AND CASH FL FLOWS WS

SLIDE 20

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METRO RO PACIFIC IFIC INVES ESTMENTS TMENTS CORPORATION PORATION – PARENT ENT

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS LIABILITIES AND EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash and short-term investments 6 6,2 ,266 1,484 Accounts payable and other current liabilities 1 1,3 ,388 1,278 Receivables - net 1 1,3 ,342 247 Due to related parties 5 596 596 Other current assets 1 183 389 Current portion of long-term debt 6 68 4,763 Total Current Assets 7 7,7 ,791 2,120 Total Current Liabilities 2 2,0 ,052 6,637 NONCURRENT ASSETS NONCURRENT LIABILITIES Investments and advances to subs., associates & JVs 7 76,1 ,128 73,625 Long-term debts - net of current portion 6 6,4 ,413 6,446 Receivables 7 751 750 Deferred credits and other long-term liabilities 3 35

Property and equipment - net

6 60 59 Total Noncurrent Liabilities 6 6,4 ,448 6,446 Due from related parties 5 55 54 Other noncurrent assets 1 1,0 ,050 1,052 Total Liabilities 8 8,5 ,500 13,083 Total Noncurrent Assets 7 78,0 ,044 75,540 EQUITY TOTAL ASSETS 8 85,8 ,835 77,660 Capital stock 2 26,0 ,052 24,664 Additional paid-in capital 4 42,8 ,868 38,097 Other reserves 8 86 113 Retained earnings 8 8,3 ,329 1,703 Total Equity 7 77,3 ,335 64,577 TOTAL LIABILITIES AND EQUITY 8 85,8 ,835 77,660 As of As of

SLIDE 21

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METRO RO PACIFIC IFIC INVES ESTMENTS TMENTS CORPORATION PORATION – CONSOLIDATED SOLIDATED

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS NONCURRENT LIABILITIES CURRENT ASSETS Long-term debts - net of current portion 4 40,2 ,274 37,068 Cash and short-term investments 1 13,6 ,628 10,478 Service concession fees payable 7 7,8 ,831 8,026 Receivables and other current assets 6 6,2 ,213 5,547 Deferred tax and other noncurrent liabilities 1 14,8 ,849 9,153 Total Current Assets 1 19,8 ,841 16,025 Total Noncurrent Liabilities 6 62,9 ,954 54,247 NONCURRENT ASSETS Total Liabilities 8 84,6 ,625 79,144 Investments and advances to associates and JVs 5 51,8 ,805 45,083 Goodwill 1 17,4 ,400 13,155 EQUITY Intangible assets 9 90,2 ,279 81,870 Capital stock 2 26,0 ,052 24,664 Property and equipment - net 6 6,0 ,041 6,049 Additional paid-in capital 4 42,8 ,872 38,097 Other noncurrent assets 5 5,0 ,010 11,322 Retained earnings and other reserves 2 20,4 ,454 16,867 Total Noncurrent Assets 170,535 157,479 Total equity attributable to owners of Parent 8 89,3 ,378 79,628 Non-controlling interest 1 16,3 ,373 14,732 TOTAL ASSETS 190,376 173,504 Total Equity 105,751 94,360 LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 190,376 173,504 CURRENT LIABILITIES Accounts payable and other current liabilities 1 14,0 ,016 13,992 Current portion of Concession fees payable, 7 7,6 ,655 10,905 long-term debt and others Total Current Liabilities 2 21,6 ,671 24,897 As of As of

SLIDE 22

MAYNILAD ILAD WATER SERVICE VICES S INC.

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS Non-current Liabilities Current Assets Interest-bearing loans - net of current portion 19,770 20,659 Cash and short-term investments 1,804 3,920 Noncurrent portion of service concession obligation 7,884 7,975 Trade and other receivables 2,423 2,533 Pension liability 2 255 230 Other current assets 2,329 1,632 Deferred credits and other noncurrent liabilities 1,613 2,503 Total Current Assets 6,556 8,085 Total Noncurrent Liabilities 29,522 31,367 Non-current Assets Total Liabilities 43,350 44,576 Service concession assets - net 51,681 50,663 Deferred tax assets - net 1,757 1,633 Equity Property and equipment - net 4 457 367 Capital stock 4,547 4,011 Other noncurrent assets - net 4 416 553 Additional paid-in capital 9,980 102 Total Noncurrent Assets 54,311 53,216 Other equity adjustments ( (309) (319) Retained earnings 3,299 12,931 TOTAL ASSETS 60,867 61,301 Total Equity 17,517 16,725 LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 60,867 61,301 Current Liabilities Trade and other payables 12,090 11,200 Current portion of interest-bearing loans 8 899 997 Current portion of service concession obligation 8 839 1,012 Total Current Liabilities 13,828 13,209 As of As of

SLIDE 23

MAYNILAD ILAD WATER SERVICE VICES S INC.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2013 Mar 2012 In PhP Millions Mar 2013 Mar 2012 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 1,643 1,565 Acquisitions of property and equipment (139) (139) (21) Adjustments for: Decrease (increase) other noncurrent assets (216) (216) 32 Interest expense 725 725 547 Decrease (increase) in deferred tax assets (124) (124) (75) Amortization of service concession assets 369 369 433 Net cash used in investing activities (479) (479) (64) Interest income (27) (27) (52) Pension cost (income) Cash Flows from Financing Activities Depreciation and amortization 49 49 29 Payments of: Operating income before working capital changes 2,759 2,522 Service concession obligation payable (520) (520) (496) Decrease (increase): Interest-bearing loans (21,590) (438) Short-term investments 14 14 (23) Dividends (11,396) Trade and other receivables 110 110 25 Proceeds from availment of interest-bearing loans 21,152 Service concession assets (1,030) (752) Acquisition of treasury shares 10 10 Other current assets (698) (698) 214 Increase in capital stock 10,333 Increase in trade and other payables 1,209 (77) Increase (decrease) in: Cash generated from operations 2,364 1,909 Payable to MWSS 241 241 (256) Interest received 28 28 52 Deferred credits (1,400) 165 Net cash provided by operating activities 2,392 1,961 Other noncurrent liabilities (13) (13) 36 Interest paid (832) (832) (603) Net cash provided by (used in) financing activities (4,015) (1,592) Net increase (decrease) in cash and cash equivalents (2,102) 305 Cash and cash equivalents at beginning of period 3,906 4,175 Cash and cash equivalents at end of period 1,804 4,480

SLIDE 24

MANI NILA LA ELECT CTRIC RIC COMPAN ANY Y AND ND SUBSIDIA SIDIARIES RIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS LIABILITIES AND EQUITY Current Assets Liabilities Cash 6 60,9 ,922 60,500 Interest-bearing loans 2 24,9 ,969 24,613 Receivables 2 26,1 ,161 28,077 Trade and other payables 5 50,0 ,007 49,085 Other current assets 3 3,0 ,022 3,666 Customers' deposits 2 22,4 ,433 23,313 Total Current Assets 9 90,1 ,105 92,243 Other liabilities 6 62,2 ,260 52,176 Total Liabilities 159,669 149,187 Noncurrent Assets Utility plant and others - net 109,828 109,312 Total Equity 6 64,9 ,946 67,727 Investments 1 12,4 ,435 3,449 Other Assets 1 12,2 ,247 11,910 TOTAL LIABILITIES AND EQUITY 224,615 216,914 Total Noncurrent Assets 134,510 124,671 TOTAL ASSETS 224,615 216,914 As of As of

SLIDE 25

MANI NILA LA ELECT CTRIC RIC COMPAN ANY Y AND ND SUBSIDIA SIDIARIES RIES

CASH FLOW STATEMENT In PhP Millions Mar 2013 Mar 2012

Cash flows from operating activities Operating income before working capital changes 9,111 8,869 Net change in working capital 4,282 3,039 Income tax paid (1)

Net cash provided by operating activities

13,392 11,908 Net cash used by investing activities (10,615) (1,362) Net cash used by financing activities (2,355) (2,612) Net increase in cash and cash equivalents 422 422 7,934 Cash and cash equivalents at beginning of period 60,500 44,141 Cash and cash equivalents at end of period 60,922 52,075

SLIDE 26

METRO O PACIF IFIC IC TOLLWAYS CORPORA PORATION TION AND SUBSID BSIDIARIES IARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 3,445 3,335 Accounts payable and accrued expenses 1,292 1,965 Receivables 1 186 167 Current portion of long term debt 7 787 144 Inventories 5 54 45 Other current liabilities 1,305 760 Due from related parties 3 360 343 Total Current Liabilities 3,384 2,869 Other current assets 3 375 471 Total Current Assets 4,420 4,361 Noncurrent Liabilities Deposits for future stock subscription 6,772 6,772 Noncurrent Assets Long-term debt - net of current portion 20,922 8,762 Service concession assets 24,619 15,180 Deferred tax liabilities 7 775 394 Notes Receivable 6,578 Contingent liabilities 1,104

Due from related parties

6 65 65 Other noncurrent liabilities 1,041 356 Available for sale investments 9 944 916 Total Noncurrent Liabilities 30,614 16,284 Property and equipment 1 146 120 Investment in CFC preferred shares 6,274 Total Liabilities 33,998 19,153 Investment in an associate 1 120 175 Goodwill 4,764 14 Equity Other noncurrent assets 1,045 180 Capital Stock 5,065 5,065 Total Noncurrent Assets 37,977 23,228 Other equity adjustments ( (717) (732) Retained earnings 1,497 1,734 TOTAL ASSETS 42,397 27,589 Total Equity Attributable to Equity Holders of Parent 5,845 6,067 Non-controlling interest 2,554 2,369 Total Equity 8,399 8,436 TOTAL LIABILITIES AND EQUITY 42,397 27,589 As of As of

SLIDE 27

MEDICAL ICAL DOCTORS ORS INC. AND SUBSID BSIDIARIES IARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS Noncurrent Liabilities Current Assets Deferred income tax liabilities 923 923 805 Cash and cash equivalents 316 316 374 Retirement benefit obligation 35 35 132 Receivables - net 378 378 432 Loans payable 451 451 404 Inventories - net 181 181 197 Total Noncurrent Liabilities 1 1,4 ,409 1,342 Other current assets 67 67 49 Total Current Assets 9 943 1,052 Total Liabilities 2 2,3 ,358 2,488 Noncurrent Assets Equity Property and Equipment - net 6,926 6,828 Capital stock 3 329 329 Deferred income tax assets 61 61 8 Capital in excess of par value 1 1,4 ,469 1,465 Other noncurrent assets 13 13 14 Deposit for future subscription

Total Noncurrent Assets

7 7,0 ,000 6,849 Other equity adjustments 2 2,1 ,130 2,131 Retained earnings 1 1,6 ,635 1,464 TOTAL ASSETS 7 7,9 ,943 7,901 Treasury Stock ( (15) (15) Total Equity Attributable to Equity Holders of Parent 5 5,5 ,547 5,374 LIABILITIES AND EQUITY Non-controlling interest 3 37 38 Current Liabilities Total Equity 5 5,5 ,584 5,412 Accounts payable and accrued expenses 715 715 903 Current portion of long-term liabilities 213 213 213 TOTAL LIABILITIES AND EQUITY 7 7,9 ,943 7,901 Other current liabilities 22 22 31 Total Current Liabilities 9 949 1,146 As of As of

SLIDE 28

MEDICAL ICAL DOCTORS ORS INC. AND SUBSID BSIDIARIES IARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 110 110 315 Acquisitions of property and equipment (105) (336) Adjustments for: Construction in progress (62) (390) Provisions 13 13 61 Increase in other noncurrent assets

Depreciation and amortization 100 100 376 Others 2 (4) Retirement benefit expense 5 23 Net cash used in investing activities (165) (702) Interest expense 9 53 Interest income

Cash Flows from Financing Activities Loss on sale of investment

Proceeds from: Others (3) (20) Loans 100 100

Operating income before working capital changes

234 234 809 Issuance of capital stock 4 61 Decrease (increase): Payment of loan (53) (213) Receivables 52 52 (99) Interest paid (11) (55) Inventories 16 16 (31) Dividends paid (73) (135) Prepayments (17) 12 Net cash used in financing activities (33) (342) Increase (decrease) in: Accounts payable and accrued expenses (127) 105 Net decrease in cash and cash equivalents (58) (294) Refundable deposits and other liabilities (14) (4) Cash generated from operations 144 144 792 Cash and cash equivalents at beginning of period 374 374 668 Contributions to the retirement fund (4) (22) Interest received 7 Cash and cash equivalents at end of period 317 317 374 Income taxes paid

(27)

Net cash provided by operating activities 140 140 751

SLIDE 29

COLINA INAS S VERDES DES (CARDIN DINAL AL SANTOS OS MEDICA ICAL L CENTE TER) R)

BALANCE SHEET (Restated) BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS LIABILITIES AND EQUITY Current Assets Current Liabilities Cash and cash equivalents 158 158 132 132 Accounts payable and accrued expenses 4 418 536 Receivables - net 141 141 112 112 Loans payable, current 1 150

Inventories - net

66 66 75 75 Other current liabilities 1 13 13 Other current assets 16 16 7 Total Current Liabilities 5 581 549 Total Current Assets 3 381 3 326 Noncurrent Liabilities Noncurrent Assets Retirement plan 1 15 14 Property and Equipment - net 1 1,0 ,003 9 997 Lease payable 5 572 565 Deferred income tax assets 4 46 4 40 Total Current Liabilities 5 586 579 Other noncurrent assets 5 5 8 8 Total Noncurrent Assets 1 1,0 ,054 1 1,0 ,045 Total Liabilities 1 1,1 ,168 1,128 TOTAL ASSETS 1 1,4 ,435 1 1,3 ,371 Equity Capital stock 5 5 5 Retained earnings 2 262 238 Total Equity 2 267 243 TOTAL LIABILITIES AND EQUITY 1 1,4 ,435 1,371 As of As of

SLIDE 30

COLINA INAS S VERDES DES (CARDIN DINAL AL SANTOS OS MEDICA ICAL L CENTE TER) R)

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 25 25 88 Acquisitions of property and equipment (45) (215) Adjustments for: Provisions 2 7 Cash Flows from Financing Activities Depreciation and amortization 38 38 135 Due to related parties

(115)

Interest expense 27 27 20 Loans payable (18)

Interest income

1 3 Net cash provided by (used in) financing activities (18) (115) Operating income before working capital changes 92 92 253 Decrease (increase): Net increase (decrease) in cash and cash equivalents 26 26 (45) Receivables (31) (3) Inventories 9 (3) Cash and cash equivalents at beginning of period 131 131 176 Prepayments (6) (8) Increase (decrease) in: Cash and cash equivalents at end of period 158 158 131 Accounts payable and accrued expenses 24 24 41 Refundable deposits and other liabilities 1 7 Cash generated from operations 90 90 288 Interest received (1) (3) Net cash provided by operating activities 89 89 285

SLIDE 31

DAVAO O DOCTORS ORS HOSPIT SPITAL, AL, INC. AND SUBSIDIARIES SIDIARIES

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS Noncurrent Liabilities Current Assets Retirement benefit obligations 6 66 64 Cash and cash equivalents 1 184 180 Other noncurrent liabilities 5 56 43 Receivables, net 1 188 199 Total Noncurrent Liabilities 1 122 106 Inventory, net 6 60 66 Prepaid expenses 6 6 4 Total Liabilities 3 354 366 Total Current Assets 4 439 449 Equity Noncurrent Assets Capital stock 9 91 91 Property and Equipment - net 8 863 834 Capital in excess of par value 4 47 47 Deferred income tax assets 1 17 17 Treasury shares ( (7) (7) Other noncurrent assets 1 15 15 Retained earnings 8 870 837 Total Noncurrent Assets 8 895 8 865 Total Equity Attributable to Parent 1 1,0 ,001 968 Non-controlling interests ( (21) (20) TOTAL ASSETS 1 1,3 ,334 1 1,3 ,314 Total Equity 9 981 948 LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 1 1,3 ,334 1,314 Current Liabilities Accounts payable and accrued expenses 1 197 240 Other current liabilities 3 34 20 Total Current Liabilities 2 231 2 260 As of As of

SLIDE 32

DAVAO O DOCTORS ORS HOSPIT SPITAL, AL, INC. AND SUBSIDIARIES SIDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 34 34 177 Acquisitions of property and equipment (59) (95) Adjustments for: Increase in noncurrent assets (0) 3 Depreciation 30 30 124 Net cash used in investing activities (59) (92) Provision for bad debts 2 5 Operating income before working capital changes 66 66 306 Cash Flows from Financing Activities Decrease (increase): Dividends paid

(90)

Receivables 23 23 (3) Decrease in other noncurrent liabilities

Inventories 7 (17) Net cash used in financing activities

(89)

Prepayments and others (3) (0) Increase (decrease) in: Net increase in cash and cash equivalents 4 115 Current liabilities (30) 22 Deferred tax asset 3 (3) Cash and cash equivalents at beginning of period 180 180 65 Other non current assets (0) 1 Net cash provided by operating activities 64 64 306 Cash and cash equivalents at end of period 184 184 180 Interest received

(10)

Net cash provided by operating activities 64 64 296

SLIDE 33

RIVE VERSIDE SIDE MEDICAL DICAL CENTE NTER R GR GROUP

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS Noncurrent Liabilities Current Assets Long-term debt - net of current 7 70 84 Cash and cash equivalents 7 73 80 Deferred income tax liabilities 7 78 79 Receivables - net 1 118 136 Accrued retirement costs 2 27 26 Inventories - net 7 76 81 Other noncurrent liabilities 1 10 11 Other current assets 1 13 3 Total Noncurrent Liabilities 1 185 200 Total Current Assets 2 280 300 Total Liabilities 5 514 568 Noncurrent Assets Property and Equipment - net 7 735 732 Equity Other noncurrent assets 6 63 69 Capital stock 3 39 39 Total Noncurrent Assets 7 797 801 Revaluation increment 1 186 186 Retained earnings 3 342 312 TOTAL ASSETS 1 1,0 ,077 1,101 Treasury Stock ( (4) (4) Total Equity 5 563 533 LIABILITIES AND EQUITY Current Liabilities TOTAL LIABILITIES AND EQUITY 1 1,0 ,077 1,101 Accounts payable and accrued expenses 2 258 280 Current portion of long-term debt 5 53 53 Unearned tuition and other school fees 1 1 31 Income tax payable 1 17 5 Total Current Liabilities 3 329 368 As of As of

SLIDE 34

RIVE VERSIDE SIDE MEDICAL DICAL CENTE NTER R GR GROUP

Depreciation

11 11 70 Dividends paid

(20)

Interest expense 2 8 Decrease in noncurrent assets (1) (1) (4) Interest income (0) (0) (3) Net cash used in investing activities (16) (16) (133) Others

Operating income before working capital changes 55 55 185 Cash Flows from Financing Activities Decrease (increase) : Payment of long-term debt (13) (13) (19) Receivables 25 25 1 Inventories 6 (9) Net decrease in cash and cash equivalents (7) (7) (58) Other current assets (9) (9) (1) Increase (decrease) in: Cash and cash equivalents as of beginning of period 80 80 138 Accounts payable and accrued expenses (22) (22) (29) Pension Liabilities 1 (7) Cash and cash equivalents at end of the period 72 72 80 Other current liabilities (31) (31) 7 Cash generated from operations 24 24 147 Interest received

Income taxes paid (1) (1) (48) Interest paid (2) (2) (8) Net cash provided by operating activities 22 22 94

SLIDE 35

EAST T MANILA A HOSPIT PITAL L MANAGERS GERS CORP. . (OUR R LADY OF LOURDES DES)

BALANCE SHEET BALANCE SHEET (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 ASSETS Noncurrent Liabilities Current Assets Accrued retirement 1 13 12 Cash and cash equivalents 6 64 54 Loans payable 9 90 90 Receivables - net 4 42 45 Other noncurrent liabilities 2 244 251 Inventories - net 2 24 24 Total Noncurrent Liabilities 3 347 352 Prepaid expenses 1 1

Total Current Assets

1 130 124 Total Liabilities 4 423 420 Noncurrent Assets Equity Property and Equipment - net 1 158 155 Capital stock 1 13 13 Deferred income tax 1 14 12 Retained earnings 6 66 60 Other noncurrent assets 1 198 201 Total Equity 7 78 72 Total NonCurrent Assets 3 371 369 TOTAL LIABILITIES AND EQUITY 5 501 493 TOTAL ASSETS 5 501 493 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 5 56 54 Due to related parties 1 14 10 Other current liabilities 5 5 4 Total Current Liabilities 7 76 68 As of As of

SLIDE 36

EAST T MANILA A HOSPIT PITAL L MANAGERS GERS CORP. . (OUR R LADY OF LOURDES DES)

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012

Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 6 19 Acquisitions of property and equipment (14) (55) Adjustments for: Increase in other noncurrent assets 1 3 Depreciation 11 11 39 Net cash used in investing activities (13) (52) Provision for doubtful accounts 1 8 Interest expense 1 6 Cash Flows from Financing Activity Operating income before working capital changes 20 20 72 Increase (decrease) in: Increase: Notes payable

Receivables 2 (15) Due to related parties 4 (62) Inventories 1 (1) Other noncurrent liabilities (7) 5 Other current assets (1)

Net cash provided by investing activities

(2) 33 Increase in: Accounts payable and accrued expenses 1 (15) Net increase in cash and cash equivalents 11 11 29 Retirement fund obligation 2 5 Other current liabilities 2 2 Cash and cash equivalents as of beginning of period 53 53 24 Net cash provided by operating activities 26 26 49 Cash and cash equivalents at end of the period 64 64 53

SLIDE 37

ASIAN AN HOSPIT PITAL L INC NC.

Refundable deposits and other current liabilities

3 34 49 Prepaid expenses 2 2 5 Total Current Liabilities 6 668 642 Total Current Assets 7 740 640 Noncurrent Liabilities Noncurrent Assets Long-term debt - net of current 1 1,0 ,071 1,110 Property and equipment, net 3 3,4 ,432 3,490 Deferred income tax 1 135 135 Total Liabilities 1 1,7 ,740 1,752 Computer software - net 5 5 6 Other non-current assets 1 13 13 Equity Total Noncurrent Assets 3 3,5 ,586 3,644 Capital stock 1 1,9 ,937 1,937 Capital stock in excess of par value 1 185 185 TOTAL ASSETS 4 4,3 ,325 4,284 Subscription receivable ( (6) (6) Retained earnings 4 469 415 Total Equity 2 2,5 ,585 2,532 TOTAL LIABILITIES AND EQUITY 4 4,3 ,325 4,284 As of As of

SLIDE 38

ASIAN AN HOSPIT PITAL L INC NC.

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued) In PhP Millions Mar 2013 Dec 2012 In PhP Millions Mar 2013 Dec 2012 Cash Flows from Operating Activities Cash Flows from Investing Activities Income before income tax 53 53 148 Acquisitions of property and equipment (6) (6) (175) Adjustments for: Increase in noncurrent assets 1 6 Provisions (10) (10) 10 Net cash used in investing activities (5) (5) (169) Depreciation 75 75 300 Amortization of capitalized borrowing cost 1 6 Cash Flows from Financing Activities Interest expense 32 32 142 Payment of long-term debt (42) (42) (264) Loss on disposal of property and equipment (1) (1) 1 Interest paid (19) (19) (143) Others (3) (3) (8) Net cash used in investing activities (60) (60) (406) Operating income before working capital changes 149 149 599 Decrease (increase) : Net increase (decrease) in cash and cash equivalents 124 124 (21) Receivables 13 13 3 Inventories 15 15 (12) Cash and cash equivalents as of beginning of period 271 271 292 Other current assets (2) (2) 1 Increase (decrease) in: Cash and cash equivalents at end of the period 396 396 271 Accounts payable and accrued expenses 16 16 2 Other current liabilities (2) (2) (38) Net cash provided by operating activities 190 190 555

SLIDE 39