필리핀 누적적전환우선주 발행(1) : PLDT 10% CumulativeConvertible Preferred Stock, Series A to FF Redemption and Conversion toPLDT

Dear BPI Securities Client,

Philippine Long Distance Telephone Company (PLDT) is conducting a
redemption offer of all the outstanding shares of 10% Cumulative
Convertible Preferred Stock, Series A to FF which were issued pursuant to
the PLDT Subscriber Investment Plan (the "SIP Shares"), effective on
January 19, 2012 (respectively, the "Redemption Date"). The Company has set
October 10, 2011, as the Record Date for the determination of outstanding
SIP Shares subject to the redemption.

In accordance with the terms and conditions of the SIP Shares, the company
will, on the Redemption Date, pay each holder of SIP Shares as of Record
Date, an amount equal to the par value of such shares, plus accrued and
unpaid dividends thereon up to the Redemption Date.

Please note that in accordance with the terms and conditions of the SIP
shares, a holder of SIP Shares may still convert his/her SIP Shares into
shares of Common Stock of the Company on or prior to January 9, 2012.

Any inquiries you may have with respect for the conversion should be
addressed to The Hongkong and Shanghai Banking Corporation, Stock Transfer
Unit, 7/F HSBC Centre, 3058 Fifth Avenue West, Bonifacio Global City,
Taguig City c/o Mr. Ronald Rodrigo. You may contact Mr. Rodrigo thru his
telephone number at (02) 581-7594 or via e-mail at
ronaldrodrigo@hsbc.com.ph.

If you are a shareholder of PLDT 10% Cumulative Convertible Preferred
Stock, Series A to FF and is interested to participate in the
redemption or conversion to PLDT (TEL) common share offer please send
us an originally signed letter of intent, indicating the number of
shares you wish to offer for redemption or convert to PLDT (TEL) common
share and your BPI Trader User ID. Please send the letter to BPI
Securities Corporation, 8/F BPI Building, Ayala Avenue, Makati City on
or before 12:00 PM on December 2, 2011.

Please note that any inquiries you may have with respect to the redemption
and conversion after the deadline date of December 2, 2011 kindly
coordinate with the following associates of the transfer agent:

Name: Telephone Number: Email Address:
Reynaldo Abella 892-0426 riabella@rcbc.com
Jocelyn Modina 892-4156 jpmodina@rcbc.com
Joel Cruz 892-4197 jscruz@rcbc.com
Filbert Conejos 892-7566 fcconejos@rcbc.com
Rosita Tacsuan 892-4156 rctacsuan@rcbc.com

For questions please call the following numbers: 816-9190, 816-9192,
845-5541 or 845-5543.

For further information, please visit the PSE website at www.pse.com.ph.

Thank you.