2018

VII. DIVIDENDS (Dividend Policy, Historical Annual Dividend Payout Ratio,

Historical Dividend Yield)

The Company paid dividends as follows: In 2018, a regular cash dividend of

P=1.65 per share and a special cash dividend of P=1.50 per share were declared to all
stockholders of record as of February 26, 2018 and paid on March 22, 2018.

In 2017, a regular cash dividend of P=1.65 per share and a special cash dividend
of P=1.50 per share were declared to all stockholders of record as of March 1, 2017 and
paid on March 27, 2017.

In 2016, a regular cash dividend of P=1.65 per share and a special cash dividend
of P=1.50 per share were declared to all stockholders of record as of February 29, 2016
and paid on March 28, 2016.

VIII. ABSOLUTE VALUATION

IX. RELATIVE VALUATION

(PRICE EARNNG RATIO) P/E

EPS= 4.18

Market price per Share

PE=
Earnings per Share

P
PE= PE =P 9.10
P 4.18

(PRICE BOOK RATIO) P/B

Book value per share increased to P=38.02 as of December 31, 2018 from P=36.93 as
of December 31, 2017.
EPS= P4.18

Book Value per Share

PE=
Earnings per Share

P 38.02
PE= PE=P 9.10
P 4.18

2019

VII. DIVIDENDS (Dividend Policy, Historical Annual Dividend Payout Ratio,

Historical Dividend Yield)

Details of the Group’s dividend declarations follow:

Parent Company

On March 10, 2020, the Parent Company’s BOD declared regular cash dividends
amounting to =1.50 per P share to stockholders of record as of March 24, 2020. On the
same date, the Parent Company’s BOD declared special cash dividends amounting to
=1.65 per P share to stockholders of record as of June 1, 2019. Total dividends
declared amounted to =6.9 billion to P be paid on April 20, 2020 and June 26, 2020.

On February 28, 2019, the Parent Company’s BOD declared regular cash
dividends amounting to =1.50 per P share to stockholders of record as of March 14,
2019. On the same date, the Parent Company’s BOD declared special cash dividends
amounting to =1.65 per P share to stockholders of record as of July 1, 2019. Total
dividends declared amounted to =P6.9 billion. On March 28, 2019, the regular cash
dividend was paid amounting to =P3.3 billion. On July 26, 2019, the special cash
dividend was paid amounting to =P3.6 billion.

On February 5, 2018, the Parent Company’s BOD declared regular cash

dividends amounting to =3.15 per P share to stockholders of record as of February 26,
2018. On March 22, 2018, the total dividends declared was paid amounting to =P6.9
billion. On February 15, 2017, the Parent Company’s BOD declared regular cash
dividends amounting to =3.15 per P share to stockholders of record as of March 1,
2017. On March 27, 2017, the total dividends declared was paid amounting to =P6.9
billion.

NURC

On June 6, 2019, NURC’s BOD approved the declaration of cash dividends

amounting to 600.00 million (3.17 per share) to stockholders of record as of December
31, 2018 payable on or before September 30, 2019.

On March 23, 2018, NURC’s BOD approved the declaration of cash dividends
amounting to =690.00 million (P =P3.65 per share) to stockholders of record as of
December 31, 2017 payable on or before September 30, 2018. - 100 -
*SGVFSM000750*

There were no dividend declarations and dividend payments to stockholders of

NURC for the year ended December 31, 2017. The Group intends to maintain an
annual cash dividend payment ratio of 50.0% of the Group’s consolidated net income
from the preceding fiscal year, subject to the requirements of the applicable laws and
regulations and the absence of circumstances which may restrict the payment of such
dividends. The BOD may, at any time, modify such dividend payment ratio.

VIII. ABSOLUTE VALUATION

IX. RELATIVE VALUATION

(PRICE EARNNG RATIO) P/E

EPS: P4.43

Market price per Share

PE=
Earnings per Share

P P
PE= PE =
P 4.43 P 4.43
(PRICE BOOK RATIO) P/B

Book value per share increased to P=38.02 as of December 31, 2018 from P=36.93 as
of December 31, 2017.

EPS= P4.43

Book Value per Share

PE=
Earnings per Share

P
PE= PE =P
P 4.43

2020

VII. DIVIDENDS (Dividend Policy, Historical Annual Dividend Payout Ratio,

Historical Dividend Yield)

The Board of Directors of Universal Robina Corporation (URC) approved on

March 10, 2020 the declaration of the following cash dividends from the unrestricted
earnings of URC as of December 31, 2019:

a) Regular Cash Dividend of One Peso and Fifty Centavos (P1.50) per share and
paid on April 21, 2020 and
b) Special Cash Dividend of One Peso and Sixty –Five Centavos (P1.65) per share
and paid on June 26, 2020.

Details of the Group’s dividend declarations follow:

Parent Company

On March 10, 2020, the Parent Company’s BOD declared regular cash dividends
amounting to P=1.50 per share to stockholders of record as of March 24, 2020. On the
same date, the Parent Company’s BOD declared special cash dividends amounting to
=P1.65 per share to stockholders of record as of June 1, 2020. Total dividends declared
amounted to P=6.9 billion. On April 21, 2020, the regular cash dividend was paid
amounting to =P3.3 billion. On June 26, 2020, the special cash dividend was paid
amounting to =P3.6 billion.

On February 28, 2019, the Parent Company’s BOD declared regular cash
dividends amounting to P=1.50 per share to stockholders of record as of March 14,
2019. On the same date, the Parent Company’s BOD declared special cash dividends
amounting to =P1.65 per share to stockholders of record as of July 1, 2019. Total
dividends declared amounted to P=6.9 billion. On March 28, 2019, the regular cash
dividend was paid amounting to =P3.3 billion. On July 25, 2019, the special cash
dividend was paid amounting to =P3.6 billion.

On February 5, 2018, the Parent Company’s BOD declared regular cash

dividends amounting to P=3.15 per share to stockholders of record as of February 26,
2018. On March 22, 2018, the total dividends declared was paid amounting to =P6.9
billion.

NURC

On June 9, 2020, NURC’s BOD approved the declaration of cash dividends

amounting to P=700.0 million (=P3.70 per share) to stockholders of record as of
December 31, 2019 payable on or before September 30, 2020.

On June 6, 2019, NURC’s BOD approved the declaration of cash dividends

amounting to P=600.0 million (=P3.17 per share) to stockholders of record as of
December 31, 2018 payable on or before September 30, 2019.

On March 23, 2018, NURC’s BOD approved the declaration of cash dividends
amounting to P=690.0 million (=P3.65 per share) to stockholders of record as of
December 31, 2017 payable on or before September 30, 2018.
 The Group intends to maintain an annual cash dividend payment ratio of 50.0%
of the Group’s consolidated net income from the preceding fiscal year, subject to the
requirements of the applicable laws and regulations and the absence of circumstances
which may restrict the payment of such dividends. The BOD may, at any time, modify
such dividend payment ratio.

VIII. ABSOLUTE VALUATION

IX. RELATIVE VALUATION

(PRICE EARNNG RATIO) P/E

EPS: P4.88

Market price per Share

PE=
Earnings per Share

P
PE=
P 4.88

(PRICE BOOK RATIO) P/B

Book value per share increased to P=38.02 as of December 31, 2018 from P=36.93 as
of December 31, 2017.

EPS= P4.88

Book Value per Share

PE=
Earnings per Share

P
PE= PE =P
P 4.88