First half 2017 financial results: Recurring profit up 7% at US$168.7 mln vs. US$157.8 mln; Net profit rises 4% to US$133.1 mln vs. US$127.6 mln; Contribution from operations up 2% at US$231.8 mln; Turnover up 4% to second-highest ever at US$3.57 bln; Interim distribution unchanged at 8.0 HK cents/share

(Incorporated with limited liability under the laws of Bermuda)

Press Release

RECURRING PROFIT UP 7% AT US$168.7 MLN VS. US$157.8 MLN NET PROFIT RISES 4% TO US$133.1 MLN VS. US$127.6 MLN CONTRIBUTION FROM OPERATIONS UP 2% AT US$231.8 MLN TURNOVER UP 4% TO SECOND-HIGHEST EVER AT US$3.57 BLN INTERIM DISTRIBUTION UNCHANGED AT 8.0 HK CENTS/SHARE

Hong Kong, 30th August 2017 - First Pacific Company Limited (HKSE: 00142) ("First Pacific" or the "Company") today reported its unaudited financial results for the six months ended 30th June 2017, showing a 7% rise in recurring profit on improved contributions from most operating companies and lower costs. Turnover climbed 4% to its second-highest level ever.

First Pacific is a leading investment management and holding company focused on the economies of emerging Asia, and is a major or controlling shareholder in the Philippines' biggest/leading telecommunications, infrastructure and mining companies and in Indonesia's biggest vertically-integrated food company as well as in one of Australia's and New Zealand's biggest food companies.

Total contribution from operations rose 2% to US$231.8 million from US$226.2 million, lifted by a lower share of loss from FPM Power, the holding company for PacificLight Power Pte. Ltd. operator of a Singapore power plant, and higher contributions from Philex Mining Corp. ("Philex"), other Philippine natural resources investments, and PT Indofood Sukses Makmur Tbk ("Indofood"), the biggest food company in Indonesia.

PLDT Inc. ("PLDT"), the largest telecommunications company in the Philippines, remained the biggest contributor to First Pacific's earnings with a contribution of US$77.7 million, down 0.9% from a year earlier. PLDT was followed by Indofood with a contribution of US$77.2 million, up 0.8%, and by Metro Pacific Investments Corporation ("MPIC"), the biggest infrastructure investment firm in the Philippines, whose contribution declined 4.7% to US$66.9 million largely owing to a reduction in First Pacific's economic interest in MPIC in May 2016. More details of the earnings of the Company's operating investments are below.

"The increase we see in contribution and profit in the first half heralds improved results for the full year as most Group companies expect a stronger financial performance for the year," said First Pacific Managing Director and Chief Executive Officer Manuel V. Pangilinan. "Going

forward we expect continuing earnings growth as our investee companies invest in new product and service offerings in the fast-growing markets we operate in."

Cost-cutting was integral to the improvement in first-half earnings, led by an 11% decline in net interest expense to US$43.2 million and a 17% fall in corporate overhead to US$13.0 million. Recurring profit rose 7% to US$168.7 million.

First Pacific recorded a non-recurring loss of US$42.8 million, mainly reflecting bond tender and debt refinancing costs (US$13.8 million), Goodman Fielder's manufacturing network optimization costs (US$10.5 million), MPIC's loss on remeasurement of previously held 75% interest in Beacon (US$9.5 million) upon the acquisition of control, and its other items. In all, the non-recurring loss of US$42.8 million was up 5% from the year-earlier period. Foreign exchange and derivative gains fell 18% from a year earlier to US$7.8 million. Following these items, reported net profit for the first six months of 2017 was up 4% to US$133.1 million, in line with the increase in overall contribution.

Turnover rose 4% to US$3.57 billion as robust growth at Indofood, MPIC and FPM Power offset lower turnover from FP Natural Resources, First Pacific's Philippine agriculture investment holding company.

Recurring basic earnings per share in the first half of 2017 amounted to 30.7 HK cents (3.93 U.S. cents), up 6% from 28.9 HK cents (3.70 U.S. cents) in the same period of 2016.

First Pacific has committed since 2010 to a distribution payout ratio of at least 25% of recurring profit as a key plank in a capital management program balanced between returns to shareholders and new investments for growth. Since then, it has never been below 26% and in 2016 it was 28%.

"As a sign of our confidence in the outlook for the First Pacific Group over the medium term, we consider it prudent to leave the distribution unchanged on a per-share basis and declare an interim distribution of 8.0 HK cents per share, or 26% of recurring profit," Pangilinan said. In

More details about the earnings of First Pacific and of its operating companies can be found on www.firstpacific.com under the Investor Relations tab. The 2017 Interim Report will be posted to the website and to shareholders before the end of September 2017.

First Pacific is a Hong Kong-based investment management and holding company with operations located in Asia-Pacific. The Company's principal businesses are in consumer food products, infrastructure, natural resources and telecommunications. First Pacific is listed in Hong Kong (HKSE: 00142) and its shares are also available in the United States through American Depositary Receipts (ADR code: FPAFY). For further information, visit www.firstpacific.com.

* * *

John Ryan Tel: +852 2842 4355

Head of Investor Relations Mobile: +852 6336 1411 Executive Vice President

Group Corporate Communications

Sara Cheung Tel: +852 2842 4336 Vice President

Group Corporate Communications

###