MANILA, Philippines, 17TH June 2020 – PLDT Inc. (PSE: TEL) (NYSE:PHI) (the "Issuer" or "PLDT"), the Philippines' major telecommunications provider, announced today that it had successfully set the terms of a US dollar-denominated long 10-year and 30-year dual-tranche offering at an aggregate principal amount of US$600 million with a fixed coupon of 2.500% and 3.450%, respectively, payable semi-annually. The Issuer is rated BBB+ stable by S&P, Baa2 stable by Moody’s and BBB stable by Fitch. The Notes are rated BBB+ by S&P.

The bonds were priced at T+180 and T+195 with a re-offer yield of 2.566% and 3.495%. The final order book was 17 times over-subscribed with the order book allocated predominantly to Asia, and the balance to Europe, reflecting the strong confidence investors have in the PLDT credit.

The issuance of the Notes represents:

• PLDT's return to the international bond market after 18 years
• The lowest ever coupon for a 10-year and 30-year issuance by a Philippine corporate
• The first ever 30-year offering for a non-government entity out of the Philippines
• The largest orderbook size (US$10.2 billion) and oversubscription (17x) achieved by any Philippine issuer driven by high quality institutional investors
• A successful 2-step revision of price guidance allowed the Company to tighten pricing by 60bps on the long 10-year and 65 bps on the 30-year, the largest by any Philippine issuer ever

"We are extremely gratified by the response of the international bond market to our return. It has been 18 years since our last foray – we started our roadshow in Singapore on September 11, 2001 and, if one recalls, we were soon faced with a global crisis then, just as we are today. For the better part of those years, the road was mostly smooth, but there were bumps along the way which made our journey difficult. I believe we have now assembled possibly the best management team in our history, one that will allow us to realize the extraordinary potential of our business as an integrated telco. The market's overwhelming welcome only serves to validate PLDT's record of resiliency and patented financial discipline over the years. We are grateful indeed to the two Lead Banks – Credit Suisse and UBS – for a job well done. We are mindful that our performance in the coming years should match the expectations of the market that received us so warmly." said PLDT Chairman, President and CEO, Manuel V. Pangilinan.

"The tremendous market response to our bond offering is beyond what we expected after such a long absence. We are grateful for the strong support from the international markets which will diversify our liquidity sources and lengthen our maturity profile. Our 30-year issue is the first for a Philippine corporate and confirms the strength of PLDT's name and track record. While the proceeds will go mainly to refinancing our existing debt at lower interest rates, a portion will also be used to fund capital expenditures so that we can continue investing in network leadership and drive revenue growth. This transaction was put together in record time and speaks volumes of PLDT's agile and collaborative culture. We also thank our Joint Lead Managers - Credit Suisse and UBS - for their faith in PLDT and optimizing digital tools to get the transaction done so quickly and effectively. Which only goes to prove that we are in the right business!" added PLDT's Chief Financial Officer, Anabelle Lim-Chua.

Upon issuance, the net proceeds from the bonds will be used to refinance the Issuer's maturing debt obligations in 2H2020 and 2021 and prepay outstanding loans and partially finance capital expenditures.

Credit Suisse (Singapore) Limited and UBS AG Singapore Branch are the Joint Lead Managers and Joint Bookrunners for the transaction.

Latham & Watkins, LLP and Picazo Buyco Tan Fider & Santos acted as Issuer Counsel; Milbank LLP and SyCip Salazar Hernandez & Gatmaitan acted as Underwriters' Counsel for the transaction.

Summary Terms and Conditions for the bonds

The securities referred to herein will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States or any other jurisdiction. Any securities as referred to herein will only be offered and sold outside the United States in reliance on Regulation S under the Securities Act and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No public offering of any securities referred to herein will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or elsewhere where such offer or sale would be unlawful. Release, transmission or distribution to any person is prohibited. No money, securities or other consideration is being solicited by this announcement or the information contained herein and, if sent in response to this announcement or the information contained herein, will not be accepted.

The securities referred to herein have not been registered with the Philippine Securities and Exchange Commission under the Securities Regulation Code ("SRC"). Any future offer or sale of the securities is subject to the registration requirements under the SRC unless such offer or sale qualified as an exempt transaction.

This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and opportunities that could affect PLDT’s business and results of operations. Although PLDT believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.

For further information, please contact:

Anabelle L. Chua
Tel No. 8816-8213

Melissa V. Vergel de Dios
Tel No. 8816 8024

Ramon R. Isberto
Tel No. 8511-3101