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1226 MakatI City SEC Accreditation No. 0012-FR-3

Building a better
working world
SyCip Gorres Velayo &Co.
6760 Ayala Avenue
1226 MakatI City
Tel: (632) 891 0307
Fax; (632) 819 0872
BOA/PRC Reg. No. 0001,
December 28, 2012, valid until December 31. 2015
SEC Accreditation No. 0012-FR-3 (Group A),
November 15,2012, valid until November16,2015
The Stockholders and the Board of Directors
The Globe Tower
32nd Street corner 7th Avenue
Bonifacio Global City
Taguig City, Metro Manila
We have performed the procedures agreed with you and enumerated below with respect to the
attached Quarterly Progress Report as of September 30, 2014 on the application of proceeds from the
offering of Series A Non-voting Perpetual Preferred Shares of Globe Telecom, Inc.
(the "Company") on August 22, 2014. The procedures were performed solely to enable the Company
to comply with the Philippine Stock Exchange Inc.'s (PSE) requirement to submit an external
auditor's certification on the information being presented by the Company relating to the application
of proceeds. Our engagement was undertaken in accordance with the Philippine Standard on Related
Services (PSRS) 4400, Engagement to Perform Agreed-upon Procedures Regarding Financial
Information, applicable to agreed-upon procedures engagements. These agreed-upon procedures and
results thereof are summarized as follows:
1. We obtained the copy of the Planned Use of Proceeds from the offering of Series A Non-voting
Perpetual Preferred Shares of Globe Telecom, Inc.
We obtained the Quarterly Progress Report (the "Progress Report) and checked its mathematical
accuracy. We also agreed the Progress Report to the capital expenditure monitoring related to
transformation capital expenditures, data-related capital expenditures and other capital
3. On a test basis, we traced cash disbursements listed in the capital expenditure monitoring to the
disbursement reports generated by SAP, bank statements and related invoices and other pertinent
supporting documents such as Purchase Order (PO), Certificate of Completion and
Accomplishments Form (COCAF) and Final Acceptance Certificates (FAC), among others.
A member firm of Ernst S YoungGlobalLimited
Globe Telecom, Inc.
The Globe Tower
32nd Street corner 7th Avenue,
Bonifacio Global City,
Taguig, Philippines 1634
October 15, 2014
Philippine Stock Exchange, Inc.
3/F, Tower One and Exchange Plaza
Ayala Triangle, Ayala Avenue, Makati City
For the attention of
Ms. Janet A. Encarnacion
Head, Disclosure Department
Philippine Dealing & Exchange Corp.
37/F, Tower 1, The Enterprise Center
6766 Ayala Ave. cor. Paseo de Roxas
Makati City
For the attention of
Ms. Vina Vanessa S. Salonga
Head - Issuer Compliance & Disclosure Department
Securities and Exchange Commission
S.E.C. Building, EDSA
Mandaluyong City
For the attention of
Mr, Vicente Graciano Felizmenio, Jr.
Director - Markets & Securities Regulation Department
We are submitting the following attacliments in compliance with the PSE requirement in connection with
Globe Telecom's Preferred Shares Offering last August 22, 2014:
1. Progress Report on the application of proceeds from the offer for the quarter ended September 30,
2. Certification of SGV on the accuracy of information provided by Globe Telecom in relation to
the Progress Report.
We hope you find everything in order.
Very truly yours,
Compliance Officer,
Assistant Corporate Secretary &
VP, Legal Services
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