DMCI Holdings, Inc. of...DMCI Holdings, Inc. 3/F, DACON Building 2281 Pasong Tamo Ext. Makati 1231...

DMCI Holdings, Inc.

3/F, DACON Building2281 Pasong Tamo Ext.Makati 1231Philippines

Dr. Victor Limlingan, Managing DirectorInvestor Relations: [email protected]

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Disclaimer• The information contained in this document is strictly

confidential. Neither DMCI Holdings, Inc. (DMCI), nor its advisors make any representation regarding, and assumes no responsibility or liability for, the accuracy or completeness of, or any errors or omissions in any information contained herein. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning DMCI.

• In addition, this document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of DMCI, that are not statements of historical fact which would be treated as forward looking statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause actual events and DMCI’s future results to be materially different than expected or indicated by such statements. No assurance can be given that the results anticipated by DMCI, or indicated by any such forward looking statements, will be achieved.

• This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”) or an exemption from such registration. This document is not an offer to sell securities or a solicitation of an offer to buy securities in any jurisdiction where such offer or sale is not permitted.

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The DMCI Group: Engineering Expertise3

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Contents• History of DMCI

• The DMCI Group: Financials

• Portfolio Management

• Target Portfolio (5-year plan)

• Investors

• Founded in 1954, it is acknowledged as one of the leaders in the Philippine construction industry

• Built more than 500 buildings & structures (including national landmarks)

• One of the first to use precast, pre-stressed & high-strength ready-mixed concrete

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History of DMCI

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David M. Consunji Founder

• “…building is not just an occupation or even just a profession, but a calling.

• Constructing honestly and well is a task that combines huge social value, enormous technical challenges, and a great ethical obligation to be fair to clients and employees.”

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• Investors

The DMCI Group: Subsidiaries

Listed subsidiaries NAV (Pm)* *5 November 2013, Deutsche Bank AG/HK

Stakes

Semirara 63,023 56%

Toledo Mining 989 93%

Unlisted subsidiaries

Maynilad Water 21,192 25%

DMCI Homes 29,920 100%

Construction 46,020 100%

DMCI Power 2,831 100%

DMCI Mining (ex - TMC)

2,552 100%

Total 180, 591

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The DMCI Group: Net Income & NAV

Subsidiaries Net Income PhpAfter Minority Interest, For 9-mos. Ended September

30, 2013 (unaudited)

NAV (Pm)**5 November 2013, Deutsche Bank AG/HK

% of 2013

Semirara & Sem-Calaca 3,039,056,044 63,023 19%

(4% & 15%, respectively)

Maynilad Water(DMCI - MPIC)

1,483,480,094 21,192 9%

DMCI Homes(PDI)

2,037,835,261 29,920 12%

Construction(DMCI)

1,146,528,014 46,020 7%

DMCI Power(incl. TMC)

199,928,328 2,831 1%

DMCI Mining 19,979,589 3,472 0%

Total 16,393,000,000(core net income plus one-time gain on sale - Parent)

180, 591

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The DMCI Group: Book Value vs Market Price

Listed subsidiaries NAV5 November 2013, Deutsche Bank AG/HK

Book value (PhP)2012

NAV/BK**

Semirara 63,023,000,000 16,891,821,642 3.73

Toledo Mining 989,000,000 2,080,954,696 0.48

Unlisted subsidiaries

Maynilad Water 21,192,000,000 16,725,371,000 1.27

DMCI Homes 29,920,000,000 8,114,511,064 3.69

Construction 46,020,000,000 4,048,263,392 11.37

DMCI Power 2,831,000,000 431,395,034 6.56

DMCI Mining (ex - TMC)

2,552,000,000 1,104,209,674 2.31

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* Book value (as of 31 March 2013) for Toledo Mining converted from 27,903,108 British Pounds Sterling** All figures are taken from the 2012 audited financial statements (with the exception of Toledo Mining); and NAV figures date to approximately 3Q 2013. NAV/BK ratio, therefore, will be updated in April 2014 to reflect 2013 audited financial statements.

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• Investors

DMCI Holdings, Inc.: Portfolio

• Grow

• Develop

• Hold

A. Power (Sem-Calaca)B. Construction

A. Coal (Semirara Mining)B. Real Estate (DMCI Homes)C. Maynilad Water

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A. DMCI Mining (metal-mining)B. DMCI Power (SPUG)C. Infrastructure (as a proponent)

Power

Sem-Calaca: 1,000 MW expansion in addition to existing 600 MW capacity. Phase 1: ongoing construction of 2x150 MW plants (CFB). Phase 2: planned construction of 2x350 MW plant (pulverized coal)

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Power (Sem-Calaca)

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BEFORE 2009

Generation (GWh) 181

Revenue (Php Mn) 444

Net Income (PhP Mn) 59

Purchase Price (Php Mn)100% owned by SCC 16, 290

AFTER 2012 3Q 2013

Generation (GWh) 2, 463 2, 731

Revenue (Php Mn) 9, 700 10. 980

Net Income (PhP Mn) 3, 280 2, 650

FOB Price (Php Mn) 64, 600 64, 600

* Based on UBS estimated NAV (as of January 2013)

DMCI Construction: Awards ~ NAIA Expressway & MRT 7; Bids ~ Metro Manila Skyway, LRT 1 Ext. & CALA Expressway; Prospects ~ NLEX-SLEX Connector Rd., LRT Line 2 East Ext., & C-6 Skyway (Stage 4)

Construction

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Award 1: NAIA Expressway

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Awards 2: EmbankmentAwards 3: Terminal 1

Award 4: Connector Road (CITRA)*

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• Blue Segment = MPIC

• Red Segment = CITRA

• 5 km _Common Segment_

*No Photo Available: Award 2: Embankment & Award 3: Terminal 1

Awards 5: MRT - 7

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19Prospects 1: Connector Road (MPIC) (left: blue segment)Prospects 3: CALA Expressway (right)

Prospects 2: LRT - 1 Extension

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Prospects 4: C - 6 (CITRA)

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• Grow

• Develop

• Hold




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DMCI Mining

Improvement of operating capacity of nickel assets (ENK & TMC) underway. Long term option is to use Direct Shipping Ore to create capital to undertake nickel processing of lateritic nickel ore (<1.2% nickel ore)

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Nickel Assets: ENK & Toledo

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• European Nickel (ENK): two mines - Acoje & Zambales

• ACOJE: 50.14 million tonnes grading 1.08% nickel and 0.05% cobalt

• ZAMBALES (Chromite): 23.5 million tonnes grading 1.18%nickel and 0.05% cobalt.

• Acoje reserve is combined JORC inferred and indicated. Zambales reserve is JORC inferred.

• Toledo (TMC): three [main] mines - Berong, Ipilan, Ulugan

• pre-JORC inferred resource of: 275 million tonnes at 1.3% Ni at 0.9%Ni cutoff which include the Berong Mine, Morsoom, Long Point and Ulugan.

DMCI Power (SPUG)

Investing in off-grid areas & delivering power at a competitive price. Construction & operation of coal-fired plants in order to reduce cost or production to ~ Php 5.00/kWh. DMCI Power to use 100% Semirara coal.

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SPUG Power Plants 1:

MASBATE PROJECT (24.4MW)

LOCATION( RATED(CAPACITY( FUEL(TYPE(

MOBO$

6.2$X$2MW$NIIGATA$2$X$2MW$CAT$

1$X$1MW$MIT1KILTON$/$17.4(MW(

BUNKER$FOR$NIIGATA$/$DIESEL$FOR$THE$REST$


CATAINGAN$2$X$1MW$CAT$

1$X$2MW$MIT1KILTON$/$$4(MW(

DIESEL$


AROROY$2$X$1MW$CAT$

1$X$1$MIT1KILTON$/$3(MW(

DIESEL$

SPUG Power Plants 2:

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PALAWAN PROJECT (33.1MW)


IRAWAN&

18&X&1.21&MIT.AKSA&1&X&1.268&MIT.KILTON&

5&X&1.25&&CAT&/&&(29.298(MW(

DIESEL&


ABORLAN& 3&X&1.268&MIT.KILTON&/&(3.804(MW( DIESEL&

SPUG Power Plants 3: Under Construction

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ORIENTAL MINDORO (15.52MW)

LOCATION( RATED(CAPACITY((

FUEL(TYPE( EXPECTED(DATE(OF(COMMERCIAL(OPERATION(

CALAPAN& 3.888&X&4&WARTSILA&/&(15.552(MW( BUNKER& DECEMBER&2014&

DMCI PALAWAN DIESEL POWER PLANT&Brgy. Irawan, Puerto Princesa City&

Infrastructure

• Proponent vs. Contractor

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• Grow

• Develop

• Hold



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Coal Maintain production: 7.7 MTs/yr31

Semirara (Coal Mining)

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BEFORE 1996

Production (‘000 MT) 806

Revenue (Php Mn) 654

Net Income (PhP Mn) (2, 335)

FOB Price (Php Mn) 997

Purchase Price (Php Mn)66% equity 672

AFTER 2012 3Q 2013

Production (‘000 MT) 7, 657 5, 082ROM

Revenue (Php Mn) 14, 450 7, 504

Net Income (PhP Mn)Total Consoliated 3, 088 589

FOB Price (Php Mn) 2, 453 2, 206

Market Value* (Php Mn)56% equity 47, 082 47, 082

66% equity

*Based on Semirara’s Market Price as of June 2013

Real Estate

Our “Hold” approach in Real Estate translates into modest growth. Target 10% year-on-year growth in sales from 2013 to 2014. Projected increase in 2013 to 2014 net income is also 10%.

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Maynilad Water

After the partial sale of its stake in Maynilad Water, DMCI Holdings maintains or “holds” at 25% ownership.

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Water

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BEFORE 2007

Billed Volume (mcm) 286

Revenue (Php Mn) 100% 7, 377

Net Income (PhP Mn)100%

1, 666

NRW (%) 66.00

Purchase Price (Php Mn)42% equity 3, 000

AFTER 2012 3Q 2013

Billed Volume (mcm) 428 330.93

Revenue (Php Mn) 100% 15, 834 12, 500

Net Income (PhP Mn)100% 6, 386 5, 040

NRW (%) 43.47 39.43

Market Value (Php Mn) 34, 294*42% equity

21,192**25% equity

66% equity

* 25% Equity as of February 2013 after sale of 16% Interest to Marubeni for total amount of Php 13 billion** 5 November 2013, Deutsche Bank AG/Hong Kong; Klyne Resullar & Gio Dela-Rosa, CFA, Deutsche Regis Partners, Inc.

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• Investors

DMCI Holdings, Inc. - Target Portfolio (2019)

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Portfolio 2014 2019

Grow Power 25% 30%

Construction 25% 10%

Develop DMCI Mining 0% 10%

DMCI Power 0% 10%

Infrastructure 0% 10%

Hold Coal 15% 10%

Real Estate 20% 10%

Maynilad 15% 10%

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• Investors

Pledge to Investors

• DMCI will seek a fair, not an over valuation of its shares

• DMCI will focus on the long-term, not the short-term

• DMCI will respect the rights of its Minority Stockholders

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DMCI Holdings, Inc. of...DMCI Holdings, Inc. 3/F, DACON Building 2281 Pasong Tamo Ext. Makati 1231...

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