Adjustments to Float Levels of Index Companies

May 22, 2012 PSE MEMORANDUM NO. CN-0022-12 SUBJECT : Adjustments to Float Levels of Index Companies The Philippine Stock Exchange shall adjust the float levels of two PSEi-member companies and eight sector index-member companies on 28 May 2012 (Monday) following the conduct of its quarterly rebalancing of float levels, based on the PSE Revised Policy on Index Management (Memorandum No. 2011-0181). Section 4.5. Rebalancing or Changes to Constituent Weightings of the said policy states that "Adjustments in the free float level of index constituents arising from corporate actions shall be made accordingly on a quarterly basis, every March, June, September and December of a calendar year. . . To prevent a large number of insignificant weighting changes, the free float level for each company is amended only when it changes by more than five percent (5%) on a cumulative basis." The adjustments are based on the companies' latest public ownership reports as of 31 March 2012 submitted to the PSE. The quarterly rebalancing of float levels does not affect the composition of the PSE Indices (PSEi and Sector Indices) . For your guidance. Thank you. (SGD.) JOHN BENETTE B. MAMANGUN AVP and Head Corporate Planning & Communications Department ATTACHMENT PSEi Previous Adjusted Company Symbol Float Float Level Level 1 Belle Corporation BEL 36.0% 46.0% 2 Manila Electric Company MER 19.0% 13.0% Financials None Industrial Previous Adjusted Company Symbol Float Float Level Level 1 AgriNurture, Inc. ANI 56.0% 45.0% 2 Alaska Milk Corporation AMC 52.0% 31.0% 3 Greenergy Holdings Incorporated GREEN 94.0% 69.0% 4 Petron Corporation PCOR 7.5% 15.0% Holding Firms Previous Adjusted Company Symbol Float Float Level Level 1 Alcorn Gold Resources Corporation APM 72.0% 40.0% 2 Lodestar Investment Holdings Corporation LIHC 78.0% 88.0% Property Previous Adjusted Company Symbol Float Float Level Level 1 MRC Allied, Inc. MRC 66.0% 84.0% Services Previous Adjusted Company Symbol Float Float Level Level 1 Premiere Horizon Alliance Corporation PHA 81.0% 73.0% Mining & Oil None