09:10     FIRST PACIFIC<00142> - Announcement & Resumption (9)                

    which date is expected to be on or before 18 January,                     
    2005 or such other date as the Issuer, the Guarantor                      
    and UBS AG may agree.                                                     
                                                                              
    "Conditions"    The terms and conditions of the Notes.                    
                                                                              
    "Directors"     The directors of the Guarantor.                           
                                                                              
    "Early Redemption Amount"       For each US$10,000                        
    principal amount of the Notes, the amount determined                      
    to represent for the holder of the Note a gross yield                     
    of 5.625 per cent. per annum.                                             
                                                                              
    "Exchange Period"       The period beginning on and after                 
    17 February 2005, and ending at the close of business                     
    on the date which falls 10 days prior to the Maturity                     
    Date or if the Notes shall have been called for                           
    redemption prior to the Maturity Date, on the date                        
    which falls 10 days prior to the date fixed for                           
    redemption.                                                               
                                                                              
    "Exchange Property"     The 6,784,091 PLDT Shares                         
    deposited in a designated account with a custodian,                       
    and shall include all securities and other property                       
    arising out of or derived or resulting therefrom and                      
    such other property, in each case as may be deemed                        
    or required to comprise all or part of the Exchange                       
    Property pursuant to the Conditions.                                      
                                                                              
    "Exchange Right"        The right of a holder of Notes to                 
    exchange such Notes during the Exchange Period for                        
    a pro rata share of Exchange Property.                                    
                                                                              
    "Group" The Guarantor together with its                                   
    subsidiaries.                                                             
                                                                              
    "Guarantee"     The guarantee by the Guarantor of the due                 
    and punctual payment of all sums from time to time                        
    payable by the Issuer in respect of the Notes and the                     
    due and punctual performance by the Issuer of all of                      
    the Issuer's other obligations under the Notes.                           
                                                                              
    "Guarantor"     First Pacific Company Limited, a company                  
    incorporated in Bermuda with limited liability, the                       
    shares of which are listed on the Stock Exchange.                         
                                                                              
    "Hong Kong"     The Hong Kong Special Administrative                      
    Region of the People's Republic of China.                                 
                                                                              
    "Issuer"        First Pacific Finance Limited, a company                  
    incorporated with limited liability in the Cayman                         
    Islands and a wholly-owned subsidiary of the                              
    Guarantor.                                                                
                                                                              
    "Listing Rules" The Rules Governing the Listing of                        
    Securities on the Stock Exchange.                                         
                                                                              
    "Maturity Date" The date expected to be 18 January                        
    2010, or such other date on which the Notes mature.                       
                                                                              
    "Notes" The US$199,000,000 Zero Coupon Guaranteed                         
    Exchangeable Notes due 2010, exchangeable into common                     
    stocks of par value Php 5.00 each of PLDT.                                
                                                                              
    "PLDT"  Philippine Long Distance Telephone Company                        
    (currently an associated company of the Guarantor).                       
                                                                              
    "PLDT group"    PLDT together with its subsidiaries.                      
                                                                              
    "PLDT Shares"   Fully paid common stock of par value                      
    Php 5.00 each in the capital of PLDT and all other