COMPANY DISCLOSURES

MANILA ELECTRIC COMPANY (MER)

COMPANY DISCLOSURES

Meralco Maintenance Schedule for July 8-14, 2019

MAINTENANCE SCHEDULE

To carry out necessary maintenance and upgrading works on

various MERALCO distribution facilities, electric service will be temporarily interrupted
on the following dates and places:

(…)

FRIDAY, JULY 12, 2019

*CAVITE (SILANG)

BETWEEN 9:00AM AND 2:00PM – PORTION OF CIRCUIT TAGAYTAY 32XS

Portion of Sta. Rosa Heights Subd. including Cinta Dessa Subd. in Bgy. Puting Kahoy;
Tagaytay Meridian Subd. and The Mandara Subd. in Bgy. Tartaria.

REASON:    Reconstruction and installation of facilities in Sta. Rosa Heights

Subd., Bgy. Puting Kahoy, Silang, Cavite.

 (…)

MERALCO exerts all efforts to restore electric service as scheduled. However, there

are instances when due to unavoidable circumstances, restoration may extend beyond
the published schedule.

(See https://www.doe.gov.ph/consumer-connect/meralco-maintenance-schedule-july-8-
14-2019)
 COMPANY DISCLOSURES

Meralco: Expect cut in July bill

For the three consecutive month, electricity rates are set to go down in July despite the
13 yellow-alert warnings issued in the Luzon grid last month. The Manila Electric Co.
(Meralco) said Monday that overall electricity rates for a typical household consuming
200 kilowatt-hours will drop to P9.9850 per kWh this July from last month’s P10.0918
per kWh. The downward adjustment of P0.1068 per kWh will mean a decrease of
around P21 in the total bill. The third straight month of electricity rate decrease
represents a total downward adjustment of around P0.57 per kWh since May.

Generation charge, which makes up bulk of the electricity bill, increased to P5.4227 per
kWh from P5.4158 per kWh, mainly on account of higher charges from the Wholesale
Electricity Spot Market (WESM).

With limited supply, the number of days on red alert, as declared by the National Grid
Corp. of the Philippines (NGCP), increased to five from two in May. A red alert notice is
raised when there is severe power deficiency and zero contingency reserve, while a
yellow alert means thin power reserves.

The company also said the cost of power from IPPs fell by P0.2239 per kWh largely due
to the appreciation of the peso. About 97 percent of IPP charges are dollar-
denominated. Cost of power from PSAs is stable with a slight increase of P0.0414 per
kWh. IPPs and PSAs provided 41.4 percent and 48.2 percent of Meralco’s supply
needs, respectively.

The company reiterated that it does not earn from the pass-through charges, such as
the generation and transmission charges. Payment for the generation charge goes to
the power suppliers, while payment for the transmission charge goes to the NGCP.
Taxes and other public policy charges are remitted to the government.

(See https://businessmirror.com.ph/2019/07/09/meralco-expect-cut-in-july-bill/)
 COMPANY DISCLOSURES

AGRINURTURE, INC.
COMPANY DISCLOSURES

Black River acquires stake in AgriNurture, Inc.

A SINGAPORE-BASED fund bought P682.1 million worth of shares in AgriNurture, Inc.
(ANI), following the exit of another investor in the company.

In a disclosure to the stock exchange, the listed agribusiness firm said Vikings Asia Agri
Ventures BV has sold 50 million ANI shares at a price of P13.642 apiece through a
block sale on Thursday.

The shares were then acquired by Singapore-based fund Black River, a wholly-owned
unit of Black River Capital Partners Fund (Food) LP.

“It’s a boost of confidence,” ANI Chairman, President and Chief Executive Officer
Antonio L. Tiu said in a statement.

Black River Capital is a unit of US-based asset management firm Black River Asset
Management LLC, which is a food-focused fund. The same company acquired a
28.11% stake in ANI in 2012 for $30.45 million, but later on divested from the firm.

ANI remains optimistic for its prospects in the second half of the year, banking on the
approval of the Rice Liberalization Law to allow it to import rice. It also looks to increase
its sales volume of banana, mango, and beverage products.

The company’s net income attributable to the parent grew 255% to P32.28 million in the
first half of 2019, as revenues also climbed 184% to P2.4 billion.

Shares in ANI rose 3.76% or 54 centavos to close at P14.90 each at the stock
exchange on Thursday. — Arra B. Francia

(See https://www.bworldonline.com/black-river-acquires-stake-in-agrinurture/)