M SyCip Gorres Velayo &Co. Tel: (632) 891 0307 BOA/PRC Reg. No. 0001,6760 Ayala Avenue Fax; (632) 819 0872 December 28, 2012, valid until December 31. 2015

' 1226 MakatI City ey.com/ph SEC Accreditation No. 0012-FR-3 (Group A),Building a better Philippines November 15,2012, valid untilNovember16,2015working world

REPORT ON FACTUAL FINDINGS

The Stockholders and the Board of Directors

The Globe Tower

32nd Street corner 7th Avenue

Bonifacio Global CityTaguig City, Metro Manila

We have performed the procedures agreed with you and enumerated below with respect to theattached Quarterly Progress Report as of September 30, 2014 on the application of proceeds from theoffering 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 Companyto comply with the Philippine Stock Exchange Inc.'s (PSE) requirement to submit an externalauditor's certification on the information being presented by the Company relating to the applicationof proceeds. Our engagement was undertaken in accordance with the Philippine Standard on RelatedServices (PSRS) 4400, Engagement to Perform Agreed-upon Procedures Regarding FinancialInformation, applicable to agreed-upon procedures engagements. These agreed-upon procedures andresults thereof are summarized as follows:

1. We obtained the copy of the Planned Use of Proceeds from the offering of Series A Non-votingPerpetual Preferred Shares of Globe Telecom, Inc.

2. We obtained the Quarterly Progress Report (the "Progress Report) and checked its mathematicalaccuracy. We also agreed the Progress Report to the capital expenditure monitoring related totransformation capital expenditures, data-related capital expenditures and other capitalexpenditures.

3. On a test basis, we traced cash disbursements listed in the capital expenditure monitoring to thedisbursement reports generated by SAP, bank statements and related invoices and other pertinentsupporting documents such as Purchase Order (PO), Certificate of Completion andAccomplishments Form (COCAF) and Final Acceptance Certificates (FAC), among others.

A member firm of Ernst S YoungGlobalLimited

Globe

October 15, 2014

Globe Telecom, Inc.The Globe Tower32nd Street corner 7th Avenue,Bonifacio Global City,Taguig, Philippines 1634

+532.7972000

www.globe.com.ph

Philippine Stock Exchange, Inc.3/F, Tower One and Exchange Plaza

Ayala Triangle, Ayala Avenue, Makati CityFor 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 CommissionS.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 withGlobe 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 tothe Progress Report.

We hope you find everything in order.

Very truly yours,

ATTyjVlARISALTE CIOCSON-COCompliance Officer,Assistant Corporate Secretary &VP, Legal Services