First Pacific : ANNOUNCEMENT MADE BY METRO PACIFIC INVESTMENTS CORPORATION IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

第 一太 平 有 限 公司

(Incorporated with limited liability under the laws of Bermuda)

Website: www.firstpacific.com

(Stock Code: 00142)

ANNOUNCEMENT MADE BY

METRO PACIFIC INVESTMENTS CORPORATION

IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2020

This Announcement is made by First Pacific Company Limited ("First Pacific" or the "Company") pursuant to the requirements of Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEX") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to provide shareholders of First Pacific and the public with the unaudited consolidated financial results for the six months ended 30 June 2020 of Metro Pacific Investments Corporation ("MPIC"), a company in which the First Pacific Group holds an economic interest of approximately 42.2% as at 30 June 2020.

Summary

On 5 August 2020, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the six months ended 30 June 2020. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 5 August 2020, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.

MPIC, a company in which the First Pacific Group holds an economic interest of approximately 42.2% as at 30 June 2020, is a company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange, Inc. ("PSE"). On 5 August 2020, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the six months ended 30 June 2020. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 5 August 2020, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company. The unaudited consolidated financial statements have been prepared in conformity with the Philippine Financial Reporting Standards and are presented in Philippine Peso. MPIC's unaudited Consolidated Statements of Comprehensive Income for the six months ended 30 June 2020 and 2019, as well as the unaudited Consolidated Statement of Financial Position as at 30 June 2020 and audited Consolidated Statement of Financial Position as at 31 December 2019 are provided below:

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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Amounts in Peso Millions, except Per Share Amounts which are in Peso Centavos)

For the Six Months Ended 30 June	2020		2019
			Re-presented
CONTINUING OPERATIONS
OPERATING REVENUES	30,709		36,974
COST OF SALES AND SERVICES	(14,954)	(17,276)
GROSS PROFIT	15,755		19,698
General and administrative expenses	(6,171)	(5,869)
Interest expense	(5,950)	(5,644)
Share in net earnings of equity method investees	3,572		5,790
Interest income	942		1,129
Construction revenue	19,299		18,654
Construction costs	(19,299)	(18,654)
Others	658		428
INCOME BEFORE INCOME TAX FROM
CONTINUING OPERATIONS	8,806		15,532
PROVISION FOR INCOME TAX
Current	2,670		3,181
Deferred	64		385
	2,734		3,566
Net income from continuing operations	6,072		11,966
Net income from discontinued operations	-	833
NET INCOME	6,072		12,799
OTHER COMPREHENSIVE INCOME (LOSS)
- NET
From Continuing Operations:
To be reclassified to profit or loss in subsequent
periods:
Exchange rate difference on translation of
foreign operations	(1,701)	(46)
Others	1		118
Not to be reclassified to profit or loss in subsequent
periods	27		(21)
	(1,673)	51
From Discontinued Operations:
Not to be reclassified to profit or loss in subsequent
periods	-	(72)
TOTAL COMPREHENSIVE INCOME	4,399		12,778

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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (CONTINUED)

(Amounts in Peso Millions, except Per Share Amounts which are in Peso Centavos)

For the Six Months Ended 30 June	2020	2019
				Re-presented
Net Income Attributable to:
Owners of the Parent Company	3,027	8,108
Non-controlling interest	3,045	4,691
	6,072	12,799
Total Comprehensive Income Attributable to:
Owners of the Parent Company	1,358	8,107
Non-controlling interest	3,041	4,671
	4,399	12,778
Total Comprehensive Income Attributable to
Owners of the Parent Company:
From continuing operations	1,358	7,735
From discontinued operations	-	372
	1,358	8,107
BASIC EARNINGS PER COMMON SHARE
From continuing operations	9.61	24.43
From discontinued operations	-	1.28
	9.61	25.71
DILUTED EARNINGS PER COMMON SHARE
From continuing operations	9.61	24.43
From discontinued operations	-	1.28
	9.61	25.71

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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in Peso Millions)

As at	30 June		31 December
	2020	2019
	(Unaudited)		(Audited)
ASSETS
Current Assets
Cash and cash equivalents and short-term deposits	65,935	74,697
Restricted cash	3,587	5,011
Receivables	18,236	14,624
Other current assets	11,421	10,905
Total Current Assets	99,179	105,237
Noncurrent Assets
Investments and advances	166,280	169,092
Service concession assets	260,383	240,489
Property, plant and equipment	57,559	58,591
Goodwill	15,624	15,676
Intangible assets	3,177	3,279
Deferred tax assets	1,014	927
Other noncurrent assets	17,588	18,487
Total Noncurrent Assets	521,625	506,541
	620,804	611,778
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and other current liabilities	39,485	36,363
Income tax payable	1,136	1,639
Due to related parties	2,416	5,638
Short-term and current portion of long-term debt	30,300	18,459
Current portion of:
Provisions	6,803	6,742
Service concession fees payable	6,242	6,277
Total Current Liabilities	86,382	75,118

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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Amounts in Peso Millions)

As at	30 June	31 December
	2020		2019
	(Unaudited)	(Audited)
Noncurrent Liabilities
Noncurrent portion of:
Provisions	4,943		4,997
Service concession fees payable	27,581		26,621
Long-term debt	226,405		231,450
Due to related parties	-	2,240
Deferred tax liabilities	14,231		14,170
Other long-term liabilities	12,011		11,137
Total Noncurrent Liabilities	285,171		290,615
Total Liabilities	371,553		365,733
Equity
Owners of the Parent Company:
Capital stock	31,661		31,661
Additional paid-in capital	68,638		68,638
Treasury shares	(708)	(4)
Equity reserves	(443)	(574)
Retained earnings	91,276		90,650
Other comprehensive income (loss) reserve	(1,078)	591
Total equity attributable to owners
of the Parent Company	189,346		190,962
Non-controlling interest	59,905		55,083
Total Equity	249,251		246,045
	620,804		611,778

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GENERAL

Shareholders should note that the above unaudited and audited consolidated financial results pertain only to MPIC and not to First Pacific itself.

The above information only refers to certain sections of MPIC's disclosure and shareholders should refer to MPIC's original filing submitted to the PSE (https://www.pse.com.ph), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on 5 August 2020.

By Order of the Board

First Pacific Company Limited

Manuel V. Pangilinan

Managing Director and Chief Executive Officer

Hong Kong, 5 August 2020

As at the date of this announcement, the Board of Directors of the Company comprises the following Directors:

Executive Directors:

Manuel V. Pangilinan,

Christopher H. Young,

Managing Director and Chief Executive Officer Chief Financial Officer

Non-executive Directors:

Anthoni Salim, Chairman

Benny S. Santoso

Tedy Djuhar

Axton Salim

Independent Non-executive Directors:

Prof. Edward K.Y. Chen, GBS, CBE, JP

Margaret Leung Ko May Yee, SBS, JP

Philip Fan Yan Hok

Madeleine Lee Suh Shin

Blair Chilton Pickerell

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