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(Incorporated with limited liability under the laws of Bermuda) Website: http://www.firstpacific.com

(Stock code: 00142) ANNOUNCEMENT MADE BY PHILIPPINE LONG DISTANCE TELEPHONE COMPANY IN RELATION TO ITS AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

This Announcement is made by First Pacific Company Limited ("First Pacific" or the "Company") pursuant to the requirements of Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEX") and the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to provide shareholders of First Pacific and the public with the audited consolidated financial results of Philippine Long Distance Telephone Company ("PLDT"), a major operating associate of the Company, for the year ended 31 December 2013.

Summary

On 4 March 2014, the board of directors of PLDT approved the release of the audited consolidated financial results for the year ended 31 December 2013. PLDT's audited consolidated financial results have been submitted to the Philippine Stock Exchange, Inc. ("PSE") and the New York Stock Exchange, Inc. ("NYSE") by way of disclosure on 4 March 2014, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.

PLDT, a major operating associate of First Pacific, is a company incorporated in the Philippines, whose shares are listed on the PSE. In addition, PLDT's American Depositary Receipts are listed on the NYSE. First Pacific and its Philippine affiliates have a 25.6% attributable economic interest in PLDT. On 4 March 2014, the board of directors of PLDT approved the release of the audited consolidated financial results for the year ended 31 December 2013. PLDT's audited consolidated financial results have been submitted to the PSE and the NYSE by way of disclosure on 4 March 2014, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company. The audited consolidated financial statements have been prepared in conformity with the Philippine Financial Reporting Standards and stated in Philippine Peso. PLDT's audited Consolidated Income Statements for the years ended 31 December 2013, 2012 and 2011, as well as the audited Consolidated Statements of Financial Position as at 31 December 2013 and adjusted Consolidated Statements of Financial Position as at 31 December 2012 and 1 January 2012 are provided below:

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PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (AUDITED) FOR THE YEARS ENDED 31 DECEMBER 2013, 2012 AND 2011

(in million pesos, except earnings per common share amounts which are in pesos)

2013 2012 2011 (As Adjusted) REVENUES

Service revenues 164,052 159,738 145,834



Non-service revenues 4,279 3,295 2,645



168,331 163,033 148,479 EXPENSES

Depreciation and amortization 30,304 32,354 27,539

Compensation and employee benefits 21,369 21,999 15,411

Repairs and maintenance 13,107 12,604 10,053

Cost of sales 11,806 8,747 5,443

Interconnection costs 10,610 11,105 12,586

Selling and promotions 9,776 9,708 7,807

Professional and other contracted services 6,375 5,361 5,143

Rent 6,041 5,860 3,938

Asset impairment 5,543 5,286 10,200

Taxes and licenses 3,925 3,506 3,554

Communication, training and travel 2,215 2,042 1,645

Insurance and security services 1,815 1,564 1,326

Amortization of intangible assets 1,020 921 117



Other expenses 1,609 1,472 1,662



125,515 122,529 106,424



42,816 40,504 42,055 OTHER INCOME (EXPENSES)

Equity share in net earnings of associates and

joint ventures 2,742 1,538 2,035

Interest income 932 1,354 1,357

Gains (losses) on derivative financial instruments - net 511 (2,009) 201

Foreign exchange gains (losses) - net (2,893) 3,282 (735)

Financing costs - net (6,589) (6,876) (6,454)



Other income 4,113 5,813 2,626



(1,184) 3,102 (970) INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS 41,632 43,606 41,085



PROVISION FOR INCOME TAX 8,248 8,050 10,734 NET INCOME FROM CONTINUING OPERATIONS 33,384 35,556 30,351 NET INCOME FROM DISCONTINUED



OPERATIONS 2,069 543 867



NET INCOME 35,453 36,099 31,218 ATTRIBUTABLE TO:

Equity holders of PLDT 35,420 36,148 31,278



Noncontrolling interests 33 (49) (60)



35,453 36,099 31,218 Earnings Per Share Attributable to Common Equity Holders of PLDT

Basic 163.67 167.07 161.05

Diluted 163.67167.07160.91



Earnings Per Share from Continuing Operations Attributable to Common Equity Holders of PLDT

Basic 154.09 164.55 156.52



Diluted 154.09164.55156.39

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PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (AUDITED) AS AT 31 DECEMBER 2013 AND 2012, AND 1 JANUARY 2012

(in million pesos)

ASSETS Noncurrent Assets

31 December 1 January

2013 2012 2012 (As Adjusted)

Property, plant and equipment 192,665 200,078 200,142
Investments in associates, joint ventures and deposits 41,310 27,077 17,865
Available-for-sale financial investments 220 5,651 7,181
Investment in debt securities and other long-term investments
- net of current portion 2,643 205 150
Investment properties 1,222 712 1,115
Goodwill and intangible assets 73,918 74,250 83,303
Deferred income tax assets - net 14,181 7,225 5,117
Derivative financial assets 24 - - Prepayments - net of current portion 3,031 4,500 11,697
Advances and other noncurrent assets - net of current portion 2,7611,3761,340
Total Noncurrent Assets 331,975321,074327,910

Current Assets

Cash and cash equivalents 31,905 37,161 46,057
Short-term investments 718 574 558
Trade and other receivables 17,564 16,379 16,245
Inventories and supplies 3,164 3,467 3,827
Derivative financial assets 10 - 366
Current portion of investment in debt securities and
other long-term investments - 150 358
Current portion of prepayments 6,054 5,144 6,345
Current portion of advances and other noncurrent assets 8,2488,116126

67,663 70,991 73,882

Assets classified as held-for-sale -13,750-
Total Current Assets 67,66384,74173,882

TOTAL ASSETS 399,638405,815 401,792



EQUITY AND LIABILITIES Equity

Non-voting serial preferred stock 360 360 4,419
Voting preferred stock 150 150 - Common stock 1,093 1,093 1,085
Treasury stock (6,505) (6,505) (6,505) Capital in excess of par value 130,562 130,566 127,246
Retained earnings 22,968 25,416 26,160
Other comprehensive income (11,481) (3,387) 1,455
Reserves of a disposal group classified as held-for-sale -(2,143)-
Total Equity Attributable to Equity Holders of PLDT 137,147 145,550 153,860
Noncontrolling interests 179184386

TOTAL EQUITY 137,326 145,734 154,246



Noncurrent Liabilities

Interest-bearing financial liabilities - net of current portion 88,930 102,821 91,280
Deferred income tax liabilities - net 4,437 5,713 7,078
Derivative financial liabilities 1,869 2,802 2,235
Customers' deposits 2,545 2,529 2,272
Pension and other employee benefits 13,439 1,982 552
Deferred credits and other noncurrent liabilities 22,04521,95022,642
Total Noncurrent Liabilities 133,265137,797126,059

Current Liabilities

Accounts payable 34,882 30,451 29,554
Accrued expenses and other current liabilities 74,256 71,624 58,271
Current portion of interest-bearing financial liabilities 15,171 12,989 26,009
Provision for claims and assessments 897 1,555 1,555
Dividends payable 932 827 2,583
Derivative financial liabilities 105 418 924
Income tax payable 2,8041,8092,591

129,047 119,673 121,487

Liabilities directly associated with assets classified as held-for-sale -2,611-
Total Current Liabilities 129,047122,284121,487

TOTAL LIABILITIES 262,312260,081 247,546 TOTAL EQUITY AND LIABILITIES 399,638405,815 401,792



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GENERAL

Shareholders should note that the above audited and adjusted financial results pertain only to PLDT and not to First Pacific itself.

The above information only refers to certain sections of PLDT's disclosure and shareholders should refer to PLDT's original filing submitted to the PSE (http:// www.pse.com.ph) and the NYSE (http://www.nyse.com), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on 4 March 2014.

By Order of the Board

First Pacific Company Limited Manuel V. Pangilinan

Managing Director and CEO

Hong Kong, 4 March 2014

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

Napoleon L. Nazareno

Independent Non-executive Directors:

Graham L. Pickles

Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok

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