CF DN 000000002317331893

Company Name: Robinsons Land Market Cap: 109,100.
59 Bloomberg Estimates - EPS

Company Ticker: RLC PM Current PX: 26.65 Current Quarter: 0.400
Date: 2016-11-28 YTD Change($): -.85 Current Year: 1.604
Event Description: Q4 2016 Earnings Call YTD Change(%): -3.091 Bloomberg Estimates - Sales
Current Quarter: 5575.500
Current Year: 22505.333
Q4 2016 Earnings Call

Company Participants
Catherine Cancio, Investor Relations
Frederick Go, President and Chief Operating Officer
Other Participants
Tracy Ilagan, Analyst
RJ Aguirre, Analyst
Carl Sy, Analyst
Ralph Bodollo, Analyst
Ricardo Puig, Analyst
Danielo Picache, Analyst
Presentation
Operator
Welcome to RLC's Fiscal Year 2016 Estimates Call. Joining us today from RLC are, Mr. Frederick Go, President and
the rest of the RLC Investor Relations team. At the end of the presentation, there will be a question-and-answer session.
Thank you. Please go ahead.

Good afternoon. Thank you for joining Robinsons Land Corporation's estimates call. During this presentation, we will
be reporting to you our unaudited financial performance for the 12 months ending September 30, 2016. We will also
report business updates and future plans of each business units.
Let us begin with some financial highlights. On a consolidated basis, RLC grew its revenues by 14% to PHP22.44
billion for the full year 2016 compared to the same period last year. Our office buildings division posted the highest
increase in revenues, with a 29% growth, followed by the residential division up by 18%. The malls division exhibited
a steady state revenue growth at 9%, while the hotels division's revenues rose by 4%.
In fiscal year 2016, the investment portfolio accounted for 65% of total company revenues, 83% of total EBITDA and
76% of total EBIT, with steady, stable recurring income from our malls, offices and hotels businesses. While the
development portfolio comprise of our four residential brands generated 35% of revenues, 17% of EBITDA and 24%
of EBIT. Total company EBITDA increased by 12% to PHP11.95 billion, with the malls contributing the most at 65%,
while EBIT grew by 11% to PHP8.38 billion. Net income was up by 4% to PHP5.93 billion, from PHP5.70 billion in
the same period last year.
As of September 30, 2016, our balance sheet remains healthy with total assets at PHP117.8 billion and shareholders'
equity at PHP61.3 billion. Our estimated return on equity is at 10%, while net gearing is at 59%.
Moving on to our individual business units, starting with the malls division. Our malls division continues to be the
biggest contributor to RLC's total revenues at 44%, it reported a 9% growth in revenues to PHP9.92 billion for the full
year 2016 versus the same period last year. EBITDA increased by 8% to PHP6.62 billion, while EBIT grew by 4% to
Page 1 of 15
Company Name: Robinsons Land Market Cap: 109,100.59 Bloomberg Estimates - EPS
PHP3.87 billion. As of September 2016, we have 44 malls nationwide, with a total gross leasable area of 1,262,000
square meters, up by 15% or 167,000 square meters, compared to the same period last year due to the opening of all
four planned malls namely; Robinsons Galleria Cebu, Robinsons Place Tagum, Robinsons Place General Trias and
Robinsons Place Jaro and expansion of other existing malls in Ilocos Norte.
The system wide average occupancy rate across all 44 malls is 94%, with approximately 8,000 retail stores, restaurants
and shops as our partners. Currently, we are enjoying a same-mall rental revenue growth of approximately 7%.
Our office buildings division generated 13% of total RLC revenue. We reported the fastest growth in revenues with a
29% increase to PHP2.89 billion for the full year of 2016 versus last year. The growth is largely due to the rental
contribution of the new office development namely; Cyberscape Alpha, Cyberscape Beta in Tera Tower. On the other
hand, EBITDA was up by 25% to PHP2.62 billion, while EBIT grew by 27% to PHP2 billion.
To date we have completed office developments in six strategic locations within central business districts and key cities
namely; Makati, Pasig, Quezon City, Mandaluyong, Cebu and Ilocos, with a total net leasable area of 325,000 square
meters. This is 5% higher than last year as we completed in September 2016, our architects in Robinsons Galleria,
Cebu and Ilocos Norte.
96% of the net leasable area has been leased as of September 30, 2016. As we remain bullish in the office buildings
sector, we are continuously looking out for additional properties to acquire to add to our office portfolio.
Our hotels division accounted for 8% of total RLC revenues. It posted revenues of PPH1.8 billion as of September 30,
2016, which is a 4% growth versus the same period last year. EBITDA was up by 7% to PHP660 million, while EBIT
rose by 8% to PHP491 [ph] million. To date, we have 15 hotel properties under three brand segments, with a
system-wide occupancy rate of 68%. Number of rooms grew by 4% versus fiscal year 2015 due to the opening of 89
rooms out of the 183 rooms of Go Hotels Lanag-Davao last September 2016. Go Hotels Lanag is the chain's largest
provisional [ph] hotel to-date.
Moving onto our residential division. Net pre-sales for the 12-months ending September 30, posted at PHP9.15 billion,
which is a 2% growth versus the same period last year. Robinsons Residences brand continues to be the biggest
contributor to net pre-sales at 46%, while Luxuria (inaudible) assets at 44%. In fiscal year 2016, we have launched a
total of five residential projects with a total sales value of approximately PHP7.2 billion, mainly Galleria, Residences,
Cebu, Tower 1 under the Robinsons Residences brand; Acacia Escalades, Axis Residences Tower B and Escalades
North Tower all under the Robinsons Communities brand and Brighton Bacolod under the Robinsons Homes brand.
In October of 2016, we formally launched the Residences at the Westin under the Luxuria brand and Brighton
Parkplace Puerto Princesa under the Homes brand. Realized revenues of our residential division accounted for PHP7.81
billion, an 18% growth versus the same period last year. This accounted for 35% of the total company revenues.
EBITDA up by 12% to PHP2.05 billion, while EBIT increased by 12% to PHP2.02 billion. Our unrealized sales and
reservation ended at PHP15.8 million as of September 30, 2016. We will realize this in the next three to four years.
As of September 30, 2016, we have spent an estimated PHP15.8 billion in capital expenditures for our Philippine
operations, out of the PHP17 billion allocated capital expenditure budget for fiscal year 2016. For October to December
2016, PHP4 [ph] billion will be allotted for capital expenditure, while for calendar year 2017, CapEx spending should
earmark at PHP16 billion.
On the other hand, total area of land (inaudible) in the Philippines is 625.3 hectares as of September 30, 2016, and in
terms of value, Metro Manila accounts for 40% of the total land bank owing to the higher property prices in CBDs and
KCTs. Around 77% of our land bank is company owned, where the balances are under GLA [ph] agreement, typically
associated with our Robinsons homes brand. The current level of our land bank is good for four to five years' worth of
project developments across our various business segments.
Moving forward for our malls division, we have increased gross leasable area by 16% to 1.26 million square meters by
the end of fiscal year 2016 as planned, by opening four new malls namely; Robinsons Galleria Cebu, our third and
largest mall in Cebu last December 10, 2015, Robinsons Place Tagum in Davao last April 28, 2016, Robinsons General
Page 2 of 15
Trias in Cavite last May 26, 2016, and Robinsons Place Jaro in Iloilo in San Vicente Quezon last September 8, 2016. In
addition, we have opened the expansion mall in Robinsons Place Ilocos last July 14, 2016.
In the fourth quarter of calendar year 2016, we are targeting to complete the expansion of our Tacloban mall, which
will bring our gross leasable area to 1.28 million square meters by the end of calendar year 2016.
We plan to increase our mall footprint by increasingly GLA further by 11% to 1.41 million square meters in calendar
year 2017, by opening four new malls in Naga, Iligan, Armonk and Abucay and expanding our existing malls in McK
[ph] and Butuan mall. In calendar year 2018, four provisional malls are slated to be opened, which will boost gross
leasable area by 10% to 1.56 million square meters. Having mentioned our growth plans for the malls division, we
continue to aggressively scatter [ph] properties nationwide to replenish land for future malls to build on.
For our office buildings division, we continue to be bullish about the growth prospect of this sector. In fiscal year 2016,
we have increased our net leasable area by 5% to 325,000 square meters as we completed two office developments in
Galleria Cebu and Ilocos. In calendar year 2017, we will be completing Cyber Sigma located in Bonifacio Global City
and two office developments in Naga and Davao, which will boost net leasable area by 20% to 391,500 square meters.
The fully leased out Exxa Tower in Bridgetown in Quezon City and Cyberscape Gamma besides Cyberscape Beta in
Ortigas Central Pasig city are also under construction and are targeted to be completed in calendar year 2018. We are
expected to give a 20% increase in net leasable area to 471,500 square meters by the end of calendar year 2018.
For our hotels and resorts division, we were able to add 4% more keys to our hotel room portfolio in fiscal year 2016 to
2,263 rooms, by opening 89 rooms out of the 183 rooms of the tenth [ph] branch of our essential service hotel chain,
Go Hotels and the 15th hotel in our portfolio in Lanag-Davao. This is accompanied by the opening of the first franchise
Go Hotels branch Ninoy (inaudible) by our franchisee Roxaco-Vanguard Hotels Corporation.
We plan to open all the remaining rooms of Go Hotels Lanag by end of calendar year 2016, bringing the total room
count to 2,357. We are optimistic about the flourishing hospitality sector, which is why by calendar year 2017 and
calendar year 2018, we plan to increase the number of rooms by 20% and 19%, respectively, by opening Summit
Maxilom in Cebu, Summit Tacloban, Go Hotels Iligan, Summit Naga, Amisa, Go Hotels Naga and Go Hotels
Tuguegarao.
Our most important hotel project coming up is the Westin Hotel Sonata Place in Ortigas Central Business District. This
will be a five star 300 room hotel in the heart of Ortigas Central to open in calendar year 2020.
For our residential division as mentioned, we launched five residential projects with a total sales value of PHP7.2
billion in fiscal year 2016. The residences at Westin Manila Sonata Place of the Luxuria brand and Brighton Parkplace
Puerto Princesa under the Homes brand commence pre-selling in October 2016.
In calendar year 2017, we plan another launch in our residential projects. This will give us an opportunity to optimize
capital allocation by focusing on expanding our recurring revenue businesses, meaning the malls, offices and hotels,
and this will also allow us to concentrate on selling existing inventory. We would also like to announce that we have a
new Business Unit General Manager for the residential division, who is Mr. Henry Yap. He was formerly the Business
Unit General Manager for office buildings division. It is to be expected that we would be taking a more conservative
stance with our residential business in the coming year.
For our Chengdu project in China, we have received a verbal approval of the master plan and are awaiting its official
stamping. With regard to our Mitsubishi property, we are planning to commence land development by calendar year
2017. Lastly, we would like to share that RLC is adopting a revised accounting period from the fiscal year beginning
October 1, ending September 30 to calendar year, beginning January 1, ending December 31 and this will be effective
calendar year 2017. The adoption will result a one-time three month reporting period covering October to December
2016.
This ends our presentation. Thank you. We are now open for Q&A.
Page 3 of 15
Questions And Answers

Operator
Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Your first question
comes from Tracy Ilagan of PEP. Please ask your question.

Yeah, hi, good afternoon. Can we have more details on the expenses that occurred for the malls division, please? Thank
you.

Hi, Tracy. Are you looking for -- looking at the nearly at the fourth quarter or for the whole year?

For the fourth quarter, please. Yeah?

Just for the fourth quarter.

Yeah.

For the fourth quarter Tracy, the major operating expenses that went up are taxes and licenses and repairs and
maintenance.

Thank you. These are -- this is for the new malls or the -- which mall exactly?

Sorry, Tracy. For the fourth quarter, the shopping malls division, the operating expenses year-on-year actually went
down. Can I just know exactly what your -- although depreciation was up 12% from about 695 million to 775 million,
but the large parts of our OpEx are basically taxes and licenses, depreciation and manpower.
Page 4 of 15
Okay, thank you.

Yeah. Thank you.
Operator
Your next question comes from RJ Aguirre of UBS. Please ask your question.
RJ Aguirre, Analyst
Hi Dick and your company, thank you for the call. Just wanted to expand on the previous question. My question is
actually on the lower margins across the board. So first, what's your comment on or give some details on some of the
OpEx performance across some segments, and specifically with regard to the malls performing for the year, lower it
looks like the EBIT margins are lower. So you mentioned depreciation 12% year-on-year. If this is just because of the
additional malls?
And secondly, do you see some increase in manpower expenses relating to some of the changes of the regulatory
environment on the tax --- sorry, on the endo rule?

Yeah, I think basically the margin compression this year, you know, especially for EBIT, a large part of that was
because of depreciation because of the many new buildings that we completed this year.
Our depreciation expense rose quicker than our EBITDA rate. So our EBIT rate is slightly lower than our EBITDA rate
primarily because of depreciation. And also for the year 2016, we had a lot of -- I think extraordinary situation apart
from the seasonality. You're right, I think the tax regime that has been put in place in the last -- in recent years, have
made it very difficult or rather not so friendly for tax incentives. In previous years, we enjoyed a lot of projects that
enjoy tax incentives. So our new projects now don't have such income tax holidays or those tax incentives. So
obviously as we keep adding more and more projects that don't enjoy the tax incentives, there will be margin
compression.
The reason why I'm not worried is because it has really nothing to do with the business. It's strictly the regulatory
environment, so as far as the business itself is concerned, everything is fine. Our margins are fine, are the same,
whether it's for housing or for our BPO office buildings, our margins are essentially all the same.
It's just the regulatory environment that has really changed. So I'm not too worried though, I think our margins over the
years have always just -- some years go up, are slightly better, some years are slightly lower and even during the good
years, when we have a margin increase and we get on a call like this, people asked us that our margins are going up, is
this a trend? I always say no, it's not, it's seasonal. Our margins are going up a little bit, but I don't expect this to be a
trend.
So likewise now that the margins are slightly lower, if you ask me if this was a trend, I also don't think so, because as
far as the business is concerned, it's really business as usual and our margins are normal. And then on the net income
level, however, our margins are really going down primarily because of interest expense. So we have -- our debt levels
now are higher than they have been in the past and so therefore, our interest expense levels have also climbed.
So for the fiscal year 2016, for example, we're expecting interest expense to be north of PHP700 million. So that's also
something I guess, new to the company.
Page 5 of 15
RJ Aguirre, Analyst
Okay, thanks. In relation to that, so you have increased the debt levels currently. My next question is on the
debt-to-equity. So right now it's also rising. You -- would you be comfortable to leveraging up some more or just keep
it at these levels?

I think for this fiscal year, we're expecting to go up slightly, maybe another, maybe not total debt, maybe an additional
10% increase maybe something like that. So not too much.
RJ Aguirre, Analyst
Not too much. Okay. My next question is on the office side. Heard that Catherine earlier about fully leased Gamma. So
pre-leasing currently for 2017, 2018, can you give us some idea on where we're at?

Yeah, first of all, I'd just like to correct that, you know, what we said has been fully leased is the next big office
building that we will be completing in 2017.
RJ Aguirre, Analyst
Right.

That is the Exxa Tower in Bridgetown. The Gamma Tower is actually still two years away from completion. So
however having said that, I think we have leased out one or two floors in Gamma, but Exxa Tower is completely leased
out. The next building that will open for us early next year or first half of next year is actually Cyber Sigma in Fort
Bonifacio. So far, we have closed about four floors in Cyber Sigma and right now, there's a lot of interest in the
building, because it is about to be completed.
So it is our hope that before we complete the building, we should be able to lease out a substantial part of the building.
If you want to ask me how much is substantial, I really don't want to make any projections because --
RJ Aguirre, Analyst
Sure.

You know, it might -- it's a little, not too prudent to do so, but a lot of interest is still in the building because it's about
to complete. I think really now the BPO sector, actually does not really like to pre-lease. They really want to see the
building complete or about to complete before they commit. So since Sigma will be completing first half of next year, I
think a substantial part of it should be leased out by the time we complete the building. For Zeta, which is the next
office building in Bridgetown, it is only 7% leased as of today. So those are our four big buildings, Exxa 100%, Sigma
Page 6 of 15
four, five floors, Zeta 7% and Gamma 3%.
RJ Aguirre, Analyst
Okay. Thanks. That's it for me.

Thank you.
Operator
Your next question comes from Carl Sy of Deutsche Bank. Please ask your question.
Carl Sy, Analyst

Hi, good afternoon. I actually have a number of questions. But first I didn't hear exactly Sigma. what is it in percent for
the pre-leasing?

It's already 17%. We just closed one floor last week.
RJ Aguirre, Analyst
17%? Okay.

Yeah.
Carl Sy, Analyst

Sure. So on to my questions, for the net profit, at the net profit level, from what I can tell, the fourth quarter net profit is
down as compared to EBIT, which is actually up for the fourth quarter. Is this due mainly to interest expense or is there
something --

Yeah, that's right, Carl, you are right, absolutely right, it's interest expense.
Carl Sy, Analyst

Okay. For the mall business this time, you mentioned that same-mall revenue growth for the full year was 7%. May I
ask what it was in the fourth quarter?
Page 7 of 15

Around the same.
Carl Sy, Analyst

Yeah, okay. On that one, so I'd like to ask from what I've gathered, your mall revenue is up just 4% in the fourth
quarter, which would be less than even the same mall revenue growth. So I don't fully understand why this is the case
or did I compute incorrectly?

No, I think you are computing it correctly, it's because, okay Catherine, do you want to answer?

Carl, just a clarification, for the full year fiscal year 2016 same mall rental revenue growth for the malls division is
around approximately 7%. However, during the fourth quarter, we experienced some contraction in the same mall
rental revenue growth, such that we recorded it at around 2%. The main reason for that is --
Carl Sy, Analyst

Okay, that makes sense.

I think basically, I think Carl, you are right. For the first three quarters, it was 7 point something percent, and actually
for the full year it's 6.7%, so on a percentage wise, it's just around, bring it to 7, but you're right.
Carl Sy, Analyst

Okay, so it went down in the fourth quarter that's fine. And is this at least on the same mall revenue side, not the total
mall revenue is -- at the same mall revenue level, is this impacted by let's say Galleria renovation?

Yeah, absolutely. That's the main reason really why the fourth quarter is down, it's the Galleria renovation, it's negative
way.
Carl Sy, Analyst

So Galleria -- sorry, so you're saying Galleria revenue -- mall revenues is down -- is negative, okay.

It's negative, yeah.
Page 8 of 15
Carl Sy, Analyst

Understand.

In fact, it was negative before, in fact it's a drag, it dragged the average down.
Carl Sy, Analyst

Understand, and then for the office building this time, again for the ones that were just opened this year, correct me if
I'm wrong, you added 15,000 square meters from my computation maybe you have 2,000 square meters leased out of
that 15,000, is that correct or -- yeah?

For Galleria, Cebu that's right Carl.
Carl Sy, Analyst

So 2,000 square meters out of '15 has been leased in office, okay. Can I get your unsold inventory number for the
residential side?

It's approximately PHP27 billion, but that includes the recently launched projects in fiscal year 2016, the PHP7.2
billion.

And the Westin.

And the Westin also, yes. Westin --
Carl Sy, Analyst

Oh, it also includes Westin?

Yes.
Page 9 of 15

Yeah.
Carl Sy, Analyst

So where --

It's actually we are that the 13 -- sorry. Actually, Carl so we have 27 billion you know, and if you add the 7 billion and
6 billion Westin, that's 13 billion. So without all these additions, we were actually only at 14.
Carl Sy, Analyst

Understand. The Puerto Princesa one, that's included in the 27 as well, or not yet?

Yeah.

Yeah, yes. That's very small actually. All our Robinsons homes projects actually are quite small.
Carl Sy, Analyst

Okay. Those are all my questions. Thank you.

Thanks, Carl.

Thank you.
Operator
Your next question comes from Ralph Bodollo of RCBC Securities. Please ask your question.

Hello. Good afternoon. Can I clarify on the interest expense for the full year 2016? Is it 700 million, if I heard it right?
Page 10 of 15

The interest expense, yeah. That's right. We don't -- call in for estimates, so it's not yet the final audited numbers. So as
an estimate, yeah, it is over PHP700 million.

Okay and then do you have an estimate for your income tax for the full year?

We are looking at about -- I think we better talk to our auditors first, but it's slightly higher than last year. We expect it
to be slightly higher.

But in terms of the impact to your, yes -- but in terms of the impact to your bottom-line, it's just because of the interest
expense and nothing about the income tax -- rise in income tax?

A little bit because of the rise of income tax. As I was explaining earlier, since our base is getting bigger, the effect of
that part of the base that was subjected to income tax holiday is becoming smaller.

Okay. And then second question regards to your debt profile. How many percent of your debt right now is fixed and
how many is floating?

How many percent of our debt is fixed and percent floating?

Everything is fixed.

Actually, for all intents and purposes, everything is fixed, except for our very small, short-term exposure. Everything is
fixed for 5 years, 7 years and 10 years.

Okay. So can you say that you're in a position right now to actually not feel in buck [ph] further margin compression,
specifically with anticipated rates hike?
Page 11 of 15

Sorry, your question is? Sorry, your question is?

Regarding your fixed rate profile. Are you in a position right now to avoid having a very dangerous margin
compression, especially with the anticipated rates hike?

I think your question is, if all our debt is fixed, will we be affected by interest rate hike; I think the answer is, no. We
will not be, because our debt is all fixed for --

Yeah, but if you, yeah --

Borrow additional money, then yes, we would be affected.

Yeah. Yeah.

Yes, if we borrow additional money, but for our existing debt, it should be protected, it's already fixed.

Okay. So with regards to the margins, there is still a risk of further margin compression.

Our margin compression -- yeah, as a result of the interest expense, well, our interest expense is supposed to be fixed,
assuming our income rises in the coming year, then that should benefit us.

Okay. Thank you.
Page 12 of 15
Operator
(Operator Instructions) Your next question comes from the line of Ricardo Puig of Wealth Securities. Please ask your
question.

Hi, Dick. Thanks for the call. Just two questions on the office side. So you were saying a while ago that all your new
projects are no longer covered by tax incentives. And that means when -- which project had the last inclusion in tax
incentive, is it Alpha and Beta, or even that one is no longer available for tax perks?
And then my second question is on Cyber Sigma, you said you've already pre-leased (inaudible). Can you give us an
idea of what kind of rates are you getting on this one, meaning that the rental rates?

Yeah, thanks for your questions, Ric. First to answer your question on the PEZA; the last building that was covered by
PEZA was Robinsons Cybergate Plaza.

Okay.

Everything after that was no longer covered; so Alpha and Beta and Tera are all not covered by the PEZA Income Tax
Holiday, although they are all PEZA credited. So the BPO locators continue to enjoy all the PEZA incentives, but we
as a developer are not any type of income tax holidays, you know for the new one.
For your second question was lease rate in Cyber Sigma, can we decline from answering because the environment now
is very competitive, and I think it's the best -- in the best interest of the company shareholders not to openly discuss
these rate, because it's very competitive right now. So I think --

Sure, I understand, thank you.

So that -- it -- yeah, it's a bit. Thank you, thank you, Ric.

No problem. Thank you.
Operator
Page 13 of 15
Your next question comes from Danielo Picache of Credit Suisse. Please ask your question.

Hello. Just a quick clarification on the unsold inventory, you mentioned that it's 27 billion, which includes the projects
that were launched this year plus Westin Sonata and Brighton Puerto Princesa, right?

Yeah.

Okay. Just want to clarify, the projects that were launched this year 7.2 billion, portions of this have already been
pre-sold?

Yes, yes. But a very insignificant portion, I would say since they were only launched this year. So not much.

Okay, so I'm assuming that a big chunk of the 7.2 billion that were launched this year is actually Galleria Tower 1,
right? How many percent of that is already pre-sold?

The answer is 75% of Galleria residences, Cebu 1 has been sold. That's actually the best selling project among the
projects we launched this year.

Okay, got it. Thanks.

Thank you.
Operator
(Operator Instructions)

If there are no more questions, we would like to thank everyone for joining this estimates call.
Page 14 of 15

Yeah, thank you again everyone for joining us once again. We hope to keep in touch with you again next year. We'd
like to wish everybody a very Merry Christmas and Happy, Happy New Year. Thank you.
Operator
Ladies and gentlemen, that does conclude our conference today. Thank you for participating. You may all disconnect.
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Company Name: Robinsons Land Market Cap: 109,100.

59 Bloomberg Estimates - EPS

Q4 2016 Earnings Call

Catherine Cancio, Investor Relations

Questions And Answers

Tracy Ilagan, Analyst

Catherine Cancio, Investor Relations

Tracy Ilagan, Analyst

Catherine Cancio, Investor Relations

Tracy Ilagan, Analyst

Catherine Cancio, Investor Relations

Tracy Ilagan, Analyst

Frederick Go, President and Chief Operating Officer

Tracy Ilagan, Analyst

Okay, thank you.

Frederick Go, President and Chief Operating Officer

Frederick Go, President and Chief Operating Officer

Frederick Go, President and Chief Operating Officer

Frederick Go, President and Chief Operating Officer

Frederick Go, President and Chief Operating Officer

Frederick Go, President and Chief Operating Officer

four, five floors, Zeta 7% and Gamma 3%.

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Catherine Cancio, Investor Relations

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Catherine Cancio, Investor Relations

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Catherine Cancio, Investor Relations

Carl Sy, Analyst

Catherine Cancio, Investor Relations

Frederick Go, President and Chief Operating Officer

Catherine Cancio, Investor Relations

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Catherine Cancio, Investor Relations

Carl Sy, Analyst

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Catherine Cancio, Investor Relations

Frederick Go, President and Chief Operating Officer

Carl Sy, Analyst

Catherine Cancio, Investor Relations

Frederick Go, President and Chief Operating Officer

Ralph Bodollo, Analyst

Frederick Go, President and Chief Operating Officer

Ralph Bodollo, Analyst

Frederick Go, President and Chief Operating Officer

Ralph Bodollo, Analyst