29th Floor BDO Equitable Tower

Paseo de Roxas, Makati City, Philippines

Main: +63 2 8884 5000

Strictly Private and Confidential

07 March 2022

PLDT, Inc.
Ramon Cojuangco Building,
Makati Ave. corner Ayala Avenue
Legaspi Village, Makati City

Attention: ATTY. MARILYN A. VICTORIO-AQUINO

Corporate Secretary / Corporate Information Officer

Re: Clarification of News Article

Ref. No.: CL-2022-001-TEL

Gentlemen:

We have noted the publication of a news article in gmanetwork.com entitled PLDT to sell 6,000 towers
for over P50 Billion. The article reported in part that:

Telecommunications giant PLDT Inc. is disposing off 50% of its tower

At a press briefing on Thursday, PLDT chairman Manuel V. Pangilinan

said the telco received bids for 6,000 towers nearly half of its roughly
11,000 to 12,000 towers

In August 2021, Pangilinan announced that PLDT was considering selling

its tower assets.

which telcos will only have to lease towers instead of building their
own to reduce the cost of maintenance and in turn cut the cost of
telecommunications services.

During the briefing, PLDT president Alfredo Panlilio revealed that the
telco received initial bids from 19 bidders which were later reduced to
six.

Philippine Securities Settlement Corp

 The PLDT chief said the company would award two contract packages of
about 3,000 towers each to two winning bidders.

For her part, PLDT chief financial officer Anabelle Chua said the telco
was expecting to award the towe time

After the award, PLDT will enter with the winning tower companies into
a transition period, wherein the telco will gradually transfer the tower

Chua said that PLDT would only sell its physical tower structures and
passive equipment to the bidders, not its main radio equipment.

Following the disposal of the tower assets, she said the company would
rent towers on a monthly basis.

Chua said proceeds from the sale of the tower assets would "be used to

PLDT also reported a core telco net income of P30.2 billion in 2021, 8%
higher than its P30-billion target.

For 2022, the telco is allocating P76 billion to P80 billion in capital
expenditures, lower than the P89 billion spent last year as the company
aims to achieve a positive cash flow.

We request your confirmation of the veracity of the above excerpt.

Very truly yours,

ATTY. MARIE ROSE M. MAGALLEN-LIRIO

Head Issuer Compliance and Disclosure Department
Philippine Dealing & Exchange Corp.