Press Release

FPC SELLS DON MUANG TOLLWAY STAKE TO MPIC MPIC Pays US$101.25 million, lifts DMT Stake to 29.45%

Hong Kong and Manila, 30th May 2014 - First Pacific Company Limited ("First Pacific") and Metro Pacific Investments Corporation ("MPIC") today announced that MPIC will buy First Pacific's Thai toll road investment for US$101.25 million.
The transaction entails the sale of First Pacific's 75% shareholding in FPM Infrastructure
Holdings Limited ("FPM Infrastructure") to MPIC. FPM Infrastructure's sole asset is a
29.45% interest in Don Muang Tollway Public Company Ltd ("DMT"). MPIC already owns
25% of FPM Infrastructure and the transaction will lift its stake to 100% while raising
MPIC's economic interest in DMT to the full 29.45% from 7.36% currently.
The Thai toll road is MPIC's first-ever investment outside its home market in the Philippines and further such infrastructure investments are planned as MPIC leverages the experience and expertise that it has developed in its Philippine businesses and exporting them to new jurisdictions. MPIC's current Philippine investments include water and electricity distribution, healthcare, and toll roads.
Manuel V. Pangilinan, Managing Director and Chief Executive Officer of First Pacific and Chairman of the Board of MPIC said, "MPIC has reached a stage of development where it is ready to take its infrastructure expertise regionally. We very much look forward to seeing MPIC's new focus on its regional infrastructure ambitions."
MPIC will fund the purchase from internal resources and borrowings and settle the transaction on 31st July 2014.
As this is a related party transaction, the three First Pacific executive directors who are also on MPIC's board took no part in the MPIC Board meeting which discussed and decided on the sale. The transaction has also been reviewed by MPIC's Audit and Risk Management Committee (ARMC) in accordance with MPIC's ARMC Charter and Code of Corporate Governance.
Jose Ma. K. Lim, President and Chief Executive Officer of MPIC said it wasn't just MPIC's level of development that drove the transaction.
"Thailand offers a level playing field and a regulatory regime that welcomes investment," he said, drawing a contrast with MPIC's inability to obtain mandated toll adjustments from Philippine regulators. "We are very impressed with the quality of the DMT management. The road achieved in excess of 13% traffic growth in 2013, ahead of our expectations, and we are confident that the tariff increase due at end of this year will go ahead as planned."

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Lim added that he has seen no disruptions to DMT's operations in Thailand's current political climate. "Although Thailand is experiencing some political uncertainties just now we remain committed to seeking further investment opportunities there as the Kingdom has progressed well over the years despite such uncertainties," he said.
Working under a 27-year concession ending in 2034, DMT operates a 21.9-kilometer six-lane elevated toll road stretching from Din Daeng in central Bangkok past Don Muang Airport and on to the National Monument in the north of the capital. The road traverses residential communities, universities and industrial estates. Planned along its route are a bus terminal and the new government administrative center.
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Corporate Profiles

First Pacific is a Hong Kong-based investment management and holding company with operations located in Asia. Its principal businesses are in telecommunications, infrastructure, consumer food products and natural resources. Listed in Hong Kong (Stock code: 00142), First Pacific's shares are also available in the United States through American Depositary Receipts (ADR code: FPAFY). For further information, see www.firstpacific.com.
Manila-based Metro Pacific Investments Corporation is the premier infrastructure development firm in the Philippines. It is the country's largest toll road operator and water distributor and together with an affiliate controls the country's largest electricity distributor. MPIC is also the largest hospital operator in the Philippines. It is listed on the Philippine Stock Exchange under stock code MPI. For more information, go to www.mpic.com.ph.

For further information, please contact:

John Ryan David J. Nicol
EVP, Group Corporate Communications Chief Financial Officer
First Pacific MPIC
Tel: +852 2842 4355 Tel: +632 888 0888

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