October 15, 2015 MANILA WATER s, Madaluyong City, Philippines ans SECURITIES AND EXCHANGE COMMISSION Securities and Exchange Commission Building, EDSA, Green Attention MR. VICENTE GRACIANO P. FELIZMENIO, JR. Director, Markets and Securities Regulation Department PHILIPPINE STOCK EXCHANGE, INC. Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City, Philippines Attention MS. JANET A. ENCARNACION Head, Disclosure Department Subject f Joint Venture Agreement between the Tagum City Water District and the Consortium of Manila Water Company, Inc. and iWater, Inc. Gentlemen In relation to our disclosure dated July 28, 2015, please be informed that Davao Del Norte Water Infrastructure Company, Inc. (“Davao Water”) has signed and executed a Joint Venture Agreement with ‘the Tagum City Water District ("TWD"). The Joint Venture Agreement ("IVA") will govern the relationship of Davao Water and TWD as joint venture partners in the Tagum City Bulk Water Supply Project (the "Project”}. Under the said JVA, Davao Water and the TWD shall cause the incorporation of a Joint Venture Company ("IVC") which shall implement the Project for 15 years from the Operations Start Date as defined in the JVA. The consortium of Davao Water shall own 90% while TWD shall own 10% of the JVC's outstanding, capital stock Davao Water is a consortium of Manila Water Company, Inc. and iWater, Inc. Manila Water owns 5196 of the issued and outstanding capital stock of Davao Water. Manila Water shall update the SEC and the PSE for further developments on this transaction, Very truly yours, MANILA WATER COMPANY, IN. JHOEL P. RAQUEDAN: MWSS Administration Building, Pa toed cated 489 Katipunan Road, 105 Bl, Assistant Corporate Secretary Suenery: ewepons (632) 917 5300 \Wewnamaniawalercom Customer Service Hotine 127