SECURITIES AND EXCHAPUjt^uiviiviiooiwn

SEC FORM17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATIONS CODE (SRC)
AND SRC RULE 17(a)-1(b)(3) THEREUNDER
Dateof Report(Dateof earliestevent reported)
1177 3. ...p00fT.68:480-0q0
SEC identification Number BIR Tax Identification Number
i- * Mnrnn ^f i-Qnictrantacsnpnifisdin itscharter
5. ..PHILIPPINES u- l i .\ -~. ---.-:.@@//
Province, country or other jurisdiction of Industry Classification Code
incorporation
7. 27/F, TheGlobeTower, 32ndStreetcorner7thAvenue, 1634
Bonifacio Global City,.Jajguig
Addressof principal office Postal code
Registrant'stelephonenumber, includingareacode
9. 5/F, GlobeTelecomPlaza(Pioneer Highlands), Pioneer corner Madison Sts.,
lyiandaluyongCity
Former nameorformeraddress, if changedsincelastreport
10. Securitiesregistered pursuantto Sections4and 8 of theSRC
Titleof EachClass Numberof Sharesof CommonStock
Outstandingand Amountof Debt Outstanding
(asof June30, 2014)
COMMON SHARES 132,681,827
T.9.T.AL.pEBT<inM|llionsof PesosJ 68.817
Indicatetheitemnumbersreported herein : Pleaserefer to attached
Re: 2Q 2014ANALYSTS' BRIEFING PRESENTATION MATERIALS
Pursuantto therequirementsof theSecuritiesRegulationsCode, theregistranthasduly
1,;,. @@@@,+?@ ho cinnoH nn itsbehalf bv theundersigned hereunto duly authorized.
Chief Financial Officer
Globe Telecom, Inc.
FINANCIAL AND OPERATING RESULTS
First Half 2014



6 August 2014
First Half 2014 Performance Highlights
EBITDA up 1% YoY despite increase in
subsidies and operating expenses
EBITDA up 17% QoQ on lower subsidies and
operating expenses
Core NIAT up 18% YoY due to higher
EBITDA, lower BAU and accelerated
depreciation, and non-operating expenses
Service Revenues up 7% YoY as growth
momentum continues across all product
categories
2Q14 revenues hit a new quarterly record
Service Revenues
EBITDA
Core NIAT
Dividends
Php18.75/
share
Record date on Aug 19, 2014; payable on Sept. 4, 2014
Quarterly pay-out in line with policy of distributing 75-90%
of prior years core net income
23,163
24,465
23,230
2Q13 1Q14 2Q14
+5%
+6%
In Php Millions In Php Millions
1H13 1H14
44,532
47,695
+7%
In Php Millions
1H13 1H14
18,940
19,077
+1%
2Q13 1Q14 2Q14
+17%
+1%
In Php Millions
10,164 10,281
8,796
In Php Millions
1H13 1H14
6,426
7,589
+18%
2Q13 1Q14 2Q14
+26%
+27%
In Php Millions
3,341
4,232
3,357
Mobile Revenues grew 5% YoY on the back of broad-based,
subscriber-driven growth
34.2
34.5
36.4
38.7
40.6
1.9
2.0
2.0
2.1
2.1
2Q13 3Q13 4Q13 1Q14 2Q14
Postpaid
Prepaid
Mobile Subscribers
In Millions
11.5
11.4
11.8
2Q13 1Q14 2Q14
7.2
7.0
7.5
2Q13 1Q14 2Q14
Quarterly Mobile Revenues
In Php Billions
Gross Adds
In Thousands
7228 8936 9405
143
200
190
2Q13 1Q14 2Q14
Postpaid
Prepaid
Postpaid Prepaid
22.7 23.2
13.1
14.6
1H13 1H14
Postpaid
Prepaid
YTD Mobile Revenues
In Php Billions
+5%
35.8
37.8
+18%
+5%
42.7
40.8
38.4
36.5
36.1
+7%
+3%
+5%
+5%
+2% +30%
Core services remain resilient with voice revenues up 9% YoY and SMS
revenues keeping steady, despite continued shift to unlimited promos
15.9
17.3
8.7 8.7
1H13 1H14 1Q14 2Q14
Mobile Voice Revenues
In Php Billions
14.3 14.2
7.0
7.2
1H13 1H14 1Q14 2Q14
Mobile SMS Revenues
In Php Billions


Mobile Voice and SMS Revenues as
a % of Mobile Revenues
84% 84%
44%
46%
40%
38%
1H13 1H14
85%
82%
47%
45%
38%
37%
1Q14 2Q14
1H13 1H14 1Q14 2Q14
SMS
Voice
+3%
+9%
Data revenues, across different technologies, remains
a key growth driver for Globe
. . . driving substantial
revenue uplift
Mobile Browsing Revenues
. . . with additional
strategic benefits.
Improved brand equity
New customer insights
System integration for below-the-
line offers
Churn rates to be elevated in the
next quarters for non-paying subs
Mobile Browsing and
Other Data Revenues
In Php Billions
2.8
3.4
1Q14 2Q14
5.4
8.9
Pre FB Post FB
The
Free Facebook promo
provided a step increase in
mobile data users . . .
Mobile FB Registered Users
In Millions
Pre FB Post FB
+23%
+65%
1.2x
Strong growth in data revenues extends to broadband
and fixed line data segments
Broadband Revenues
In Php Billions
Fixed Line
Data Revenues
In Php Billions
2.7
2.8
3.1
2Q13 1Q14 2Q14
1.1
1.3
1.3
2Q13 1Q14 2Q14
369 384 378 392 412
1,445
1,497
1,654
1,798
1,836
1,814
1,881
2,032
2,190
2,248
2Q13 3Q13 4Q13 1Q14 2Q14
+3%
+24%
Broadband Cumulative
Subscribers
In Thousands
Wired
Wireless
+15%
+10%
+14%

Creating a differentiated customer experience with
new products and services
GoUnli20 GoTXT19Plus
New Promo Bundles New TM Facebook Offer Globe partners with
Xiaomi for Mi 3 handset
New Tattoo Service and
Device Offers
GCash expands nationwide
reach with CashKO
Globe corporate M2M
solutions
Globe Telecom, Inc.
FINANCIAL PERFORMANCE
First Half 2014
*OPEX & Subsidy includes interconnect expenses
**Core NIAT excludes forex, mark-to-market gains and losses, and non-recurring items
Consolidated Financial Highlights
In Php Mn
6M14 6M13
Y/Y
Change
2Q14 1Q14
Q/Q
Change
Service Revenues 47,695 44,532 7% 24,465 23,230 5%
OPEX & Subsidy* (28,618) (25,592) 12% (14,184) (14,434) (2%)
EBITDA 19,077 18,940 1% 10,281 8,796 17%
EBITDA Margin 40% 43% (3%) 42% 38% 4%
Depreciation 8,510 16,071 (47%) 4,443 4,067 9%
Affected by Network Modn
1,178 7,118 (83%) 666 512 30%
Others
7,332 8,953 (18%) 3,776 3,555 6%
EBIT 10,567 2,869 268% 5,838 4,728 23%
Non-Operating Charges (645) (1,046) (38%) (223) (422) (47%)
NIAT 6,835 1,410 385% 3,886 2,949 32%
Core NIAT** 7,589 6,426 18% 4,232 3,357 26%
YoY, EBITDA improved by 1%, driven by revenue growth and lower
interconnect charges, offsetting increases in operating costs
YoY Change in EBITDA
(in Php Mn)
QoQ Change in EBITDA
(in Php Mn)
+1%
+17%
19,077
3,163
446
408
1,168 501
1,395
18,940
6M13 EBITDA Inc. in Revenues Dec. in
Interconnect
Charges
Inc. in Staff Costs Inc. in Marketing
& Subsidy
Inc. in Network
Costs
Inc. in Provisions,
Services, Others
6M14 EBITDA
1,235
175
233
114
38
6
8,796
1Q14 EBITDA Inc. in Revenues Inc. in
Interconnect
Charges
Inc. in Staff Costs Inc. in Marketing
& Subsidy
Dec. in Network
Costs
Dec. in
Provisions,
Services & Others
2Q14 EBITDA
10,281
Capital expenditures at approximately Php11 Billion,
in line with Php29 Billion CAPEX guidance for 2014
18,007
20,124
28,999
11,003
2011 2012 2013 6M14
CAPEX
In Php Millions
Core Capex
16%
Data-driven CAPEX
54%
Others 16%
Business Support
Systems 14%
6M14 CAPEX Breakdown
29,000
Guidance for 2014
Gross debt at Php68.8 billion, though comfortably
within covenant ratios
48,679
61,779
69,301 68,817
2011 2012 2013 6M14
Gross Debt
in Php Millions
1.01
1.33
1.66
1.58
2011 2012 2013 6M14
Gross D/E Ratio
1.39
1.78
1.90 1.88
2011 2012 2013 6M14
Gross Debt/EBITDA Ratio
Covenant = 3:1
Covenant = 2:1
21.0%
21.6%
26.3%
32.1%
FY2011 FY2012 FY2013 6M14
Annualized
Return on Equity*
ROE (annual)
*Return on equity calculated as Core NIAT divided by average
stockholders equity
Cash Dividends: Sustained commitment to delivering value to
our shareholders
4.3%*
10.1%
5.8%
Dividend
yield
Share price
appreciation
TSR
2014 YTD Total Shareholder Return (as of
July 31, 2014)

Third quarter cash dividend of Php18.75
per common share payable on
September 4, 2014 to shareholders on
record as of August 19, 2014.

4.3%*
2%
3%
4%
GLO PSE Index 5YR PDST 7YR PDST
Globe 2014 Dividend Yield*
* On an annualized basis and using GLO share price of Php1,735 (July 31, 2014 close)
Cash Dividend per
Common Share:
Php 18.75
Record Date: August 19, 2014
Payment Date: September 4, 2014
Key Information
Appendix
2013 2014
(In Million Pesos) 1Q 2Q 3Q 4Q 1Q 2Q
CONSOLIDATED SERVICE REVENUES
Mobile 17,124 18,717 18,232 18,691 18,456 19,342
Voice 7,670 8,268 8,052 8,377 8,658 8,684
SMS 6,961 7,349 7,097 7,387 7,008 7,233
Data 2,493 3,100 3,083 2,927 2,790 3,425
Fixed Line & Broadband 4,244 4,447 4,493 4,552 4,774 5,123
Broadband 2,486 2,659 2,632 2,663 2,790 3,065
Fixed Line Data 1,111 1,148 1,190 1,242 1,319 1,313
Fixed Line Voice 647 640 671 647 665 745
Total 21,368 23,164 22,725 23,243 23,230 24,465
EBITDA 8,776 10,164 9,353 8,221 8,796 10,281
EBITDA Margin 41% 44% 41% 35% 38% 42%
Appendix 1:
Historical Consolidated Gross / Net Service Revenues and EBITDA Margin
2013 2014
(In Million Pesos) 1Q 2Q 3Q 4Q 1Q 2Q
Net Service Revenues 19,172 20,683 20,425 20,939 21,173 22,293
Interconnection Settlement
Costs
2,196 2,481 2,300 2,304 2,057 2,172
Appendix 2:
Net Income and Core Net Income
(in Million Pesos) 6M14 6M13
%
Change 2Q14 1Q14
%
Change
Reported Net Income After Tax
6,835 1,410 385% 3,886 2,949 32%
Deferred Tax on Unexercised Stock Options
55 (188) (129%) 13 41 (68%)
Add (deduct) forex loss (gain)
(430) (1,914) (78%) (285) (145) 96%
Other Adjustments - accelerated depreciation
1,129 7,118 (84%) 617 512 20%
Core Net Income
7,589 6,426 18% 4,232 3,357 26%