09:07     FIRST PACIFIC<00142> - Announcement & Resumption (3)                

    supporting the market price of the Notes at a level                       
    higher than that which might otherwise prevail for                        
    a limited period. However, there is no obligation on                      
    UBS AG to do this. Such stabilising, if commenced,                        
    may be discontinued at any time and must be brought                       
    to an end after a limited period.                                         
                                                                              
    Placees                                                                   
    Not less than six independent placees. The placees                        
    and their ultimate beneficial owners will be                              
    independent of the Issuer and Guarantor and their                         
    respective connected persons (as defined in the                           
    Listing Rules).                                                           
                                                                              
    Undertaking                                                               
    The Guarantor has agreed (save for certain specified                      
    exceptions) that it will not, and will procure that                       
    none of its subsidiaries will, for a period of 90 days                    
    after the Closing Date, without the prior written                         
    consent of UBS AG, offer, sell, contract to sell or                       
    otherwise dispose of (or publicly announce any such                       
    offer, sale or disposal), any common stock of PLDT                        
    held by any member of the Group or securities                             
    convertible or exchangeable into or exercisable for                       
    common stock of PLDT held by any member of the Group                      
    or warrants or other rights to purchase common stock                      
    of PLDT held by any member of the Group or any security                   
    or financial product whose value is determined                            
    directly or indirectly by reference to the price of                       
    the common stock of PLDT, including equity swaps,                         
    forward sales and options representing the right to                       
    receive any common stock of PLDT.                                         
                                                                              
    Conditions Precedent of the Issue of, and                                 
    Subscription for the Notes                                                
    The issue and subscription of the Notes is conditional                    
    upon, among other things, the SGX-ST having agreed                        
    to list the Notes and there having been no material                       
    adverse change or development involving a prospective                     
    material adverse change in the condition (financial                       
    or otherwise), business prospects, properties or                          
    results of operations of the Issuer, the Guarantor,                       
    the Group, PLDT or the PLDT group since the date of                       
    the Subscription Agreement and no event making any                        
    of the representations and warranties contained in                        
    the Subscription Agreement untrue or incorrect in any                     
    material respect on the Closing Date as though they                       
    had been given and made on such date and the Issuer                       
    and the Guarantor each having performed all the                           
    obligations to be performed by it under the                               
    Subscription Agreement on or before the Closing Date.                     
                                                                              
    Termination                                                               
    UBS AG may, by notice to the Issuer and the Guarantor                     
    given at any time before the time on the Closing Date                     
    when payment would otherwise be due under the                             
    Subscription Agreement, terminate the Subscription                        
    Agreement if, in the opinion of UBS AG, there shall                       
    have been such a change in national or international                      
    financial, political or economic conditions or                            
    currency exchange rates or exchange controls as would                     
    in its view be likely to prejudice materially the                         
    success of the offering and distribution of the Notes                     
    or dealings in the Notes in the secondary market.                         
                                                                              
    Subject to the foregoing, the issue and subscription                      
    of the Notes is expected to be completed on the Closing                   
    Date.                                                                     
                                                                              
    The Issuer and Guarantor's liability to UBS AG with                       
    respect to expenses or any liability arising before