JG SUMMIT TO ACQUIRE STAKE IN PLDT IN ALL-SHARE TRANSACTION

JG Summit to acquire shares in PLDT in exchange for its entire holdings in Digitel
•  Transaction to have an equity value of P74.1 billion
•  Consumers to benefit from wider and complementary array of products and
improved quality of service
•  Paired networks to accelerate continued expansion of broadband rollout and other
next-generation technologies in both fixed and wireless space
MANILA, Philippines : 29th March 2011 -  JG Summit Holdings, Inc (“JGS”) (PSE:JGS)
and Philippine Long Distance Telephone Company (“PLDT”) (NYSE: PLDT) (PSE: TEL)
announced that at meetings held  earlier today, their respective Boards of Directors
approved the acquisition by PLDT of JGS’s and certain other parties’ ownership interest
in Digital Telecommunications Philippines, Inc. (“Digitel”) (PSE:DGTL), comprising (i)
3,277,135,882 common shares in Digitel, representing a 51.55% equity stake; (ii) zerocoupon convertible bonds issued by Digitel and its subsidiaries to the JGS Group which
are assumed to be convertible into approximately 18.6 billion shares  of Digitel by 30
June 2011; and (iii) intercompany advances of P34.1 billion made by the JGS Group
and certain of such parties to Digitel and its subsidiaries (the “Assets”).  

Source: http://www.pse.com.ph/html/disclosure/pdf/2011/pdf/dc2011-2288_JGS.pdf