2Q 2020Investors’ Briefing August 6, 2020

COVID 19 Update

Ensuring strength and resiliency: our response to COVID-19

Areas of Focus (4Cs)

▪ Cash Preservationo Focus on cash collection

o Accelerate and maximize upstream of cash

▪ Capital Expenditure Re-assessmento Stringent review of groupwide capex budget

▪ Capital Structure Strength and Flexibilityo Strengthen capital structure and create flexibility to take advantage of

market opportunities

▪ Cost Controlo Rebase OPEX

2

Highlights

Volume

-5%Revenues

-4%

Net income

attributable to

equity holders

-12%EBITDA

-2%EBITDA

Margin

57%

▪ Volume and revenues lower in 1H2020 due to continuing impact of COVID19 on global trade in 2Q2020 as stricter quarantine measures took effect

▪ Less percentage decline in EBITDA compared to volume and revenues due to successful cost optimization measures

▪ Net Income down mainly due to reduction in operating income and COVID19 related expenses

Financial and Operational Performance

3

MoM Segment Performance

Volume(lowest month)

Revenues(lowest month)

2020Jan Feb Mar Apr May Jun

Asia

EMEA

AMERICAS

Total

Consolidated

4

Q1

2018

Q2

2018

Q3

2018

Q4

2018

Q1

2019*

Q2

2019*

Q3

2019*

Q4

2019*

Q1

2020

Q2

2020

Volume (in TEU ‘000) 2,326 2,389 2,438 2,584 2,479 2,563 2,548 2,588 2,509 2,291

Gross Revenue 325 336 344 380 384 368 356 374 376 348

Yield per TEU (in US$) 140 141 141 147 155 144 140 145 150 152

Port Fees 48 48 49 57 49 46 46 46 45 40

Operating Expenses 129 137 132 142 112 120 110 123 119 104

EBITDA 148 152 162 180 223 202 200 206 212 204

EBITDA Margin 45% 45% 47% 47% 58% 55% 56% 55% 56% 59%

Net Income 44 54 56 68 72 56 56 (84) 60 54

Quarterly Highlights

*2019 EBITDA and Net Income include IFRS 16 adjustments

(In US$ million except Volume,

Yield per TEU & EBITDA margin)

Geographical diversification, stringent cost management and our rapid response to the COVID19

pandemic mitigated potential adverse effects on operating results

5

Agenda

Recent Financial Performance01

Liquidity and Capital Resources02

Other Matters03

Questions and Answers04

Appendix05

01Recent Financial Performance

1,253,784 (52%) 1,354,478 (53%)1,152,022 (50%)

750,123 (31%)752,389 (29%)

711,602 (31%)

384,809 (16%)456,377 (18%)

427,155 (19%)

2Q 2018 2Q 2019 2Q 2020

4,714,255 5,041,916 4,799,765

2,495,093 (53%) 2,653,248 (53%)2,416,663 (50%)

1,446,973 (31%)1,498,004 (30%)

1,499,549 (31%)

772,190 (16%)

890,664 (18%)883,553 (18%)

1H 2018 1H 2019 1H 2020

Asia Americas EMEA

Volume

First Half(in TEUs)

+15%

+4%

+6%

-1%

+0.1%

-9%

7% -5%

Second Quarter(in TEUs)

+19%

+0.3%

+8%

-6%

-5%

-15%

7% -11%

2,388,715 2,563,244 2,290,779

Asia Americas EMEA

▪ 1H2019 vs 1H2020 consolidated volume down 5%; Organic volume down 6%

▪ Volume decrease was mainly due decline in trade activities due to the impact of COVID-19 pandemic on global trade and lockdown restrictions

8

161,698 (48%) 182,711 (50%) 173,971 (50%)

103,226 (31%)106,537 (29%) 101,090 (29%)

71,460 (21%)78,753 (21%)

73,424 (21%)

2Q 2018 2Q 2019 2Q 2020

661,764 751,785 724,261

316,736 (48%)378,959 (50%) 354,381(49%)

204,590 (31%)

218,552 (29%)221,536 (31%)

140,439 (21%)

154,274 (21%)148,344 (20%)

1H 2018 1H 2019 1H 2020

Asia Americas EMEA

Revenues

Yield:TEU(in US$)

▪ Consolidated revenues 4% lower in 1H2019 vs 1H2020; Organic revenues decreased 6%

▪ Consolidated 1H2020 yield to TEU at US$151

First Half(in US$ ‘000)

+10%

+7%

+20%

-4%

+1%

-6%

Second Quarter(in US$ ‘000)

+10%

+3%

+13%

-7%

-5%

-5%

14% -4%9% -5%

336,384 368,001 348,485

Asia Americas EMEA

119

125 127 130

135

143

135 130

136

142 146

151

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20201H 9

Consolidated P&L Highlights

(In US$ 000, except Volume and EPS) 1H 2019 1H 2020 % Change

Volume (in TEU) 5,041,916 4,799,765 -5%Volume slightly decreased 5% as trade activities declined due to the impact of COVID-19 pandemic on global trade and

lockdown restrictions; partially tapered by the contribution of ICTSI Rio, a new terminal in Rio de Janeiro in Brazil.

Organically, volume down 6%

Gross Revenues from Port

Operations751,785 724,261 -4%

Revenues were 4% lower as trade activities declined due to the impact of COVID-19 pandemic and lockdown

restrictions; partially tapered by the contribution of ICTSI Rio; and new services at certain terminals.Organically, revenues were 6% less

Cash Operating Expenses 232,043 222,834 -4%Cash Opex 4% lower due to the continuous group-wide cost reduction and optimization measures and favorable

translation impact of BRL, AUD, MXN & PKR; partially tapered by the cost contribution of ICTSI Rio

EBITDA 424,399 416,370 -2%EBITDA 2% lower mainly due to lower operating revenues, partially tapered by lower cash operating expenses

resulting from continuous cost reduction and optimization measures, and positive contribution of ICTSI Rio.

EBITDA margin increased to 57% from 56%

EBIT 309,174 305,360 -1%

Financing Charges and Other

Expenses59,623 67,677 +14%

Financing charges and other expenses increased 14% primarily due to COVID19-related expenses and the absence of

capitalized borrowing cost related to the Phase 2 expansion project in Basra, Iraq in 2019

Net Income Attributable

to Equity Holders128,470 113,379 -12%

Net income attributable to equity holders down 12% due to lower operating income, increase in interest on concession

rights payable and COVID-19 related expense; partially tapered by a reduction in net loss in VICT and lower equity in

net loss in SPIA

Fully Diluted EPS 0.048 0.043 -10%

10

Consolidated P&L Highlights

(In US$ 000, except Volume and EPS) 2Q 2019 2Q 2020 % Change

Volume (in TEU) 2,563,244 2,290,779 -11%Volume decreased 11% as trade activities declined due to the impact of COVID-19 pandemic on global trade and

lockdown restrictions; partially tapered by the contribution of ICTSI Rio, a new terminal in Rio de Janeiro in Brazil.

Organically, volume down 12%

Gross Revenues from Port

Operations368,001 348,485 -5%

Revenues were 5% lower as trade activities declined due to the impact of COVID-19 pandemic and lockdown

restrictions; partially tapered by the contribution of ICTSI Rio; higher revenues from ancillary services, and new services at certain terminals. Organically, revenues were 8% less

Cash Operating Expenses 120,015 103,793 -14%Cash Opex 14% lower due to the decline in volume and continuous group-wide cost reduction and optimization

measures and favorable translation impact of BRL, AUD, MXN & PKR; tapered by mandated and contracted salary rate

adjustments at certain terminals and the cost contribution of ICTSI Rio

EBITDA 201,856 204,218 +1%EBITDA 1% higher mainly due to lower cash operating expenses resulting from continuous group-wide cost reduction

and optimization measures and positive contribution of ICTSI Rio. EBITDA margin increased to 59% from 55%

EBIT 144,023 148,938 +3%

Financing Charges and Other

Expenses31,301 34,496 +10%

Financing charges and other expenses increased 10% primarily due to COVID19-related expenses and the absence of

capitalized borrowing cost related to the Phase 2 expansion project in Basra, Iraq in 2019

Net Income Attributable

to Equity Holders56,067 53,782 -4%

Net income attributable to equity holders down 4% due to increase in interest on concession rights payable and COVID-

19 related expense; partially tapered by lower equity in net loss in SPIA

Fully Diluted EPS 0.020 0.020 -

11

Financing Charges & Other Expenses

(In US$’ 000)

1H 2019 1H 2020 % Change

Financing Charges & Other Expenses 59,623 67,677 +14%Increased primarily due to COVID19-related expenses and the absence of capitalized

borrowing cost related to the Phase 2 expansion project in Basra, Iraq in 2019

▪ Interest Expense on Loans/Bonds

▪ Capitalized Borrowing Cost

▪ Amortization of Debt Issue Cost

▪ Other Expenses

51,090

(1,331)

3,980

5,884

48,151

-

3,820

15,706

-6%

-100%

-4%

+167%

Average Outstanding Debt Balance 1,712,864 1,812,554 +6%Increased due to the US$300M term loan facility, US$530M short term and 18-month

loans of ICTSI and ICTSI Global Finance B.V. tapered by the prepayment of the Euro-

loan

Average Remaining Tenor 4.8 yrs 5.7 yrs Longer tenor due to newly issued US$400M Senior Notes

Average Cost of Debt (post CIT) 4.2% p.a. 4.0% p.a.

12

Proactive FX Risk Management

ICTSI’s revenue and cash expenses are favourably matched, which provides a natural currency hedge that mitigates against volatility attributable to FX movements

Revenue Currency by Subsidiary Cash Expense Currency by Subsidiary

Expenses favourably Matching Revenues(1H 2020 Revenue Breakdown by Currency)

US$ Revenues from Port Operations(1H 2020 Revenue Breakdown by Currency)

Note

*Total Cash Expense includes Cash Opex, Port Fees, Realized FX losses, Interest

Cost, Perp Distribution, IFRIC Interest, Other “cash” expenses and Income tax paid

Subsidiaries USD EUR Local Currency

MICT 38% 62% PHP

PTMTS 100% IDR

YICT 100% CNY

OJA 73% 27% IDR

PICT 80% 20% PKR

SBITC/ISI 45% 55% PHP

SCIPSI 100% PHP

DIPSSCOR 100% PHP

HIPS 100% PHP

MICTSI 100% PHP

BIPI 100% PHP

LGICT 11% 89% PHP

VICT 100% AUD

SPICTL/MITL 100% PGK

BCT 66% 10% 24% PLN

MICTSL 100%

BICT 100%

AGCT 79% 21% HRK

ICTSI Iraq 81% 19% IQD

IDRC 100%

TSSA 100% BRL

CGSA 100%

OPC 100%

CMSA 36% 64% MXN

TECPLATA 100%

ICTSI RIO 49% 51% BRL

Subsidiaries USD EUR Local Currency

MICT 29% 71% PHP

PTMTS 4% 96% IDR

YICT 100% CNY

OJA 18% 82% IDR

PICT 24% 76% PKR

SBITC/ISI 25% 75% PHP

SCIPSI 100% PHP

DIPSSCOR 100% PHP

HIPS 100% PHP

MICTSI 100% PHP

BIPI 1% 99% PHP

LGICT 100% PHP

VICT 100% AUD

SPICTL/MITL 100% PGK

BCT 7% 1% 92% PLN

MICTSL 2% 37% 62% MGA

BICT 15% 85% GEL

AGCT 6% 94% HRK

ICTSI Iraq 21% 79% IQD

IDRC 95% 5% CDF

TSSA 2% 98% BRL

CGSA 100%

OPC 49% 51% HNL

CMSA 2% 98% MXN

TECPLATA 9% 91% ARS

ICTSI RIO 100% BRL

Gross Revenues

US$724M

Cash Expenses*

US$507M

Asia

EM

EA

Am

eri

ca

s

Asia

EM

EA

Am

eri

ca

s

USD47%

PHP22%

AUD7%

MXN6%

BRL5%

EUR5%

Others8%

USD 39%

PHP 19%

AUD 9%

BRL 7%

MXN 7%

IQD 3%

Others 16%

13

FX Movement

90

110

130

150

170

190

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-18

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-19

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct-

19

Nov-1

9

Dec-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-20

Ma

y-2

0

Jun

-20

14

CurrencyBRL COP MXN PKR AUD RMB EUR PHP

Average

1H 2020 4.93 3,697.33 21.66 159.78 0.66 7.04 0.91 50.64

1H 2019 3.84 3,188.99 19.15 143.43 0.71 6.79 0.89 52.22

Growth (%) 21.95% 13.75% 11.56% 10.23% 7.34% 3.53% 2.49% -3.11%

Yield/TEU and EBITDA Margin

Yield/TEU Evolution

EBITDA Margin Evolution

56.04%

57.49%

1.63%

-0.49%

0.31%

55%

56%

57%

58%

EBITDA Margin %Dec 2019

Organic New Terminal Forex EBITDA Margin %June 2020

145.55150.90

6.55

2.13-3.34

120

130

140

150

160

Yield/TEUDec 2019

Organic New Terminals Forex Yield/TEUJune 2020

15

Yield/TEU Analysis

2Q

2019

2Q

2020%

change

1H

2019

1H

2020%

change

2,563 2,291 -11% Volume (TEU ‘000) 5,042 4,800 -5%

368 348 -5% Revenues (US$ million) 752 724 -4%

144 152 +6% Yield/TEU (US$) 149 151 +1%

202 204 +1% EBITDA (US$ millions) 424 416 -2%

55% 59% EBITDA Margin 56% 57%

Higher mainly due to favorable volume mix at

certain terminals and contribution of new terminal

ICTSI Rio, partially tapered by lower ancillary

services

FX due to unfavorable translation impact of AUD,

BRL, MXN, partially tapered by favorable

translation impact of PHP

+6

-4

Higher mainly due to increase in ancillary services,

and favorable volume mix at certain terminals and

contribution of new terminal ICTSI Rio

FX due to unfavorable translation impact of AUD,

BRL, MXN, partially tapered by favorable translation

impact of PHP

+13+8

-5

+2

(In US$ million)

16

02Liquidity and Capital Resources

Fixed94%

Floating6%

Parent86%

Subsidiary14%

USD85%

AUD11%

EUR2%

Others2%

Balance Sheet Summary

(In US$ millions) Dec 31, 2019 June 30, 2020

Intangible and Property and Equipment 3,590 3,403

Lease Assets 576 544

Cash and Cash Equivalents 235 297

Other Current and Non-current Assets 1,351 1,335

Total Assets 5,751 5,579

Total Short-term and Long-term Debt 1,663 1,769

Concession Rights Payable 661 633

Lease Liabilities 1,189 1,108

Other Current and Non-current

Liabilities604 585

Total Liabilities 4,116 4,095

Total Equity 1,635 1,484

Gearing: Debt/SHE 1.02 1.19

Current Ratio:

Current Assets/Current Liabilities0.72 1.16

Covenant Leverage Ratio:

Debt/EBITDA2.10 2.18

DSCR: EBITDA/(Interest + Scheduled

Principal Payments)4.61 2.38

Financial Ratios

Dec 31, 2019 June 30, 2020

Debt Breakdown

As of June 30, 2020

Rate Currency Subsidiary

18

Principal Redemption Profile

Notes:

(1) Callable in 2021 with rate reset and 250–bp step–up in 2021

(2) Callable in 2024 with rate reset and 250–bp step–up in 2024

(3) Callable in 2022

(4) Callable in 2026 with rate reset and 250–bp step–up in 2026

As of March 31, 2020(US$ millions)

Proforma August 6, 2020

Perp NC24 (2)

Perp NC22 (3)

Perp NC21 (1)

267 333

77 86 26 19

280

5 5 3 -

394

400

265

400

375

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Perp NC26 (4)

16 45 80 9527 20

285

5 5 4

394

400 400

198

400

375

300

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Relationship Banks Bonds Perp

Perp NC24 (2)

Perp NC22 (3)

Perp NC21 (1)

19

2019A 2020B (ORIGINAL) 2020B (REVISED)

2019 CAPEX mainly for:

EXPANSIONARY: Manila, Honduras, Mexico & Iraq

2020B CAPEX mainly for:

EXPANSIONARY: Manila, Mexico & DR Congo

NEW: Rio

Expansionary Maintenance New ProjectsGreenfield Investment (SPIA)

(In US$ millions)

Capital Expenditures

$210m77%

$54m20%

$7m3%

US$270m

$215m

89%

$25m 10%

$1m 1%

US$241m

20

US$160m

$136m85%

$23m14%

$1m 1%

03Other Matters

ICTSI Sustainability Reports

22

2019 Sustainability Report

23

Recent Events

2020

July

ICTSI concluded the Tender Offer relating to Senior Guaranteed Perpetual Securities of Royal Capital B.V.

ICTSI signed the concession contract to develop, operate and manage the Multi-Purpose Terminal of the Port of Kribi in Cameroon

ICTSI successfully issued a new USD300 Million senior perpetual capital securities callable in May 2026

June ICTSI successfully issued US$400 Million fixed rate senior unsecured notes with a 10-year maturity

Mar ICTSI declared a regular cash dividend in the amount of Php3.31 per share which was paid on April 16, 2020

Feb South Pacific International Terminal Limited (“SPICTL”) entered into agreements with the local communities - Ahi and Labu, to each acquire a 15% stake of SPICTL

2019

Dec

ICTSI received from the Sudanese Government a second partial repayment of the Upfront Fee in the amount of AED110,190,000 (equivalent to approximately EUR27million).

ICTSI continues productive discussions with the Ministry of Finance and Economic Planning of the Republic of the Sudan for the refund of the remaining balance of the

Upfront Fee under the terms of the Refund Bond.

ICTSI took over the facilities and started to operate Libra Terminal Rio S.A. in the port of Rio de Janeiro City, Federative Republic of Brazil after completing all conditions

precedent and required regulatory approvals.

Contecon Guayaquil, S.A. (CGSA) Concession Agreement, which was to end on July 31, 2027, was extended for approximately 19 ½ more years to December 31, 2046

NovFederal jury verdict in Portland, Oregon, USA rendered in favor of ICTSI Oregon Inc. with a total sum of $93,635,000 in a case it filed against the International Longshore and

Warehouse Union (ILWU) and ILWU Local 8 for unlawful labor practices

Aug

ICTSI received a letter from the Sudanese Ministry of Finance & Economic Planning confirming the remittance of EUR195.2 million as partial repayment of the EUR410

million upfront fee in accordance with a refund bond, and that the balance will be repaid as soon as possible. ICTSI continues to reserve its rights under the Concession

Agreement

Motukea International Terminal Limited (MITL) entered into agreements with the local Tatana and Baruni communities for the latter to acquire a 30% stake of MITL, in line with

the Terminal Operating Agreement entered by ICTSI and the PNG Ports Authority

Jul

ICTSI Americas B.V, signed a Share Purchase Agreement with Boreal Empreendimentos e Participações S.A. to acquire one hundred per cent (100%) of the shares of Libra

Terminal Rio S.A. located in the port of Rio de Janeiro City, Federative Republic of Brazil. Transfer of the facilities to ICTSI expected to take place late 2019, once all

conditions precedent and required regulatory approvals have been obtained

Jun ICTSI declared preferred bidder for the concession to develop, operate and manage the Multi-Purpose Terminal of the Port of Kribi in Cameroon

MayComplied with the last of the Conditions Precedent (CPs) needed prior to the transfer a further 15.17% MNHPI shares to ICTSI; ICTSI's shareholdings in MNHPI has been

increased from 34.83% to 50%

24

Concluding Remarks

▪ Safety and wellbeing of the ICTSI team and other stakeholders remains our number one priority

▪ Focused on prudent cash preservation and management

▪ Strengthened our capital structure to capitalise on opportunities

▪ Agile and able to respond swiftly to changing situations

▪ Measures taken mean we are well positioned to navigate an uncertain and challenging H2

25

04Questions and Answers

05Appendix

COVID-related community support projects

Organization Beneficiaries

Coalition of Services for the Elderly

o Provided immunopacks to

indigent senior citizens.

Immunopacks contain face

masks, milk, vitamins rice and

other food items

Project Liwanag Ph, Inc

o 1,600 Aeta families in Capas,

Tarlac; distributed rice,

vegetables, canned goods

Financial assistance to Foundation

partners:

Parola Ecopatrols and Parola Day

Care Workers in Manila, Scholars

and School Coordinators, garbage

haulers in MICT

o 78 Parola Ecopatrols

o 11 Day Care Workers

o 162 scholars and coordinators

o 8 garbage personnel

Donation of Thermal Scanners

o Parola Brgy. 20 and Brgy.

275 (each barangay received 5

units)

Donation of 50 sacks of rice o Parola Brgy. 20

Donation of 60 sacks of rice to

Community Organizers Multiversityo 300 families in Delpan, Binondo

ICTSI Foundation and Sustainable and Development Unit

28

COVID-related community support projects

Organization Beneficiaries

Donation of Php5M for the purchase

of COVID-19 testing machines o City of Manila

Donation of 50,000 face masks o Residents of Parola Brgy. 20 and

Brgy. 275 and Isla Puting Bato

Donation of personal protective

equipment (PPEs)

o Philippine Association of Social

Workers, Inc –NCR. This donation

benefitted 14 institutions including

all the Manila District Social

Welfare Offices and selected

hospitals.

Donation of 900 grocery packs

o Parola Brgy frontliners and

families of identified COVID-19

patients

Donation of 5 kilos rice each

o 700 PAROLA Toda and ASPT

TODA (tricycle operators and

drivers association) and MTPB

Task Force Parola

Donation to the Philippine Commission for the Urban Poor

ICTSI Foundation and Sustainable and Development Unit

29

COVID-19: Supporting our Stakeholders

▪ Php355m to national and local government agencies,

communities, employees and port stakeholders

▪ Donated personal protective equipment, ventilators,

test kits, face masks and disinfectants to local

hospitals and stakeholders

▪ Mass rapid antibody testing of our employees

▪ Logistical support for hospitals, and mental health

support for employees for those in need of it

▪ Php100m donation to Project Ugnayan, a feeding

programme for the economically vulnerable

30

Thank you!