ANNUAL REPORT / / / (02) / / / / (02) / / 65 2 / (02) / 250

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2 ANNUAL REPORT / / / (02) / spokesman@mail.7-11.com.tw / / / (02) / spokesman@mail.7-11.com.tw / 652 / (02) / 2502 / (02) / 2522 / (02) / 1216 / (03) / 4973 / (04) / 2715 / (06) / 1755 / (07) / / 81 / / (02) / / / / / (02)

3 n 7-ELEVE CONTENT ()

4 心服務新觸動 CITY CAFE 用心的服務, 帶來消費者滿意的笑容 002 PCSC 2011 ANNUAL REPORT

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6 心商品新體驗 7-ELEVE n 用心的商品, 提供消費者多樣化的選擇 004 PCSC 2011 ANNUAL REPORT

7 PCSC 2011 ANNUAL REPORT 005

8 心食材新饗宴 7-ELEVE n 用心的食材, 滿足消費者美味與健康的需求 006 PCSC 2011 ANNUAL REPORT

9 21 PCSC 2011 ANNUAL REPORT 007

10 心觀察新便利 用心的觀察, 讓消費者的生活便利沒有距離 008 PCSC 2011 ANNUAL REPORT

11 7-wifi ibon PCSC 2011 ANNUAL REPORT 009

12 心經營新視野 7-ELEVE n 用心的經營, 讓集團的服務跨越國界 010 PCSC 2011 ANNUAL REPORT

13 n 7-ELEVE 7-ELEVEn PCSC 2011 ANNUAL REPORT 011

14 () ,712, ,663, % 38,275,309 35,922, % 6,074,940 5,527, % 7,430,465 6,628, % 6,352,410 5,725, % () () 1,039,622,255 1,039,622, % 31.33% 26.24% 26.51% 4.95% 4.82% 5.18% 4.99% (ROA) 12.56% 11.72% (ROE) 31.06% 29.26% PCSC 2011 ANNUAL REPORT

15 PCSC 2011 ANNUAL REPORT 013

16 , % 1, CITY CAFÉ2011 CITY CAFÉ 7-SELECT n 7 ET20107-ELEVE ibon ELEVE 7-ELEVE n 20117, ELEVE n n n 014 PCSC 2011 ANNUAL REPORT

17 Letter to Shareholders ELEVE 7-ELEVE n n ELEVE n 7 ET ibon 7-ELEVE 7-ELEVE 20131,000 7-ELEVE n n n n PCSC 2011 ANNUAL REPORT 015

18 EOS 3007-ELEVE n ,000 7-ELEVE n CAS18 n 7-ELEVE n 7-ELEVE POS 1994 DUSKIN n 7-ELEVE icash n 7-ELEVE , POS , Starbucks , ibon () () 2000 n 7-ELEVE n 7-ELEVE (Philippine Seven Corp.) PCSC 2011 ANNUAL REPORT

19 Corporate Overview 2007 n 7-ELEVE Light Down4, n 7-ELEVE CITY CAFÉ1,000 Royal Host 2007 Sato Restaurant Systems 2008 n 7-ELEVE 7-ELEVE n OPEN 7-ELEVE n ELEVE n n 7-ELEVE 2011 n 37-ELEVE 7-PREMIUM 2009 ()( )7-ELEVE n 16 ibonibon7 ET n DUSKIN() 15; 6 ; n 7-ELEVE ; Outstanding Corporate Social Innovation 7-ELEVE 500 n 7-ELEVE n PCSC 2011 ANNUAL REPORT 017

20 () () n 7-ELEVE (CSR) 018 PCSC 2011 ANNUAL REPORT

21 Corporate Governance () () () () ,489, % 471,996, % () () ,254 29,824 () () () ,148 30,840 () () () ,499 23,286 () () () ,514 18,759 25,139 () () () , % 1,032, % 1,014, % () () () () () () () () () () () ,995, % 4,538, % () () ,014, % 1,032, % () () () () () () () ,700, % 4,203, % () () () () PCSC 2011 ANNUAL REPORT 019

22 Corporate Governance ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü (1) (2) ( ) (3) (4) (5) (6) (7) (8) (9) 30 (10) (4.29%)(2.6%)(2.54%)(2.27%) BNP(2.11%)1.64%(1.55%) (1.54%)FS(1.40%)(1.37%) (61.68%)(20.19%)(13.47%)(1.58%)(1.05%)(1.07%)(0.96%) (100%) (61.68%)(20.19%)(13.47%)(1.58%)(1.05%)(1.07%)(0.96%) (4.29%)(2.6%)(2.54%)(2.27%) BNP(2.11%)1.64%(1.55%) (1.54%)FS(1.40%)(1.37%) 020 PCSC 2011 ANNUAL REPORT

23 Corporate Governance () () ,286 () () () ,053 () () , () ,652 () () () () () ,279 () ,121 () () () , () PCSC 2011 ANNUAL REPORT 021

24 Corporate Governance () (A) (B) (C) (D) ABCD (E) (F) (G) (H) ABC DEFG () () () () () / () () () () () / () () 19,200 31,680 84,305 84,465 2,400 4, % 1.69% 133,446 () 133,446 () 1,053 1,053 2,417 () 2,417 () 3.82% 3.60% 240 () : 2011 (A+B+C+D) (A+B+C+D+E+F+G) 0 1 () 2,000,000 2,000,000 () 5,000,000 5,000,000 () 10,000,000 () () () () 10,000,000 () 15,000,000 15,000,000 () 30,000,000 30,000,000 () 50,000,000 50,000,000 () 100,000,000 () () () () 100,000, PCSC 2011 ANNUAL REPORT

25 Corporate Governance 2. (A) (B) (C) ABC () 7,331() 7,331() 0.115% 0.102% () % 0.003% () 7,331() 7,331() % 0.105% () 2011 (A+B+C) 0 1 () 2,000,000 2,000,000 () 5,000,000 5,000,000 () 10,000,000 () () 10,000,000 () 15,000,000 15,000,000 () 30,000,000 30,000,000 () 50,000,000 50,000,000 () 100,000, ,000, (A) (B) (C) (D) AB CD () () 25,353 27,662 3,054 3,054 77,727 () ,919 () 7,174 () 7,174 () 1.78% 1.62% 0 1 () 2,000,000 2,000,000 () 5,000,000 5,000,000 () 10,000,000 10,000,000 () 15,000,000 15,000,000 () 30,000,000 30,000,000 () 50,000,000 50,000,000 () 100,000, ,000, PCSC 2011 ANNUAL REPORT 023

26 Corporate Governance / 10,996 10, % () () 2011 () () 3.82% 0.24% 1.78% () 3.60% 0.21% 1.62% () 3.25% 0.14% 1.82% () 3.17% 0.13% 1.72% 20116,352, ,725, ,158, ,368, (1) (2) (38 ) (3) 024 PCSC 2011 ANNUAL REPORT

27 Corporate Governance () 5A () () / () () () () () () () () () () () () 5A () () / () () : () : PCSC 2011 ANNUAL REPORT 025

28 Corporate Governance () () () Team () () 1. () () () Team PCSC 2011 ANNUAL REPORT

29 Corporate Governance Team () % 2 100% 2 100% PCSC 2011 ANNUAL REPORT 027

30 Corporate Governance () () () () () CSR7-ELEVE CSR CSRCSR CSR 2. CSR 7-ELEVE n 2011 n () () () () ,800 7-ELEVE n 7-ELEVE n LOHAS , n 3. 7-ELEVE 7-ELEVE n CSR %5% () () () () () ( ) public@mail.7-11.com.tw 4. CSRCSR4,800 Model2011CSR CSRCSR PCSC 2011 ANNUAL REPORT

31 Corporate Governance () () n 7-ELEVE 1500ibon () () () () PCSC 2011 ANNUAL REPORT 029

32 Corporate Governance () 1. () (1) 2010 (2) ,4986, (3) : (4) : (5) (6) 2. ( ()() ()()() () icash () () ) 2011 (1) ( ()() (2) ( ) () () () 1,0903,750 () 2010 icash () 53.33% PCSC 2011 ANNUAL REPORT

33 Corporate Governance (3) ( ) 2011 () () () () () 1 ()743 8, ,386 (4) ( ) (5) ( ) % () 1,1082,000 () () () ()() () () 2012 () () PCSC 2011 ANNUAL REPORT 031

34 Corporate Governance () ,000 2,000 () 4,000 4,000 () 6,000 5,520 5,520 6,000 () 8,000 8,000 () 10,000 9,930 9,930 10,000 () 15,450 5,850 1,070 6, ,080 4,450 8, IFRS 100 () () () 032 PCSC 2011 ANNUAL REPORT

35 Corporate Governance () () () () (4,200,000) / / () (7,000) (895) () () () () : : () () PCSC 2011 ANNUAL REPORT 033

36 Corporate Governance () () 471,996, % () 29, % () : () 30, % () 23, % () 18, % 25, % 0 0 () 1,032, % 1,014, % 0 0 () : () () () ,001, ,242, ,439, ,200, ,126, ,383, ,852, ,598, ,544, % 106,575, % 0.00% 106,575, % 8,746, % 0.00% 8,746, % () 40,000, % 0.00% 40,000, % () 13,000, % 0.00% 13,000, % () 53,194, % 0.00% 53,194, % () 2,500, % 0.00% 2,500, % () 10,847, % 0.00% 10,847, % () 6,511, % 0.00% 6,511, % () 3,000, % 0.00% 3,000, % () 15,000, % 0.00% 15,000, % () 400, % 0.00% 400, % () 12,244, % 0.00% 12,244, % 9, % 0.00% 9, % () 48,519, % 0.00% 48,519, % 034 PCSC 2011 ANNUAL REPORT

37 Corporate Governance () 24,382, % 0.00% 24,382, % () 4,860, % 0.00% 4,860, % () 55,858, % 13,046, % 68,905, % () 19,909, % 0.00% 19,909, % () 70,000, % 20,000, % 90,000, % () 1,050, % 0.00% 1,050, % () 112,000, % 48,000, % 160,000, % () 7,000, % 0.00% 7,000, % () 19,563, % 6,521, % 26,084, % () 25,714, % 0.00% 25,714, % () 7,200, % 675, % 7,875, % () 10,200, % 0.00% 10,200, % () 8,670, % 0.00% 8,670, % () 10,000, % 0.00% 10,000, % () 8,791, % 0.00% 8,791, % () 27,146, % 0.00% 27,146, % () 8,431, % 0.00% 8,431, % () 1,833, % 2,833, % 4,666, % () 10,691, % 7,127, % 17,818, % () 6,430, % 5,144, % 11,574, % () 72,000, % 108,000, % 180,000, % () 19,930, % 72,120, % 92,050, % () 130,801, % 137,511, % 268,312, % () 209,000, % 445,500, % 654,500, % () 750, % 0.00% 750, % () 650, % 0.00% 650, % () 2,667, % 561, % 3,229, % () 6,666, % 6,666, % 13,333, % () 837, % 0.00% 837, % () 44,100, % 900,094, % 944,194, % () 60, % 0.00% 60, % () 34,567, % 355,965, % 390,532, % () 20,000, % 20,000, % 40,000, % Duskin 300, % 0.00% 300, % () 18,556, % 7,957, % 26,514, % () 108, % 78,209, % 78,317, % PCSC 2011 ANNUAL REPORT 035

38 () 1. / / ,000,000 9,000,000, ,031,899 7,720,318, / ,000,000 9,000,000, ,499,471 8,584,994, / ,000,000 9,600,000, ,160,436 9,151,604, / ,050,000,000 10,500,000,000 1,039,622,255 10,396,222, (91) () (92) () , 0 0 0, ,396,222, ,039,622,255 10,377,745 1,050,000,000 () , , ,574,533 62,528, ,518,741 1,039,622, % 0.00% 54.11% 6.02% 39.87% % () ,497 2,271, % 1,000 5,000 12,558 23,219, % 5,001 10,000 1,136 8,420, % 10,001 15, ,542, % 15,001 20, ,765, % 20,001 30, ,635, % 30,001 50, ,026, % 50, , ,142, % 100, , ,097, % 200, , ,872, % 400, , ,708, % 600, , ,685, % 800,001 1,000, ,709, % 1,000, ,525, % 25,709 1,039,622, % 036 PCSC 2011 ANNUAL REPORT

39 Fund Raising () ,996, % 27,001, ,242, ,439, ,200, ,126, ,383, ,852, ,598, ,544, () () () () 1,039,622,255 1,039,622,255 1,039,622,255 () () () 5.51 () () 0 () 0 () () 4.82% () () 1. PCSC 2011 ANNUAL REPORT 037

40 Fund Raising (1) (2) (3) (1)(2) ,0186, () () (1) 29, ,8966,943 (2) 296,901 98, ,470 51, PCSC 2011 ANNUAL REPORT

41 Fund Raising ,1578, () 8,384 8,384 () () () () () : () () () () () () PCSC 2011 ANNUAL REPORT 039

42 () 1. (1) F (2) F (3) F (4) F (5) F (6) IZ01010 (7) F (8) F (9) JE01010 (10) IE01010 (11) I (12) F (13) F (14) F (15) F (16) JZ99030 (17) F (18) A (19) F (20) F (21) F (22) F (23) F (24) JA01010 (25) F (26) G (27) IZ14011 (28) JZ99050 (29) IZ99990 (30) F (31) F (32) ZZ99999 (33) F (34) F (35) F (36) F (37) F (38) G (39) I (40) I (41) F (42) F (43) F (44) JA01990 (45) F (46) I (47) IZ09010 (48) J (49) F (50) F (51) F (52) I (53) J (54) J () (55) IZ ,245, % 19,054, % 16,378, % 14,428, % 40,258, % 42,322, % 24,679, % 28,689, % 11,234, % 12,057, % 322, % 383, % 111,118, % 116,936, % -44,442-85, ,074, ,850,530 3,589,587 5,862, ,663, ,712, PCSC 2011 ANNUAL REPORT

43 Operating Highlights 3. ()() 7-ELEVE ELEVE ELEVE n 7-ELEVE APP icash 7-Mobile7-ELEVE ELEVE APPCITY CAFÉ 2011Yahoo! n n n 7-ELEVE 7-SELECTOPEN OPENOPENOPEN 2012 n n n () (ECFA) 4.39% % , %9, %2, % 2011 (CPI)1.42%( PCSC 2011 ANNUAL REPORT 041

44 Operating Highlights )1.12% 2011 OK 4,803 2,823 1, , ELEVE (1) (2) 2011 n () n 7-ELEVE ibon 4,800ibon 2011 ibon 042 PCSC 2011 ANNUAL REPORT

45 Operating Highlights 2. icashicash7-eleve 3. 7-Mobile 4. ibon ,369 n () 1. (1) (2) (3) 2. (1) (2) (3) (4) () 1. () 7-ELEVE % 3. (1) (2) (3) n PCSC 2011 ANNUAL REPORT 043

46 Operating Highlights (4) (5) IT 4. / (1) (2) (3) () () () () (1) () 40,365,498 51% 46,770,244 54% 13,736,348 58% 2 () 20,584,012 26% 22,221,357 26% 5,320,417 23% 3 () 10,989,223 14% 10,006,527 12% 2,735,625 12% 4 7,148,158 9% 7,145,140 8% 1,731,319 7% 79,086, % 86,143, % 23,523, % (2) 044 PCSC 2011 ANNUAL REPORT

47 Operating Highlights () () ,245,698 19,054,692 16,378,903 14,428,448 40,258,322 42,322,758 24,679,474 28,689,284 11,234,105 12,057, , ,753-44,442-85, ,074, ,850,530 : () ,094 1,993 2,041 1,852 1,938 1,830 3,579 4,842 4,980 7,525 8,773 8, () elearning PCSC 2011 ANNUAL REPORT 045

48 Operating Highlights 100 2,689 43, ,144 48, , ,137 45, , ,580 16, (1) (2) (3) () () (LOHAS) (CSR) () (1)35 (2) 21(3)14(4) 16(5)14(6) 4, PCSC 2011 ANNUAL REPORT

49 Operating Highlights () 1. ()/ : () () 348,448, ,448, / -1, ,172 1, ,462, , ,672,543, - 139,207, ,207, ,600 73,600,000 89,271, ,871,887 ( ) 6,069 20% 95 1,361EPOP POS RoHS 137,672, ,672,654 Light Down 19,470,890 clean up the world CSR 23,786,845 43,257,735 1,052,967 1,052,967 () 20% 3,831,958 3,831,958 () 16,805,434 16,805, ,062, ,758,849 1,058,820, ,990 1,600 PCSC 2011 ANNUAL REPORT 047

50 Operating Highlights () 1. (1) 100 2, /165/ (2) ,42526/160/ (3) ,3604,600 (4)100 1,51313,01160/363/ (5) 100 1,0753,65073/440/ (6) 100 T5 28W 86024/146/ (7) 100LED 3,7019.6/57/ (8) 100/ 2,809102/ ( ) () () (RoHS) (RoHS) 048 PCSC 2011 ANNUAL REPORT

51 Operating Highlights () (76) , (1) (2) (3) (4) (5) (6) (7) PCSC 2011 ANNUAL REPORT 049

52 Operating Highlights 5. (1) () 45 ( ) (2) (3) (1) 6% () (1) (2) (3) (4) (5) (6) (7) (8) 050 PCSC 2011 ANNUAL REPORT

53 Operating Highlights n 7-ELEVE,INC ~ 1. 7-ELEVE,INC. 7-ELEVE n 2. 7-ELEVE n n ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ PCSC 2011 ANNUAL REPORT 051

54 () () $13,351,641 $16,919,915 $17,414,985 $18,319,352 $21,581,358 $19,832,362 19,277,238 19,847,572 21,280,468 20,750,019 19,635,754 20,083,600 7,644,534 7,803,868 7,619,825 7,764,809 8,540,837 8,660,705 90, , , , , ,243 2,273,719 2,286,031 2,252,397 2,266,648 2,298,263 2,295,656 42,637,512 47,130,592 48,850,495 49,271,858 52,278,568 51,073,566 17,550,683 19,242,516 20,236,262 21,492,215 25,496,055 23,958,637 20,772,612 21,109,443 23,978,902 26,586,364 6,700,000 9,100,000 7,100,000 5,000,000 3,400,000 1,890,000 2,132,349 2,340,433 2,593,381 2,567,442 2,688,204 2,697,176 26,383,032 30,682,949 29,929,643 29,059,657 31,584,259 28,545,813 29,604,961 32,549,876 33,672,283 34,153,806 9,151,604 9,151,604 10,396,222 10,396,222 10,396,222 10,396,223 5,082 5,082 5,082 5,082 6,575,118 6,872,870 7,820,448 9,803,565 11,061,826 12,784,055 3,353,189 5,005,943 4,077,808 4,709, ,191 54,010 52,646 51,281 49,917 49, , , , , ,535 58, ,608 56, ,559-51,876-51,877-4,660-55, , ,771 16,254,480 16,447,643 18,920,852 20,212,201 20,694,309 22,527,753 13,032,551 14,580,716 15,178,212 15,118, PCSC 2011 ANNUAL REPORT

55 Financial Information () () $102,363,841 $102,191,258 $101,756,386 $114,663,893 $122,712,725 $32,249,091 31,744,297 32,734,914 32,965,767 35,922,611 38,275,309 9,286,168 4,853,533 4,606,927 4,893,463 5,527,488 6,074,940 1,397, ,093 1,049,786 1,363,859 1,931,706 2,285, , ,560 1,274,969 1,613, , ,422 30,933 4,810,066 4,381,744 4,643,740 6,628,936 7,430,465 2,006,993 3,622,413 3,519,681 4,059,124 5,725,757 6,352,410 1,722,228 3,622,413 3,519,681 4,059,124 5,725,757 6,352,410 1,722,228 () () () PCSC 2011 ANNUAL REPORT 053

56 Financial Information () (%) (%) (%) (%) ()() () () () () () (%) (%) (%) (%) () (%) (%) (%) (%):2011 (%): (1) / (2) ()/ (1) / (2) ()/ (3) / (1) () / () (2) 365/ (3) / (4) () / () (5) 365/ (6) / (7) / (1) [()]/ (2) / (3) / (4) ()/ (1) / (2) /( ) (3) ()/( ) ()/ /() 70 72~ ~ PCSC 2011 ANNUAL REPORT

57 () $18,319,352 $21,581,358 $3,262, % 20,750,019 19,635,754-1,114, % 7,764,809 8,540, , % 171, ,356 51, % 2,266,648 2,298,263 31, % 49,271,858 52,278,568 3,006, % 21,492,215 25,496,055 4,003, % 5,000,000 3,400,000-1,600, % 2,567,442 2,688, , % 29,059,657 31,584,259 2,524, % 10,396,222 10,396, % 5,082 5, % 9,803,565 11,061,826 1,258, % 20,212,201 20,694, , % 1. (1) (2) () $114,663,893 $122,712,725 $8,048, % 35,922,611 38,275,309 2,352, % 30,395,123 32,200,369 1,805, % 5,527,488 6,074, , % 1,931,706 2,285, , % 830, , , % 6,628,936 7,430, , % 903,179 1,078, , % 5,725,757 6,352, , % 1. (1) (2) 2. PCSC 2011 ANNUAL REPORT 055

58 Financial Status, Operating Results and Risk Management () 4,626,008 15,067,013 (9,881,999) () () 9,811,022 9,494,706 ( 10,522,766) 8,782, () ,375, , ,886 2,578,466 1,689,472 1,689,472 P.O.S. 2,178,007 25,800 26, ,098 1,539, ,358 1,881, , , , , ,827 / 2,702, , , , , , PCSC 2011 ANNUAL REPORT

59 Financial Status, Operating Results and Risk Management () () 3,199, , () 3,256, , () 3,312, , () 3,348,518 1,006, () 3,415,488 1,016, POS (1) POS (2) () 7-ELEVE n () () 59,918 () 227,394 () 92,367 () 85,980 () 49,000 : ()2011 () PCSC 2011 ANNUAL REPORT 057

60 Financial Status, Operating Results and Risk Management 2012 () () () () () 1. (1) PCSC 2011 ANNUAL REPORT

61 Financial Status, Operating Results and Risk Management (2) (3) 2011CPI CPI2% 2. (1) (2) a. b () 2,385 2,221 () 50,000 50,000 () 29,978 29,978 50%20% c. (3) a. b. PCSC 2011 ANNUAL REPORT 059

62 Financial Status, Operating Results and Risk Management 3. (1) POS COUPONCoupon (2) etag etagetag (3) ECE-Tracking OnlineE-Tracking Online ()EC online (4) (GOT) (5) POS (6) , (1) (2) (3) 2013IFRS PCSC 2011 ANNUAL REPORT

63 Financial Status, Operating Results and Risk Management ELEVE n PCSC 2011 ANNUAL REPORT 061

64 () ~172 () ~ PCSC 2011 ANNUAL REPORT

65 (%) 4.82% 4.95% (%) 4.99% 5.18% () (%) 29.26% 31.06% () () (100%) () () 1. (1) (2) () 2. (1) (2) () (3) 3. (1) (2) PCSC 2011 ANNUAL REPORT 063

66 Supplements 4. (1) 20%95 () 50% (2) (3) () () CIA1 :7 : 1 (PMP)1 () (15) 064 PCSC 2011 ANNUAL REPORT

67 PRESIDENT CHAIN STORE CORPORATION PCSC 2011 ANNUAL REPORT 065

68 ()()()()() () ()() () Kai Yu(BVI) Investment Co., Ltd.Global Strategic Investment Inc.President Energy Development (Cayman Islands) Ltd. Cayman President Holdings Ltd. ()()()()() ()()()() ()()()() ().()() President Global Corp. () ()()()( )()()()()() ()()()()( )()()()( )Uni-President Foodstuff (BVI) Holdings Ltd.Uni-President Southeast Asia Holdings Ltd.President International Trade & Investment Corp. (Presiclerc limited)president (BVI) International Investment Holdings Ltd.UNI-PRESIDENT LOGISTICS(BVI) HOLDINGS LIMITED President Energy Development (Cayman Islands) Ltd.() ()()() ()()() ()()()()( )()()()() ()()()()() ()()() ()()()() () ()()() ()()Philippine Seven Corp. ()() ()() ()Presiclerc Limited. () ()() () ()() () ()()()()() ()()()()() ()()()()() ()()()()() ()()() ()President Energy Development (Cayman Islands) Ltd. () 066 PCSC 2011 ANNUAL REPORT

69 ()()()() ()()()()() Uni-President (Vietnam) Co., LtdUni-President (Thailand) Ltd.Uni-President (Philippines) Corp. () () ()()() ()()()()() ()()()()() ()()()()()() ()()()()() ()()()()() ()() ()President Energy Development (Cayman) Ltd.PT ABC President Enterprises IndonesiaCargill President Holdings Pte Ltd. () () ()() ()()()()Uni- President (Thailand) Ltd.Uni-President Marketing Co., Ltd. Uni-President (Vietnam) Co., Ltd.PT ABC President Enterprises IndonesiaSaigon Beverages Joint Stock Company () ()() ()()Origene Technologies Inc.AndroSciences Corp. ()Outlook Investment Pte Ltd.Uni-Home Tech Corp.Tanvex Biologics, Inc.()()() ()() ()()()() ()()()() ()() ()() () ()() () ()() ()() () ()()() ()Uni-President (Vietnam) Co., Ltd. ()()()()() ()()()()() ()()()() ()()()()()() ()()()() ()()()() ()() ()()() ()()()() PCSC 2011 ANNUAL REPORT 067

70 ()()()()()() ()()()()()() ()()()()()()() ()()() ()()() ()()()() ()()()() ()()Philippine Seven Corp. ()()() ()()Presiclerc Limited. () ()() () ()()() ()()()()()()Philippine Seven Corp.()()()()() ()()() () ()() () ()()() () ()()()() ()()() PCSC(Vietnam) Supermarket Co., Ltd ()()()()() ()()()()() ()()Philippine Seven Corp()()() ()()() 会 () ()() ()() ()() ()()() ()() () ()()() ()() 会 () ()()()()() () ()()()()() () ()()() ()() Philippine Seven Corp. 会 ()() ()()()()()() ()Presiclerc Limited ()() Philippine Seven Corp.()() ()()()()()()() ()()()() ()() ()()() () 068 PCSC 2011 ANNUAL REPORT

71 () () ( ) PCSC 2011 ANNUAL REPORT 069

72 PCSC 2011 ANNUAL REPORT

73 PCSC 2011 ANNUAL REPORT 071

74 (101) : ,81544, , , (82)()39230 (79)() PCSC 2011 ANNUAL REPORT

75 % 1100 (()) $ 9,811, $4,626, (()) 6,350, ,060, () 523, , () 977, , X (()) 3,658, ,931, () 132, , (()) 127, , XX 21,581, ,319, (()) 898, ,533, (()) 7,667, ,613, (()) 11,070, ,603, XX 19,635, ,750, (()) ,432, ,432, , , ,288, ,844, ,378, ,589, ,083-9,660-15X8 55,374-55,374-15XY 21,068, ,838, X9 ( 12,473,410) ( 24) ( 12,073,247) ( 24) 1599 ( 54,689) XX 8,540, ,764, , , (()) 1,248, ,262, () 1,034, , (()) 15,274-8,842-18XX 2,298, ,266, XXX $52,278, $49,271, % 2120 $ 282,884 1 $ 168, () 4,516, ,848, , , () 6,598, ,536, (()) 604, , (()) 2,876, ,536, (()) 8,111, ,523, (()()) 2,132, ,782, XX 25,496, ,492, (()) 3,400, ,000, (()) 474, , ,865, ,853, , ,873-28XX 2,688, ,567, XXX 31,584, ,059, (()) ,396, ,396, ,082-5,082 - (()) ,618, ,046, , ,443, ,752, ( 51,876) - ( 222,559) (()) ( 132,771) - ( 55,514) (()) ( 634,091) ( 1) 234, ,917-51,281-3XXX 20,694, ,212, () () $52,278, $49,271, PCSC 2011 ANNUAL REPORT 073

76 % 4110 $ 118,751, $ 111,074, ( ) 3,961, ,589, ,712, ,663, ( ( ) ) 5110 ( 84,437,416) ( 69) ( 78,741,282) ( 69) ,275, ,922, ( ) 6100 ( 29,221,346) ( 24) ( 27,612,957) ( 24) 6200 ( 2,979,023) ( 2) ( 2,782,166) ( 2) 6000 ( 32,200,369) ( 26) ( 30,395,123) ( 26) ,074, ,527, ,670-11, ( ( )) 1,173, , ,649-42, , , ( ) 73,788-72, ( ) 776, , ,285, ,931, ( 32,084) - ( 34,005) ( 42,747) - ( 15,039) ( ( )( )) ( 777,209) ( 1) ( 729,928) ( 1) 7880 ( 78,382) - ( 51,286) ( 930,422) ( 1) ( 830,258) ( 1) ,430, ,628, ( ( )) ( 1,078,055) ( 1) ( 903,179) ( 1) 9600 $ 6,352,410 5 $ 5,725,757 5 ( ( )) 9750 $ 7.15 $ 6.11 $ 6.38 $ $ 7.13 $ 6.10 $ 6.36 $ PCSC 2011 ANNUAL REPORT

77 $ 10,396,222 $ 5,082 $ 3,640,091 $ - $ 4,180,357 $ 56,081 ($ 4,660) $ 595,033 $ 52,646 $ 18,920, ( ) ,913 - ( 405,913) ,660 ( 4,660) ( 3,742,640) ( 3,742,640) ,725, ,725, ( 1,365) ( 1,365) ( 360,909) - ( 360,909) ( 278,640) ( 278,640) ( 50,854) - - ( 50,854) $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 20,212, $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 20,212, ( ) ,575 - ( 572,575) ( 4,660) 4, ( 5,094,149) ( 5,094,149) ,352, ,352, ( 1,364) ( 1,364) ( 868,215) - ( 868,215) , , ( 77,257) - - ( 77,257) $ 10,396,222 $ 5,082 $ 4,618,579 $ - $ 6,443,247 ($ 51,876) ($ 132,771) ($ 634,091) $ 49,917 $ 20,694, PCSC 2011 ANNUAL REPORT 075

78 $ 6,352,410 $ 5,725, ,013 6,029 1,923,839 1,748,365 14,161 14, , ,340 ( 80,115) ( 227,045) 722, ,928 1,083, ,245 ( 1,173,243) ( 861,330) ( 1,275) - 42,747 15,039 54,689-2,710,000 ( 1,800,000) ( 65,946) ( 116,356) ( 187,134) ( 204,051) ( 727,126) 14,299 14,485 20,794 ( 29,133) ( 614) 167,362 ( 6,100) 781,376 ( 134,736) 1,133,321 ( 234,096) ( 188,035) 782, , ,873 1,647, , , ,765 25,785 ( 426) 7,077 8,748 15,067,013 7,464,769 $ 33,333 $ - 270, ,853 ( 454,738) ( 893,111) - 223,441 34,221 7,355 5,024 - ( 2,895,484) ( 1,845,114) 22,203 33,647 ( 174,629) ( 28,647) ( 39,344) ( 21,237) - - 4,959 ( 3,199,414) ( 2,265,854) 16,000,000 22,300,000 ( 17,600,000) ( 24,400,000) ( 5,094,149) ( 3,742,640) ( ) 11,564 ( 33,767) ( 6,682,585) ( 5,876,407) ( ) 5,185,014 ( 677,492) 4,626,008 5,303,500 $ 9,811,022 $ 4,626,008 $ 8,540 $ 11,560 $ 1,295,223 $ 121,696 $ 2,835,376 $ 1,964, , ,846 ( 491,889) ( 551,997) $ 2,895,484 $ 1,845, PCSC 2011 ANNUAL REPORT

79 () () () () () ()8,500 () 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) () () PCSC 2011 ANNUAL REPORT 077

80 3. () () / 3. () () () 078 PCSC 2011 ANNUAL REPORT

81 () 1. 20%95 () 50% () ~ () () PCSC 2011 ANNUAL REPORT 079

82 () () 1. () 2. 10% () (96) (97) 127 () () () / () 080 PCSC 2011 ANNUAL REPORT

83 () () () 100 () () $ 1,762,049 $ 486,230 2,831,992 1,708,516 1,316, ,973 3,900,143 2,110,289 $ 9,811,022 $ 4,626,008 () $ 6,350,000 $ 9,060, $ 6,350,000 $ 9,060, $29,502$17,447 () $ 3,658,771 $ 2,931, $ 82,973,904 $ 77,335,963 1,243,472 1,192, , ,999 $ 84,437,416 $ 78,741,282 PCSC 2011 ANNUAL REPORT 081

84 () $ 1,213,867 $ 1,213,867 ( 315,624) 320,065 $ 898,243 $ 1,533,932 () $ 10,194,920 $ 10,547,687 ( 2,527,639) ( 1,934,667) $ 7,667,281 $ 8,613, $722,520$729,928 () $ 2,782, $ 2,081, ,001, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ~ , ~ $ 11,070,230 $ 10,603, $1,173,243$861, PCSC 2011 ANNUAL REPORT

85 () $ 1,432,614 $ - $ 1,432,614 $ - $ - $ 1,432, ,835 55, ,209 ( 215,019) - 747,190 12,288,978-12,288,978 ( 8,491,224) ( 54,689) 3,743,065 6,378,052-6,378,052 ( 3,760,084) - 2,617,968 7,083-7,083 ( 7,083) - - $ 21,013,562 $ 55,374 $ 21,068,936 ($ 12,473,410) ($ 54,689) $ 8,540, $ 1,432,614 $ - $ 1,432,614 $ - $ - $ 1,432, ,835 55, ,209 ( 195,152) - 767,057 11,844,551-11,844,551 ( 8,236,817) - 3,607,734 5,589,022-5,589,022 ( 3,631,709) - 1,957,313 9,660-9,660 ( 9,569) - 91 $ 19,782,682 $ 55,374 $ 18,405,442 ($ 12,073,247) $ - $ 7,764,809 () $ 722,520 $ - $ 729,928 $ , $ 777,209 $ - $ 729,928 $ - () $ 915,084 $ - $ 915,084 $ 915,084 $ - $ 915, ,092 ( 90,775) 333, ,091 ( 76,614) 347,477 $ 1,339,176 ($ 90,775) $ 1,248,400 $ 1,339,175 ($ 76,614) $ 1,262,561 () $ 1,220,739 $ 1,122, , , , , , , , ,549 $ 2,876,295 $ 2,536,808 () $ 6,789,515 $ 5,336, , , , ,799 $ 8,111,258 $ 6,523,484 () $ 1,062,438 $ 917,181 I-Cash 715, , ,198 59, ,583 47,323 $ 2,132,299 $ 1,782,382 PCSC 2011 ANNUAL REPORT 083

86 () $ 3,400,000 $ 5,000, %~1% 0.67% 0.69% 23 () () %8.9% (1) $ 40,863 $ 49,276 41,768 47,669 ( 16,318) ( 17,898) - ( 4,967) 64,779 61,524 $ 131,092 $ 135,604 (2) ($ 338,886) ($ 238,803) ( 1,214,611) ( 1,087,416) ( 1,553,497) ( 1,326,219) ( 1,141,389) ( 1,060,507) ( 2,694,886) ( 2,386,726) 1,079, ,459 ( 1,615,632) ( 1,454,267) 1,252,519 1,080,798 ( 111,130) ( 20,291) ($ 474,243) ($ 393,760) $ 396,193 $ 239,927 (3) % 1.75% 4.00% 4.00% 1.90% 1.75% % $150,763$123, PCSC 2011 ANNUAL REPORT

87 () $ 604,528 $ 792,563 ( 29,133) ( 1,354) ( 28,148) ( 7,952) , ,168 $ 1,078,055 $ 903,179 $ 1,071,686 $ 903,179 10% 6,369 - $ 1,078,055 $ 903, ( ) $ 118,471 $ 20,140 $ 55,925 $ 9,507 23,569 4,007 2, , ,468 1,270 $ 24,993 $ 11,237 ( - ) $ 1,124,219 $ 191,117 $ 747,155 $ 127,016 54,689 9, ,787 7, ( 52,455) ( 8,917) , ,016 ( 191,117) ( 127,016) $ 8,334 $ $ 38, $ 26,823 $ 26, ,416,424 5,726,078 $ 6,443,247 $ 5,752, $ 551,501 $ 132, () 99() 8.6% 20.45% PCSC 2011 ANNUAL REPORT 085

88 () $10,500,0001,050,000,000 1,039,622,25510 () 1. 10% 1%0.2% 80%100%50%100% % 2% () () $ 572,575 $ 405,913 ( ) ( 4,660) 4,660 5,094,149 $ ,742,640 $ , ,913 51,578 36,486 $ 6,023,113 $ 4,408, PCSC 2011 ANNUAL REPORT

89 () $ 635, ,822 4,990,187 $ ,901 98,967 $ 6,790, $296,901$98, ( 6%2%) () 100 () $ 7,430,465 $ 6,352,410 1,039,622,255 $ 7.15 $ ,854,471 $ 7,430,465 $ 6,352,410 1,041,476,726 $ 7.13 $ () $ 6,628,936 $ 5,725,757 1,039,622,255 $ 6.38 $ ,364,175 $ 6,628,936 $ 5,725,757 1,041,986,430 $ 6.36 $ 5.50 () $ 4,421,004 $ 4,090, , , , , , ,002 $ 5,386,427 $ 4,927,055 $ 1,923,839 $ 1,748,365 $ - $ - $ 125,190 $ 142,340 PCSC 2011 ANNUAL REPORT 087

90 () ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( BVI) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 088 PCSC 2011 ANNUAL REPORT

91 ( ) ( ) ( ) Uni-President Oven Bakery (BVI) Corp. ( ) Philippine Seven Corp. Convenience Distribution Corp. PCSC (Vietnam) Supermarket Ltd. ( ) ( ) ( ) ( ) ( ) ( ) ( ) Professional E-Commerce Services Ltd. ( )( 99 6 ) ( ) Mech-President (BVI) Corp. ( 99 5 ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Presiclerc Limited BVI ( ) ( ( )) Presiclerc Limited PCSC 2011 ANNUAL REPORT 089

92 () 1. (1) $ 525, $ 451, , , , ,907 3 $ 626, $ 513, (2) $ 351, $ 263, , , , ,902 3 $ 610, $ 458, () $ 46,770, $ 40,365, ,221, ,584, ,006, ,989, ,938, ,743, , ,730 1 $ 82,335, $ 75,675, (1) (2) 3. () $ 216, $ 214, , , , ,470 9 $ 337, $ 328, PCSC 2011 ANNUAL REPORT

93 (1) $ 129, $ 109, (2) ( ) $ 243, $ 247, (3) $ 142, $ 140, (4) $ 562, $ 561, (5) $ 70, $ 75, (6) $ 40, $ 39, , , , , , ,754 9 $ 111, $ 83, (7) $ 48,894 6 $ 38, , , , ,200 3 $ 121, $ 82, (8) $ 23, , , , , ,428 6 $ 57, $ 20, (9) $ 48, $ 46, PCSC 2011 ANNUAL REPORT 091

94 5. (1) () $ 211, $ 223, , , , ,915 9 $ 403, $ 403, (2) () $ 30,305 $ 28,689 9,739 8,743 22,659 17,089 $ 62,703 $ 54,521 (3) (BVI) $ 132, $ 90, , , , , , , $ 287, $ 249, () $ 30,052 6 $ 64, , ,131-13, ,391 5 $ 52, $ 89, $ 66,423 7 $ 61, , ,437 5 BVI 51, , , , , , , , , ,500 9 $ 349, $ 275, $ 5,879, $ 4,101, ,226, ,116, ,198, ,637, , , , ,122 1 $ 11,114, $ 9,385, $ 102,761 4 $ 58, ,865-8,632-13,698-5,370-12,179-12,065-56, ,511 1 $ 198,931 6 $ 98, PCSC 2011 ANNUAL REPORT

95 ,243,000 $ 92,090 2,290,155 $ 29,406 8,970, ,712 10,458, ,725 $ 318,802 $ 160, $ 204,575 $ 178,677 6,123 5, ,141 57,257 $ 316,839 $ 241,629 (1) (2) (3) $ - $ 600,000 2,385 1,034-60,000 50,000 50,000 29,978 22,540 $ 82,363 $ 733,574 ( ) $ - $ (1) $622, $268,916 (2) $ 5, ,314 $ 6,526 PCSC 2011 ANNUAL REPORT 093

96 () n () 7-ELEVE Inc. () () $ 16,164 () $122,431$1,022, $ 4,876, ,651, ,268, ,837, ,325, ( $7,909,898) 8,218,686 $ 29,177,668 () () () , PCSC 2011 ANNUAL REPORT

97 () $ 11,312,125 $ - $ 11,312,125 $ 5,897,044 $ - $ 5,897,044 6,350,000 6,350,000-9,060,250 9,060,250-7,667, ,613, , ,243-1,533,932 1,533,932-1,034,589-1,005, , ,017 $ 22,759,228 $ - $ 22,759,228 $ 18,917,270 $ - $ 18,917,270 3,400,000-3,400,000 5,000,000-5,000,000 1,865,516-1,823,316 1,853,952-1,765, () () ($635,689)($274,968) () $ 3, 4 0 0, $5,000,000 () PCSC 2011 ANNUAL REPORT 095

98 () 1. (1) (2) (3) (4) () 454, , , , (1) (2) 3. (1) (2) (3) (1) (2) (3) 096 PCSC 2011 ANNUAL REPORT

99 () (2) (2) $ 4,138,862 $ 3,512 $ 2,385 $ $ 10,347,155 4,138,862 50,000 50, ,347,155 4,138,862 60, ,347, ,138,862 29,978 29, ,347,155 () 1 4,138,862 53, ,347, %20% 3. / 76,289,289 $ 1,000,000 - $ 1,000,000 31,020, , ,000 32,756, , ,000 82,883,689 1,000,000-1,000,000 92,427,136 1,350,000-1,350,000 ING 63,545,321 1,000,000-1,000,000 35,064, , ,000 33,443, , ,000 6,350,000 $ 6,350,000 - $ 6,350,000 34,567,837 $ 140, $ 494,320 - Duskin 300, , ,528 18,556, , ,395 1,213,867 $ 898,243 ( 315,624) $ 898, ,801,027 $ 5,395, ,000,000 1,556, ,100, , ,901 $ 7,667, ,575,196 $ 2,782, $ 2,782,507 PCSC 2011 ANNUAL REPORT 097

100 / 40,000, , ,948 70,000, , ,164 55,858, , , ,000, , ,740 19,909, , ,165 48,519, , ,846 25,714, , ,014 19,563, , ,323 24,382, , ,589 8,431, , ,849 10,847, , ,915 10,000, , ,464 15,000, , ,294 12,244, , ,585 10,200, , ,270 53,194, , ,750 7,200, , ,782 72,000, , ,466 10,691, , ,122 6,430, , , , %~100.00% 464,168 $ 11,070,230 $ 10,600, / / / ( ) / - $ - 297,845,031 $ 4,340, ,417,895 $ 2,992,699 $ 2,990,000 $ 2,699 $ - 92,427,136 $ 1,350,000 65,880,493 1,000,000 65,535,317 1,000,000 98,659,640 1,500,552 1,500, ,756, , ,161,869 1,500,000 62,141,420 1,000,911 1,000, ,020, , ,727,655 1,660, ,727,655 1,666,068 1,660,000 6, ,675,105 1,000, ,675,105 1,000,336 1,000, ,838,723 1,000,000 86,725,756 1,000, ,564,479 2,003,774 2,000,000 3, ,392,235 2,400,000 70,136,065 1,000, ,463,465 2,905,392 2,900,000 5,392-35,064, , ,605, ,000 41,605, , ,000 1, ,930,511 2,000,000 83,046,822 1,001,968 1,000,000 1,968-82,883,689 1,000, ,302,945 1,800, ,302,945 1,802,070 1,800,000 2, ,544,969 2,000, ,281,424 3,000, ,537,104 4,003,305 4,000,000 3,305-76,289,289 1,000,000 ING ,643,348 3,500, ,098,027 2,501,392 2,500,000 1,392-63,545,321 1,000, ,892,541 1,000,000 33,449, , , ,443, ,000 ( ) 20,000, , ,000, , ,885 80, ( ) 16,744, ,128 8,970, , ,333 25,714, , PCSC 2011 ANNUAL REPORT

101 ( ) 7. ( ) ( ) ( ) ( ) $ 46,770, ~54 ($ 5,879,315) ( 50) 22,221, ~70 ( 3,226,874) ( 27) 10,006, ~60 ( 1,198,106) ( 10) 2,938, ~40 ( 542,817) ( 5) 358, ( 67,150) ( 1) 117, ( 22,099) - - () () 1. () () BVI $ 3,931,281 $ 2,558, ,575, $ 2,782,507 ($ 339,701) ($ 340,954) 288, ,559 40,000, , , , , ,576 70,000, , , , , ,475 55,858, ,289 51,702 41, , ,000 72,000, , ,513 11,291 1,680,000 1,680, ,000, ,740 ( 136,868) ( 95,807) 330, ,216 19,909, , , , , ,141 48,519, ,407 13,439 11, ,741 93,348 25,714, ,855 73,110 42, , ,437 19,563, , , , , ,482 24,382, ,742 73,133 63, ,367 41,000 8,431, , ,591 96,347 59,400 59,400 10,691, , , ,363 50,000 50,000 10,847, , ,102 98, , ,400 10,000, , , , , ,000 15,000, ,442 55,966 58,501 91,414 91,414 6,430, , ,512 45, , ,000 12,244, ,585 21,073 21, , ,000 10,200, ,270 74,604 38, , ,037 53,194, , ,304 74,304 7,200, ,554 41,750 22,272 1,802,369 1,389, ,254 ( 12,567) ( 43,800) PCSC 2011 ANNUAL REPORT 099

102 () () () $ 189,124 $ 168, $ 364, B.V.I. 20,684 20,684 20,684, ,088 36,945 90,088, ,959 ( 10,964) - Presiclerc Limited 18,743 18, Philippine Seven Corp. 20,656 20, ,160, ,951 21,465 5,222 4, () 36,273 14, ,745 ( 10,692) - () 5,437 3, ,257 ( 2,423) - 1,800 1, ,325 23,390-14,455 14, ,498 ( 882) - 12,963 12, ,866 ( 2,672) - 4,078 4, ,715 4, , ,000 6, ,772 25, , (1) ( ) ( ) ( ) ( ) ( ) $ 44,446 $ - - $ - $ - - $ - $ 50,000 $ 227,039 23,840 23, , ,039 40%50,000 $0 (2) ( ) ( ) $ 82,561 $ 2,000 $ - $ - - $ 206,404 52,384 7,000 7,000 7, ,960 50%20% 100 PCSC 2011 ANNUAL REPORT

103 (3) ($100,000) 8,382,099 $ 135,169 $ 135,169 4,414,002 71,147 71,147 4,822,398 70,436 70, , , , ,000 72,896 72, ,186 21,368 21,367 ING 1,332,374 15,758 15,758 27,559 27,559 67,266 11,574 11, ,957 34,405 34, ,471 9,764 9,764 3,583,690 50,000 50, , ,039 8,245, , ,046-7,957,569 97,082 97,082 83, , , ,599 ( ) 163, ,389 ( ) 133, ,576 DUSKIN CHINA (BVI) HOLDING LIMITED 58,283 $ 1,446, $ 1,452,334 ( ) ( ) 136,139 1,881,162 B.V.I. 2,646,333 Philippine Seven Corp. 196,160, , ,338 ( ) 102,930 PCSC 2011 ANNUAL REPORT 101

104 (4) / / / ( ) / ING 119,113 $ 20,366 7,044,837 $ 1,209,350 7,096,684 $ 1,218,324 $ 1,218,143 $181 $ ,266 $ 11, ,771, ,000 25,771, , , ,374,074 70,000 35,957, ,000 33,702, , , ,628, , ,166, ,000 24,166, , , ,699, ,000 18,792, , , ,906,360 30, ,333, ,000 8,333, , , ,203,501 65,000 10,963, ,000 15,166, , , ,374, ,000 24,302, ,000 33,677, , , ,194, ,000 35,408, , , ,785, ,000 6,946,495 80,000 51,918, ,000 50,236, , , ,628, ,000 6,889, ,000 20,611, ,000 27,501, , , ,352,209 90,000 28,830, ,000 28,170, , , ,012, ,000 1,442,502 20,000 33,081, ,000 34,523, , , ,320,963 80,000 23,587, ,000 22,057, , , ,851, ,000 4,998,621 80,000 18,540, ,000 19,124, , , ,414,002 71,147 5,652,001 $78,278 12,020,201 $167,000 14,034,657 $195,000 $194,691 $309 $ 165 3,637,545 $50,752 4,709,628 68,103 11,616, ,000 12,437, , , ,888,697 56,798 1,362,356 21, ,362,356 21,852 21, ,658 21,137 1,123, ,650 1,122, , , ,186 21,367 1,085,162 17,396 12,862, ,700 12,673, , , ,274,323 10,540 1,219,254 15,874 22,727, ,950 22,648, , , ,298,328 17, ,342,176 $133,000 9,342,176 $133,033 $133, ,751, ,000 13,751, , , ,667, ,000 2,667, , , ,981,028 69,000 43,713, ,000 48,694, , , ,671 6,343 33,949, ,390 31,208, , , ,136,595 31,912 2,692,087 35,058 58,960, ,160 58,525, , , ,126,672 40,984 1,442,658 20,000 62,329, ,000 55,526, , , ,245, , PCSC 2011 ANNUAL REPORT

105 / / / ( ) / ( ) 36,945, ,636 53,143,236 1,609, ( 245,417) 90,088,347 1,906, , , ( 304,029) - 567,597 - (5) $ 278,500 $174, $ 135,643 (6) (7) ( ) ( ) ( ) ( ) ( ) $ 7,910, ~55 ($ 870,087) ( 26) 1,541, ( 269,813) ( 8) 124, ( 34,545) ( 1) 108, ( 9,641) - 130, ( 26,067) ( 1) 162, ( 41,904) ( 1) ( 22,559,849) ( 99) 20~70 3,396, ( 278,053) ( 1) 45 45, , ~40 ( 25,527) ( 1) ( 651,655) ( 72) , PCSC 2011 ANNUAL REPORT 103

106 ( ) ( ) ( ) ( ) ( ) 503, ( 122,351) ( 5) 268, ( 45,058) ( 2) 373, ( 35,081) ( 1) ( 10,341,864) ( 92) 30~60 1,187, ( 1,537,641) ( 100) , , ( 23,819) ( 8) 580, ( 53,786) ( 23) 477, ( 46,405) ( 20) ( 256,101) ( 5) 30 35, ( 874,290) ( 44) 20 73, ( 637,421) ( 32) 20 61, ( 243,127) ( 12) 20 35, ( 258,573) ( 78) 15~20 27, ( 455,322) ( 34) , ( 464,180) ( 76) 40 99, ( 202,274) ( 90) 60 18, ( 470,675) ( 75) 40 93, ( 133,735) ( 21) 20 19, ( 197,796) ( 3) 30~45 24,487 3 $ 5,666, ($ 759,028) ( 98) ( 46,280,743) ( 87) 10~54 3,852, ( 5,408,314) ( 10) 45~60 760, ,389, ( 193,557) ( 3) 2,366, ~95 ( 290,459) ( 4) 736, ~70 ( 93,117) ( 1) 1,307, ~70 ( 334,941) ( 4) 104 PCSC 2011 ANNUAL REPORT

107 ( ) ( ) ( ) ( ) ( ) ( 536,201) ( 1) 15~28 59, , ~50 ( 52,528) ( 1) 291, ~60 ( 45,157) ( 1) 145,472-30~65 ( 29,939) - 192,295-30~45 ( 23,157) - 129,495-30~90 ( 20,338) - ( 155,947) ( 20) 50 35, , ( 11,359) ( 2) ( 137,132) ( 23) 45 40, ( 130,588) ( 36) 50 26, ( 1,556,609) ( 51) , ( 105,253) ( 3) , , ,329 ( 3) (8) $ 3,396, $ - - $ 3,396,395 $ - 3,852, ,199, , ,362-1,187, ,187, , , , , , , , , , , , , , ,621 - (9) PCSC 2011 ANNUAL REPORT 105

108 () 1. ( 7) $ 373,169 ( 1) $ 60, $ 60, $ 223,668 $ 433,956-7 ( ) 240,500 ( 2) ( 30,021) ( 116,608) - 6 ( ) 1,154,400 ( 3) 443, ,245-1,098, ( 323,767) 567,597-6 ( ) 499,620 ( 3) 107,863 56, , ( 36,690) 98,624-6 ( ) 268,886 ( 4) 77,214 59, , ( 28,711) 42, ,000 ( ) ( 5) 263, , ( 28,930) 53, ,170 ( 3) 145, , ( 15,618) ( 91,280) ,600 ( 3) 123, , , , ,800 ( 3) 307, , ( 40,523) 26, ,000 ( 3) 394, , ( 80,908) 177, ,686 ( 3) 437, , ( 26,708) 105, ,560 ( 3) 60, , ( 14,295) 32,453-6 ( ) 119,524 ( 3) 16,224 37,431-53, ( 21,771) 32, PCSC 2011 ANNUAL REPORT

109 ( 7) ( ) 16,351 16,351 15,443 31, ( 23,252) ( ) 60,590 ( 3) 30, , ( 15,660) 8, ,400 43,694 46,783 90, ( 9,084) 78,122-7 ( ) 135,261 20,288-20, , (B.V.I.) 2(B.V.I.)Preciclerc Limited 3(B.V.I.) 4(B.V.I.) $ 2,576,919 $ 4,183,061 $ 12,416,585 90,840 91, ,452 21,196 21, ,553 89,923 89, , (1) (2) (3) (4) ()2. (5) () 2.(1) (6) PCSC 2011 ANNUAL REPORT 107

110 $ 1,762,049 2,831, % 1.19% 1,316, % 0.67% 3,900,143 $ 9,811,022 ( ) ( ) ,020,449 $ 10 $ 310,204 $ 500,000 $ $ 500,000 32,756,170 $ , , ,000 82,883,689 $ ,837 1,000, ,000,000 92,427,136 $ ,271 1,350, ,350,000 76,289,289 $ ,893 1,000, ,000,000 ING 63,545,321 $ ,453 1,000, ,000,000-35,064,835 $ , , ,000 33,443,250 $ , , ,000-6,350,000 $ 6,350,000 $ 6,350, $ 3,658,771 $ 3,906, PCSC 2011 ANNUAL REPORT

111 ,611,122 $ 6,818,529 8,189,905 $ - - $ - 130,801,027 $ 6,818, ,000,000 2,321, ,000,000 2,321,500 50,000, , ( 5,900,000) ( 59,000) 44,100, ,000 20,000, , ( 20,000,000) ( 260,433) ,000, , ,000, ,714 19,930, , ,930, , , ( 33,333) 210,877 10,547,687 $ - ($ 352,766) 10,194,920 ( 1,934,667) ($ 722,520) $ 129,548 ( 2,527,639) $ 8,613,020 $ 7,667, () 77,052,937 $ 2,081,638 29,522,259 $ 1,041,823 - ($ 340,954) 106,575, % $ 2,782,507 $ $ 2,782,507 50,513,148 1,001, ( 50,513,148) ( 1,001,117) ,000, , ,412 - ( 267,200) 40,000, % 825, ,948 70,000, , , ,000, % 793, ,164 53,504, ,479 2,354,203 41, ,858, % 679, ,012 72,000, ,175-11, ,000, % 607, , ,000, , ( 95,807) 112,000, % 600, ,740 17,520, ,631 2,389, ,189 - ( 87,857) 19,909, % 585, ,165 47,061, ,180 1,458,891 12, ,519, % 556, ,846 16,744, ,128 8,970, ,997 - ( 22,270) 25,714, % 463, ,014 19,563, , ,574 - ( 142,158) 19,563, % 456, ,323 24,382, ,693-63,755 - ( 41,706) 24,382, % 320, ,589 5,096, ,704 3,334, ,429 - ( 48,813) 8,431, % 270, ,849 PCSC 2011 ANNUAL REPORT 109

112 10,691, , ,363 - ( 88,738) 10,691, % 263, ,122 10,847, ,753-98,125 - ( 90,565) 10,847, % 258, ,915 10,000, , ,969 - ( 85,000) 10,000, % 231, ,464 15,000, ,810-59,266 - ( 54,635) 15,000, % 221, ,294 () 6,430, ,240-47,532 - ( 36,330) 6,430, % 152, ,490 10,465, ,512 1,779,099 21, ,244, % 145, ,585 10,200,000 53,194, ,768-38,430 - ( 28,927) 10,200, % 143, , , ( 223,608) 53,194, % 136, ,750 7,200, ,906-22,272 - ( 24,624) 7,200, % 109, ,782 ( ) 355, ,206 ( 206,209) 465, ,168 $ 10,603,067 $ 3,353,681 ($ 2,886,517) $ 11,070, $ 1,432,614 $ - $ - $- $ 1,432, , ,835 55, ,374 11,844,551 1,407,698 ( 963,271) - 12,288,978 5,589,022 1,411,618 ( 665,854) 43,266 6,378,052 9,660 - ( 2,577) - 7,083-43,266 - ( 43,266) - $ 19,838,056 $ 2,862,582 ($ 1,631,702) $ - $ 21,068, $ 191,059 $ 18,502 $ - $ - $ 209,561 4,093 1, ,458 8,236,817 1,168,462 ( 914,055) - 8,491,224-3,631, ,487 ( 607,112) - 3,760,084 9, ( 2,509) - 7,083 $ 12,073,247 $ 1,923,839 ($ 1,523,676) $ - $ 12,473, PCSC 2011 ANNUAL REPORT

113 $ 1,400, ~ % 1,000, ~ % ( ) 200, ~ % 500, ~ % - 300, ~ % $ 3,400, $ 118,751,042 3,961,683 $ 122,712, $ 2,931,645 85,129,915 ( 1,428,885) ( 337,061) ( 3,658,771) 1,580, ,040 $ 84,437, $ 12,497,792 5,234,904 2,926,129 2,004,827 1,880,696 4,676,998 $ 29,221,346 PCSC 2011 ANNUAL REPORT 111

114 PCSC 2011 ANNUAL REPORT

115 (101) : ,043,1552,531, % 3.66%100997,401,4126,292, %3.70% , , (82)()39230 (79)() PCSC 2011 ANNUAL REPORT 113

116 % 1100 ( ( )) $ 16,380, $ 10,806, ( ( )) 7,520, ,143, ( ) 3,609, ,730, ( ) 1,884, ,806, X ( ( )) 10,468, ,259, ( ) 1,042, ,127, ( ( )) 278, , XX 41,184, ,454, ( ( )) 995, ,854, ( ( )) 7,751, ,699, ( ( )) 769, , XX 9,515, ,236, ( ( )( ) ) ,208, ,207, ,974, ,699, ,543, ,920, ,160, ,086, ,844, ,832, ,801, ,664, X8 55,374-55,374-15XY 41,587, ,466, X9 ( 23,532,544) ( 32) ( 22,101,394) ( 32) 1599 ( 92,182) - ( 12,405) , ,715-15XX 18,763, ,697, ( ( )) , , , , , ,719-17XX 1,141, , ( ( )) 960, , , , ( ) 2,047, ,970, ( ( )) 587, , XX 3,767, ,779, XXX $ 74,373, $ 69,088, PCSC 2011 ANNUAL REPORT

117 % 2100 ( ( )) $ 2,759,583 4 $ 1,460, , , ( ) 1,849, ,018, ,299, ,602, ( ) 2,557, ,524, ( ( )) 962, ,116, ( ( ) ) 6,392, ,584, ( ( )) 9,752, ,687, ,870, ,485, ( ( ) ) 161, ,906-21XX 42,845, ,039, ( ( )) 3,795, ,387, ( ) 163, ,834-24XX 3,958, ,526, ( ( )) 734, , ,165, ,087, , ,288-28XX 3,345, ,125, XXX 50,149, ,691, ( ( )) ,396, ,396, ,082-5,082 - ( ( )) ,618, ,046, , ,443, ,752, ( 51,876) - ( 222,559) ( ( )) ( 132,771) - ( 55,514) ( ( )) ( 634,091) ( 1) 234, ,917-51, X 20,694, ,212, ,529, ,185, XXX 24,223, ,397, ( ) ( ) $ 74,373, $ 69,088, PCSC 2011 ANNUAL REPORT 115

118 () % % ( ) 4110 $ 174,961, $ 158,314, ,289, ,602, ,251, ,916, ( ( )( ) ) 5110 ( 120,117,797) ( 63) ( 108,951,887) ( 64) 5800 ( 8,765,804) ( 5) ( 7,009,241) ( 4) 5000 ( 128,883,601) ( 68) ( 115,961,128) ( 68) ,367, ,955, ( ( ) ) 6100 ( 43,388,813) ( 23) ( 39,310,250) ( 23) 6200 ( 8,059,404) ( 4) ( 6,994,712) ( 4) 6000 ( 51,448,217) ( 27) ( 46,304,962) ( 27) ,919, ,650, ,758-29, ,648-42, , , ,387-83, , , ,309, ,475, ( 95,411) - ( 88,359) ( ( )) ( 35,313) - ( 140,610) ( 74,575) - ( 44,658) ( ( )( )) ( 812,955) ( 1) ( 757,831) ( 1) 7880 ( 249,513) - ( 203,724) ( 1,267,767) ( 1) ( 1,235,182) ( 1) ,961, ,890, ( ( )) ( 1,802,739) ( 1) ( 1,522,471) ( 1) 9600XX $ 7,158,919 4 $ 6,368, $ 6,352,410 3 $ 5,725, , ,658 1 ( ( )) $ 7,158,919 4 $ 6,368, $ 8.62 $ 6.89 $ 7.59 $ AA ( 0.98) ( 0.78) ( 0.81) ( 0.62) 9750 $ 7.64 $ 6.11 $ 6.78 $ $ 8.61 $ 6.88 $ 7.58 $ AA ( 0.98) ( 0.78) ( 0.81) ( 0.62) 9850 $ 7.63 $ 6.10 $ 6.77 $ PCSC 2011 ANNUAL REPORT

119 $ 10,396,222 $ 5,082 $ 3,640,091 $ - $ 4,180,357 $ 56,081 ($ 4,660) $ 595,033 $ 52,646 $ 2,872,934 $ 21,793, ( ) ,913 - ( 405,913) ,660 ( 4,660) ( 3,742,640) ( 3,742,640) ( 1,365) - ( 1,365) ( 360,909) - - ( 360,909) ( 50,854) ( 50,854) ( 278,640) ( 278,640) ( 330,570) ( 330,570) ,725, ,658 6,368, $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 3,185,022 $ 23,397, $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 3,185,022 $ 23,397, ( ) ,575 - ( 572,575) ( 4,660) 4, ( 5,094,149) ( 5,094,149) ,352, ,509 7,158, ( 1,364) - ( 1,364) ( 868,215) - - ( 868,215) , , ( 77,257) ( 77,257) ( 462,036) ( 462,036) $ 10,396,222 $ 5,082 $ 4,618,579 $ - $ 6,443,247 ($ 51,876) ($ 132,771) ($ 634,091) $ 49,917 $ 3,529,495 $ 24,223, $309,471 $218,913 $51,578 $36, PCSC 2011 ANNUAL REPORT 117

120 ,158,919 $ 6,368,415 ( ) ( 1,065) 2,107 32,028 5,662 33,413 28,356 4,099,386 3,686,102 10,891 14, , ,799 ( 80,159) ( 315,283) 812, ,831 35, ,610 12,724 8,067 74,575 44,658 2,624,382 ( 1,847,217) ( 911,508) ( 501,645) ( 78,446) 1,076,656 ( 1,242,698) ( 1,339,491) 85,099 ( 227,072) ( 11,763) ( 13,078) 327,036 ( 27,856) 830,963 ( 8,684) 1,730,013 2,000,597 ( 154,762) 814, ,013 1,289,437 1,357, , ,019 ( 161,213) 32,780 91,967 18,295,289 12,404, , ,853 33, PCSC 2011 ANNUAL REPORT

121 ( 134,980) ( 127,070) - 7,355 ( 6,813,621) ( 4,452,242) 247, ,232 ( 425,311) ( 159,060) ( 77,176) ( 144,445) - ( 94,840) ( 91,070) ( 6,989,896) ( 4,445,447) ( ) $ 1,298,996 ($ 1,497,742) ( ) ( 155,919) 83,168 16,079,321 22,382,257 ( 17,669,283) ( 24,615,933) ( ) 22,222 ( 5,270) ( ) 77,965 ( 3,913) ( 5,094,149) ( 3,742,640) ( 462,036) ( 330,570) ( 5,902,883) ( 7,730,643) 170,683 ( 278,640) ( ) 5,573,193 ( 50,104) 10,806,847 10,856,951 $ 16,380,040 $ 10,806,847 $ 66,787 $ 66,157 $ 2,111,596 $ 696,616 $ 6,520,603 $ 5,173,390 : 1,438, ,074 : ( 1,145,204) ( 1,438,222) $ 6,813,621 $ 4,452,242 $ 161,930 $ 161, PCSC 2011 ANNUAL REPORT 119

122 () () ()40, () 1. 50% ( BVI) ( ) ( ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) PCSC 2011 ANNUAL REPORT

123 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) BVI ( ) PCSC (Vietnam) Supermarket Ltd ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Philippine Seven Corporation Philippine Seven Corporation Convenience Distribution Corporation ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) PCSC 2011 ANNUAL REPORT 121

124 (1) 100 (2) ( ) ( ) ( ) ( ) ( ) ( ) (1) 31 (2) ()2.(4) () () PCSC 2011 ANNUAL REPORT

125 3. () 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) () () () 1. PCSC 2011 ANNUAL REPORT 123

126 2. () 3. () () () 1. Philippine Seven Corporation 2. () () 1. 20% PCSC 2011 ANNUAL REPORT

127 () ~ () () () () 1. () % PCSC 2011 ANNUAL REPORT 125

128 () (96) (97)127 () () () / () () () () PCSC 2011 ANNUAL REPORT

129 () () $ 2,181,901 $ 767,952 6,628,896 4,584,208 2,607,589 2,210,427 4,961,654 3,244,260 $ 16,380,040 $ 10,806,847 () $ 7,518,816 $ 10,143,198 1, $ 7,520,591 $ 10,143, $37,834$38,968 () $ 10,432,905 $ 9,203, , ,728 10,580,285 9,337,587 ( 111,310) ( 77,897) $ 10,468,975 $ 9,259, $ 118,437,894 $ 107,413,446 1,370,801 1,288,491 33,413 28, , ,594 $ 120,117,797 $ 108,951,887 () $ 1,620,499 $ 1,620,498 ( 625,174) 234,124 $ 995,325 $ 1,854,622 PCSC 2011 ANNUAL REPORT 127

130 () $ 10,280,457 $ 10,694,521 ( 2,529,179) ( 1,994,583) $ 7,751,278 $ 8,699, $723,520$751,818 () $ 607, $ 596, , , ~ , ~49.00 $ 769,031 $ 681, $35,313$140,610 () () $ 887,562 $ 701,078 $ 684,295 $ 541,549 $ 644,636 $ 578,128 $ 3,605,344 $ 2,953,504 $ 3,111,366 $ 2,592,566 () $ 2,208,284 $ - $ - $ - $ 2,208,284 2,974,959 55,374 ( 984,321) - 2,046,012 3,543,743 - ( 2,182,387) - 1,361,356 18,160,000 - ( 12,242,891) ( 59,884) 5,857,225 10,844,236 - ( 6,024,187) ( 4,697) 4,815,352 3,801,210 - ( 2,098,758) ( 27,601) 1,674, , ,764 $ 42,333,196 $ 55,374 ($ 23,532,544) ($ 92,182) $ 18,763, $ 2,207,181 $ - $ - $ - $ 2,207,181 2,699,539 55,374 ( 880,579) - 1,874,334 2,920,296 - ( 1,972,359) - 947,937 17,086,770 - ( 11,667,250) ( 1,182) 5,418,338 9,832,917 - ( 5,663,902) ( 9,993) 4,159,022 3,664,469 - ( 1,917,304) ( 1,230) 1,745, , ,715 $ 38,755,887 $ 55,374 ($ 22,101,394) ($ 12,405) $ 16,697, PCSC 2011 ANNUAL REPORT

131 () $ 726,554 $ - $ 726,554 $ 726,554 $ - $ 726, ,556 ( 75,266) 234, ,556 ( 64,375) 245,181 $ 1,036,110 ($ 75,266) $ 960,844 $ 1,036,110 ($ 64,375) $ 971,735 () $ 723,520 $ - $ 751,818 $ - 78,818-3,644-10, ,369 - $ 812,955 $ - $ 757,831 $ - () $ 1,588,630 $ 1,080,587 1,170, ,000 $ 2,759,583 $ 1,460, %~7.625% 0.82%~17% () $ 3,081,840 $ 2,404, , , , , , , , , ,894 59,455 1,801,944 1,922,373 $ 6,392,853 $ 5,584,840 () $ 6,789,515 $ 5,336,688 1,145,204 1,438, , ,946 1,110,933 1,431,838 $ 9,752,068 $ 8,687,694 PCSC 2011 ANNUAL REPORT 129

132 () $ 3,400,000 $ 5,000, , , , ,000 3,832,912 5,422,874 ( 37,897) ( 35,170) $ 3,795,015 $ 5,387,704 0%~2.525% 0%~4.14% () () %8.9% Philippine Seven Corporation : (1) $ 79,663 $ 87,395 74,176 80,359 ( 29,003) ( 31,986) 5, ,463 93,043 12,473 1,032 $ 252,520 $ 230,358 (2) ($ 480,073) ($ 271,433) ( 1,982,182) ( 1,932,953) ( 2,462,255) ( 2,204,386) ( 1,632,108) ( 1,644,391) ( 4,094,363) ( 3,848,777) 1,758,994 1,615,534 ( 2,335,369) ( 2,233,243) 130 PCSC 2011 ANNUAL REPORT

133 ,235 16,084 20,497 58,024 1,726,788 1,669,459 ( 147,875) ( 98,127) ($ 720,724) ($ 587,803) ($ 104,650) $ - ($ 553,027) $ 349,036 (3) %~2% 1.75% 2.25% 5.80% 10.81% 2% 4% 2% 4% 5.5% 6% 1.9% 1.75%~2% 5.5% 6% % $737,063$625,478 () $ 962,191 $ 1,116,953 ( 73) ( 2,724) ( 11,763) 23,848 - ( 830) - 12,681 ( ) ( 15,667) 5, , ,657 $ 1,802,739 $ 1,522,471 $ 1,795,527 $ 1,522,373 10% 7, $ 1,802,739 $ 1,522,471 PCSC 2011 ANNUAL REPORT 131

134 ( ) $ 151,545 $ 25,772 $ 95,727 $ 16, ,365 24,202 95,668 16, ,430 29,823 55,925 9, ,126 50, ,212 60,333 82,691 14,468 93,737 15,935 1,568 5, , ,130 ( 14,437) ( 18,187) $ 131,721 $ 105, ( ) $ 1,164,286 $ 197,929 $ 757,060 $ 128, ,088 23,304 38,605 24, ,849 21, ,170 22,579 ( 52,455) ( 8,917) ,683 5,557 51,676 8,583 3,067, ,113 3,396, ,912 1,191 6, , ,273 ( 694,920) ( 694,618) $ 64,640 $ 78, $ 38,338 $ ~102 4,407 2, ~ $3,150, $ 26,823 $ 26, ,416,424 5,726,078 $ 6,443,247 $ 5,752, $ 551,501 $ 132, ( ) 99 ( ) 8.6% 20.45% PCSC 2011 ANNUAL REPORT

135 () $10,500,0001,050,000,000 1,039,622,25510 () 1. 10% 1%0.2% 80%100%50%100% % 2% () () $ 572,575 $ 405,913 ( ) ( 4,660) 4,660 5,094,149 $ ,742,640 $ , ,913 51,578 36,486 $ 6,023,113 $ 4,408, () $ 635, ,822 4,990,187 $ ,901 98,967 $ 6,790, PCSC 2011 ANNUAL REPORT 133

136 6. 100$296,901$98, ( 6%2%) () 100 () $ 7,944,960 $ 6,352,410 1,039,622,255 $ 7.64 $ ,854,471 $ 7,944,960 $ 6,352,410 1,041,476,726 $ 7.63 $ () $ 7,052,583 $ 5,725,757 1,039,622,255 $ 6.78 $ ,364,175 $ 7,052,583 $ 5,725,757 1,041,986,430 $ 6.77 $ 5.50 () : $ 2,893,119 $ 11,344,341 $ 14,237,460 $ 2,553,341 $ 10,321,641 $ 12,874, , ,583 1,211, , ,347 1,026, , ,351 1,032, , , , ,249 1,010,542 1,113,791 90, , ,930 $ 3,389,566 $ 14,205,817 $ 17,595,383 $ 2,986,965 $ 12,787,814 $ 15,774,779 $ 668,028 $ 3,431,358 $ 4,099,386 $ 593,138 $ 3,092,964 $ 3,686,102 $ - $ - $ - $ - $ - $ - $ 37,769 $ 287,022 $ 324,791 $ 31,382 $ 299,417 $ 330, PCSC 2011 ANNUAL REPORT

137 () ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Store Sites Holdings Inc. Philippine Seven Corp. ( ) ( ) Presiclerc Limited BVI ( ) ( ( )) Presiclerc Limited PCSC 2011 ANNUAL REPORT 135

138 () $ 291,585 - $ 244,324-90, ,555-68,043-69, , ,320 - $ 708,422 - $ 711, $ 473,558 3 $ 405, , , , ,185 1 $ 972,770 7 $ 759, () $ 13,237, $ 12,195, ,392, ,238, , , , , , , , , , , , , , , , ,309 1 $ 19,009, $ 17,499, () $ 29,669 8 $ 28, $ 404,918 4 $ 163, , , , , , ,557 - $ 662,166 7 $ 374,602 4 $ 49, $ 50, $ 53,123 3 $ 39, , ,318 3 $ 111,336 6 $ 81, PCSC 2011 ANNUAL REPORT

139 6. () $ 127,784 4 $ 166, , , , , , ,073 2 $ 265,906 7 $ 293, $ 77,143 4 $ 71, , , , ,991 2 $ 159,307 8 $ 140, $ 1,717, ,510, , , , , , ,550 3 $ 2,710, $ 2,395, $ 70,232 1 $ 104, ,764-14,982-49, ,867 1 $ 135,693 2 $ 152, (1) $ 81,138 $ 92, $ 296,257 $ 284,357 ( 8,465) ( 18,787) 287, ,570 ( 124,033) ( 126,736) $ 163,759 $ 138, (2) ,243,000 $ 92,090 2,290,155 $ 29,406 8,970, ,712 10,458, ,725 $ 318,802 $ 160,131 PCSC 2011 ANNUAL REPORT 137

140 $ 461,671 $ 385,303 20,922 30, ,662 86,809 $ 619,255 $ 503,030 (1) (2) (3) 9. 5~ () 101 $ 378, , , , , ,399,986 $ 3,234,336 () $ 368,869 $ 368, , , , ,779 2,057 8, , ,817 $ 1,544,340 $ 1,471, () Philippine Seven Corporation()7-ELEVE Inc. n () Starbucks () 929() Licensed Store 138 PCSC 2011 ANNUAL REPORT

141 () 891Yamato Transport Corporation 10 1,000, () 91Yamato Financial Co., Ltd. 10 () 93DUSKIN Mister Donut Franchise10 () 99SATO Restaurant Systems Co., Ltd.SATO () () 93(9736 )() (1) (2) 4. $30,000 PCSC 2011 ANNUAL REPORT 139

142 () 95Cold Stone Creamery International LLC COLD STONE CREAMERY Coldstone () () ()SAZABY LEAGUE ()Afternoon Tea () () ()) $ 19,756 () $760, ()$753,809 () $611, ()$301,348 () $322,997 $1,507, PCSC 2011 ANNUAL REPORT

143 101 $ 8,016, ,726, ,973, ,158, ,056, ( $10,162,447) 10,266,011 $ 45,197,253 () () () ,820 () $ 21,874,130 $ - $ 21,874,130 $ 15,343,011 $ - $ 15,343,011 7,520,591 7,520,591-10,143,908 10,143,908-7,751, ,699, , ,325-1,854,622 1,854,622-2,047,623-1,972,949 1,970,447-1,813,892 $ 38,851,076 $ - $ 38,851,076 $ 33,274,635 $ - $ 33,274, , , , ,570 3,832,912-3,832,912 5,422,874-5,422,874 2,165,781-2,110,144 2,087,816-1,975, () PCSC 2011 ANNUAL REPORT 141

144 () ($868,215)($360,909) () $3,400,000 $5,000,000$3,420,287$2,238,950 () () 1. (1) (2) (3) (4) , , , , , , , , ,078, ~ , , PCSC 2011 ANNUAL REPORT

145 2. (1) (2) 3. (1) (2) (3) (1) (2) (3) 1% $34,203 () ( ) ( 2) ( 2) $ 4,138,862 $ 3,512 $ 2,385 $ $ 10,347,155 4,138,862 50,000 50, ,347,155 4,138,862 60, ,347, ,138,862 29,978 29, ,347,155 ( ) 1 4,138,862 53, ,347, %20% PCSC 2011 ANNUAL REPORT 143

146 3. / 76,289,289 $ 1,000,000 - $ 1,000,000 31,020, , ,000 32,756, , ,000 82,883,689 1,000,000-1,000,000 92,427,136 1,350,000-1,350,000 ING 63,545,321 1,000,000-1,000,000 35,064, , ,000 33,443, , ,000 6,350,000 $ 6,350,000 - $ 6,350,000 34,567,837 $ 140, $ 494,320 Duskin 300, , ,528 18,556, , ,395 1,213,867 $ 898,243 ( 315,624) $ 898, ,801,027 $ 5,395, ,000,000 1,556, ,100, , ,901 $ 7,667, ,575,196 $ 2,782, $ 2,782,507 40,000, , ,948 70,000, , ,164 55,858, , , ,000, , ,740 19,909, , ,165 48,519, , ,846 25,714, , ,014 19,563, , ,323 24,382, , ,589 8,431, , ,849 10,847, , ,915 10,000, , ,464 15,000, , ,294 12,244, , ,585 10,200, , ,270 53,194, , ,750 7,200, , ,782 72,000, , ,466 10,691, , ,122 6,430, , , , % % 464,168 - $ 11,070,230 $ 10,600, PCSC 2011 ANNUAL REPORT

147 4. / / / ( ) / - $ - 297,845,031 $ 4,340, ,417,895 $ 2,992,699 $ 2,990,000 $ 2,699 $ - 92,427,136 $ 1,350,000 65,880,493 1,000,000 65,535,317 1,000,000 98,659,640 1,500,552 1,500, ,756, , ,161,869 1,500,000 62,141,420 1,000,911 1,000, ,020, , ,727,655 1,660, ,727,655 1,666,068 1,660,000 6, ,675,105 1,000, ,675,105 1,000,336 1,000, ,838,723 1,000,000 86,725,756 1,000, ,564,479 2,003,774 2,000,000 3, ,392,235 2,400,000 70,136,065 1,000, ,463,465 2,905,392 2,900,000 5,392-35,064, , ,605, ,000 41,605, , ,000 1, ING ( ) ( ) ,930,511 2,000,000 83,046,822 1,001,968 1,000,000 1,968-82,883,689 1,000, ,302,945 1,800, ,302,945 1,802,070 1,800,000 2, ,544,969 2,000, ,281,424 3,000, ,537,104 4,003,305 4,000,000 3,305-76,289,289 1,000, ,643,348 3,500, ,098,027 2,501,392 2,500,000 1,392-63,545,321 1,000, ,892,541 1,000,000 33,449, , , ,443, ,000 20,000, , ,000, , ,885 80, ,744, ,128 8,970, , ,333 25,714, , ( ) 7. ( ) ( ) ( ) ( ) $ 46,770, ~54 ($ 5,879,315) ( 50) 22,221, ~70 ( 3,226,874) ( 27) 10,006, ~60 ( 1,198,106) ( 10) 2,938, ~40 ( 542,817) ( 5) 358, ( 67,150) ( 1) 117, ( 22,099) - () PCSC 2011 ANNUAL REPORT 145

148 () 1. ( ) ( ) BVI $ 3,931,281 $ 2,558, ,575, $ 2,782,507 ($ 339,701) ($ 340,954) 288, ,559 40,000, , , , , ,576 70,000, , , , , ,475 55,858, ,289 51,702 41, , ,000 72,000, , ,513 11,291 1,680,000 1,680, ,000, ,740 ( 136,868) ( 95,807) 330, ,216 19,909, , , , , ,141 48,519, ,407 13,439 11, ,741 93,348 25,714, ,855 73,110 42, , ,437 19,563, , , , , ,482 24,382, ,742 73,133 63, ,367 41,000 8,431, , ,591 96,347 59,400 59,400 10,691, , , ,363 50,000 50,000 10,847, , ,102 98, , ,400 10,000, , , , , ,000 15,000, ,442 55,966 58,501 91,414 91,414 6,430, , ,512 45, , ,000 12,244, ,585 21,073 21, , ,000 10,200, ,270 74,604 38, , ,037 53,194, , ,304 74,304 7,200, ,554 41,750 22,272 1,802,369 1,389, ,254 ( 12,567) ( 43,800) 146 PCSC 2011 ANNUAL REPORT

149 ( ) ( ) B.V.I. B.V.I. B.V.I. ( ) Presiclerc Limited Philippine Seven Corp. ( ) ( ) $ 189,124 $ 168, $ 364, ,684 20,684 20,684, ,951 5,222-90,088 36,945 90,088, ,959 ( 10,964) - 18,743 18, ,656 20, ,160, ,465 4,801-36,273 14, ,745 ( 10,692) - 5,437 3, ,257 ( 2,423) - 1,800 1, ,325 23,390-14,455 14, ,498 ( 882) - 12,963 12, ,866 ( 2,672) - 4,078 4, ,715 4, , ,000 6, ,772 25, , (1) ( ) ( ) ( ) ( ) ( ) $ 44,446 $ - - $ - $ - - $ - $ 50,000 $ 227,039 23,840 23, , ,039 40%50,000 $0 (2) ( ) ( ) $ 82,561 $ 2,000 $ - $ - - $ 206,404 52,384 7,000 7,000 7, ,960-50%20% PCSC 2011 ANNUAL REPORT 147

150 (3) ($100,000) 8,382,099 $ 135,169 $ 135,169 4,414,002 71,147 71,147 4,822,398 70,436 70, , , , ,000 72,896 72, ,186 21,368 21,367 ING 1,332,374 15,758 15,758 27,559 27,559 67,266 11,574 11, ,957 34,405 34, ,471 9,764 9,764 3,583,690 50,000 50, , ,039 8,245, , ,046-7,957,569 97,082 97,082-83, , , ,599 ( ) 163, ,389 ( ) 133, ,576 DUSKIN CHINA (BVI) HOLDING LIMITED 58,283 $ 1,446, $ 1,452,334 ( ) 136,139 ( ) 1,881,162 B.V.I. 2,646,333 Philippine Seven Corp. 196,160, , ,338 ( ) 102, PCSC 2011 ANNUAL REPORT

151 (4) / ( ) / / / ING 119,113 $ 20,366 7,044,837 $ 1,209,350 7,096,684 $1,218,324 $ 1,218,143 $ 181 $ ,266 $ 11, ,771, ,000 25,771, , , ,374,074 70,000 35,957, ,000 33,702, , , ,628, , ,166, ,000 24,166, , , ,699, ,000 18,792, , , ,906,360 30, ,333, ,000 8,333, , , ,203,501 65,000 10,963, ,000 15,166, , , ,374, ,000 24,302, ,000 33,677, , , ,194, ,000 35,408, , , ,785, ,000 6,946,495 80,000 51,918, ,000 50,236, , , ,628, ,000 ( ) 6,889, ,000 20,611, ,000 27,501, , , ,352,209 90,000 28,830, ,000 28,170, , , ,012, ,000 1,442,502 20,000 33,081, ,000 34,523, , , ,320,963 80,000 23,587, ,000 22,057, , , ,851, ,000 4,998,621 80,000 18,540, ,000 19,124, , , ,414,002 71,147 5,652,001 $ 78,278 12,020,201 $ 167,000 14,034,657 $ 195,000 $ 194,691 $ 309 $ 165 3,637,545 $50,752 4,709,628 68,103 11,616, ,000 12,437, , , ,888,697 56,798 1,362,356 21, ,362,356 21,852 21, ,658 21,137 1,123, ,650 1,122, , , ,186 21,367 1,085,162 17,396 12,862, ,700 12,673, , , ,274,323 10,540 1,219,254 15,874 22,727, ,950 22,648, , , ,298,328 17, ,342,176 $ 133,000 9,342,176 $ 133,033 $ 133, ,751, ,000 13,751, , , ,667, ,000 2,667, , , ,981,028 69,000 43,713, ,000 48,694, , , ,671 6,343 33,949, ,390 31,208, , , ,136,595 31,912 2,692,087 35,058 58,960, ,160 58,525, , , ,126,672 40,984 1,442,658 20,000 62,329, ,000 55,526, , , ,245, ,046 36,945, ,636 53,143,236 1,609, (245,417) 90,088,347 1,906, , , (304,029) - 567,597 - PCSC 2011 ANNUAL REPORT 149

152 (5) $ 278,500 $174, $ 135,643 (6) (7) ( ) ( ) ( ) ( ) ( ) $ 7,910, ~55 ($ 870,087) ( 26) 1,541, ( 269,813) ( 8) 124, ( 34,545) ( 1) 108, ( 9,641) - 130, ( 26,067) ( 1) 162, ( 41,904) ( 1) ( 22,559,849) ( 99) 20~70 3,396, ( 278,053) ( 1) 45 45, , ~40 ( 25,527) ( 1) ( 651,655) ( 72) , , ( 122,351) ( 5) 268, ( 45,058) ( 2) 373, ( 35,081) ( 1) ( 10,341,864) ( 92) 30~60 1,187, ( 1,537,641) ( 100) , , ( 23,819) ( 8) 580, ( 53,786) ( 23) 477, ( 46,405) ( 20) ( 256,101) ( 5) 30 35, ( 874,290) ( 44) 20 73, ( 637,421) ( 32) 20 61, ( 243,127) ( 12) 20 35, ( 258,573) ( 78) 15~20 27, ( 455,322) ( 34) , ( 464,180) ( 76) 40 99, ( 202,274) ( 90) 60 18, ( 470,675) ( 75) 40 93, ( 133,735) ( 21) 20 19, ( 197,796) ( 3) 30~45 24, ,666, ( 759,028) ( 98) 150 PCSC 2011 ANNUAL REPORT

153 ( ) ( ) ( ) ( ) ( ) ($ 46,280,743) ( 87) 10~54 $ 3,852, ( 5,408,314) ( 10) 45~60 760, ,389, ( 193,557) ( 3) 2,366, ~95 ( 290,459) ( 4) 736, ~70 ( 93,117) ( 1) 1,307, ~70 ( 334,941) ( 4) ( 536,201) ( 1) 15~28 59, , ~50 ( 52,528) ( 1) 291, ~60 ( 45,157) ( 1) 145,472-30~65 ( 29,939) - 192,295-30~45 ( 23,157) - 129,495-30~90 ( 20,338) - ( 155,947) ( 20) 50 35, , ( 11,359) ( 2) ( 137,132) ( 23) 45 40, ( 130,588) ( 36) 50 26, ( 1,556,609) ( 51) , ( 105,253) ( 3) , , ,329 ( 3) (8) $ 3,396, $ - - $ 3,396,395 $ - 3,852, ,199, , ,362-1,187, ,187, , , , , , , , , , , , , , ,621 - (9) () 1. ( 7) $ 373,169 ( 1) $ 60, $ 60, $ 223,668 $ 433,956-7 ( ) ( ) ( ) 240,500 ( 2) 1,154,400 ( 3) 443, , ,620 ( 3) 107,863 56, ( 30,021) ( 116,608) - 6-1,098, ( 323,767) - 164, ( 36,690) 567,597 98, PCSC 2011 ANNUAL REPORT 151

154 ( 7) ( ) ( ) ( ) ( ) ( ) ( ) 268,886 ( 4) 481,000 ( 5) 274,170 ( 3) 288,600 ( 3) 384,800 ( 3) 481,000 ( 3) 437,686 ( 3) 60,560 ( 3) 119,524 ( 3) 16,351 60,590 ( 3) 192, ,261 77,214 59, , ( 28,711) 42, , , ( 28,930) 53, , , ( 15,618) ( 91,280) , , , , , , ( 40,523) 26, , , ( 80,908) 177, , , ( 26,708) 105, , , ( 14,295) 32, ,224 37,431-53, ( 21,771) 32, ,351 15,443 31, ( 23,252) , , ( 15,660) 8, ,694 46,783 90, ( 9,084) 78, ,288-20, , (B.V.I.) 2(B.V.I.)Preciclerc Limited 3(B.V.I.) 4(B.V.I.) $ 2,576,919 $ 4,183,061 $ 12,416,585 90,840 91, ,452 21,196 21, ,553 89,923 89, , (1) (2) (3) (4) ()2. (5) () 2.(1) (6) 152 PCSC 2011 ANNUAL REPORT

155 () 100 $ 46,770, % 5,879,315 8% 64, , , ,330-22,221, % 3,226,874 4% 66, ,066-40,318-10,006, % 1,198,106 2% 172,674-92, , , , , , , , ,377-51, , , ,362 45~60 1% 5,408,314 3% 267, ,201 15~28-59,463-1,307,903 30~70 1% 334,941-1,541, % 269, , , ,615-34, ,768-26,067-98, ,673-11, , , , ,796-24, , ,559 1% 477,766 40~65-87,588-78,107-49, PCSC 2011 ANNUAL REPORT 153

156 99 $ 40,365, % 4,101,463 6% 451, , ,277-20,584, % 3,116,100 4% 144,204-61,146-10,989, % 1,637,483 2% 148, , , , , , , , , , ,440-40, , , ,567 45~60 1% 4,448,102 2% 251, ,563 15~28-53, ,476 30~70-209,746-1,402, % 244, , ,624-90, , , , , , , ,636 40~65-78,704-74, PCSC 2011 ANNUAL REPORT

157 () () () : 100 $ 122,240,774 $ 49,978,219 $ 3,448,139 $ 13,584,436 $ - $ 189,251, ,951 4,269,734 88,671,929 4,901,998 ( 98,315,612) - $ 122,712,725 $ 54,247,953 $ 92,120,068 $ 18,486,434 ($ 98,315,612) $ 189,251,568 $ 7,430,465 $ 2,193,393 $ 787,781 ($ 398,020) ($ 1,051,961) $ 8,961,658 $ 2,049,029 $ 1,014,311 $ 405,382 $ 955,455 $ - $ 4,424,177 ( ) $ 1,173,243 $ 143,814 $ 73,579 $ - ($ 1,425,949) ($ 35,313) $ 38,670 $ 20,284 $ 1,295 $ 24,519 ($ 10) $ 84,758 ($ 32,084) ($ 28,836) ($ 19,786) ($ 14,705) $ - ($ 95,411) 99 $ 114,366,712 $ 41,058,442 $ 2,794,579 $ 11,697,186 $ - $ 169,916, ,181 3,143,023 80,467,306 4,372,972 ( 88,280,482) - $ 114,663,893 $ 44,201,465 $ 83,261,885 $ 16,070,158 ($ 88,280,482) $ 169,916,919 $ 6,628,936 $ 1,555,305 $ 723,224 ($ 82,350) ($ 934,229) $ 7,890,886 $ 1,890,705 $ 892,393 $ 376,949 $ 856,854 $ - $ 4,016,901 ( ) $ 861,330 $ 117,061 $ 67,800 $ - ($ 1,186,801) ($ 140,610) $ 11,859 $ 12,172 $ 870 $ 4,553 ($ 3) $ 29,451 ($ 34,005) ($ 29,843) ($ 13,904) ($ 10,607) $ - ($ 88,359) 99628(99) () PCSC 2011 ANNUAL REPORT 155

158 () $ 130,281,861 $ 120,623,547 28,916,527 23,358,304 13,218,827 11,804,751 5,522,317 4,656,556 4,930,851 4,098,632 3,448,139 2,794,579 2,933,046 2,580,550 $ 189,251,568 $ 169,916,919 () $ 172,151,576 $ 18,833,553 $ 153,520,075 $ 17,098,730 17,099,992 2,727,333 16,396,844 2,250,254 $ 189,251,568 $ 21,560,886 $ 169,916,919 $ 19,348,984 () % IFRSs () 102 (IFRSs) IFRSs () IFRSs IFRSs IFRSs 3. IFRSs 4. IFRSs 5. IFRS IFRSs 9. IFRS IFRSs 11. IFRSs ( ) 156 PCSC 2011 ANNUAL REPORT

159 () IFRSs IFRSs102 IFRSsIFRSs (1) /() (94) (2) (85) PCSC 2011 ANNUAL REPORT 157

160 5. (1) ) (2) 19 (3) 19 (4) (1) 1 (2) PCSC 2011 ANNUAL REPORT

161 % 56.59% Philippine 100% Seven Corp. Convenience Distribution Inc. () 100% 100% 100% 100% 100% 100% 100% () 100% 51% PCSC (Vietnam) Supermarket Ltd 81% 55% () 100% 51% 51% () 100% () 100% 100% 100% 50% 30% () 100% 65% 100% () 100% 45.40% 100% 100% 60% 100% 100% 100% 100% 100% 90% 86.76% 86% 81% 100% 80.87% 60% 73.74% 100% 100% () 70% 70% 70% 70% 60% 100% 50% 53.33% 51% 100% 51% 51% 50.03% 100% 50% 30% 25% 51% 49% 100% PCSC 2011 ANNUAL REPORT 159

162 () () Tropical Isle Building, P.O. Box 438,Road Town, Tortola, British Virgin Islands P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. USD 106,575 USD 8, , , , , , , , , , , JPY 98, , , , , , , ,000, , ,600, , , , , , , , , , , Level 7(E),Main Office Tower, Financial Park Labuan, Jalan Merdeka, Labuan, F.T. Labuan, Malaysia USD 20,684 Philippine Seven Corp Convenience Distribution Inc /F The Columbia Tower, Ortigas Avenue Mandaluyong City, Manila, Philippine 800 1F,Lagaspi St. Maybunga,Pasig City, Manila, Philippine PHP 347,329 PHP 45, USD 90, D3 RMB 57, PCSC 2011 ANNUAL REPORT

163 () RMB 80, RMB 100, B1-K13&K14 USD 14,455 () RMB 240, USD 2,000 () JPY 306, RMB 60, Scotia Centre, 4th Floor, P.O. Box 2804, George town, Grand Cayman, KY Cayman Islands USD 8,954 () USD 8,880 () USD 2,001 () F USD 16, Scotia Centre, 4th Floor, P.O. Box 2804, George town, Grand Cayman, KY Cayman Islands USD 6, ~2 USD 10,130 PCSC (Vietnam) Supermarket Ltd () No.8, Pham Ngoc Thach Street, Dong Da District, Ha Noi, Vietnam VND 18,365,228 RMB 100, ,000 RMB 28,000 () , , USD 1,050 () USD 1, Drake Chambers, Road Town, Tortola, British Virgin Islands USD 2, RMB 40, P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands P. O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands USD 700 USD , , , USDNT130.28PHPNT10.71VNDNT=10.001RMBNT14.81JPY NT10.39 () () PCSC 2011 ANNUAL REPORT 161

164 () % () USD 106, USD 8, ,000, ,000, ,000, ,000, () 13,000, ,000, ,000, ,194, () 53,194, ,194, ,500, () 2,500, ,500, ,847, () 10,847, ,847, ,511, () 6,511, ,511, ,000, () 3,000, ,000, ,000, () 15,000, ,000, ,000, PCSC 2011 ANNUAL REPORT

165 400, () () 会 () () () () () 400, , ,244, ,244, ,244, , , , ,519, ,519, ,391, ,519, ,382, ,382, , , ,382, , ,714, ,714, ,186, ,714, ,860, ,860, SATO Restaurant Systems Co., Ltd. 1,140, ,860, SATO Restaurant Systems Co., Ltd. 1,140, ,858, ,858, ,046, ,858, PCSC 2011 ANNUAL REPORT 163

166 % 19,909, ,909, () () () () () () () 2,700, , ,909, ,000, ,000, ,000, ,000, ,000, ,050, ,050, , ,050, , ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,521, ,521, ,563, ,521, ,563, ,200, ,200, , ,800, , ,200, ,800, , PCSC 2011 ANNUAL REPORT

167 10,200, ,200, () 9,800, ,200, ,800, ,431, ,431, () 6,447, ,653, ,431, ,447, ,670, ,670, () SAZABY LEAGUE 8,330, ,670, SAZABY LEAGUE 8,330, , ,000, () 200, ,000, , ,791, ,791, () 8,791, ,791, ,791, ,127, ,127, ,691, () John Culver Martin Ehrich 17,818, ,127, Charles Jemley 17,818, PCSC 2011 ANNUAL REPORT 165

168 % 6,430, ,430, ,144, () 会 3,858, 会 2,572, ,144, ,430, ,572, USD 20, Vicente T. Paterno 1,461, ,160, Philippine Seven Corp. Jose Victor P. Paterno 196,160, Asian Holdings Corp.Diana P. Aguilar 42,676, Progrssive Development Corp. Jorge L. Araneta 29,459, Antonio Jose U.Periouet, Jr 1 Michael B. Zalamea 1 Jose Victor P. Paterno 12,761, Philippine Seven Corp.Jose Victor P. Paterno 4,500, Convenience Distribution Inc. Philippine Seven Corp. Liwayway T. FernandezEduardo P. Bataclan 4,500, Jose Victor P. Paterno USD 90, RMB 57, RMB 80, RMB 100, USD 14, PCSC 2011 ANNUAL REPORT

169 RMB 240, () USD 2, JPY 306, () SATO Restaurant Systems Co., Ltd SATO Restaurant Systems Co., Ltd RMB 60, USD 8, SAZABY LEAGUE USD 8, () USD 2, () ROYAL HOLDINGS CO., LTD ROYAL HOLDINGS CO., LTD USD 16, () PCSC 2011 ANNUAL REPORT 167

170 % USD 6, John Culver Martin Ehrich USD 10, Martin Ehrich John Culver Charles Jemley VND 18,365, PCSC (Vietnam) Supermarket Ltd 会 RMB 100, () () RMB 28, () () ,000, ,000, ,000, ,000, ,000, , , , ,605, ,605, , ,605, PCSC 2011 ANNUAL REPORT

171 USD 1, USD 1, () USD 2, : RMB 40, USD USD ,871, ,871, ,655, ,103, ,103, ,871, ,350, ,350, ,750, ,000, ,350, ,300, ,300, ,300, PCSC 2011 ANNUAL REPORT 169

172 () () (1) 3,227,091 2,853,407 71,360 2,782,047 0 ( 136,936) ( 339,709) - (1) 264,829 53, ,659 0 ( 41) ( 28,121) - 400,000 2,154,471 1,328, ,948 8,052, , , , , ,024 19, ,635 10,724 11, , , ,750 0 ( 164) , ,129 43,659 70, ,185 32,669 27, ,474 2,763,569 2,501, ,915 11,233, , , , ,147 74,726 90, ,436 ( 21,019) ( 22,398) ( 3.44) 30, , ,940 ( 119,066) 351,471 ( 1,279) 5, , ,276 66, , ,547 47,927 55, ,000 3, ,615 0 ( 103) ( 98) ( 0.25) 122, ,880 65, , ,140 23,385 21, (1) 38,220 58,360 19,062 39, , ( 167) ( 17.09) 539,110 1,090, , ,274 1,538,119 1,105 13, , , , , ,395 79,295 73, , , , , ,498 88,392 73, ,000 37,352 8,652 28,700 47,056 ( 15,602) ( 15,441) ( 2.57) 690,713 1,949,907 1,168, ,504 13,467,827 22,026 51, ,000 1,360, , ,287 3,072, , , ,000,000 3,282,864 2,176,916 1,105,948 6,089, , , , , ,364 75, ,238 54,090 44, ,600,000 2,049,029 1,190, ,200 6,943,157 ( 298,907) ( 136,868) ( 0.86) 100,000 51,480 54,513 ( 3,033) 105,996 ( 14,146) ( 14,167) ( 1.42) 326,055 4,483,299 3,731, ,205 23,409, , , , , , , ,801 49,190 41, , , , , ,483 91,686 74, ,319 1,179, , ,155 2,282, , , ,000 90,457 36,726 53, ,101 ( 23,550) ( 21,069) ( 1.24) 199,900 1,422, , ,696 4,883, , , , , ,779 86, ,882 ( 1,162) 6, ,378 1,942,599 1,065, ,075 5,262, , , ,200 8,446,410 7,868, ,960 53,139, , , (1) 626, , ,555 0 ( 113) 153,491 - Philippine Seven Corp. (1) 245,984 2,587,674 1,570,029 1,017,645 6,674,040 ( 502,237) 237, () () 170 PCSC 2011 ANNUAL REPORT

173 () () () () Convenience Distribution Inc. (1) 31, ,221 43,066 71, ,981 18,583 14, (1) 2,727,865 1,940, ,940,422 0 ( 273) ( 322,238) - (1) 274,170 56, ,999 ( 91,266) 131,120 ( 8,356) ( 15,159) - (1) 384, , ,707 26, ,405 ( 32,112) ( 39,333) - (1) 481, , , ,605 1,309,049 ( 34,420) ( 78,532) - (1) 437, , , , ,646 ( 26,794) ( 25,923) - ()(1) 1,154, , , , ,959 ( 316,587) ( 314,258) - (1) 60,560 93,637 61,189 32, ,428 ( 12,245) ( 13,875) - ()(1) 119,340 46,543 5,872 40,671 6,245 ( 18,534) ( 26,088) - (1) 288,600 1,492, , ,890 4,700, , ,519 - (1) 271,127 83, ,848 0 ( 515) ( 55,154) - ()(1) 268, ,503 31,471 82,032 42,473 ( 37,818) ( 54,642) - ()(1) 60,590 29,538 12,783 16,755 15,661 ( 27,070) ( 29,805) - ()(1) 499, ,982 19, , ,128 ( 62,294) ( 71,225) - (1) 181,680 1,451,712 6,053 1,445,659 0 ( 33,686) 687,446 - (1) 306,736 2,338, ,018 1,452,094 5,198, , ,721 - PCSC (Vietnam) Supermarket Ltd. (1) 25,528 40,996 18,372 22, ,690 10,429 10,382 - ()(1) 481,000 82,807 17,610 65,197 73,930 ( 22,615) ( 23,757) - (1) 134, ,389 ( 1,858) 0 ( 79) 1, , , , ,943 1,327,933 12,857 11, ,000 1,013 3,697 ( 2,684) 387 ( 54) ( 53) ( 0.11) 26,750 70,450 17,843 52, ,994 22,456 19, (1) 31,794 8, , ( 22,569) - ()(1) 31, , ,198 8, ,183 ( 22,045) ( 22,698) - (1) 90,567 78, , ( 8,893) - (1) 192, ,079 35, , ,935 ( 18,901) ( 17,641) - (1) 21,196 21, ,082 0 ( 35) ( 35) - (1) 1,514 1, ,513 0 ( 1) 0-56, , , , ,917 33,377 31, , , , ,150 2,041,549 2,024 43, , , ,129 90, ,858 9,551 10, =14.81=130.28=16.29=11.41 = = =14.55 = =16.46 =11.44 = =10.37 PCSC 2011 ANNUAL REPORT 171

174 PCSC 2011 ANNUAL REPORT

175 ( ) PCSC 2011 ANNUAL REPORT 173

176 (82)()39230 (79)() PCSC 2011 ANNUAL REPORT

177 100 % () 471,996, % () 100: () () () () ( () 2,938,015 4% 30~40 (542,817) (5%) () () () $92,090 () () $23,880 () $226,712 () () 93.9 $123,572 () ()()() PCSC 2011 ANNUAL REPORT 175

178 () () () () () 61,830 4% ,669 9% PCSC 2011 ANNUAL REPORT

179 (FSC) 118(FSC)

180