First Gen Corporation: Additional Listing

December 10, 2012 PSE MEMORANDUM NO. LA-0539-12 TO : The Investing Public SUBJECT : First Gen Corporation Additional Listing The Exchange approved on December 14, 2005, the application of FIRST GEN CORPORATION ("FGEN" or the "Company") to list up to 18,091,400 common shares, with a par value of P1.00 per share, to cover its Executive Stock Option Plan 1 ("ESOP") and up to 4,522,840 common shares with a par value of P1.00 per share, to be distributed under the Employee Stock Purchase Plan 2 ("ESPP") of the Company. aDcEIH In this connection, please be advised that a total of 10,000 common shares, under the ESOP of the Company have been fully exercised and fully paid as of November 23, 2012: ESOP: 10,000 common shares ESPP: 0 common shares Total 10,000 common shares In view thereof, the listing of the additional 10,000 common shares is set for Tuesday, December 11, 2012. This brings the number of common shares listed under the Company's ESOP to a total of 16,591,701 common shares. ACaEcH The designated Stock Transfer Agent is hereby authorized to issue the corresponding stock certificates to the optionees. For your information and guidance. (SGD.) J.V. B. ZUO, III OIC, Listings Department Footnotes 1. The current ESOP availments are based on the initial award / grant which was made back in 2003, prior to the listing of the Company. Hence, the subscription price was fixed at P528.00, subject to automatic adjustments in the event of a stock split, stock dividend, or any other change in the Company's capitalization. Post restructuring and prior to listing, the price was adjusted to P13.20 per share. To date, there has been no award since the Company's IPO. The ESOP however provides that should an award be made after an IPO, the subscription price shall be fixed at the average closing price at which shares were sold in the exchange for 20 market days immediately preceding the option grant date, with a discount to be determined by the board of directors, not exceeding 15%, and again subject to automatic adjustments. 2. The purchase price under the ESPP is based on the fair market price equal to the average closing price of FGEN's common shares in the Exchange for twenty (20) trading days immediately preceding the grant date. <http://www.pse.com.ph/resource/memos/2012/LA__2012-0539.pdf> last visited January 10, 2013.