Features Hybrid Security

Perpetual Preferred Shares Perpetual Notes Perpetual Capital Convertible Preferred Guaranteed Undated Notes
Securities Shares

Prevailing Coupon = AC (2014) Smart (2017) Petron (2018) NOW Corporation (never AYC Fin Limited – AC gtd
(Benchmark+Spread  5.5750%  Series A: 5.6172%  4.6000% closed) (2017)
at time of issue) Petron (2014) (145 bps) (Approx. 199  5.1250%
 Series A: 6.3000% (260  Series B: 5.6283% bps over int. 5Y
bps) (145 bps) ROP / Approx.
 Series B: 6.8583% (300 225 bps over 5Y
bps) USTr)
GTCAP (2016) Royal BV – ICTSI gtd
 Series A: 4.6299% (100  5.8750%
bps) (Approx. 328
 Series B: 5.0949% (125 bps over int. 4Y
bps) ROP / Approx.
MWIDE (2014) 356 bps over
 7.025% int. 4Y USTr)
SMC (2016)
 Sub series 2-G:
6.5793%
 Sub series 2-H:
6.3222%
 Sub series 2-GI:
6.3355%
Globe Telecom
 5.2006%
Features Hybrid Security

Perpetual Preferred Shares Perpetual Notes Perpetual Capital Convertible Preferred Guaranteed Undated Notes
Securities Shares

Pricing if step-up was AC (2014) Smart Petron NOW Corporation AYC Fin Limited – AC gtd
today =  5Y: 5Y Benchmark +  7Y Benchmark +  4.6000% + 10Y Benchmark + [250] bps
(Today’s benchmark 175 bps = 7.6590% Initial Spread of 2.50% = = 8.5650%
+ step up spread)  10Y: 10Y Benchmark + 145 bps + Step 7.1000%
300 bps = 9.0650% Up Margin of 250 Royal BV – ICTSI gtd
Benchmark Rate Petron (2014) bps = 9.9320%  5.8750% +
used as of 4/17/2019  Series A - 5Y: 7Y 2.50% =
Benchmark + 375 bps 8.3750%
= 9.7320%
 Series B - 7Y: 10Y
Benchmark + 450 bps
= 10.5650%
GTCAP (2016)
 5Y: 7Y Benchmark +
150 bps = 7.482%
 7Y: 10Y Benchmark +
187.5 bps = 7.9400%
MWIDE (2014)
 7Y: 15Y Benchmark +
487.5 bps = 10.9330%
SMC (2016)
 Sub series 2-G - 3Y:
10Y Benchmark + 300
bps = 9.0650%
 Sub series 2-H - 5Y:
15Y Benchmark + 300
bps = 9.0580%
 Sub series 2-I - 7Y: 20Y
Benchmark + 300 bps
= 9.0510%
Globe Telecom
7Y: 10Y Benchmark + 325 bps =
9.3150%
Features Hybrid Security

Perpetual Preferred Shares Perpetual Notes Perpetual Capital Convertible Preferred Guaranteed Undated Notes
Securities Shares

Call Option Yes. In whole but not in part. Yes. In whole or in part. Yes. In whole but not in Yes. In whole but not in Yes. In whole or in part.
part. part.

Step-up Provision Yes Yes Yes Yes None

Step-up pricing = Benchmark + [300-485bps] 250 bps over prevailing 250 bps over prevailing 250 bps over prevailing N/A
(benchmark at that benchmark price benchmark
time + stepup
spread)
Place of Issuance On-shore On-shore Off-shore [On-shore] Off-shore
Currency PHP PHP USD  USD
Listing PSE N/A; Private Placement Typically listed in SGX [PSE] Typically listed in SGX.
Allowed by PDEx but system
limitations have to be
addressed
Maturity Perpetual Perpetual Perpetual Perpetual Perpetual
Periodic Payments Discretionary dividends, Optional Deferral of Optional Deferral of Discretionary dividends, Mandatory interest payment
cumulative interest payment, distribution, cumulative cumulative
cumulative
Ranking  Junior to all senior debt  Junior to senior loans Senior Debt  Junior to all senior debt Senior Debt
 Pari-passu to all preferred  Pari passu to preferred  Pari-passu to all
share holders shares preferred share holders
Senior to common shares Senior to common shares Senior to common shares
Put Option None None None None Yes; upon Change of Control
Issuer Accounting Equity Equity Equity Equity Liability
Treatment
Target Investors Trust/Insurance Trust/Insurance Trust/Insurance Trust/Insurance Trust/Insurance Companies
Companies/Retail Companies Companies Companies/Retail