Market Overview

PLDT closes US$175 million investment in Voyager Innovations from KKR and Tencent

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PLDT Inc. ("PLDT") (PSE: TEL) (NYSE:PHI), the leading
telecommunications and digital services provider in the Philippines,
today announced the closing of the US$175 million investment in Voyager
Innovations by KKR (NYSE:KKR), a global investment firm, and Tencent
Holdings Ltd. (0700.HK), a leading provider of internet services in
China.

"Voyager can now step up its efforts to make its innovative financial
and internet platforms more accessible to more Filipinos in more parts
of the country," said Manuel V. Pangilinan, Chairman and CEO of PLDT and
Smart Communications.

"We believe with investors like KKR and Tencent leading the way, the
Philippines' profile as a destination for tech investment is on the
rise," said Orlando B. Vea, President and CEO of Voyager Innovations.

As previously announced on 4th October 2018, KKR and Tencent
subscribed to newly-issued shares in Voyager Innovations, the
Philippines' leading digital technology company. KKR and Tencent's
investment gives them a substantial minority stake in the Company.

PLDT also announced on 26th November 2018 that the
International Finance Corporation (IFC) and IFC Emerging Asia Fund
committed to invest US$40 million in Voyager Innovations. This
transaction is expected to close within a few weeks. In total, Voyager
Innovations will raise US$215 million, making this the largest private
fund raising to-date in a Philippine technology company.

Voyager Innovations will leverage the new capital and significant
expertise of KKR, Tencent, IFC, and IFC Emerging Asia Fund as it carries
out its mission to accelerate digital and financial inclusion in the
Philippines and enable the broader Filipino population to participate in
the digital economy.

The company's award-winning technology platforms support the following
digital services:

  • PayMaya, the most recognized prepaid payment wallet service in
    the Philippines, enabling Filipinos to shop online, pay bills, buy
    airtime load, and send money;
  • PayMaya Business, the largest mobile acquiring service in the
    Philippines, enabling enterprises of all sizes to accept digital
    payments;
  • Smart Padala, the largest mobile-based remittance network in
    the Philippines;
  • Lendr, the largest digital lending platform in the Philippines;
    and
  • freenet, the most popular rewards app for free access to
    the internet and apps in the Philippines.

This press release may contain some statements which constitute
"forward-looking statements" that are subject to a number of risks and
uncertainties 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.

About PLDT

PLDT is the leading telecommunications provider in the Philippines.
Through its principal business groups – fixed line and wireless– PLDT
offers a wide range of telecommunications services across the
Philippines' most extensive fiber optic backbone and fixed line, and
mobile network.

PLDT is listed on the Philippine Stock Exchange (PSE: TEL) and its
American Depositary Shares are listed on the New York Stock Exchange
(NYSE:PHI). PLDT has one of the largest market capitalizations among
Philippine listed companies.

Further information can be obtained by visiting the web at www.pldt.com.

About VOYAGER INNOVATIONS

Voyager Innovations is the leading technology company in the Philippines
focused on developing customer-centric emerging market platforms in the
areas of digital payments, digital finance, and marketing technologies.
For more information, visit www.voyagerinnovation.com.

About KKR

KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners that
manage hedge funds. KKR aims to generate attractive investment returns
for its fund investors by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation with KKR portfolio companies. KKR invests its own capital
alongside the capital it manages for fund investors and provides
financing solutions and investment opportunities through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com
and on Twitter @KKR_Co.

About TENCENT

Tencent uses technology to enrich the lives of Internet users. Our
social products WeChat and QQ link our users to a rich digital content
catalogue including games, video, music and books. Our proprietary
targeting technology helps advertisers reach out to hundreds of millions
of consumers in China. Our infrastructure services including payment,
security, cloud and artificial intelligence create differentiated
offerings and support our partners' business growth. Tencent invests
heavily in people and innovation, enabling us to evolve with the
Internet.

Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent
(0700.HK) are traded on the Main Board of the Stock Exchange of Hong
Kong.

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