6 January, 2022

To our stakeholders:

I am pleased to confirm that First Pacific reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption.

In this annual Communication on Progress, we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.

Sincerely yours,

Manuel V. Pangilinan
Managing Director and Chief Executive Officer
First Pacific Company Limited

At First Pacific we seek to strengthen our support for human rights where we can. For example, we have updated our Diversity and Equal Opportunity Policy to make our Head of Human Resources responsible for this policy, and we have made adherence to our Code of Conduct a key part of annual staff performance reviews, complete with adherence to the Ten Principles of the United National Global Compact and the eight fundamental Conventions of the International Labour Organisation. We currently have 17 specific policies under the Code of Conduct and they all can be found here: https://www.firstpacific.com/sustainability/policies.php.

A key initiative made in 2021 with respect to defence of human rights was the implementation of an ESG Impact Assessment Policy to be employed when considering investment decisions. This policy contains formal mechanisms to investigate risks including health and safety, labour practices, supply chain controversies, community impact and others.

In 2021 First Pacific is pleased to report there were no reported violations of human rights at First Pacific.

In 2021 First Pacific introduced adherence to the Company's Code of Conduct as a formal part of annual performance reviews for head office staff. Our policies upholding freedom of association and collective bargaining and the elimination of forced labour, child labour, and employment discrimination are available for public inspection on our corporate website.

First Pacific's whistleblowing policy, published for all to see on our corporate website, is a means for staff and other stakeholders to report grievances or violations of rights upheld by the Company's policies under its Code of Conduct. There were no whistleblowing communications at First Pacific in 2021.

First Pacific reports demographic data in its annual ESG Report. Data in the 2021 report include reporting of wage disparity by gender in several bands, the ratio of CEO compensation to the Company average, and a categorisation of staff by gender and ethnic group.

in 2021 there were no investigations of any incidents related to the Global Compact Labour principles.

First Pacific reports Scope 1, Scope 2, and Scope 3 emissions on an annual basis in data reviewed and audited by Carbon Care Asia. 2021 emissions were the lowest ever recorded by First Pacific.

In a formal inclusion of sustainability at the heart of First Pacific's investment management practices, in 2021 First Pacific introduced an ESG Impact Assessment Policy to be followed when making investment decisions.

In addition, First Pacific has a sustainability policy requiring suppliers to adhere to the Global Compact environmental principles.

Looking ahead, First Pacific is exploring pathways to a carbon-neutral status for First Pacific head office and encourages companies it is invested in to implement GHG emissions reduction goals.

First Pacific has drastically reduced the amount of business travel and is considering implementing a policy of purchasing carbon offsets for business travel.

As an investment management firm with just 39 staff, our impact on the environment will forever be far smaller than that of the companies we invest it. accordingly, First Pacific maintains close awareness of the sustainability policies of these companies and seeks to improve them over time. there were no investigations or reports of any events related to the Global Compact environmental principles in 2021 at First Pacific.

First Pacific maintains a strict and easy-to-understand policy against corruption in all its forms, available for all to see on the Company's corporate website at https://www.firstpacific.com/sustainability/policies.php. In our policy, First Pacific has zero tolerance for corruption in any form, including bribery and extortion. The Company's anti-corruption policy guides staff in situations where they are confronted with extortion or bribery. In addition, First Pacific requires business partners and suppliers to adhere to the Global Compact anti-corruption principles. For the upcoming year, First Pacific plans to refine its anti-corruption policy to make it more clear and simpler to read.

First Pacific has a clear and publicly available whistleblowing mechanism for anyone and any stakeholder to report instances of suspected corruption at First Pacific. Staff undergo regular anti-corruption awareness training and annually sign an agreement to follow this policy. The Chair of First Pacific's Audit and Risk Management Committee is ultimately responsible for this policy.

First Pacific has formal mechanisms for the reporting and investigation of corruption whatever form it takes. There were zero reports of corruption at First Pacific in 2021.