CLSA Exchange Capital, Inc. Accredited Firm for Issuing Fairness Opinions and Valuation Reports

April 19, 2011 PSE MEMORANDUM NO. 0169-11 TO : The Investing Public and Market Participants SUBJECT : CLSA Exchange Capital, Inc. Accredited Firm for Issuing Fairness Opinions and Valuation Reports Please be informed that in its regular meeting held on April 13, 2011, the Board of Directors of the Exchange approved the application of CLSA Exchange Capital, Inc. as an accredited firm for issuing fairness opinions and valuation reports for listed companies and prospective initial listing applicants of the Exchange. A fairness opinion submitted to the Exchange as part of a listing application should be issued by an independent firm duly registered or licensed by the Securities and Exchange Commission and accredited by the Exchange in accordance with the Guidelines for Fairness Opinions and Valuation Reports (the "Guidelines"). Please refer to Memorandum No. 2011-0104 dated March 9, 2011 regarding the Guidelines. cCaEDA In view thereof, the accreditation of CLSA EXCHANGE CAPITAL, INC., shall be effective for a period of one (1) year from the date of this memorandum, or from April 19, 2011 . For your information and guidance. (SGD.) ARESON I. CUEVAS Asst. Head, Listings Department Noted by: (SGD.) MARSHA M. RESURRECCION OIC, Issuer Regulation Division