VISTA LAND & LIFESCAPES, INC.

Roadshow (ND) Presentation ‐ Australia

October 2007 
Vista—business overview

Vista is the largest homebuilder in the Philippines and the 
only homebuilder offering a full product spectrum across all 
income segments

Affordable / low cost homes Platform for Vista’s brands in the 
Prices below US$73,000 regions across all price ranges
Established 1977 Established 1991

High end homes Middle income
Prices above US$186,000 Prices between US$73,000 – 186,000
Established 1993 Established 1995

2
Corporate Structure
Sen. Manuel Villar
Chairman Emeritus

Board of Directors
Marcelino Mendoza Manuel Paolo Villar
Benjamarie Serrano Mark Villar
Cynthia Javarez Lili Ramirez(Ind)
Marilou Adea (Ind)

Executive Management Team
Benjamarie Serrano, President and Chief Executive Officer
Marcelino Mendoza, Chief Financial Officer
Manuel Paolo Villar, Head of Corporate Planning

Jerylle Luz 
Marylee Sadiasa Maria Leni Luya Maribeth Tolentino
Quismundo
Managing Director Managing Director Managing Director
Managing Director

Approximately 300 administrative employees across all business units 

3
Vista—dominant since 1988
Vista is the largest homebuilder in the Philippines
Market share for top 6 developers in
Total horizontal housing units developed (1988 – 2006) affordable segment (1988 – 2006)

60
56.6 Total socialised housing developed
Ayala Land
72,400 (1988 - 2006)
5% Vista
homes built 41.6 37%

Houses developed (in units

Filinvest
50 40
in 18 years 6%
(over 30
Houses developed (in units thousands)

100,000 thousands) 20 15.8

32.5 8.1
40 since 1977) 10 4.8 2.3 Confederation
16%
0
Extraordinary
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V 18%
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Sa
Fi

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ed
18%

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ew

Ex
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N
1.5
20
15.8 15.2 14.7
12.6
22.6 8.6
4.0 7.8
10
15.4 15.0 13.8 0.9 0.1
2.7
4.9 1.7
7.6 5.8
0.9 2.9 0.4
1.3
0 0.3 0.2
Vista Extraordinary New San Jose Confederation Ayala Land Sta. Lucia Filinvest Robinsons Land
High end Middle cost Affordable
Source: Housing and Urban Development Coordination Council

34
Note: Ayala Land through its subsidiary Avida; Price range for Socialised = Below US$5k,
Affordable = US$5k – 41k, Middle cost = US$41k – 83k, High end = Above US$83k
Vista—product offering across all income segments
Vista is the only homebuilder offering homes across all 
income segments
Target market by income segment (2006E) 

Target markets
households (in millions)

8 7.52
6
3.73
4
2 1.22
0.06
0
Socialized Affordable Mid Income High-End
Source: National Statistics Office

5
Large housing backlog
Significant demand generated from considerable housing 
backlog in Philippines
Housing backlog (for first time buyers) OFW remittances

16
450 CAGR (2000 – 2006): 14.0
14 12.8
(households in thousands)

400
13.2%
350 12 10.9

(in US$ billions)

300 10 8.5
250 7.2 7.6
8
200 6.1 6.0
150 6
100 4
50
2
0
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Households created HLURB supply 2000 2001 2002 2003 2004 2005 2006 2007E

Source: National Statistics Office; Housing and Urban Development Coordination Council Source: Bangko Sentral ng Pilipinas

Domestic housing backlog mostly in affordable and socialized segments
OF remittances increasing – mostly spent in residential property
Vista buyers predominantly end users – less volatile demand

6
Improving borrowing environment

Low interest rates with longer terms offered for cheaper financing

Illustrative mortgage payments 
Interest rates (for a US$43,000 house) 

25 Rate Term Monthly payment

20 9.0% 5 years US$706
15 9.0% 10 years US$431
(%)

10 9.0% 15 years US$345

9.0% 20 years US$306
5
9.0% 25 years US$285
0
Assumptions: 20% downpayment; Exchange rate US$1:Php48.3;
Jan-98 Apr-99 Aug-00 Dec-01 Mar-03 Jul-04 Nov-05 Mar-07
Equivalent to a Php2 million house
91-Day T-bill rates Bank avg lending rate

Source: Bangko Sentral ng Pilipinas

Interest rates at a 10‐year low
Banks are increasing mortgage lending at longer terms
Increased competition between banks benefiting customers
Increasing overall home affordability
7
Key investment highlights

Product offering 
1 across all income 
segments

Extensive and 
Strong brand 
6 high quality  2
names
landbank

Global marketing  Nationwide 
5 3
network presence

Positioned to 
4 capitalise on OF 
market

8
1 Product offering across all income segments
Only residential homebuilder offering homes across all income 
segments
Real estate sales contribution  Revenue contribution (1H07) 
Crown
25%

Brittany
24%

C&P
9,000
26%
8,000 Real estate sales 
CAGR (CY04 – Comm Phils
7,000
6,000 Real estate sales 
CY06): 34% 25%
6,000 1Q06 – 1Q07 
1,609 growth: 41%
5,000
3,887 4,110
Amounts (in millions)

4,000
3,337 1,157
1,019
3,000
1,206 2,909
998
1,256 683 1,070
1,029
2,000 1,003 660
1,040
918 793
1,000 726 1,978
610 733 773 982
-
Y2004 Y2005 Y2006 1H-2006 1H-2007

Brittany Comm Phils C&P Crown

9
2 Strong brand names
Vista has 3 of the most recognised brands in the industry
Overall brand awareness
100% 94%
91%
90%

80% 74%
68%
70% 64% 64%
62%
60%
48%
50%
39%
40% 34%
27%
30%

20%
12% 11% 11%
9% 9%
10% 5%
3% 3% 3% 3% 1%
0%

DMCI
Camella Homes

Community Innovations
Empire East
Fil-Estate

Moldex Realty

Extra Ordinary

Pro-Friends
Cityland

Robinson's Land

Lexber, Inc.
Filinvest

Brittany Corp.

Phil. Townships Inc.

Ayala Premier
Sta. Lucia Realty
Villar Group

Acerhomes
Avida
Ayala Land

Megaworld
Crown Asia

Source: PSRC Research International 2005

Note: Vista brand awareness represents % of respondents who are aware of at least one of Camella, Crown
Asia or Brittany 10
3 Nationwide presence
Vista has a solid track record of identifying regional opportunities in the
Philippines and now has developments in 13 provinces and 31 cities and
municipalities

Metro Manila
19 projects – 182 hectares
Pangasinan
2 projects – 28 hectares

Cavite
12 projects – 312 hectares
Pampanga
1 project – 19 hectares

Rizal
Bulacan 8 projects – 131 hectares
2 projects – 24 hectares

Leyte
Batangas 1 projects – 8 hectares
2 projects – 16 hectares

Cebu
6 projects – 51 hectares
Laguna
5 projects – 91 hectares

Davao
Iloilo 2 projects – 53 hectares
4 projects – 87 hectares Cagayan de Oro
3 projects – 45 hectares
11
4 Positioned to capitalise on surging OF market
Over 50% of Vista’s real estate sales are derived from Overseas
Filipinos (OFs)

Historical OFW remittances  Distribution of OFW remittances (2005) 

16
14
14 CAGR (2000 – 2006): 12.8

12
13.2% 10.9
M e ga M a nila
10 42%
8.5
7.6 Res t o f
8 7.2 P hilippine s
6.1 6 58%
6

2000 2001 2002 2003 2004 2005 2006 2007E Source: Overseas Workers Welfare Administration
Source: Bangko Sentral ng Pilipinas Note: Mega Manila includes NCR and Region IV of Philippines

Legislation passed in 2005 allowing OFs to have Filipino citizenship as well as overseas 
citizenship
Allows more OFs to purchase real estate in the Philippines
OFs are becoming more skilled and, therefore, earning more
E.g. higher proportion of nurses and engineers and fewer domestic helpers 
Increased ability to afford middle cost and high end housing
12
5 Global marketing network
Vista has one of the Philippines’ most extensive global
marketing networks
Europe:
Total remittances1: US$2.1bn
Total deployed OFWs2: 0.8m
Total accredited agents: 434
Middle East:
Total remittances1: US$1.9bn
Total deployed OFWs2: 1.6m
Total accredited agents: 511
 
Pioneer in developing global 
marketing network 
Approximately 1,700 marketing agents 
in 25 countries selling Vista products
Asia (ex-Philippines):
Total remittances1: US$1.5bn Americas:
Total deployed OFWs2: 1.5m Total remittances1: US$7.2bn
Total accredited agents: 339 Total deployed OFWs2: 3.5m
Total accredited agents: 415
Philippines:
In-house agents: 1,020
Total accredited agents: 10,486
Source: Bangko Sentral ng Pilipinas; Philippine Overseas
Employment Association
Note:
1) Remittances as of CY2006
2) OFWs deployed as of CY2004
13
6 Extensive high quality landbank

1,577 hectares of prime landbank ready for development
358 hectares with joint ventures Landbank breakdown per business unit
23% of total landbank under JV 
700.0 634.0
for increased capital efficiency 600.0

75% of landbank is adjacent to or  500.0

Area (in hectares)
423.4

near to existing developments 400.0

300.0
Generally control access to  151.7
200.0
adjacent landbank for expansion 100.0
104.4
56.7 62.9
85.9
57.2

0.0
Brittany Comm. Phils Came lla Crown
Vista landbank distribution Owned JV

Re st of the  
Philippine s
29% Me ga Manila
71%

Note: Mega Manila includes NCR and Region IV of Philippines

14
CURRENT ENVIRONMENT
Vista Land: Story is becoming better understood
Previous – Follow‐on Offering, blackouts & global credit issues
Vista Land had its follow‐on offering in early August, when many investors were 
diversifying to SE Asia.
The global credit situation caused a risk reduction which affected the Philippines and Vista
Vista has been at a disadvantage as brokerages still in post‐offering blackout.

Current – Spreading the story 
1st half results indicate that Vista has achieved more than half of its 2007 revenue and 
earnings targets
Offering consortium can publish research from September 5th.
Actively meeting domestic brokers, domestic funds, international funds.
Educating investors – housing and land are low volatility sectors in Philippines

Future – New Initiatives to Improve the Story
New corporate cities/metropolitan hubs in southern Metro Manila
New acquisition of strategic land
New high‐rises not previously in NAV
Repurchase of receivables has been completed and will be reflected in the 2H results
16
New initiatives to enhance value:

Lakefront City Central – A Corporate City unveiled in the South between 
Metro Manila and Filinvest Corporate City.
Potential upside to NAV is significant as land is re‐priced.
Daang Hari Growth Hub 
Hacienda Sta. Elena “City South”
Further purchases of land‐bank in strategic areas to expand geographic 
reach
Repurchase of receivables. 
We are already buying back our receivables. This will only be reflected in 
the 2H. 
New High‐rises in Metro Manila. 
Two high‐rises unveiled

17
Where we stand today

After the Follow‐on Offering and global credit issues

Out‐reach program + new initiatives will highlight Vista’s valuation 
gap
FY08 PER: Developers + large land‐banks
AYALA LAND INC 39.8x
FILINVEST LAND INC 26.1x
VISTA LAND 15.5x

FY08 PER: Developers
MEGAWORLD CORP 19.3x
ROBINSONS LAND CO 20.3x
SM INVESTMENTS CORP 18.5x
SMPH  20.2x
(prices as of Oct15th close, consensus as per Bloomberg)
(FY08: Vista estimates per UBS: PhP 3,318m, 8,539 shares outstanding, 0.3886 eps)

18
FINANCIAL HIGHLIGHTS – 1ST HALF
Financial Highlights
Balance Sheet

20
Financial Highlights
Income Statement

21
Financial Highlights

Real Estate Sales Divisional Growth
7,000 1H06 – 1H07

6,000
6,000 Brittany 27%
Real Estate Sales Growth  Comm Phils 31%
5,000
1,609 1H06‐1H07: 41%
C&P 62%
Amount (in millions)

4,110 Crown 49%

4,000
1,157
1,019
2,909
3,000
1,256 1,070 683
2,000 660
1,040
793
1,000 1,978
982 773
0
Y2006 1H-2007 1H-2006
Brittany Comm Phils C&P Crown
22
Financial Highlights

Real Estate Sales Contribution

C&P
Crown 19%
C&P 25% Crown
26% 27%

Comm Phils
21%
Comm Phils Brittany
25% 24% Brittany
33%

1H 2007 Y 2006

23
Financial Highlights

Gross Profit Margin
58.0%

56.0% 55.5%

54.0%

51.7%
52.0% 51.2%51.3% 51.1%
50.8%
Percentage

50.3% 50.2%
49.8% 49.9% 49.8%
50.0% 49.4%
48.6%

48.0%
46.6% 46.5%
46.0%

44.0%

42.0%
Brittany Comm Phils C&P  Crown Vista
Y2006 1H‐2007 1H‐2006

24
Financial Highlights
EBIT Margin EBIT Contribution
C&P Crown
35.0% 33.5% 33.0% 32.5%
25% 26%
31.3% 31.4%
30.2% 30.0% 30.2%
30.0% 27.4%
25.4%
24.5%
25.0% 22.8% 22.8%

19.5% Comm Phils Brittany

Percentage

20.0%
16.6% 26% 23%

15.0%
1H 2007
10.0% C&P
12% Crown
5.0% 31%
Comm Phils
0.0% 17%

Brittany Comm Phils C&P  Crown Vista

Y2006 1H‐2007 1H‐2006

NOTE:  EBIT = Gross Profit less Operating Expenses Brittany
40%
Y 2006

25
Financial Highlights

Net Income Net Income 
(net restructuring gain) 

2,500 1,600
1,458
2,063
Growth 1H06‐1H07: 
1,400
2,000 295% 309
217
1,200
1,046 Growth 1H06‐1H07: 
Amount (in millions)

Amount (in millions)

100%
1,458 1,000
1,500 217
309 618
800
1,402
1,000 385
600 522
618
117 135
522 400
500 117 135 252 142
252 142 200 414 118
414 118
192 192 126
126
0 0
Y2006 1H-2007 1H-2006 Y2006 1H-2007 1H-2006
Brittany Comm Phils C&P Crown Brittany Comm Phils C&P Crown
26
SECURED GROWTH PIPELINE
2H 07 Growth Pipeline Secured

Bullish with new initiatives that will accelerate growth and 
generate value
25 New and Expansion Projects (6,536 units) valued at 16.3B
Already launched 10 projects in the first half of 2007
10 more projects were launched in the 3rd quarter
Acquisition of properties in highly favored vertical locations such 
as the Makati CBD and Quezon City through joint ventures
Launched 2 towers in September 07 

28
Solid Strategy to Secure Growth Pipeline

Launching of 
1 Lakefront City Central 
& 2 Metro South Hubs

2
Expand Geographical 
Reach

Increase Share in the 
3
Condominium Market

29
1.  LAUNCH OF CORPORATE 
CITY/METROPOLITAN HUBS
Launch of Metropolitan Hubs

Masterplan land bank to build new  Sucat, Taguig

metropolitan areas 
To create a Corporate City and 2 
Metropolitan Hubs 
In 2 key growth areas of Metro Manila 
and 1 key growth area south of Metro  Daanghari
Manila
Core urban cities to have mix of 
business, commercial, institutional and 
residential offerings
Across all market segments (Brittany, 
Camella, Crown Asia)  Sta. Rosa, 
Laguna

31
Lakefront City Central

Flagship project of Vista Land with the combined expertise  of 
Brittany and Crown Asia
P25B inner city development set to be completed in 10 years
15 minutes away from the Makati CBD, located off the Sucat
Exit, right along the South Luzon Expressway
60 hectares of prime property envisioned to be the next world 
class destination offering a combination of residential, 
commercial, business and institutional enclaves
A 180° view of the Laguna de Bay 
San Francisco Neo Victorian architecture
Takes advantage of complementary infrastructure 
developments

32
Behold the view at the center of it all

The New Metropolitan Hub 33

2727
 34

34
LAKEFRONT CITY CENTRAL MASTERPLAN 26
Lakefront City Central Access Points

35
2735
Interconnectivity 

2 km spine road (Marfori Avenue)  The government led project 

connecting Sucat Exit to the C6  Circumferential Road (C6) 
Access is already 90% complete.   already completed up to Bicutan
Opening by Dec 2007. exit.  One exit away from Sucat.  

36
2727
Home Central
A thriving community of neighborhoods of beautiful San 
Francisco inspired homes and condominiums.

Victorianne La Posada Aerial View

Tower I 
The Marfori

Presidio Community La Posada Community

37
Fun Central

Restaurants, bars and even a music and arts center make up The 
Wharf, Lakefront City Central’s first commercial district.

38
Daanghari Growth Hub

Growing the 300 hectare 
masterplan with continuous 
expansion of residential enclaves 
and building of commercial area
Traversing through Daanghari
Link Road with access points 
from Alabang, Manila and 
Laguna
Soon to be developed major 
access point from South Luzon 
Expressway
Product offering across all 
market segments.
Estimated project value of P61B  
39

29
39
Daanghari Growth Hub

100 hectares fully developed with existing, expandable enclaves 
of Portofino Heights, Portofino South, Courtyards of 
Portofino and Amore of Portofino. 

Amore of 
Portofino

Portofino Heights Gate I Monte di Portofino

Courtyards of Portofino I Masters Collection
40 30
Daanghari Growth Hub

First zone of central commercial area to open end 2007
Fernbrook Gardens, an 8,000 sqm special events venue slated 
to open Dec 1, 2007
Petron Service Station to commence construction Q4 of 2007

41 41
Fernbrook Construction On Schedule

42
Northbound on the side of 
Portofino South
With lifestyle restaurants & 
specialty shops

PETRON SERVICE STATION

43
Hacienda Sta. Elena
Create “The City South”
Consolidate existing residential enclaves 
of Brittany and Crown Asia into one 
masterplan
Open new access roads leading to ABI‐
Greenfield Exit and Paseo de Sta. Rosa 

44
Hacienda Sta. Elena

45
2.  EXPAND GEOGRAPHICAL REACH
Expand Geographical Reach

Roll out 12 new projects 
In 11 areas outside Metro 
Manila
Communities Philippines
Total Estimated Revenues: 
11.3B

47
3.  INCREASE SHARE IN THE 
CONDOMINIUM MARKET
Gain Share of the Vertical Market
Mosaic @ Greenbelt Avant at The Fort
Cash in on the demand for 
residential condominiums
Three residential 
condominium offerings in Q3‐
Q4 SOLD OUT!!! 50% SOLD!!!
All income segments
Price range from P1.9M to 
P15M

SOLD OUT!!! SOLD OUT!!!

SOLD OUT!!!

Trevi Tower I Marfori Tower 1 Grand Quartier 1

49
Trevi Tower II

Fueled by the success of 
Tower 1: Laureano di Trevi
70% SOLD!!!
Launched in July of 2007
2nd tower of a three tower 
development
Marketed under Camella
Studio to 2 bedroom units
28 sqm – 60 sqm unit size
Price range: P 1.9 to P4.5 
million 
Launched in July 2007
Total Estimated Revenues: 
P967M

50
KL Mosaic, Legaspi Village, Makati

Inspired by the success of Mosaic 
32 storey high‐end residential 
condominium
Legaspi Village, Makati CBD
Fronting Legaspi Park & Washington 
Sycip Park
Defining “Artchitecture”
Studio to 3 bedroom units
38 sqm – 130 sqm unit size
Price range: P 3.6 to P18 million 
Launched September 30, 2007
Total Estimated Revenues: P1.1B

51
Crown Gallery Salcedo

Crown Asia’s first condo 
offering in Makati 
Studio to 2 bedroom units
28 sqm – 120 sqm unit size
To be launched October 2007
Price range: P 2.4 to P8 million 
Total Estimated Revenues: 
P1.8B 

52
Thank You