Alphaland Corporation 3Q 2012 Financial Results

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1 Alphaland Corporation 3Q 2012 Financial Results November 2012

2 Agenda Company Presentation Company overview Corporate and shareholding structure Business strategies Our projects Financial performance Appendix Q&A 1

3 Company Overview

4 Who we are A unique property developer with attractive land bank at prime locations, differentiating itself through the development of premium residential, commercial, leisure and resort properties with unique lifestyle propositions Makati Place (residential) Makati Place (retail) Alphaland Tower Alphaland Bay City Southgate Mall and Tower Marina Club The City Club Balesin Island Club Boracay Gateway Shangri-La at The Fort 3

5 Our history Selective and strategic acquisition of land bank and development of properties over the last five years May: Alphaland Development Inc. (then known as Alphaland Corporation) was incorporated Sep: Alphaland acquired 10ha of land in Parañaque City for the development of Alphaland Bay City Nov: Alphaland acquired 30ha of land in Silang, Cavite Jun: Alphaland acquired the leasehold rights for 1ha of land for Alphaland Makati Place and the land for Alphaland Tower Aug: Alphaland Southgate Mall opened and Alphaland Southgate Tower was launched Nov: Completion of reverse takeover ( RTO ) of Macondray Plastics, Inc. May: Commenced construction of Alphaland Makati Place and Alphaland Tower Aug: Commenced marketing of Alphaland Makati Place Dec: Alphaland Southgate Tower fully leased Jan: Alphaland acquired and redeveloped Alphaland Southgate Mall and Tower May: Alphaland acquired 20% in Shangri-La at The Fort Mar: Memorandum of Agreement was signed with Akean Resorts for the development of Boracay Gateway Apr: Memorandum of Agreement was signed with Balesin Corporation for Alphaland Balesin Island Club Feb: Alphaland Balesin received endorsement from DOT to develop 394ha of land for registration with Philippine Economic Zone Authority Feb: Commenced marketing of Alphaland Tower Apr: Incorporation of Alphaland Bay City, soft opening of Balesin Village Sep: Start of breakwater for Marina Club Nov: Launch of Marina Club 4

6 Corporate and shareholding structure Simplified corporate structure Alphaland Holdings (Singapore) Pte. Ltd. ( Ashmore ) Masrickstar Corporation Boerstar Corporation RVO Capital Ventures Corporation Azurestar Corporation Others 38.7% 35.8% 8.5% 7.2% 1.4% 8.5% Alphaland Corporation (the Company or Group ) Alphaland Development Inc % 100.0% 100.0% 50.0% 20.0% Alphaland Balesin Island Resort Corporation Aklan Boracay Properties, Inc. Alphaland Bay City Corp. Shangri-La at the Fort Southgate Mall and Tower Makati Place Alphaland Tower Silang Balesin Island Club 60% interest in Boracay Gateway JV Alphaland Bay City JV with Wenceslao Group In addition, Alphaland develops and sells preferred shares of the following clubs, which are owned, operated and managed by an affiliate not within the Group: Balesin Island Club The City Club at Alphaland Makati Place Marina Club (Launched on 8 November 2012) 5

7 Business strategies 1 Deliver real value to customers as excellence sells itself 2 Create markets in unique leisure developments 3 Penetrate domestic and international markets 4 Selective acquisition and strategic developments 6

Alphaland s unique approach to property development We focus on and develop properties that cater to discerning customers who are able to truly

and interior design Landmark properties Interior of Alphaland Makati Place residential unit Offer ultimate lifestyle choices Clubs (1) City,

Marina Club clubhouse Focus on location and convenience Urban projects are in prime and strategic locations Resort projects are conveniently

8 Alphaland s unique approach to property development We focus on and develop properties that cater to discerning customers who are able to truly understand and appreciate the finer details in our developments Live Work Play Emphasis on design and quality International-standard architectural and interior design Landmark properties Interior of Alphaland Makati Place residential unit Offer ultimate lifestyle choices Clubs (1) City, Marina, Balesin Exclusive properties Catering to high net worth individuals in the country, expatriates and foreign investors Conceptual design for Marina Club clubhouse Focus on location and convenience Urban projects are in prime and strategic locations Resort projects are conveniently located Balesin Island Phuket village (1) Through the sale of the clubs preferred shares. Clubs are owned, operated and managed by an affiliate not within the Group. 7

9 Overview of Alphaland s projects We have a robust pipeline of residential, commercial, leisure and resort developments, which have significantly appreciated since the Company acquired the land Expected project completion timeline (1) Property name Alphaland Southgate Operational since 2009 Alphaland Balesin Partially operational Construction completion Alphaland Makati Place Completion of Mall and City Club Completion of residential Completion of hotel / serviced apartments Alphaland Makati Tower Construction completion Alphaland Bay City Develop Marina Club Opening of Marina Club Continuation of development of Bay City Shangri-La at the Fort Construction completion Boracay Gateway Development of Boracay Gateway (1) This chart reflects the completion dates currently being targeted by the Company, which are subject to a number of factors and may change from time to time. 8

Strong management team and shareholders We believe that our management team s

businesses in the Philippines, has allowed us to successfully execute our

Counsel Joanna Duarte VP for Sales & Marketing Kenneth Go VP for Planning &

Siasat VP for Purchasing Years of relevant experience 40 10 20 10 23 30 15 Major

the Philippines and overseas Relevant position includes his role as non-

Recto, Vice-Chairman, Corporate Information Officer Likewise, Mr.

10 Strong management team and shareholders We believe that our management team s collective experience in the real estate industry, as well as in other businesses in the Philippines, has allowed us to successfully execute our strategies Management Position Mario Oreta President Marriana Yulo Chief Finance Officer Gen. Cyrano Austria SVP for Projects Rodolfo Ponferrada Corporate Secretary & General Counsel Joanna Duarte VP for Sales & Marketing Kenneth Go VP for Planning & Design Josefino B. Siasat VP for Purchasing Years of relevant experience Major shareholders Joint venture between the Ongpin Group and Ashmore Group Roberto V. Ongpin, Chairman and CEO Mr. Ongpin has extensive experience in the Board of Directors of listed companies in the Philippines and overseas Relevant position includes his role as non- Executive Director of Shangri-La Asia Ltd. Eric O. Recto, Vice-Chairman, Corporate Information Officer Likewise, Mr. Recto has extensive experience in the Board of Directors and management teams of listed companies in the Philippines Notable position includes his role as President of Petron Corporation Ashmore Group plc Private equity fund Based in London with over US$60 billion in assets under management (1) (1) Ashmore website, as of 30 June

11 Achievements in 2012 year-to-date Key financial milestones Financial metric as of 9M 2012 PHP in millions vs. 9M 2011 Revenue (1) % Adjusted EBITDA (1) % Profit before tax 2, ,302.1% Adjusted Profit before tax (2) % Net income 1, % Adjusted net income (3) % Net debt to equity (%) 17.3% 10.8% (1) Includes realized gains on sale of AFS investments. (2) Excludes pre-tax gain on fair value change of investment properties and gain on bargain purchase. (3) Excludes after tax gain on fair value change of investment properties, gain on bargain purchase and net income from discontinued operations. Assumes 30% tax rate. 10

12 Operational update Property name Status as at 3Q 2012 Alphaland Southgate Tower Completed and 100% occupied Alphaland Southgate Mall Completed and 93% occupied Alphaland Makati Place The City Club at Alphaland Makati Place 75% of Phase 1 completed and the mall expected to be operational by 1Q 2013, residential tower 1 expected turnover by end residential units have been pre-sold as of September 30, % construction completed and expected to be operational by 1Q shares sold (including shares attached to residential units) as of September 30, 2012 (out of a total of 5,000 shares, of which 90% will be sold on a secondary basis by the Company) Alphaland Tower 82% of construction completed and expected to be operational by January 2013 Alphaland Balesin Island Club Alphaland Marina Club 82% of construction completed and expected to be 100% complete by 1Q out of the 7 villages are operational after the soft opening of the club in April local and 100 international shares sold as of September 30, 2012 (out of a total of 7,000 shares, of which 90% will be sold on a secondary basis by the Company) Construction of club formally launched on 8 November 2012 and scheduled to open in 2014 Expected to sell 5,000 shares, of which 90% will be sold on a secondary basis by the Company Shangri-La at the Fort 12.5% of construction completed to-date, and hotel scheduled to complete in

13 Our Projects

Prime city locations Alphaland Makati Place, Alphaland Tower and Alphaland Southgate Close to other prime offices, hotels, shopping complexes and medical buildings Makati Medical Centre & Medical

14 Prime city locations Alphaland Makati Place, Alphaland Tower and Alphaland Southgate Close to other prime offices, hotels, shopping complexes and medical buildings Makati Medical Centre & Medical City Alphaland Makati Place RCBC Tower Alphaland Southgate Greenbelt Mall The Enterprise Centre Alphaland Tower Philamlife Tower Glorietta Mall Makati Shangri-La Ayala Tower One and Ayala Triangle The Peninsula Manila Mandarin Oriental 13

Prime city locations (cont d) Alphaland Bay City is adjacent to Mall of Asia and new Entertainment City Ninoy Aquino International Airport SM Mall of

15 Prime city locations (cont d) Alphaland Bay City is adjacent to Mall of Asia and new Entertainment City Ninoy Aquino International Airport SM Mall of Asia Alphaland Bay City Entertainment City Bloomberry s Solaire Casino Belle Grande Resorts & Casino Resorts World Manila Bayshore Manila Bay Resorts 14

Projects Alphaland Southgate Description Conveniently located at the corner of Epifanio de los Santos Avenue (EDSA) and Pasong Tamo 20-storey modern structure clad in

residential subdivisions Operational since August 2009 Key operating statistics Occupancy as at 30 September 2012 Tower Mall 100% 93% Average lease life 5 years 2 to 3

16 Projects Alphaland Southgate Description Conveniently located at the corner of Epifanio de los Santos Avenue (EDSA) and Pasong Tamo 20-storey modern structure clad in glass, connected to an MRT terminal, arising from a six-story podium and a shopping mall Equally accessible from Makati s central business district and neighboring residential subdivisions Operational since August 2009 Key operating statistics Occupancy as at 30 September 2012 Tower Mall 100% 93% Average lease life 5 years 2 to 3 years GFA c. 37,000 sqm c. 17,000 sqm NLA c. 32,540 sqm c. 7,640 sqm Key tenants Business process outsourcing Supermarket, fastfood chains View from rooftop of mall View from driveway 15

Projects (cont d) Alphaland Tower Status update Description Strategically located along Ayala Avenue 34-storey building with LEED (Leadership in Energy and Environmental Design) certification Only

17 Projects (cont d) Alphaland Tower Status update Description Strategically located along Ayala Avenue 34-storey building with LEED (Leadership in Energy and Environmental Design) certification Only new source of premium corporate office in the vicinity in 2013 Alphaland Tower South elevation Occupancy Profiles of target tenants primarily include multinational corporations and financial services companies Floor area GFA: c. 48,000 sqm NLA: c. 31,000 sqm Estimated timeline (1) : December 2012: Project completion January 2013: Commencement of operations Development cost (2) : Total estimated development cost: PHP 3.1 billion Funding expected to come from: Existing PHP 2.4 billion loan facility from DBP, LBP, BOC and Maybank, of which PHP 1.5 billion has been drawn as of 30 September 2012 (1) These are the completion dates currently being targeted by the Company, which are subject to a number of factors and may change from time to time. (2) These are the Company s current expected development costs, which are subject to a number of variables and other factors, many of which are outside the control of the Company, and are based on assumptions that include, without limitation, expected construction costs, interest rates and timetable and expected raw material and other input and development costs, many of which have not yet been contracted for the Company, and accordingly these expected development costs are subject to change from time to time. 16

Projects (cont d) Alphaland Makati Place Residential, Retail and Hotel Description Mixed-use development

serviced apartments (One tower) Residential (Two towers) Mall The City Club at Alphaland Makati Place (1)

18 Projects (cont d) Alphaland Makati Place Residential, Retail and Hotel Description Mixed-use development designed by Wong & Ouyang, a leading international architectural and design firm Strategically located at Ayala Ave. extension, near other condominium developments, prime offices, and a reputable hospital Planned hotel / serviced apartments (One tower) Residential (Two towers) Mall The City Club at Alphaland Makati Place (1) Average lease life: 5 to 15 years (anchor) 3 to 5 years (average) Key tenants include a supermarket, a hardware store and a bookstore (1) Owned, operated and managed by an affiliate not within the Group. 17

Projects (cont d) The City Club at Alphaland Makati Place (1) Garden

facilities Expected to occupy the top three floors of the six-storey

offices, residential buildings and commercial establishments Gymnasium

19 Projects (cont d) The City Club at Alphaland Makati Place (1) Garden pool Description Two hectares of leisure, entertainment and business facilities Expected to occupy the top three floors of the six-storey podium at Alphaland Makati Place Within walking distance from major offices, residential buildings and commercial establishments Gymnasium Reception area (1) Owned, operated and managed by an affiliate not within the Group. 18

Projects (cont d) Status update on Alphaland Makati Place On-time and within budget Mall City Club Residential Hotel / Serviced Apartment Expected completion Total estimated development cost (1) 1Q

0 billion term loan in talks with several banks for a syndicated loan This amount includes refinancing of drawn amount (PHP 1.2 billion) from the existing PHP 1.

Corner of Ayala Avenue and Malugay Street (1) These are the Company s current expected development costs, which are subject to a number of variables and other factors, many of which are outside the

20 Projects (cont d) Status update on Alphaland Makati Place On-time and within budget Mall City Club Residential Hotel / Serviced Apartment Expected completion Total estimated development cost (1) 1Q 2013 (87% pre-leased) 1Q c. PHP 8.4 billion Funding expected to come from: PHP 7.0 billion term loan in talks with several banks for a syndicated loan This amount includes refinancing of drawn amount (PHP 1.2 billion) from the existing PHP 1.75 billion loan facility from DBP, LBP, BOC and Maybank Remainder expected to come from internal cash flows (pre-sales, share sales and equity) Corner of Ayala Avenue and Malugay Street View from FEU Corner of Ayala Avenue and Malugay Street (1) These are the Company s current expected development costs, which are subject to a number of variables and other factors, many of which are outside the control of the Company, and are based on assumptions that include, without limitation, expected construction costs, interest rates and timetable and expected raw material and other input and development costs, many of which have not yet been contracted for the Company, and accordingly these expected development costs are subject to change from time to time. 19

Projects (cont d) Balesin Island Club (1) Description Over 400ha island with seven themed villages inspired by world renowned seaside destinations containing 292 villas, including 14 suites in the

21 Projects (cont d) Balesin Island Club (1) Description Over 400ha island with seven themed villages inspired by world renowned seaside destinations containing 292 villas, including 14 suites in the clubhouse, across approximately 90ha Approximately 18 minutes away from Metro Manila by Jet Stream 32 Development cost: Total estimated development cost: PHP 3.2 billion (2) Funding expected to come from: PHP 2 billion credit line from Bank of Commerce (1) Owned, operated and managed by an affiliate not within the Group. (2) These are the Company s current expected development costs, which are subject to a number of variables and other factors, many of which are outside the control of the Company, and are based on assumptions that include, without limitation, expected construction costs, interest rates and timetable and expected raw material and other input and development costs, many of which have not yet been contracted for the Company, and accordingly these expected development costs are subject to change from time to time. 20

22 Projects (cont d) Village developments at Balesin: Bali 98 villas are operational to date Expected to have an additional 81 villas operational by end November and remaining 113 villas by 1Q 2013 Mykonos Nusa Dua Bar and Mykonos Taverna are operational and Mykonos Cove Deck is completed Phuket Sala is operational and 30 Phuket villas to be operational by end November Construction at Toscana is in progress and expected to have 32 villas, and be operational by 1Q 2013 Recently added Costa del Sol village, which is expected to have 48 villas and be operational by 1Q 2013 Phuket St. Tropez Toscana 21

Projects (cont d) Alphaland Bay City Description Artist s impression of

is expected to be a 32ha premium, selfcontained seaside community It is

commercial and retail developments Marina Club launched on 8 November 2012

23 Projects (cont d) Alphaland Bay City Description Artist s impression of retail strip Expected to be built around the Marina Club, Alphaland Bay City is expected to be a 32ha premium, selfcontained seaside community It is envisioned to be a premier location for premium residential, office, commercial and retail developments Marina Club launched on 8 November 2012 Artist s impression of the Marina Club Artist s impression of Parkside residential section 22

Projects (cont d) Boracay Gateway Aerial views of

including an all-weather polo field and country club 5

24 Projects (cont d) Boracay Gateway Aerial views of Boracay Gateway Description Fully-integrated master-planned leisure township, with sports, recreation, residential, and retail / commercial areas, including an all-weather polo field and country club 5 to 10 minutes away by boat from Boracay island Beach adjacent to Boracay Gateway 23

Projects (cont d) Shangri-La at The Fort Description Expected to be built to the specifications of a

and a retail area Located in Bonifacio Global City, which is a 30-minute drive from the airport and

Alphaland s ownership: 20% Investment to date: PHP 1.

25 Projects (cont d) Shangri-La at The Fort Description Expected to be built to the specifications of a premium hotel 60-storeys containing hotel guest rooms, residences for lease and sale, a sports club and a retail area Located in Bonifacio Global City, which is a 30-minute drive from the airport and 10-minute drive from Makati CBD Construction information Estimated to be completed by 2014 (1) Alphaland s ownership: 20% Investment to date: PHP 1.1 billion Already fully funded (1) These are the completion dates currently being targeted, which are subject to a number of factors and may change from time to time. 24

26 Financial Performance

27 Income statement Revenues (Includes realized gains on sale of AFS investments) (in PHP millions) EBITDA (Includes realized gains on sale of AFS investments) (in PHP millions) n.m. 54% 51% 59% Profit before tax (Excludes pre-tax gain on fair value change of investment properties and gain on bargain purchase) (in PHP millions) M11 9M12 n.m. 49% 48% 48% Net income (Excludes after tax gain on fair value change of investment properties, gain on bargain purchase and net income from discontinued operations. Assumes 30% tax rate.) (in PHP millions) (108) M11 9M12 EBITDA margin n.m. 44% 68% 44% (184) M11 9M12 PBT margin (209) M11 9M12 Net income margin 26

28 Balance sheet Total assets (in PHP millions) Net debt (in PHP millions) 33,856 39, % 8.4% 17.3% 4,918 17,985 1,158 2, M M12 Net debt/equity Investment properties at fair value (in PHP millions) Shareholders equity (in PHP millions) 15,338 18,046 21,164 24,338 28,473 13, M12 ABC ASG AT ABIC AMP Silang Caticlan AMC M12 27

29 Strong balance sheet management with staggered debt maturities Debt maturity profile as at 30 September 2012 (PHP in millions) 16.4% 19.8% 9.5% 16.4% 11.5% 8.1% 18.2% Key debt metrics Amount (PHP billion) Gross debt 5.3 (1) Net debt 4.9 (1) 93 Interest coverage 3.1x (1) After 2017 Facility 1 Facility 2 Facility 3 Credit line 1 (2) Well staggered debt maturity profile The Company has sufficient debt capacity to support its capital expenditure requirements in the next 12 to 24 months Significant undrawn but committed lines % total debt (1) As at and for the quarter ended 30 September Interest coverage is calculated as LTM EBITDA / interest paid and other financing charges. EBITDA includes realized gains on sale of AFS investments. (2) Represents drawdowns from PHP2 billion Bank of Commerce credit line, which are payable 180 days after drawdown. 28

30 Appendix

31 Our portfolio A variety of existing and potential properties which can be developed further to maximize value Property name Location Type Approximate size Alphaland Southgate Mall and Tower Makati City Office, Retail Tower NLA: 32,540 sqm Mall NLA: 7,640 sqm Balesin Island Club (1) Quezon Province Club membership Site area: 424ha Alphaland Makati Place (ex. The City Club) Makati City Retail, Residential, Hotel/serviced apartments Mall NLA: 5,700 sqm Residential sellable area: 42,731 sqm Hotel/serviced apartments: 13,285 sqm (202 rooms) The City Club (1) Makati City Club membership - Alphaland Tower Makati City Office NLA: 31,000 sqm For sale: 6,730 sqm Alphaland Bay City Parañaque City Township development Site area: 32ha Marina Club (1) Parañaque City Club membership - Boracay Gateway Aklan Province Township development Site area: 500ha Shangri-La at The Fort Bonifacio Global City Residential, Hotel 574 hotel rooms 97 hotel residences 98 luxury homes Silang Cavite Province Land Site area: 30ha Alphaland also owns a 50% stake in Alphaland Heavy Equipment Corporation (1) Owned, operated and managed by an affiliate not within the Group. 30

CENTURY PROPERTIES GROUP, INC. Analysts Presentation: FY 2013 Results April 2014

CENTURY PROPERTIES GROUP, INC. Analysts Presentation: FY 2013 Results April 2014 IMPORTANT NOTICE AND DISCLAIMER These materials have been prepared by Century Properties Group Inc. (together with its subsidiaries,