Overseas Regulatory Announcement: Filing submitted by Philippine Long Distance Telephone Company ("PLDT"), a major operating associate of First Pacific Company Limited, with the Philippine Stock Exchange, in relation to the SEC Form 17-C relating to an update regarding the acquisition by PLDT and Globe Telecom, Inc., on a 50-50 basis, of companies holding additional spectrum frequencies

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for a

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.

OVERSEAS REGULATORY ANNOUNCEMENT

Please refer to the filing submitted by Philippine Long Distance Telephone Company ("PLDT"), a major operating associate of First Pacific Company Limited, with the Philippine Stock Exchange, in relation to the SEC Form 17-C relating to an update regarding the acquisition by PLDT and Globe Telecom, Inc., on a 50-50 basis, of companies holding additional spectrum frequencies.

Dated this the 13th day of June, 2016

As at the date of this announcement, the board of directors of First Pacific Company Limited 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: Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok

Madeleine Lee Suh Shin

C03411­2016‌

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17­C

CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

   Jun 13, 2016

2. SEC Identification Number

   PW­55

3. BIR Tax Identification No.

   000­488­793

4. Exact name of issuer as specified in its charter

   PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

5. Province, country or other jurisdiction of incorporation

   PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

   RAMON COJUANGCO BUILDING, MAKATI AVENUE, MAKATI CITY

   Postal Code

   1200

8. Issuer's telephone number, including area code

   (632) 816­8553

9. Former name or former address, if changed since last report

   NOT APPLICABLE

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

    Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
    ­	­

11. Indicate the item numbers reported herein

­

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Philippine Long Distance Telephone Company TEL

PSE Disclosure Form 16­1­ Update on Corporate Actions/ Material Transactions/Agreements

References: SRC Rule 17 (SEC Form 17­C) and Section 16 of the Revised Disclosure Rules

Subject of the Disclosure

Update to our disclosure under PSE Disclosure Form 5­1 dated May 30, 2016

Background/Description of the Disclosure

Update to our disclosure on May 30, 2016 regarding the acquisition by PLDT and Globe Telecom, Inc., on a 50­50 basis, of the entire issued and outstanding capital of: (a) Vega Telecom, Inc., which holds the telecommunications assets of San Miguel Corporation through its subsidiaries, (b) Bow Arken Holding Company, parent company of New Century Telecoms, Inc., and (c) Brightshare Holdings, Inc., parent company of eTelco, Inc., which separately hold additional spectrum frequencies through their respective subsidiaries.

Other Relevant Information

A copy of our disclosure letter is attached.

Filed on behalf by:

Name	Ma. Lourdes Rausa­Chan
Designation	Senior Vice President & Corporate Secretary

,tl',

PLDT

13 June 2016

The Philippine Stock Exchange, Inc.

3/F, Tower One and Exchange Plaza,

Ayala Triangle, Ayala Avenue, Makati City, 1226

Attention: Ms. Janet A Encarnacion

Head, Disclosure Department

Mr. J.V. B. Zuno Ill

OIC, Head, Discl.osure Department

Gentlemen:

This relates to our disclosure on May 30, 2016 regarding the acquisition by PLOT and Globe Telecom, Inc. ("Globe"), on a 50-50 basis, of the entire issued and outstanding capital of: (a) Vega Telecom, Inc. ("VTI"), which holds the telecommunications assets of San Miguel Corporation ("SMC") through its subsidiaries, (b) Bow Arken Holding Company , parent company of New Century Telecoms, Inc., and (c) Brightshare Holdings, Inc., parent company of eTelco, Inc., which separately hold additional spectrum frequencies through their respective subsidiaries (respectively, the "VTI Transaction" , "Bow Arken Transaction" and "Brightshare Transaction" and, collectively, the "Transactions"). On the same date, the parties to the Transactions submitted separate notices of each of the Transactions (respectively, the "VTI Notice", the "Bow Arken Notice" and the "Brightshare Notice" and, collectively, the "Notices") to the Philippine Competition Commission (the "Commission") pursuant to the Philippine Competition Act (the "PCA"), and Circular No. 16-001 and Circular No. 16-002 issued by the Commission (the "Circulars"). As stated in the Notices, upon receipt by the Commission thereof, each of the Transactions shall be deemed approved in accordance with the Circulars.

In the interest of transparency, we disclose that PLOT and the other relevant parties to the Transactions recently received separate letters from the Commission which essentially stated the Commission's determination, including the basis thereof, that: (a) with respect to the Vega Transaction, the VTI Notice is deficient and defective in form and substance , therefore, the Vega Transaction is not "deemed approved" by the Commission, and the missing key terms of the transactions are critical since the Commission considers certain agreements as prohibited or illegal; and (b) with respect to the Bow Arken Transaction and the Brightshare Transaction, the compulsory notification under the Circulars do not apply and even assuming the Circulars apply, the Bow Arken Notice and Brightshare Notice are deficient and defective in form and substance.

On June 10, 2016, PLOT submitted its response to the PCC Letter articulating our position that the VTI Notice is adequate, complete, sufficient and compliant with the requirements under the Circulars, and does not contain any false material information; as such, the VTI Transaction enjoys the benefits of Section 23 of the PCA. Therefore, the VTI Transaction is deemed approved and cannot be subject to retroactive review by the Commission. Moreover, the parties have taken

General Office P.O. Box 2148 Makati City, Philippines

PLD 1