Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

第一太平有限公司

(Incorporated with limited liability under the laws of Bermuda)

Website: http://www.firstpacific.com

(Stock Code: 00142) ANNOUNCEMENT MADE BY PHILEX MINING CORPORATION IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016

This Announcement is made by First Pacific Company Limited ("First Pacific" or the "Company") to provide shareholders of First Pacific and the public with the unaudited consolidated financial results of Philex Mining Corporation ("Philex"), a major operating associate of the Company, for the nine months ended 30 September 2016.

Summary

On 26 October 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2016. Philex's unaudited consolidated financial results have been submitted to the PSE on 26 October 2016, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of HKEX and the Company.

Philex, a major operating associate of First Pacific, is a company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange, Inc. ("PSE"). First Pacific holds a 31.2% economic interest in Philex (Two Rivers Pacific Holdings Corporation, a Philippine affiliate of First Pacific, holds an additional 15.0% economic interest in Philex). On 26 October 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2016. Philex's unaudited consolidated financial results have been submitted to the PSE on 26 October 2016, which have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of The Stock Exchange of Hong Kong Limited ("HKEX") and the Company. The unaudited consolidated financial statements have been prepared in conformity with the Philippine Financial Reporting Standards and are presented in Philippine Peso. Philex's unaudited Consolidated Statements of Income for the nine months ended 30 September 2016 and 2015, as well as the unaudited Consolidated Statement of Financial Position as at 30 September 2016 and audited Consolidated Statement of Financial Position as at 31 December 2015 are provided below:

PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015

(Amounts in Peso Thousands, except Earnings Per Share which are in Peso)

2016 2015 REVENUE

Gold

4,797,124

4,366,199

Copper

2,841,185

2,751,563

Silver

66,390

55,422

7,704,699

7,173,184

Less: Smelting charges

677,874

626,760

7,026,825

6,546,424

COSTS AND EXPENSES

Mining and milling costs (including depletion and

depreciation)

4,370,502

4,598,200

General and administrative expenses

282,266

341,292

Excise taxes and royalties

348,435

344,532

Handling, hauling and storage

46,442

54,494

5,047,645

5,338,518

INCOME FROM OPERATIONS

1,979,180

1,207,906

OTHER INCOME (CHARGES)

Interest income

1,425

2,800

Foreign exchange losses - net

(60,830)

(123,431)

Gain on disposal of available-for-sale (AFS)

financial assets

-

107,088

Others - net (37,019) 29,911

(96,424) 16,368 INCOME BEFORE PROVISIONS FOR IMPAIRMENT 1,882,756 1,224,274

Provisions for impairment on investment in

an associate and deferred exploration costs

(920,577)

-

INCOME BEFORE PROVISION FOR INCOME TAX

962,179

1,224,274

Provision for income tax

(570,694)

(350,197)

391,485

874,077

Gain (Loss) of a deconsolidated subsidiary group - net

941,975

(118,047)

NET INCOME

1,333,460

756,030

NET INCOME (LOSS) ATTRIBUTABLE TO:

Equity holders of the Parent Company

1,355,119

851,324

Non-controlling interests

(21,659)

(95,294)

1,333,460

756,030

CORE NET INCOME

1,331,765

811,470

BASIC EARNINGS PER SHARE

0.2743

0.1723

DILUTED EARNINGS PER SHARE

0.2743

0.1723

CORE NET INCOME PER SHARE

0.2696

0.1643

PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in Peso Thousands, except Par Value Per Share which is in Peso)

30 September 31 December 2016 2015 (UNAUDITED) (AUDITED)

Current Assets

Cash and cash equivalents

582,936

1,008,686

Accounts receivable

523,274

897,479

Inventories

2,128,674

1,886,544

Advances to an associate

2,150,754

-

Derivative assets

1,690

-

Other current assets

1,454,350

1,478,748

Total Current Assets

6,841,678

5,271,457

Noncurrent Assets

Property, plant and equipment - net

6,879,004

6,828,052

AFS financial assets

106,687

106,687

Investments in associates

1,003,528

659,408

Goodwill

-

1,238,583

Deferred income tax assets - net

239

5,992

Deferred exploration costs and other noncurrent assets

24,458,500

29,438,845

Total Noncurrent Assets

32,447,958

38,277,567

TOTAL ASSETS

39,289,636

43,549,024

LIABILITIES AND EQUITY

Current Liabilities

Loans payable

3,055,500

3,317,730

Accounts payable and accrued liabilities

1,279,412

1,448,445

Income tax payable

192,115

13,014

Dividends payable

543,558

479,652

Provisions and subscriptions payables

421,186

456,043

Total Current Liabilities

5,491,771

5,714,884

Noncurrent Liabilities

Bonds payable

6,495,706

6,259,063

Deferred income tax liabilities - net

2,972,965

3,939,160

Pension obligation

21,968

21,968

Provision for losses and mine rehabilitation costs

128,357

330,047

Total Noncurrent Liabilities

9,618,996

10,550,238

Total Liabilities

15,110,767

16,265,122

Equity Attributable to Equity Holders of the Parent Company

Capital Stock - Peso 1 par value

4,940,399

4,940,399

Additional paid-in capital Retained earnings

Unappropriated

1,143,981

5,233,986

1,142,722

5,496,271

Appropriated

10,000,000

10,000,000

Net unrealized loss on AFS financial assets

(1,022)

(1,022)

Equity conversion option

1,225,518

1,225,518

Cumulative translation adjustments

1,690

124,334

Net revaluation surplus

1,611,397

1,611,397

Effect of transactions with non-controlling interests

23,163

23,164

24,179,112

24,562,783

ASSETS Non-controlling interests (243) 2,721,119 Total Equity 24,178,869 27,283,902 TOTAL LIABILITIES & EQUITY 39,289,636 43,549,024 GENERAL

Shareholders should note that the above unaudited and audited consolidated financial results pertain only to Philex and not to First Pacific itself.

The above information only refers to certain sections of Philex's disclosure and shareholders should refer to Philex's original filing submitted to the PSE (http://www.pse.com.ph), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on 26 October 2016.

By Order of the Board

First Pacific Company Limited Manuel V. Pangilinan

Managing Director and CEO

Hong Kong, 26 October 2016

As at the date of this announcement, the Board comprises the following Directors:

Executive Directors:

Manuel V. Pangilinan, Managing Director and CEO

Edward A. Tortorici Robert C. Nicholson

Non-executive Directors: Anthoni Salim, Chairman Benny S. Santoso

Tedy Djuhar

Ambassador Albert F. del Rosario

Independent Non-executive Directors: Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok

Madeleine Lee Suh Shin

First Pacific Company Limited published this content on 26 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 October 2016 09:31:05 UTC.

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