Publication of Penalties Assessed

April 3, 2013 PSE MEMORANDUM NO. DA-0171-13 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 A Brown Company, Inc. ("BRN" or the "Company") has paid the corresponding penalties imposed for failure to comply with the following provision of the Revised Disclosure Rules: Section 13. DISCLOSURE ON TRANSACTIONS OF DIRECTORS AND PRINCIPAL OFFICERS IN THE ISSUER'S SECURITIES: xxx xxx xxx 13.2 A Director or Principal Officer of an Issuer must not deal in the Issuer's securities during the period within which material non-public information is obtained and up to two full trading days after the price sensitive information is disclosed. The Exchange found the Company in violation of the above-mentioned requirement arising from the transactions made by a director and principal officer of the Company within the black-out period. For the information and guidance of the investing public. (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_2013-0171.pdf> last visited May 28, 2013.