Publication of Penalties Assessed

January 24, 2013 PSE MEMORANDUM NO. DA-0068-13 TO : The Investing Public and Trading Participants SUBJECT : Publication of Penalties Assessed Pursuant to Section 4 of Penalties and Fines on Publication of Penalties Assessed under the Listing and Disclosure Rules of the Exchange, the Exchange would like to inform the investing public that Makati Finance Corporation ("MFIN" or the "Corporation") has paid the corresponding penalties imposed for failure to comply with the following provisions of the Revised Disclosure Rules: Section 13. Disclosure on Transactions of Directors and Principal Officers in the Issuer's Securities : 13.1 Notwithstanding Section 17.5 of these Rules, Issuers must disclose to the Exchange the direct and indirect ownership of its directors and principal officers in its securities within five (5) trading days after: xxx xxx xxx b. a Director is first elected or an Officer is appointed; or c. any acquisition, disposal, or change in the shareholdings of the Directors and Officers. 13.2 A Director or Principal Officer of an Issuer must not deal in the Issuer's securities during the period within which a material non-public information is obtained and up to two full trading days after the price sensitive information is disclosed. xxx xxx xxx The Exchange found the Corporation in violation of the above-mentioned requirements arising from the following: 1. Delayed disclosure of transaction of a principal officer; and 2. Transaction of a director/principal officer within the black-out period. For your information and guidance. (SGD.) JANET A. ENCARNACION Head, Disclosure Department Noted by: (SGD.) MARSHA M. RESURRECCION Head, Issuer Regulation Division <http://www.pse.com.ph/resource/memos/2013/DA_2013-0068.pdf> last visited May 22, 2013.