P-H-O-E-N-I-X Petroleum Philippines, Inc.: Additional Listing

May 7, 2013 PSE MEMORANDUM NO. LA-0176-13 TO : The Investing Public SUBJECT : P-H-O-E-N-I-X Petroleum Philippines, Inc. Additional Listing Please be informed that the Board of Directors of The Philippine Stock Exchange, Inc., in its regular meeting on February 13, 2013, approved the application of P-H-O-E-N-I-X PETROLEUM PHILIPPINES, INC. ("PNX" or the "Company"), to list additional 171,250,799 common shares (the "Swap Shares"), with a par value of P1.00 per share, to cover its Share-for-Share Swap transaction ("Swap Transaction") with the shareholders of Chelsea Shipping Corporation ("CSC"). The 171,250,799 common shares were issued to the shareholders of CSC at an issue price of P8.2931 per share, in exchange for a total of 6,312,500 CSC shares at an exchange ratio of 30 PNX shares for every 1 CSC share. The total value of the Swap Transaction is P1,420,200,000.00. The details are as follows: 1. 171,250,649 PNX common shares issued to Udenna Management & Resources Corp. in exchange for 6,312,495 CSC common shares; 2. 30 PNX common shares issued to Mr. Dennis A. Uy in exchange for 1 CSC common share; 3. 30 PNX common shares issued to Ms. Cherylyn C. Uy in exchange for 1 CSC common share; 4. 30 PNX common shares issued to Mr. Jose Manuel R. Quimson in exchange for 1 CSC common share; ISAcHD 5. 30 PNX common shares issued to Ms. Socorro Ermac-Cabreros in exchange for 1 CSC common share; and 6. 30 PNX common shares issued to Ms. Ignacia S. Braga IV in exchange for 1 CSC common share. In compliance with Article V, Part A, Section 7 of the Revised Listing Rules of the Exchange, the Company, CSC shareholders and BDO Unibank, Inc. Trust and Investments Group, the Escrow Agent, executed an Escrow Agreement on February 21, 2013, which was submitted to the Exchange on April 29, 2013, to implement the 180-day required lock-up of the Swap Shares reckoned from the listing date. In view thereof, the listing of the additional 171,250,799 common shares of the Company is set for Thursday, May 9, 2013 . However, the said 171,250,799 common shares issued to the CSC shareholders will only be eligible for trading after the lapse of the lock-up period. For your information and guidance. (SGD.) J.V. B. ZUO III OIC, Listings Department Noted by: (SGD.) MARSHA M. RESURRECCION Head, Issuer Regulation Division <http://www.pse.com.ph/resource/memos/2013/LA__2013-0176.pdf> last visited May 31, 2013.