PLDT Inc First Quarter Financial and Operating Results. 12 th May 2017

Transcription

1 PLDT Inc First Quarter Financial and Operating Results 12 th May

2 PLDT Group: 1Q17 vs 1Q16 Financial Highlights Conso Service Revenues (net of interconnection costs: P2.1bn) P35.6bn -7% (P2.6bn) Wireless Service Revenues* P20.8bn -16% (P3.9bn) Fixed Line Service Revenues* P16.9bn +10% +P1.5bn Home* Conso Service Revenues P7.8bn +12% +P0.8bn Enterprise* Conso Service Revenues P8.5bn +13% +P1.0bn Individual* Conso Service Revenues P14.7bn -18% (P3.2bn) International* Conso Service Revenues P4.2bn -24% (P1.3bn) Voyager* Conso Service Revenues P0.3bn +132% +P0.2bn P16.6bn Cash Opex* -1% (P0.2bn) Subsidies and Provisions P2.2bn -52% (P2.4bn) P16.5bn EBITDA -1% (P0.1bn) EBITDA Margin 44% (1Q16: 41%) Core Income (recurring**) P5.3bn -26% (P1.9bn) * Net of interconnection costs ** Excluding gain from asset sales and EBITDA adjustments in 1Q16; no adjustments in 1Q17 2

3 PLDT Group: 1Q17 vs 4Q16 Financial Highlights Conso Service Revenues (net of interconnection costs: P2.1bn) P35.6bn -1% (P0.2bn) Wireless Service Revenues* P20.8bn -4% (P0.8bn) Fixed Line Service Revenues* P16.9bn +4% +P0.7bn Home* Conso Service Revenues P7.8bn +2% +P0.2bn Enterprise* Conso Service Revenues P8.5bn +7% +P0.6bn Individual* Conso Service Revenues P14.7bn -2% (P0.4bn) International* Conso Service Revenues P4.2bn -12% (P0.6bn) Voyager* Conso Service Revenues P0.3bn +3% +P9mn P16.6bn Cash Opex* +1%** P0.1bn Subsidies and Provisions P2.2bn -39% (P1.4bn) P16.5bn EBITDA +7% +P1.0bn EBITDA Margin 44% (4Q16: 40%) Core Income (recurring***) P5.3bn 46% +P1.7bn * Net of interconnection costs ** Mainly in compensation and benefits expenses *** Excluding gain from asset sales, deferred tax asset recognition, and accelerated depreciation; no adjustments in 1Q17 3

4 PLDT Group: Consolidated Financial Highlights (Php in billions) Service Revenues, net of interconnection costs EBITDA and EBITDA Margin % % Negative momentum of top line arrested in 1Q17 1Q17 on track vis-à-vis guidance -1% % Q16 2Q16 3Q16 4Q16 1Q17 Three quarters of sequential improvement in EBITDA 1Q17 on track visà-vis guidance 1Q16 2Q16 3Q16 4Q16 1Q17 EBITDA Margin 41% 35% 39% 40% 44% Reported Net Income Core Income (recurring) % % % % Q16* 2Q16* 3Q16 4Q16 1Q17* *Rocket Internet impairment: 1Q16 P1.6bn; 2Q16 P3.8bn; 1Q17 P0.5bn 1Q16 2Q16 3Q16 4Q16 1Q17 * Excluding asset sales, EBITDA adjustments, deferred tax asset recognition and accelerated depreciation 4

5 PLDT Group: Service Revenues (by Business Unit) (Php in billions) Home Enterprise Service Revenues (net of interconnection costs) Service Revenues (net of interconnection costs) +12% % % +2% +1% +1% +7% +3% % % Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 Individual Service Revenues (net of interconnection costs) -18% % % % -2% Q16 2Q16 3Q16 4Q16 1Q17 5

6 PLDT Group: Consolidated Service Revenues* By Business Units (Php in billions) (3.2) -18% 14.7 Individual % % % Home Enterprise International & Carrier % Voyager And Others % Q17 Service Revenue Mix 1Q16 1Q17 Individual 47% 41% Home 18% 22% Enterprise 20% 24% International & Carrier 15% 12% Voyager and Others 0% 1% Service Revenues (Php in millions) 1Q16 1Q17 Individual 17,984 14,749 Home 6,965 7,794 Enterprise 7,497 8,469 International & Carrier 5,542 4,230 Voyager and Others Total 38,162 35,610 46% Home and Enterprise businesses grew double-digit year-on-year at 12% and 13%, respectively Combined Home and Enterprise revenues now represent 46% of consolidated service revenues, greater than the 41% contribution of the Individual business Data/broadband continue to underpin the growth of the Home, Enterprise and Individual businesses, accounting for 61%, 66%, and 37% of 1Q17 revenues Home data and broadband revenues were up by 16% to P4.8bn Enterprise data and broadband revenues rose by 24% to P1.1bn * Net of interconnection costs 6

7 PLDT Group: Consolidated Service Revenues* By Product type (Php in billions) 38.2 Data, broadband and digital platforms % Lower by P2.6bn or 7% SMS % LEC, mobile domestic voice and others % International voice and fixed line domestic voice % 35.6 Service Revenue Mix 1Q16 1Q17 Data/Broadband/Digital Platforms 38% 45% SMS 20% 16% LEC/Mobile Domestic Voice/Others 32% 30% Intl Voice/Fixed Line Domestic Voice 10% 9% Service Revenue Mix 1Q16 1Q17 Data/Broadband/Digital Platforms 14,508 16,163 SMS 7,514 5,813 LEC/Mobile Domestic Voice/Others 12,328 10,608 Intl Voice/Fixed Line Domestic Voice 3,812 3,026 Total 38,162 35,610 1Q16 1Q17 Data/broadband revenues of P15.9bn represent 44% of 1Q17 consolidated service revenues* Data/broadband account for 62% of Fixed Line and 33% of Wireless service revenues* Mobile internet revenues grew by 20% year-on-year to P4.6bn Corporate data and data center revenues increased by 17% to P4.9bn Home broadband revenues rose by 15% to P4.7bn Fixed home broadband up by 19% to P4.1bn * Net of interconnection costs 7

8 PLDT Group: Consolidated Service Revenues* By Business Units (Php in billions) (0.4) -2% 14.7 Individual % 7.8 Lower by P0.2bn or 1% % % Home Enterprise International & Carrier -- +2% Voyager And Others Service Revenue Mix 4Q16 1Q17 Individual 42% 41% -0.2 Home 21% 22% -1% 46% Enterprise 22% 24% 35.6 International & Carrier 14% 12% Voyager and Others 1% 1% 1Q17 Service Revenue Mix 4Q16 1Q17 Individual 15,100 14,749 Home 7,644 7,794 Enterprise 7,893 8,469 International & Carrier 4,810 4,230 Voyager and Others Total 35,807 35,610 By Product type (Php in billions) 35.8 Data, broadband and digital platforms % SMS % LEC, mobile domestic voice and others % International voice and fixed line domestic voice % 35.6 Service Revenue Mix 4Q16 1Q17 Data/Broadband/Digital Platforms 44% 45% SMS 18% 16% LEC/Mobile Domestic Voice/Others 29% 30% Intl Voice/Fixed Line Domestic Voice 9% 9% Service Revenues (Php in millions) 4Q16 1Q17 Data/Broadband/Digital Platforms 15,641 16,163 SMS 6,418 5,813 LEC/Mobile Domestic Voice/Others 10,457 10,608 International Voice/Fixed Line Domest 3,291 3,026 Total 35,807 35,610 4Q16 * Net of interconnection costs 1Q17 8

9 PLDT Group: Consolidated EBITDA (Php in billions) % % % % Lower svc rev* Higher by P1.0bn or 7% Higher cash opex* Lower subsidies Lower provns Q2016 2Q2016 3Q2016 4Q2016 1Q2017 Margins 41% 35% 39% 40% 44% 4Q16 1Q17 Margins 40% 44% * Net of interconnection costs EBITDA for 1Q17 was lower by P0.1bn or 1% at P16.5bn vis-à-vis 1Q16 but higher by 7% or P1.0bn quarter-onquarter Consolidated EBITDA registered three quarters of sequential improvements starting from 2Q16 Primarily due to lower provisions (P2.3bn) and lower subsidies (P1.9bn), management efforts to operate more efficiently resulting in lower costs (P0.7bn) fully absorbing the decline in service revenues (P2.3bn) and increase in the cost of content (P0.2bn) Consolidated EBITDA margin for 1Q17 at 44% vs 41% in 1Q16 and 40% in 4Q16 Wireless: 37% (vs 1Q16: 36%; 4Q16: 35%; FY16: 32%) Fixed Line: 43% (vs 1Q16: 39%; 4Q16: 37%; FY16: 39%) EBITDA guidance for 2017 of P70bn anticipates a back-ended recovery 9

10 PLDT Group: Core Income (Php in billions) Higher by P1.7bn or 46% vs recurring core income in 4Q16 Lower by P1.9bn or 26% vs 1Q16 Recurring core income 3.6 Higher EBITDA +1.0 Lower Noncash Expenses +0.1 Higher net equity in earnings Lower Fin Costs - Net Higher Misc Income +0.4 Higher Provn for Taxes Gain from asset sales and EBITDA Adj. --- Lower EBITDA -0.1 Higher Noncash Expenses -0.3 Lower net Equity in earnings -0.4 Lower Misc Income -1.4 Lower Provn for Inc Taxs Q16 Recurring 1Q17 1Q16 Recurring 1Q17 Recurring core income of P5.3bn for 1Q17 was higher by P1.7bn or 46% from P3.6bn in 4Q16 Compared with 1Q16, recurring core income declined by 26% or P1.9bn Reported net income for 1Q17 of P5.0bn decreased by P1.3bn or 20% year-on-year Additional P0.5bn impairment of Rocket Internet investment was booked in 1Q17 (end March 2017 share price of with market value at P8.7bn) Rocket share price improved to on 11 May 2017 with market value at P10.3bn 1Q17 core income broadly tracking full year guidance of P21.5bn 10

11 PLDT Group: Capex (Php in billions) Fixed Line Wireless % (25% in 2016) 63% (75% in 2016) F % of Capex to total service revenues: 21% 23% 18% 21% 26% 27% < 30% Note: BPO capex up to 2012 only Capex program to build a network that will provide customers with a superior data experience: proceeding as planned Cash capex in 1Q17 amounted to only P1.8bn with payments anticipated to be backended Network milestones: Continues to lead in the LTE landscape in the Philippines based on recent performance analysis of Open Signal Substantially completed LTE rollout in Cebu; ongoing works in Metro Manila Continued rollout of network using the spectrum acquired through VegaTel, including the 700MHz Made the first successful mobile call using voice-over-lte (VoLTE) in the Philippines, and also successfully tested voice-over-wifi Strengthened fiber superiority in the HOME and Enterprise Launch of fiber-powered PLDT SmartCities in partnership with the LGUs of: Toledo City (Cebu), General Santos (Mindanao), Naga City Deployment of G.fast technology to achieve fiber-like speeds over copper Increased FTTH homes passed to 3mn and port availability by 70K in 1Q17 and 110K at YTD April

12 PLDT Group: Debt Profile Debt Balance (US$ in billions) Q2017 Debt Balance* Cash & Short-term Investments Net Debt Net Debt/EBITDA: 1.05x 0.9x 1.35x 1.62x 2.36x 2.2x * Total debt based on nominal debt amount Net debt and net debt to EBITDA as of end March 2017 stood at US$2.7bn and 2.2x At end March 2017, gross debt amounted to US$3.5bn US$ denominated gross debt now at 25% from 32% at YE16 following the full payment of the 8.35% US$ bond on 6 March 2017 (refinanced in pesos) Taking into account our available US$ cash and hedges, only US$0.3bn or 9% of total debt is unhedged 73% are fixed-rate loans, while 27% are floating-rate loans; post-interest rate swaps: 91% fixed, 9% floating Average interest cost (pre-tax) of 4.3% (FY16: 4.4%) As of end March 2017, PLDT s investment grade ratings remained unchanged from YE16 Debt Maturities (US$ in millions) Total: US$3,501mn 1,381 Ratings Agencies Long-Term Foreign Issuer Rating Long-term Local Issuer Rating Outlook Fitch BBB BBB+ stable (FC IDR); negative (LC IDR) Moody's Baa2 Baa2 stable Standard and Poor's / S&P National BBB+ axa+ stable to 2026 Debt maturities to total debt: 6% 9% 11% 11% 13% 11% 39% 12

13 Business Unit Updates 13

14 1Q 2017 HIGHLIGHTS REVENUES IN PESOS BILLIONS INDIVIDUAL HOME ENTERPRISE INTERNATIONAL TOTAL B 7.79 B 8.47 B 4.23 B B Contribution of Home and Enterprise, our fastest growing segments, comprise 52% of revenues, excluding international, and forecasted to grow to approximately 56% share by Combined revenues of Home and Enterprise (FIXED: Billion) have again surpassed Individual Wireless revenues ( Billion) Net of Interconnection Cost Excludes Voyager and Others 14

15 1Q 2017 HIGHLIGHTS: PLDT GROUP SERVICE REVENUE 1Q 2017 Service Revenue Net of Interconnection Cost In Pesos Billions 1Q 2017 Q1 16 Q4 16 Q1 17 Actual Actual Actual YOY GROWTH vs 1Q 2016 QOQ GROWTH vs 4Q 2016 INDIVIDUAL % % HOME % 0.2 2% ENTERPRISE % 0.6 7% SUB- TOTAL % 0.4 1% INTERNATIONAL % % TOTAL % % 15

16 1Q 2017 HIGHLIGHTS: HOME BUSINESS In Pesos Billions In Millions of Subscribers 01 HOME KICKS OFF THE YEAR WITH THE HIGHEST EVER 12% YOY GROWTH, WITH BOTH VOICE AND DATA GROWING 02 ALMOST 340K SUBSCRIBERS RESULTING TO A 10% YOY GROWTH 6.97B VOICE 2.84B 12% 7.79B VOICE 3.02B 6% 3.43M 10% 3.77M DATA 4.12B DATA 4.78B 16% Q Q Q Q

17 1Q 2017 HIGHLIGHTS: HOME BUSINESS 03 REALIZING SIGNIFICANT GROWTH IN HOME BROADBAND, WITH DIGITAL CONTENT AND SERVICES INSTRUMENTAL TO CREATING MORE DEMAND Strong demand for higher broadband subscriptions, with a significant YOY growth of 20% in wired broadband revenue New premier content partnerships to cater to the increasing video demand, which grew 4x in consumption YOY Launch of a Tri-band Gigabit Router to maximize and amplify the ultra-fast internet of PLDT Home Fibr 17

18 1Q 2017 HIGHLIGHTS: HOME BUSINESS 04 ACCELERATING MOMENTUM TO COVER THE COUNTRY WITH LEADING EDGE TECHNOLOGIES AND IN STRENGTHENING MARKET DOMINANCE PLDT Home Rolled out 110K high speed broadband lines by end April 2017 Starting with 2.8M HOMES PASSED YE 2016, we are now covering over 3M HOMES PASSED and well on our way to reach the 4.4M target by year-end 2017 Launch of Fibr powered PLDT SmartCity Program, which will bring the best broadband experience all over the country Toledo City, Cebu General Santos City Isulan, Sultan Kudarat Naga City, Camarines Sur BF Homes, Paranaque Merville, Paranaque Mahogany Place, Taguig Verawood Residences, Taguig 18

19 1Q 2017 HIGHLIGHTS: ENTERPRISE BUSINESS SUSTAINING ACCELERATED GROWTH IN Q ALL BUSINESS PILLARS GROWING BY DOUBLE DIGIT Enterprise Service Revenues Net of Interconnect +13% % +15% 8.47B 13% vs Q B +13% 7% vs Q Q1 Fixed Wireless ICT 2017Q1 19

20 1Q 2017 HIGHLIGHTS: ENTERPRISE BUSINESS 03 ENTERPRISE BUSINESS IS GROWING IN THE RIGHT AREAS 04 FASTER THAN MARKET GROWTH INDUSTRY GROWTH 6% Banking & Financial : 14% In support of industry demand for secure and reliable ICT solutions % OF TOTAL REVENUE 24% DATA and ICT 60% 66% -4% VOICE, SMS and OTHERS 40% 34% Q Q Q Q % 9% 7% Outsourcing : 17% Empowering a 1.3M+ strong agent workforce IT and Gaming : 20% Key player in PH transition to a global IT and Gaming hub SME : 10% Enabling enterprises to be more competitive and embrace digital 20

21 1Q 2017 HIGHLIGHTS: ENTERPRISE BUSINESS CLEAR LEADERSHIP IN THE DATA CENTER SPACE, MAKING PLDT WELL POSITIONED TO CAPITALIZE ON FUTURE GROWTH IN THE AREAS OF SMACS AND MANAGED SERVICES CONTINUED MOMENTUM IN DRIVING RELEVANT SOLUTIONS TO BETTER SERVE THE NEEDS OF THE ENTERPRISE MARKET 70% Share of outsourced DC market Q DC new mandates greater than FY 2016 SOS Dispatch Media Launch Cybersecurity Summit More than 3X capacity vs. the next largest competitor New market-relevant capabilities such as cyber security services RISK ASSESSMENT MANAGEMENT & MONITORING INCIDENT RESPONSE Cisco Collaboration redefining Enterprise Experience (EX) Digital Enablement She s the Boss Event 21

22 1Q 2017 HIGHLIGHTS: WIRELESS INDIVIDUAL BUSINESS In Pesos Billions 01 DECLINE IN NET SERVICE REVENUE VS LAST YEAR QUARTERLY NET SERVICE REVENUE CONTRIBUTORS: 68.2M 63.1M SUBS BASE In Millions Q Q B 14.75B Q Q ARPU ARPU PhP Q Q

23 1Q 2017 HIGHLIGHTS: WIRELESS INDIVIDUAL BUSINESS 02 HOLDING THE LINE IN NET SERVICE REVENUE ON A DAILY BASIS 03 GREEN SHOOTS OF PROGRESS IN Q1 QUARTERLY NET SERVICE REVENUE In Pesos Billions DAILY NET SERVICE REVENUE In Pesos Millions 62.8M 63.1M SUBS Millions Q Q ARPU PhP 97 Q Q Normali zed 23

24 1Q 2017 HIGHLIGHTS: WIRELESS INDIVIDUAL BUSINESS 04 DELIVERING THE BEST CUSTOMER EXPERIENCE LIKE NEVER BEFORE WITH SMART S NEWEST AND FASTEST LTE NETWORK Validated by 24

25 1Q 2017 HIGHLIGHTS: WIRELESS INDIVIDUAL BUSINESS 05 FURTHERING COMMITMENT TO IMPROVE EXPERIENCE IN PUBLIC AREAS AS WE PROVIDE THE BEST WIFI OFFLOAD EXPERIENCE TO OUR SUBSCRIBERS THE YARD XAVIERVILLE Quezon City THE YARD UNDERGROUND Pasig STREAT FOOD PARK Maginhawa MATINA TOWN SQUARE Davao Experience Data Like Never Before with SMARTSPOTS! 25

26 1Q 2017 HIGHLIGHTS: WIRELESS INDIVIDUAL BUSINESS 06 UPSELLING CONTENT AND DIGITAL SERVICES TO CREATE MORE VALUE AND DEMAND FOR DATA Experience Content Like Never Before! 26

27 Renewal of Smart Franchise Smart Franchise has been extended by Republic Act No for another 25 years from the date of effectivity of the Act Published in the Philippine Star on May 4, 2017 and will take effect 15 days after such publication or on May 20, 2017 Republic Act No signed into law by the President of the Republic of the Philippines on April 21, 2017 Originated from the House of Representatives; passed by the House of Representatives on January 16, 2017 Amended by the Senate on March 13, 2017 Concurred in by the House of Representatives on March 14, 2017 Acceptance of the franchise must be given to the Congress of the Philippines within 60 days from effectivity of the Act Salient Terms Tax Provisions. Amended to be at par with the tax benefits granted to Globe under its franchise Listing of Shares. Smart is not required to list its shares for as long as it is wholly owned by a publicly listed company with at least 30% of whose authorized capital stock is publicly owned Mobile Number Portability. Smart is required to provide mobile number portability to all its subscribers subject to the issuance of the applicable rules and regulations by the NTC which will take effect upon the applicability of mobile number portability to all other telecommunication franchise grantee ("sunrise clause") Equality Clause. Added an equality clause consistent with the equality provision set out in the Public Telecommunication Policy Act of 1995 Penalty Clause. Penalty for failure to submit the required annual report to Congress will increase to P1, (from P500.00) per working day of non-compliance upon the applicability of the same increase in penalty to all other telecommunication franchise grantees * Net of interconnection costs 27

28 PLDT Group: Guidance for 2017 EBITDA: P70bn To grow by P8.8bn from P61.2bn in 2016 impact of P4.6bn in subsidies and provisions in 2016 which will not recur in 2017 Low-single digit growth in consolidated service revenues Double-digit growth in data/broadband to continue Continuing declines in toll, cellular voice and SMS revenues Reduction in cash opex to result from tighter management of costs Capex: P46bn Higher by P3.2bn from P42.8bn in 2016 Includes carry-over of capex started in 2016 to be completed/accepted in 2017 Anticipated increase in fixed line capex to support push to further grow the Home and Enterprise businesses Recurring core income from telco operations to rise to P21.5bn P1.5bn increase due to the combined effect of: Higher EBITDA partly offset by increases in depreciation Recurring Core Income: P21.5bn and financing costs resulting from the higher capex Lower equity in earnings due to reduced ownership in Beacon, and losses and amortization of purchase price acquisition related to the Vega Tel transaction Including asset sales, core income anticipated at P25bn or higher Anticipated gain from asset sales to be offset by expected MRP expense Dividend Payout: 60% Dividend policy: Regular dividend payout of 60% of core income Takes into consideration: Technology roadmap/capex requirements Management of cash and gearing levels Plans to invest (on opportunistic basis) in new adjacent businesses that will complement the current business and provide future sources of profits and dividends * Normalized to exclude asset sales and impact of higher provisions 28

29 Other Details 29

30 PLDT Group: Service Revenues* By Business Segment (Php in billions) Consolidated -1% % % % Q17 vs 1Q16: -7% or -P2.6bn 1Q16 2Q16 3Q16 4Q16 1Q17 Service Revenue Mix: Data/broadband 38% 40% 41% 43% 44% Wireless Fixed Line -2% -7% -3% % vs 1Q16: -16% or -P3.9bn % % +4% vs 1Q16: +10% or +P1.5bn 1Q16 2Q16 3Q16 4Q16 1Q17 Service Revenue Mix: Data/broadband 28% 30% 32% 33% 33% 1Q16 2Q16 3Q16 4Q16 1Q17 Service Revenues Mix: Data/broadband 59% 59% 60% 61% 62% * Net of interconnection costs 30

31 PLDT Group: Fixed and Wireless Financial Highlights (Php in billions) Fixed Wireless Service Revenues (net of interconnection costs) Service Revenues (net of interconnection costs) +10% % % % % Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 Ave.Daily Rev (mns): P242.1 P234.6 P % -3% EBITDA and EBITDA Margin EBITDA and EBITDA Margin +18% % % % Q16 2Q16 3Q16 4Q16 1Q17 EBITDA Margin 39% 39% 42% 37% 43% 1Q16 2Q16 3Q16 4Q16 1Q17 EBITDA Margin 36% 28% 31% 35% 37% 31

32 PLDT Group: Service Revenues* Fixed Line* (Php in billions) 1Q17 vs 1Q Data and Broadband % Higher by P1.5bn or 10% LEC and Others % International and domestic voice % 16.9 Service Revenue Mix 1Q16 1Q17 Data/Broadband 59% 62% LEC/Others 31% 30% International Voice/Domestic Voice 10% 8% Service Revenues (Php in millions) 1Q16 1Q17 Data/Broadband 9,096 10,563 LEC/Others 4,761 5,034 International Voice/Domestic Voice 1,578 1,330 Total 15,435 16,927 1Q16 1Q17 Corporate data and data center revenues represent 38% of total fixed line revenues Wireless* (Php in billions) 1Q17 vs 1Q Q16 Data, broadband, digital platforms +0.3** +4% Lower by P3.9bn or 16% SMS % Domestic voice and others % ** Includes growth in: -- Mobile internet by 20% or P0.8bn -- Digital platforms by 137% or P0.2bn International voice % Q17 Service Revenue Mix 1Q16 1Q17 Data/Broadband/Digital Platforms 28% 35% SMS 31% 28% Domestic Voice/Others 32% 29% International Voice 9% 8% Service Revenues (Php in millions) 1Q16 1Q17 Data/Broadband/Digital Platforms 6,936 7,232 SMS 7,517 5,815 Domestic Voice/Others 7,961 5,976 International Voice 2,237 1,743 Total 24,651 20,766 Data/broadband, now 33% of total wireless service revenues, overtook SMS and domestic voice which account for 28% and 27%, respectively * Net of interconnection costs 32

33 PLDT Group: Home and Individual Service Revenues* Home (Php in billions) 1Q17 vs 1Q Q16 Data/ broadband +16% +0.6 Higher by P0.8bn or 12% LEC +8% +0.2 Note: Fixed Home Broadband: +19%, +P0.7bn Wireless Home Broadband: -4%, -P27mn Fixed Line Domestic Voice and Others -8% Q17 Service Revenue Mix 1Q16 1Q17 Data/Broadband 59% 61% LEC 38% 36% Domestic Voice 3% 3% Others 0% 0% Service Revenues (Php in millions) 1Q16 1Q17 Data/Broadband 4,124 4,771 LEC 2,632 2,831 Domestic Voice Others 0 6 Total 6,965 7,794 Fixed home broadband revenues of P4.1bn grew by 19% or P0.7bn yearon-year and account for 52% of total Home revenues Individual (Php in billions) 1Q17 vs 1Q16 Lower by P3.2bn or 18% Service Revenue Mix 1Q16 1Q17 Mobile Data 31% 37% Mobile Domestic Voice 35% 33% SMS 33% 30% Others 1% 0% Q16 SMS -27% -1.6 Mobile domestic voice -23% -1.4 Mobile data -3% -0.1 Others -18% --- Note: Mobile Internet: +14%, +P0.5bn Dongles: -29%, -P0.6bn Q17 Service Revenues (Php in millions) 1Q16 1Q17 Mobile Data 5,599 5,451 Mobile Domestic Voice 6,267 4,819 SMS 6,000 4,382 Others Total 17,984 14,749 Mobile internet revenues rose by 14% or P0.5bn to P3.9bn in 1Q17 representing 27% of total Individual revenues * Consolidated and net of interconnection costs 33

34 PLDT Group: Enterprise Service Revenues* Enterprise* (Php in billions) 1Q17 vs 1Q16 Higher by P1.0bn or 13% Corp. Data +19% +0.8 Mobile Data +75% +0.3 Fixed and Mobile ILD/NLD +6% --- LEC +1% --- Mobile domestic voice -41% -0.1 SMS -5% --- Others +1% Data and broadband up by P1.1bn or 24% SMS/mobile voice lower by P0.2bn or 27% 1Q16 1Q17 Service Revenue Mix 1Q16 1Q17 Data/Broadband 60% 66% Voice 35% 30% SMS 3% 2% Others 2% 2% Service Revenues (Php in millions) 1Q16 1Q17 Data/Broadband 4,492 5,570 Voice 2,634 2,538 SMS Others Total 7,497 8,469 66% of Enterprise revenues are from data/broadband P1.1bn increase in data/broadband revenues due to: Rise of P0.8bn or 19% in corporate data and data center revenues Growth in mobile data revenues mainly in mobile internet revenues which increased by P0.3bn or 83% * Consolidated and net of interconnection costs 34

35 PLDT Group: Consolidated Data and Broadband* (Php in billions) 1Q17 vs 1Q % % % % 15.9 Mobile Data Corp. Data and Data Center Home Broadband +10% % % % 4.9 Y-o-Y +15% +17% Mobile Data Corp. Data and Data Center Home Broadband 1Q % 6.2 1Q16 2Q16 3Q16 4Q16 1Q17 +2% % to total Data and Broadband Consolidated Revenues*: 39% 31% 30% Mobile Internet Mobile data, including revenues from mobile Internet and mobile broadband, rose by P0.1bn or 2% year-on-year to P6.2bn Mobile Internet revenues grew by 20% or P0.8bn to P4.6bn and account for 29% of total data and broadband revenues Data usage in 1Q17 increased by 56% to 50,860TB from 1Q16 and by 16% from 4Q16 Smartphone penetration: approximately 50% of our subscriber base, with about 50% of whom pay for data Goal: Enable and accelerate data adoption to drive usage and build the data habit Launch of All Out Surf packages that include data allocations bundled with calls and texts Arrangements with smartphone distributors for reverse bundling (SIM included in the phone kits sold) Brand refresh highlighting superiority of Smart s LTE network: Be there like never before Mobile broadband revenues or 10% of total data and broadband revenues declined by P0.6bn or 28% to P1.6bn] as usage shifts from dongles/pocket wifi devices to smartphones Home Broadband Home broadband revenues were higher by P0.6bn or 15% to P4.7bn Broadband subscriber base, including Home Broadband and Corporate Fixed Broadband subscribers, stood at about 1.8mn, with net adds of over 50,000 or 3% from YE16 Goal: to transform households into a Smart Home or the HOME of the future Via devices: Telpad, TVolution, FamCam, Fam Zone, Smart Watch Recently launched the next generation Tvolution/ROKU-powered streaming box Triple-play (fixed line, broadband, IPTV) and quad-play (including mobile) plans available, including data sharing plans Roll out of high speed internet via Fibr bundled with great content, Fox+, iflix, iwanttv, and Netflix Corporate Data and Data Centers Corporate data and data center revenues, or 31% of total data and broadband revenues, were higher by P0.7bn or 17% at P4.9bn PLDT is the nation s largest data center operator with ten data centers and a total rack capacity of about 9,000 by yearend 2017 * Consolidated, net of interconnection costs 35

36 Appendix 36

37 Subscriber Base: Mobile Mobile Subscribers (1) by Category: Mar-17 Dec-16 Sept-16 Jun-16 Mar-16 Mobile Subscriber Base (1) Prepaid 60,421,068 59,952,941 62,259,067 64,701,367 64,651,175 Smart Prepaid 21,933,462 21,643,963 23,560,542 24,185,165 24,836,433 Sun Prepaid 8,086,432 8,463,469 8,846,953 9,652,756 10,495,342 TNT 30,401,174 29,845,509 29,851,572 30,863,446 29,319,400 Postpaid 2,721,410 2,810,268 3,117,035 3,556,485 3,539,055 Smart Postpaid 1,365,709 1,383,830 1,482,672 1,573,147 1,610,670 Sun Postpaid 1,355,701 1,426,438 1,634,363 1,983,338 1,928,385 Total Mobile Subscribers 63,142,478 62,763,209 65,376,102 68,257,852 68,190,230 Mobile Subscribers (1) by Brand: Mar-17 Dec-16 Sept-16 Jun-16 Mar-16 Mobile Subscriber Base (1) Smart 23,299,171 23,027,793 25,043,214 25,758,312 26,447,103 Smart Prepaid 21,933,462 21,643,963 23,560,542 24,185,165 24,836,433 Smart Postpaid 1,365,709 1,383,830 1,482,672 1,573,147 1,610,670 TNT 30,401,174 29,845,509 29,851,572 30,863,446 29,319,400 Sun Cellular 9,442,133 9,889,907 10,481,316 11,636,094 12,423,727 Sun Prepaid 8,086,432 8,463,469 8,846,953 9,652,756 10,495,342 Sun Postpaid 1,355,701 1,426,438 1,634,363 1,983,338 1,928,385 Total Mobile Subscribers 63,142,478 62,763,209 65,376,102 68,257,852 68,190,230 (1) Includes Mobile Broadband subscribers 37

38 Subscriber Base: Broadband and Fixed Line Broadband Subscribers Mar-17 Dec-16 Sept-16 Jun-16 Mar-16 BROADBAND Home Broadband (Wireless) 264, , , , ,675 Fixed Line Broadband 1,506,578 1,450,550 1,407,122 1,347,422 1,296,402 Total Broadband Subscribers 1,770,805 1,720,753 1,678,694 1,612,895 1,545,077 Fixed Line Subscribers Mar-17 Dec-16 Sept-16 Jun-16 Mar-16 Fixed Line Subscribers 2,487,601 2,438,473 2,404,893 2,380,390 2,339,001 38

39 1Q2017: Consolidated Financial Highlights 1Q2017 1Q2016 (Unaudited, Php in millions) Wireless Fixed Line Others Consolidated Consolidated % Change Total Revenues 23,162 19,049-39,188 42,779 (8%) Service Revenues 22,475 18,249-37,701 40,598 (7%) Cash Operating Expenses (12,101) (9,998) (18) (18,715) (19,295) (3%) Depreciation and Amortization (4,430) (3,120) - (7,550) (7,158) 5% Financing Costs, Net (604) (1,308) (49) (1,900) (1,804) 5% Income (Loss) before Income Tax 3,311 4,384 (439) 7,256 8,962 (19%) Provision for Income Tax (1,081) (1,175) (31) (2,287) (2,729) (16%) EBITDA 8,309 7,797 (18) 16,467 16,606 (1%) EBITDA Margin (1) 37% 43% - 44% 41% Net Income (Loss) Attributable to Equity Holders of PLDT 2,230 3,190 (469) 4,951 6,217 (20%) Core income 2,298 2, ,329 7,211 (26%) (1) EBITDA margin calculated as EBITDA divided by service revenues (gross of interconnection costs) 39

40 Underlying Core Income (Unaudited, Php in millions) Q 1Q 2Q 3Q 4Q FY Core Income 5,329 7,211 10,489 4,036 6,121 27,857 Core Income Adjustments One-Time Provisions and Subsidies (EBITDA Adjustments) - 1,011 2,034 1,605-4,650 Asset Sales - (970) (7,365) (396) (438) (9,169) Accelerated Depreciation ,084 4,084 Deferred Tax Asset Recognition (5,027) (5,027) Net Tax Effect of Adjustments - (12) (611) (481) (1,094) (2,198) Underlying Core Income 5,329 7,240 4,547 4,764 3,646 20,197 40

41 Reconciliation of Core and Reported net income (Unaudited, Php in millions) 1Q2017 1Q2016 Wireless Fixed Line Others Consolidated Consolidated % Change Net Income (Losses) Attributable to Equity Holders of 2,230 3,190 (469) 4,951 6,217 (20%) Add (Deduct): Foreign Exchange Losses (gains), Net (970) 141% Losses (Gains) on Derivative Financial Instruments, Net (157) (229) - (386) 369 (205%) Asset Impairment - (201) ,583 (79%) Others - (1) (18) (19) (42) (55%) Tax Effect (29) (13%) Core Income 2,298 2, ,329 7,211 (26%) 41

42 Consolidated Service Revenues* 2017 (Unaudited, Php in millions) 1Q 1Q 2Q 3Q 4Q FY Fixed Line 15,556 14,287 14,320 14,446 15,033 58,086 LEC 4,553 4,333 4,384 4,479 4,499 17,695 Fixed Line Voice - International 970 1,240 1,092 1,015 1,111 4,458 Fixed Line Voice - Domestic (NLD) ,349 Home Broadband 4,074 3,413 3,615 3,781 3,920 14,729 Corporate Data and Data Center 4,951 4,237 4,189 4,098 4,474 16,998 Miscellaneous Wireless 22,145 26,311 25,686 23,882 23,236 99,115 Mobile Services 21,069 25,305 24,806 22,826 22,129 95,066 Mobile Voice 7,594 10,240 9,458 8,272 8,011 35,981 SMS 6,910 8,688 8,643 7,873 7,532 32,736 Mobile Data 6,235 6,063 6,444 6,375 6,333 25,215 Inbound Roaming and Others ,134 Home Broadband ,758 Digital Platforms and Mobile Financial Services MVNO and Others Others Total 37,701 40,598 40,006 38,328 38, , *Consolidated and Gross of Interconnection costs 42

43 Consolidated Service Revenues* and EBITDA (Unaudited, Php in millions) 1Q 1Q 2Q 3Q 4Q FY Data/Broadband/Digital Platforms 16,221 14,525 14,975 15,169 15,749 60,418 Mobile Data 6,235 6,063 6,444 6,375 6,333 25,215 Mobile Internet 4,612 3,811 4,257 4,471 4,628 17,167 Mobile Broadband 1,623 2,252 2,187 1,903 1,704 8,046 Other Data Home Broadband 4,726 4,092 4,285 4,477 4,633 17,487 Fixed 4,074 3,413 3,615 3,781 3,920 14,729 Wireless ,758 Corp. Data and Data Center 4,951 4,237 4,189 4,098 4,474 16,998 Corp. Data and Leased Lines 4,333 3,678 3,595 3,704 3,978 14,955 Data Center and Information Technology ,043 Digital Platforms and Others SMS/Mobile Voice - Domestic/LEC/Others 17,923 21,697 20,912 19,335 18,645 80,589 SMS 6,910 8,688 8,643 7,873 7,532 32,736 Mobile Voice - Domestic 5,796 7,948 7,276 6,326 6,035 27,585 LEC 4,553 4,333 4,384 4,479 4,499 17,695 Others ,573 ILD/Fixed Line - Domestic (NLD) 3,557 4,376 4,119 3,824 3,884 16,203 Fixed Line Voice - Domestic (NLD) ,349 Fixed Line Voice - International 970 1,240 1,092 1,015 1,111 4,458 Mobile Voice - International 1,798 2,292 2,182 1,946 1,976 8,396 Total Consolidated Gross Service Revenues 37,701 40,598 40,006 38,328 38, ,210 Non-Service Revenues 1,487 2,181 2,499 1,774 1,598 8,052 Total Consolidated Gross Revenues 39,188 42,779 42,505 40,102 39, ,262 Deduct: Cash Operating Expenses (18,715) (19,295) (19,434) (19,128) (18,947) (76,804) Cost of Sales (2,646) (5,126) (5,519) (3,337) (2,771) (16,753) Cost of Content (309) (107) (83) (107) (279) (576) Writedown of Inventory and Provision for Doubtful AR (1,051) (1,645) (3,317) (2,571) (2,435) (9,968) EBITDA 16,467 16,606 14,152 14,959 15,444 61,161 EBITDA Margin (1) 44% 41% 35% 39% 40% 39% (1) EBITDA margin calculated as EBITDA divided by service revenues (gross of interconnection costs) *Consolidated and Gross of Interconnection costs 43

44 Wireless Service Revenues* and EBITDA (Unaudited, Php in millions) 1Q 1Q 2Q 3Q 4Q FY Data/Broadband/Digital Platforms 7,281 6,944 7,270 7,375 7,428 29,017 Mobile Data 6,308 6,127 6,536 6,445 6,409 25,517 Mobile Internet 4,612 3,811 4,257 4,471 4,628 17,167 Mobile Broadband 1,655 2,276 2,209 1,926 1,736 8,147 Other Data Home Broadband ,773 Digital Plarforms SMS/Mobile Voice - Domestic/Others 13,388 17,422 16,612 14,918 14,185 63,137 SMS 6,912 8,690 8,646 7,875 7,534 32,745 Mobile Voice - Domestic 6,029 8,221 7,551 6,594 6,300 28,666 Others ,726 Mobile Voice - International 1,806 2,304 2,189 1,952 1,983 8,428 Total Wireless Gross Service Revenues 22,475 26,670 26,071 24,245 23, ,582 Non-Service Revenues 687 1,261 1, ,332 Total Wireless Gross Revenues 23,162 27,931 27,543 25,083 24, ,914 Deduct: Cash Operating Expenses (12,101) (12,515) (12,576) (12,640) (11,847) (49,578) Cost of Sales (1,905) (4,421) (4,748) (2,748) (2,223) (14,140) Cost of Content (119) (31) (15) (35) (208) (289) Writedown of Inventory and Provision for Doubtful AR (728) (1,335) (2,947) (2,237) (1,727) (8,246) EBITDA 8,309 9,629 7,257 7,423 8,352 32,661 EBITDA Margin (1) 37% 36% 28% 31% 35% 32% (1) EBITDA margin calculated as EBITDA divided by service revenues (gross of interconnection costs) *Gross of Interconnection costs and before intersegment elims 44

45 Fixed Line Service Revenues* and EBITDA (Unaudited, Php in millions) Q 1Q 2Q 3Q 4Q FY Data/Broadband 10,574 9,110 9,216 9,457 9,928 37,711 Home Broadband 4,134 3,434 3,655 3,835 3,972 14,896 Corp. Data and Other Network Services 5,622 4,938 4,793 4,970 5,279 19,980 Data Center and ICT ,835 LEC/Others 5,035 4,761 4,806 4,922 4,968 19,457 LEC 4,580 4,357 4,408 4,503 4,524 17,792 Miscellaneous ,665 Fixed Line Voice - International/Domestic 2,640 3,144 2,952 2,819 2,923 11,838 Fixed Line Voice - International 1,744 2,203 1,998 1,842 2,013 8,056 Fixed Line Voice - Domestic (NLD) ,782 Total Fixed Line Service Revenues 18,249 17,015 16,974 17,198 17,819 69,006 Non-Service Revenues (1) , ,722 Total Fixed Line Gross Revenues 19,049 17,935 18,002 18,134 18,657 72,728 Deduct: Cash Operating Expenses (9,998) (10,213) (10,255) (9,995) (10,689) (41,152) Cost of Sales (741) (705) (772) (589) (551) (2,617) Cost of Content (190) (76) (68) (72) (71) (287) Writedown of Inventory and Provision for Doubtful AR (323) (310) (370) (334) (708) (1,722) EBITDA 7,797 6,631 6,537 7,144 6,638 26,950 EBITDA Margin (2) 43% 39% 39% 42% 37% 39% (1) Non-service revenues include sale of PLP units, FabTAB, Tvolution, managed ICT equipment, Telpad, UNO equipment and managed PABX (2) EBITDA margin calculated as EBITDA divided by service revenues (gross of interconnection costs) Fixed line revenues - net of interconnection costs* (Unaudited, Php in millions) Q 1Q 2Q 3Q 4Q FY Fixed Line Service Revenues, Net LEC 4,579 4,357 4,406 4,502 4,523 17,788 Fixed Line Voice - International ,942 Fixed Line Voice - Domestic (NLD) ,013 Home Broadband 4,134 3,434 3,655 3,835 3,972 14,896 Corp. Data and Other Network Services 5,611 4,924 4,779 4,957 5,267 19,927 Data Center and ICT ,835 Miscellaneous ,665 Total 16,927 15,435 15,500 15,871 16,260 63,066 *Service revenues before intersegment elims 45

46 Expenses 1Q2017 1Q2016 (Unaudited, Php in millions) Wireless Fixed Line Others Consolidated Consolidated % Change Operating Expenses Compensation and Employee Benefits 1,943 3,548-5,487 5,231 5% Repairs and Maintenance 1,852 1,456-3,160 3,671 (14%) Selling and Promotions 1, ,508 1,718 (12%) Rent 2, ,830 1,670 10% Insurance and Security Services Taxes and Licenses ,322 (27%) Professional and Other Contracted Services 1,597 1, ,698 2,174 24% Communication, Training and Travel % Interconnection Costs 1,709 1,322-2,091 2,436 (14%) Other Expenses (34%) Cash Operating Expenses 12,101 9, ,715 19,295 (3%) Depreciation and Amortization 4,430 3,120-7,550 7,158 5% Asset Impairment ,051 1,645 (36%) Amortization of Intangible Assets (25%) Non-Cash Operating Expenses 5,363 3,443-8,806 9,075 (3%) Cost of Sales 1, ,646 5,126 (48%) Cost of Content % Total Expenses 19,488 14, ,476 33,603 (9%) 46

47 Other Income (expenses) 1Q2017 1Q2016 % Change (Unaudited, Php in millions) Wireless Fixed Line Others Consolidated Consolidated Equity Share in Net Earnings (Losses) of Associates and Joint Ventures Beacon (42%) Vega - - (269) (269) - - Others (33) (68) (179%) Total Equity Share in Net Earnings (Losses) (33) (70%) Financing Costs, Net Loans and Other Related Items (718) (1,325) (49) (2,031) (1,823) 11% Accretion on Financial Liabilities (40) (20) - (60) (75) (20%) Financing Charges (12) (4) - (16) (7) 129% Capitalized Interest % Total Financing Costs (604) (1,308) (49) (1,900) (1,804) 5% Other Income (Expenses), Net Gain on Sale of Properties Investment Impairment (includes Rocket Internet Impairment) (540) (212) (1,583) (87%) Others (68%) Other Income (Expenses), Net (540) (75%) Interest Income % Gains (Losses) on Derivative Financial Instruments, Net (497) 157% Foreign Exchange Gains (Losses), Net (254) (41) (102) (397) 970 (141%) Total Other Income (Expenses) (363) (293) (421) (1,456) (214) 580% 47

48 ARPU Mobile ARPU, Net (1) : Q 1Q 2Q 3Q 4Q Smart Postpaid Smart Prepaid TNT Sun Postpaid Sun Prepaid (1) Includes Mobile Broadband subscribers Broadband ARPU, Net : Q 1Q 2Q 3Q 4Q Home Broadband (Wireless) Fixed Broadband (2) 1,164 1,162 1,169 1,171 1,165 (2) Includes Corporate Fixed Broadband 48

49 Earnings Per Share (EPS) 1Q2017 1Q2016 (Unaudited, Php in millions except EPS (in Php) and Shares (in mn)) Basic Diluted Basic Diluted Net Income Attributable to Equity Holders of PLDT 4,951 4,951 6,217 6,217 Dividends on Preferred Shares (15) (15) (15) (15) Net Income for the Period Attributable to Common Equity Holders of PLDT 4,936 4,936 6,202 6,202 Weighted Average Number of Common Shares, End 216, , , ,056 EPS (Based on Reported Net Income) Core Income 5,329 5,329 7,211 7,211 Dividends on Preferred Shares (15) (15) (15) (15) Core Income Applicable to Common Shares 5,314 5,314 7,196 7,196 Weighted Average Number of Common Shares, End 216, , , ,056 EPS (Based on Core Income)

50 Balance Sheet (Php in millions) Consolidated March 31, 2017 December 31, 2016 (unaudited) (audited) Total Assets 467, ,119 Nominal Value of Total Long-Term Debt 175, ,663 in US$ $3,501 $3,730 Less: Unamortized Debt Discount Total Long-Term Debt 175, ,032 Cash and Short-Term Investments 39,953 41,460 Net Debt (1) 135, ,203 Equity 110, ,537 Total Debt (2) /Equity 1.59x 1.71x Net Debt (1) /Equity 1.23x 1.33x Total Debt (2) /EBITDA 2.88x 3.04x Net Debt (1) /EBITDA 2.23x 2.36x (1) Net Debt calculated based on nominal value of debts less cash and cash equivalents and short-term investments (2) Nominal value of total debt 50

51 Debt Profile (US$ in millions) Q2017 Debt Balance 2,851 2,353 2,920 3,429 3,730 3,501 Cash and Short-Term Investments , Net Debt 1,932 1,618 2,310 2,413 2,897 2,706 Interest-Bearing liabilities (US$ in millions) Carrying Value March 31, 2017 Unamortized Debt Discount/Debt Issuance Face Value December 31, 2016 (Audited) Face Value Change Debt PLDT $2,100 $6 $2,106 $2,212 ($106) Smart 1, ,395 1,512 (117) DIGITEL (6) Total Debt $3,488 $13 $3,501 $3,730 ($229) 51

52 Foreign Exchange Risk Forex Impact on Core Income Forex Impact of B/S Revaluation Forex sensitivity for every P1 change (in US$ millions) US$ Revenues* US$ Expenses Cash Opex* (66.3) (49.7) Cost of sales (4.6) Financing costs (12.0) US$ Income before tax Tax effect Core Earnings EBITDA Conso - net of Elim * Gross of interconnection costs amounting to: 17.0 Local exchange revenues (in million Php) 2,638.3 Forex sensitivity for every P1 change on B/S Revaluation (in US$ millions) Debt (net of LT hedges & ST Forwards/options)* Accounts Payable Accrued Liabilities Derivative Liabilities 2.0 Other Current & Non Current Liabilities 0.1 Total US$ denominated Liabilities 1,059.1 Cash and Cash Equivalents Short-term Investments Trade and other receivables Derivative Assets Investment in Debt Securities, Advances & Others Total US$ denominated Assets Forex Revaluation for every P1 change Conso ±415.1 * Debt Less: LT hedges & ST forwards/options Debt (net of LT hedges) Ave. Period End Forex rate, 1Q Forex rate, 1Q % of Peso depreciation vs US$ 5.8% 9.2% 52

53 Except for historical financial and operating data and other information in respect of historical matters, the statements contained herein are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. The words believe, intend, plan, anticipate, continue, estimate, expect, may, will or other similar words are frequently used to indicate these forward looking statements. Any such forward-looking statement is not a guarantee of future performance and involves a number of known and unknown risks, uncertainties and other factors that could cause the actual performance, financial condition or results of operation of PLDT to be materially different from any future performance, financial condition or results of operation implied by such forward-looking statement. Among the factors that could cause actual results to differ from the implied or expected results are those factors discussed under Risk Factors in Item 3 in PLDT s annual report on Form 20-F. For inquiries, please contact: PLDT INVESTOR RELATIONS (632) pldt_ir_center@pldt.com.ph 53

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