Manila Water Company, Inc.: ESOWN Availment

December 10, 2012 PSE MEMORANDUM NO. LA-0538-12 TO : The Investing Public SUBJECT : Manila Water Company, Inc. ESOWN Availment The Exchange approved on October 10, 2006, the application of MANILA WATER COMPANY, INC. ("MWC" or the "Company") to list additional 25,000,000 common shares, with a par value of P1.00 per share, to cover the Company's Employees Stock Ownership Plan ("ESOWN"). 1 Further, the Exchange approved that the Company's remaining 1,525,000 listed treasury shares be reallocated and distributed under the ESOWN. Hence, a total of 26,525,000 common shares is available to cover the Company's ESOWN. TaIHEA In this connection, please be advised that a total of 34,227 common shares have been availed of under the Company's ESOWN for the month of November 2012 with the following breakdown: 2008 ESOWN 9,000 2009 ESOWN 20,427 2011 ESOWN 4,800 ESOWN listed underTreasury Shares 0 Total 34,227 The Company advised the Exchange that the 34,227 common shares availed of under the 2008, 2009 and 2011 ESOWN were taken from the ESOWN shares included in the above 25,000,000 common shares originally approved to cover the Company's ESOWN (excluding the re-allocated treasury shares). In view thereof, the listing of additional 34,227 common shares availed of under the ESOWN is set for Tuesday, December 11, 2012. This brings the number of common shares taken from both the listed treasury shares as well as the original ESOWN shares to a total of 8,713,609 common shares. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. (SGD.) J.V. B. ZUO, III OIC, Listings Department Footnotes 1. The subscription price for the Company's ESOWN is based on the Company's average market price computed using the average closing price of MWC shares for the last 30 days prior to the date of allocation with up to a 15% discount. <http://www.pse.com.ph/resource/memos/2012/LA__2012-0538.pdf> last visited January 10, 2013.