ING Bank N.V., Manila Branch: Accredited Firm for Issuing Fairness Opinions and Valuation Reports

October 31, 2012 PSE MEMORANDUM NO. LA-0476-12 TO : The Investing Public and Market Participants SUBJECT : ING Bank N.V., Manila Branch Accredited Firm for Issuing Fairness Opinions and Valuation Reports Please be informed that in its regular meeting held on October 10, 2012, the Board of Directors of the Exchange approved the application of ING BANK N.V., MANILA BRANCH for the renewal of its accreditation for purposes of issuing fairness opinions and valuation reports of listed companies and prospective initial listing applicants of the Exchange. aAcHCT A fairness opinion submitted to the Exchange as part of a listing application should be issued by an independent firm duly registered or licensed by the Securities and Exchange Commission and accredited by the Exchange in accordance with the Guidelines for Fairness Opinions and Valuation Reports of the Exchange (the "Guidelines"). Please refer to Memorandum No. 2011-0104 dated March 9, 2011 regarding the Guidelines. In view thereof, the accreditation of ING BANK N.V., MANILA BRANCH shall be effective for a period of one (1) year from the date of this memorandum. Further, for easy reference, please be advised of the following firms that are currently accredited with the Exchange for purposes of issuing fairness opinions and valuation reports for listed companies and prospective listing applicants: Accredited Firms Validity of PSE Accreditation UBS Investments Philippines, Inc. November 24, 2011 to November 24, 2012 BPI Capital Corporation January 12, 2012 to January 12, 2013 BDO Capital & Investment Corporation February 9, 2012 to February 9, 2013 CLSA Exchange Capital, Inc. April 23, 2012 to April 23, 2013 First Metro Investment Corporation May 24, 2012 to May 24, 2013 Isla Lipana & Co. June 14, 2012 to June 14, 2013 Credit Suisse (Singapore), Ltd. July 12, 2012 to July 12, 2013 Unicapital, Inc. July 26, 2012 to July 26, 2013 Manabat Sanagustin & Co., CPAs July 26, 2012 to July 26, 2013 Maybank ATR Kim Eng Capital Partners, Inc. July 26, 2012 to July 26, 2013 Multinational Investment Bancorporation August 14, 2012 to August 14, 2013 Punongbayan & Araullo August 22, 2012 to August 22, 2013 PentaCapital Investment Corporation October 11, 2012 to October 11, 2013 ING Bank N.V., Manila Branch October 31, 2012 to October 31, 2013 For your information and guidance. (SGD.) J.V. B. ZUO III OIC, Listings Department Noted by: (SGD.) ROEL A. REFRAN Chief Operating Officer <http://www.pse.com.ph/resource/memos/2012/LA__2012-0476.pdf> last visited January 10, 2013.