Publication of Penalties Assessed

March 4, 2013 PSE MEMORANDUM NO. DA-0115-13 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 Philippine National Construction Corporation ("PNC" or the "Company") has paid the corresponding penalties imposed for delayed/non-submission of the following structured reports: 1. Annual Reports, using SEC Form 17-A, for the years ended 2010 to 2011; 2. Third Quarterly Report, using SEC Form 17-Q, for the period ended September 30, 2012; and 3. First to Third Quarterly Reports, using SEC Form 17-Q, for the years ended 2011 to 2012. The Company is in violation of the following provisions of the Revised Disclosure Rules of the Exchange (the "Rules"): Section 17.2. SUBMISSION OF PERIODIC AND OTHER REPORTS BY LISTED COMPANIES TO THE EXCHANGE: Issuers shall file with the Exchange the following periodic and other reports: a. Annual Report: An annual report using SEC Form 17-A within 105 days after the end of the fiscal year . . . xxx xxx xxx b. Three (3) Quarterly Reports , within 45 days from end of the first three quarters of the fiscal year, the SEC Form 17-Q format shall be used. . . . xxx xxx xxx As announced in Memo for Brokers No. 2008-0262 dated May 16, 2008, the trading of the Company's shares was suspended on May 16, 2008 due to non-compliance with the structured reportorial requirements of the Exchange. Please note that the Company has yet to submit the following structured reports: 1. Annual Report, using SEC Form 17-A, for the year ended 2011; and 2. First to Third Quarterly Reports, using SEC Form 17-Q, for the years ended 2011 to 2012. Given the foregoing, the trading of the Company's shares shall remain suspended until further notice. The Exchange shall inform the Trading Participants and the investing public of further developments on the matter. 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_2013-0115.pdf> last visited May 8, 2013.