M ' Building a better working world SyCip Gorres Velayo &Co. 6760 Ayala Avenue 1226 MakatI City Philippines Tel: (632) 891 0307 Fax; (632) 819 0872 ey.com/ph 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 REPORT ON FACTUAL FINDINGS 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. 2. 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 expenditures. 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. Globe The Globe Tower 32nd Street corner 7th Avenue, Bonifacio Global City, Taguig, Philippines 1634 +532.7972000 www.globe.com.ph 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 Sir/Mesdames: 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, 2014;and 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, ATTyjVlARISALTE CIOCSON-CO Compliance Officer, Assistant Corporate Secretary & VP, Legal Services