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

100 2011 ANNUAL REPORT / / / (02) 2747-8711 / spokesman@mail.7-11.com.tw / / / (02)2747-8711 / spokesman@mail.7-11.com.tw / 652 / (02)2747-8711 / 2502 / (02)2662-8121 / 2522 / (02)2662-9711 / 1216 / (03)468-3711 / 4973 / (04)2376-0199 / 2715 / (06)282-5711 / 1755 / (07)533-1711 / / 81 / www.pscnet.com.tw / (02)2746-3797 / / / 33327 / www.pwcglobal.com / (02)2729-6666 http://www.7-11.com.tw

n 7-ELEVE CONTENT 014 016 018 1. 2. 3. 4. 5. 6. 7. 036 1. 2. () 3. 040 1. 2. 3. 4. 5. 6. 055 1. 2. 3. 4. 5. 6. 7. 062 1. 2. 3. 4. 5. 063 1. 2. 3. 4. 052 1. 2. 3. 4. 5. 6.

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

PCSC 2011 ANNUAL REPORT 003

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

PCSC 2011 ANNUAL REPORT 005

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

21 PCSC 2011 ANNUAL REPORT 007

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

7-wifi ibon PCSC 2011 ANNUAL REPORT 009

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

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

() 2011 2010 122,712,725 114,663,893 7.02% 38,275,309 35,922,611 6.55% 6,074,940 5,527,488 9.90% 7,430,465 6,628,936 12.09% 6,352,410 5,725,757 10.94% () 6.11 5.51 - () 1,039,622,255 1,039,622,255-2011 2010 31.19% 31.33% 26.24% 26.51% 4.95% 4.82% 5.18% 4.99% (ROA) 12.56% 11.72% (ROE) 31.06% 29.26% 25.62 26.79 14.37 14.77 1250 5000 1000 4800 750 4600 500 4400 250 4200 0 2007 2008 2009 2010 2011 4000 012 PCSC 2011 ANNUAL REPORT

400 65 320 52 240 39 160 26 80 13 0 2007 2008 2009 2010 2011 0 35 28 21 14 7 0 2007 2008 2009 2010 2011 6 5 4 3 2 1 0 2006 2007 2008 2009 2010 PCSC 2011 ANNUAL REPORT 013

2011 2011 1,892.571.6 100% 1,000400 CITY CAFÉ2011 CITY CAFÉ 7-SELECT n 7 ET20107-ELEVE ibon 20117-ELEVE 7-ELEVE n 20117,006369 7-ELEVE n n 20117600 350 n 014 PCSC 2011 ANNUAL REPORT

Letter to Shareholders 20117-ELEVE 7-ELEVE n n 20111219 2011 2011 2012 7-ELEVE n 7 ET ibon 7-ELEVE 7-ELEVE 20131,000 7-ELEVE 2011 82012 n n n n PCSC 2011 ANNUAL REPORT 015

1987610 1987 2002 1988 1989 EOS 3007-ELEVE n 2003 3,000 7-ELEVE n CAS18 n 7-ELEVE 2002 1990 n 7-ELEVE 1991 100 2004 POS 1994 DUSKIN n 7-ELEVE icash n 7-ELEVE 1995 1,000 1996 POS 2005 4,000 1997 Starbucks 2005 1999 2,000 2006 ibon () () 2000 n 7-ELEVE n 7-ELEVE (Philippine Seven Corp.) 12 016 PCSC 2011 ANNUAL REPORT

Corporate Overview 2007 n 7-ELEVE Light Down4,000 2010 n 7-ELEVE CITY CAFÉ1,000 Royal Host 2007 Sato Restaurant Systems 2008 n 7-ELEVE 7-ELEVE n OPEN 7-ELEVE n 2008 7-ELEVE n 201016 n 7-ELEVE 2011 n 37-ELEVE 7-PREMIUM 2009 ()( )7-ELEVE n 16 ibonibon7 ET n DUSKIN() 15; 6 ; n 7-ELEVE 800 2009; Outstanding Corporate Social Innovation 7-ELEVE 500 n 7-ELEVE n 2012 2012 PCSC 2011 ANNUAL REPORT 017

() 2012430 () n 7-ELEVE (CSR) 018 PCSC 2011 ANNUAL REPORT

Corporate Governance () 1. 20120430 () () () 2009.06.10 3 1987.06.10 415,489,816 45.40% 471,996,430 45.40% () () 2009.06.10 3 1987.06.10 26,254 29,824 () () () 2009.06.10 3 1987.06.10 27,148 30,840 () () () 2009.06.10 3 1987.06.10 20,499 23,286 () () () 2009.06.10 3 2000.06.15 16,514 18,759 25,139 () () () 2009.06.10 3 2000.06.15 908,640 0.10% 1,032,215 0.10% 1,014,315 0.10% () () () 2009.06.10 3 2003.06.24 () () () 2009.06.10 3 2008.02.14 () () () 2009.06.10 3 2006.06.14 () () 2009.06.10 3 2009.06.10 3,995,401 0.44% 4,538,775 0.44% () () 2010.03.20 2.25 2010.03.20 1,014,315 0.10% 1,032,215 0.10% () () 2009.06.10 3 2003.06.24 () () () () () 2009.06.10 3 2009.06.10 3,700,000 0.40% 4,203,200 0.40% 2009.06.10 3 2009.06.10 () () () () 66 66 PCSC 2011 ANNUAL REPORT 019

Corporate Governance 2. 1 2 3 4 5 6 7 8 9 10 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) 27 3. 20111231 (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%) 4. 20111231 (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

Corporate Governance () 2012430 () 1987.07.01 23,286 () 1999.01.01 () () 2000.09.01 2,053 () 2008.06.13 () 2009.01.01 7,411 221 () 2010.04.01 13,652 () 2010.04.01 () 2010.04.01 260 () () 1999.01.01 326 () 2004.10.01 15,279 () 2008.10.01 1,121 () 2010.04.01 556 737 () () 2010.09.01 12,539 2001.04.01 919 () 2011.07.01 68 68 20122 PCSC 2011 ANNUAL REPORT 021

Corporate Governance () 1. 20111231 (A) (B) (C) (D) ABCD (E) (F) (G) (H) ABC DEFG () () () () () / () () () () () / () () 19,200 31,680 84,305 84,465 2,400 4,695 1.67% 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 () () () () 100,000,000 11 11 11 11 022 PCSC 2011 ANNUAL REPORT

Corporate Governance 2. (A) (B) (C) 20111231 ABC () 7,331() 7,331() 0.115% 0.102% () 300 300 0.005% 0.003% () 7,331() 7,331() 300 300 0.12% 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 () 100,000,000 100,000,000 3 3 3. (A) (B) (C) (D) 20111231 AB CD () () 25,353 27,662 3,054 3,054 77,727 () 2011 77,919 () 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 () 100,000,000 100,000,000 8 8 PCSC 2011 ANNUAL REPORT 023

Corporate Governance 4. 20111231 / 10,996 10,996 0.17% () () 2011 () 1. 2011 2010 () 3.82% 0.24% 1.78% () 3.60% 0.21% 1.62% () 3.25% 0.14% 1.82% () 3.17% 0.13% 1.72% 20116,352,41020105,725,757 20117,158,91920106,368,415 2. (1) (2) (38 ) (3) 024 PCSC 2011 ANNUAL REPORT

Corporate Governance () 5A () () / () 1 4 20 () 5 0 100 () 5 0 100 () 4 1 80 () 5 0 100 () 5 0 100 () 5 0 100 () 5 0 100 () 5 0 100 5 0 100 () 5 0 100 143 143 20053820056142008 3 12 20093192009610 2012321 () () 5A () () / 5 100 () 5 100 () : () : PCSC 2011 ANNUAL REPORT 025

Corporate Governance () () () Team () () 1. () 2. 20113 2012 3 3. 144 20123 () () 1. 2. 3. 4. 5. www.7-11.com.tw 1. www.7-11.com.tw Team 2. 3. 026 PCSC 2011 ANNUAL REPORT

Corporate Governance 1. 2011819 2. 2 1. 2. 100 3 3 3. 4. 5. Team 6. 7. 2012 () 20116222011819 2011 2 100% 2 100% 2 100% PCSC 2011 ANNUAL REPORT 027

Corporate Governance () () () () () 1. 2010CSR7-ELEVE CSR CSRCSR CSR 2. CSR 7-ELEVE n 2011 n () () () () 1. 2. 4,800 7-ELEVE n 7-ELEVE n LOHAS 152011 142332,337101 n 3. 7-ELEVE 7-ELEVE n 4. 2011 CSR2015 20155%5% () () () () () 1. 36 2011 2. ( ) 3. 0800-008-711public@mail.7-11.com.tw 4. CSRCSR4,800 Model2011CSR CSRCSR 5. 20093002011 42 6. 2011600 8 028 PCSC 2011 ANNUAL REPORT

Corporate Governance () () www.7-11.com.tw 2012321 n 7-ELEVE 1500ibon20111.59 () 1. 2. 3. () () 1. 69 2. () PCSC 2011 ANNUAL REPORT 029

Corporate Governance () 1. () 2011 20112011622 (1) 2010 (2) 20102010 518,4986,6434.90 2011826 4.90 (3) : (4) : (5) (6) 2. ( ()() ()()() () icash () ()2011 2012 ) 2011 (1) (2011318 2010 2010 2010 6 ()() 2010 155 2011 2011 (2) (2011622) () () () 1,0903,750 () 2010 icash () 53.33% 60 030 PCSC 2011 ANNUAL REPORT

Corporate Governance (3) (2011819) 2011 () () () () () 1 ()743 8,200 2011 44 6,386 (4) (20111213) 2012 2012 2012 (5) (2012321) 2011 2011 2011 1% () 1,1082,000 () () () ()() () () 2012 () () 20112012430 PCSC 2011 ANNUAL REPORT 031

Corporate Governance () 2011 2011 2,000 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 6,920 2011 4,080 4,450 8,530 2011 2 0 1 1 IFRS 100 () 1. 2010.01.01 2011.04.01 2012.01.01 () 2. 2010.01.01 2011.04.01 2012.01.01 3. () 032 PCSC 2011 ANNUAL REPORT

Corporate Governance () 2011 430 () () () (4,200,000) / / () (7,000) (895) () () () () : 20122 : 20117 () () PCSC 2011 ANNUAL REPORT 033

Corporate Governance 2012430 () () 471,996,430 45.40% 0 0 0 0 () 29,824 0.00% 0 0 0 0 () : () 30,840 0.00% 0 0 0 0 () 23,286 0.00% 0 0 0 0 () 18,759 0.00% 25,139 0.00% 0 0 () 1,032,215 0.10% 1,014,315 0.10% 0 0 () : () 0 0 0 0 0 0 () 0 0 0 0 0 0 () 0 0 0 0 0 0 27,001,208 2.60 0 0 0 0 21,242,344 2.04 0 0 0 0 19,439,608 1.87 0 0 0 0 18,200,776 1.75 0 0 0 0 17,126,162 1.65 0 0 0 0 13,383,114 1.29 0 0 0 0 10,852,255 1.04 0 0 0 0 10,598,000 1.02 0 0 0 0 10,544,547 1.01 0 0 0 0 20111231% 106,575,196 100.00% 0.00% 106,575,196 100.00% 8,746,008 100.00% 0.00% 8,746,008 100.00% () 40,000,000 100.00% 0.00% 40,000,000 100.00% () 13,000,000 100.00% 0.00% 13,000,000 100.00% () 53,194,997 100.00% 0.00% 53,194,997 100.00% () 2,500,000 100.00% 0.00% 2,500,000 100.00% () 10,847,421 100.00% 0.00% 10,847,421 100.00% () 6,511,963 100.00% 0.00% 6,511,963 100.00% () 3,000,000 100.00% 0.00% 3,000,000 100.00% () 15,000,000 100.00% 0.00% 15,000,000 100.00% () 400,000 100.00% 0.00% 400,000 100.00% () 12,244,390 100.00% 0.00% 12,244,390 100.00% 9,800 100.00% 0.00% 9,800 100.00% () 48,519,891 90.00% 0.00% 48,519,891 90.00% 034 PCSC 2011 ANNUAL REPORT

Corporate Governance () 24,382,922 86.76% 0.00% 24,382,922 86.76% () 4,860,000 81.00% 0.00% 4,860,000 81.00% () 55,858,816 80.87% 13,046,358 18.89% 68,905,174 99.76% () 19,909,765 73.74% 0.00% 19,909,765 73.74% () 70,000,000 70.00% 20,000,000 20.00% 90,000,000 90.00% () 1,050,000 70.00% 0.00% 1,050,000 70.00% () 112,000,000 70.00% 48,000,000 30.00% 160,000,000 100.00% () 7,000,000 70.00% 0.00% 7,000,000 70.00% () 19,563,272 60.00% 6,521,090 20.00% 26,084,362 80.00% () 25,714,476 86.00% 0.00% 25,714,476 86.00% () 7,200,000 53.33% 675,000 5.00% 7,875,000 58.33% () 10,200,000 51.00% 0.00% 10,200,000 51.00% () 8,670,000 51.00% 0.00% 8,670,000 51.00% () 10,000,000 50.03% 0.00% 10,000,000 50.03% () 8,791,268 50.00% 0.00% 8,791,268 50.00% () 27,146,000 49.00% 0.00% 27,146,000 49.00% () 8,431,269 51.00% 0.00% 8,431,269 51.00% () 1,833,333 36.67% 2,833,333 56.67% 4,666,666 93.34% () 10,691,337 30.00% 7,127,558 20.00% 17,818,895 50.00% () 6,430,000 25.00% 5,144,000 20.00% 11,574,000 45.00% () 72,000,000 20.00% 108,000,000 30.00% 180,000,000 50.00% () 19,930,000 19.93% 72,120,000 72.12% 92,050,000 92.05% () 130,801,027 19.50% 137,511,893 20.50% 268,312,920 40.00% () 209,000,000 19.00% 445,500,000 40.50% 654,500,000 59.50% () 750,000 15.00% 0.00% 750,000 15.00% () 650,000 10.00% 0.00% 650,000 10.00% () 2,667,600 7.60% 561,600 1.60% 3,229,200 9.20% () 6,666,667 6.67% 6,666,667 6.67% 13,333,334 13.34% () 837,753 5.37% 0.00% 837,753 5.37% () 44,100,000 3.33% 900,094,230 68.03% 944,194,230 71.36% () 60,000 2.86% 0.00% 60,000 2.86% () 34,567,837 2.69% 355,965,142 27.71% 390,532,979 30.40% () 20,000,000 2.00% 20,000,000 2.00% 40,000,000 4.00% Duskin 300,000 0.45% 0.00% 300,000 0.45% () 18,556,967 0.25% 7,957,569 0.11% 26,514,536 0.36% () 108,160 0.02% 78,209,035 14.46% 78,317,195 14.48% PCSC 2011 ANNUAL REPORT 035

() 1. / 2012430 2002/07 10 900,000,000 9,000,000,000 772,031,899 7,720,318,990 2003/07 10 900,000,000 9,000,000,000 858,499,471 8,584,994,710 2004/08 10 960,000,000 9,600,000,000 915,160,436 9,151,604,360 2009/08 10 1,050,000,000 10,500,000,000 1,039,622,255 10,396,222,550 2002.07.19(91) ()0910140565 2003.07.17(92) ()0920132220 2004.7.20 0930132295 2009.7.16 0980035714 1 9 8 7 6 1 0 0, 0 0 0, 0 0 0 2 0 1 2 4 3 0 10,396,222,550 2. 1,039,622,255 10,377,745 1,050,000,000 () 2012430 1 0 219 24,820 669 25,709 5 0 562,574,533 62,528,976 414,518,741 1,039,622,255 0.00% 0.00% 54.11% 6.02% 39.87% 100.00% () 2012430 1 999 10,497 2,271,300 0.22% 1,000 5,000 12,558 23,219,563 2.23% 5,001 10,000 1,136 8,420,812 0.81% 10,001 15,000 364 4,542,597 0.44% 15,001 20,000 207 3,765,912 0.36% 20,001 30,000 184 4,635,342 0.45% 30,001 50,000 179 7,026,047 0.68% 50,001 100,000 180 13,142,673 1.26% 100,001 200,000 119 17,097,250 1.65% 200,001 400,000 102 29,872,159 2.87% 400,001 600,000 39 19,708,415 1.90% 600,001 800,000 26 17,685,369 1.70% 800,001 1,000,000 19 16,709,481 1.61% 1,000,001 99 871,525,335 83.83% 25,709 1,039,622,255 100.00% 036 PCSC 2011 ANNUAL REPORT

Fund Raising () 2012430 471,996,430 45.40% 27,001,208 2.60 21,242,344 2.04 19,439,608 1.87 18,200,776 1.75 17,126,162 1.65 13,383,114 1.29 10,852,255 1.04 10,598,000 1.02 10,544,547 1.01 () 2010 2011 2012430 138 195 172 71.9 119.50 149 101.75 156.49 159.01 19.44 19.91 21.67 14.54 () () () 1,039,622,255 1,039,622,255 1,039,622,255 () 5.51 6.11 1.66() () 5.51 () 4.90 4.80 0 () 0 () 0 () 18.47 25.61 20.77 () 4.82% () 20112012 20121.66 () 1. PCSC 2011 ANNUAL REPORT 037

Fund Raising (1) (2) (3) (1)(2) 2. 2012201120123212011 499,0186,8244.80 () 2012 20002100371 () 1. 2. 2011 (1) 29,6908279,8966,943 (2) 296,901 98,967 6.11 3. 2010 2010 309,470 51,578 038 PCSC 2011 ANNUAL REPORT

Fund Raising 4. 5. 201039474865,1578,414 6. 2010 () 8,384 8,384 () () () () () : () () () () () 2012 3 31 () 2012 3 31 PCSC 2011 ANNUAL REPORT 039

() 1. (1) F203020 (2) F206020 (3) F203010 (4) F208040 (5) F399990 (6) IZ01010 (7) F201070 (8) F209060 (9) JE01010 (10) IE01010 (11) I401010 (12) F207050 (13) F210010 (14) F210020 (15) F216010 (16) JZ99030 (17) F204110 (18) A102060 (19) F213010 (20) F208031 (21) F205040 (22) F207030 (23) F401010 (24) JA01010 (25) F214030 (26) G202010 (27) IZ14011 (28) JZ99050 (29) IZ99990 (30) F401161 (31) F401171 (32) ZZ99999 (33) F301010 (34) F301020 (35) F399010 (36) F501030 (37) F501060 (38) G902011 (39) I301010 (40) I301030 (41) F206010 (42) F212011 (43) F212050 (44) JA01990 (45) F212061 (46) I101090 (47) IZ09010 (48) J701020 (49) F102040 (50) F102170 (51) F106020 (52) I103060 (53) J304010 (54) J303010 () (55) IZ12010 2. 2010 2011 18,245,698 16.42% 19,054,692 16.29% 16,378,903 14.74% 14,428,448 12.34% 40,258,322 36.23% 42,322,758 36.19% 24,679,474 22.21% 28,689,284 24.53% 11,234,105 10.11% 12,057,525 10.31% 322,246 0.29% 383,753 0.33% 111,118,748 100.00% 116,936,461 100.00% -44,442-85,931 111,074,306 116,850,530 3,589,587 5,862,195 114,663,893 122,712,725 040 PCSC 2011 ANNUAL REPORT

Operating Highlights 3. ()() 7-ELEVE 20117-ELEVE 200 7-ELEVE n 7-ELEVE APP icash 7-Mobile7-ELEVE 2011 7-ELEVE APPCITY CAFÉ 2011Yahoo! n n n 7-ELEVE 7-SELECTOPEN OPENOPENOPEN 2012 n n n () 1. 2011(ECFA) 4.39%20100.82% 2. 201137,21320106.41%9,783 20106.68%2,46020106.74% 2011 (CPI)1.42%( PCSC 2011 ANNUAL REPORT 041

Operating Highlights )1.12% 2011 OK 4,803 2,823 1,295 867 9,788 3. 7-ELEVE 24 4. (1) (2) 2011 n () n 7-ELEVE 2011 1. ibon 4,800ibon 2011 ibon 042 PCSC 2011 ANNUAL REPORT

Operating Highlights 2. icashicash7-eleve 3. 7-Mobile 4. ibon 5. 6. 7. 2011108,369 n () 1. (1) (2) (3) 2. (1) (2) (3) (4) () 1. () 7-ELEVE 368 2. 201149.1% 3. (1) (2) (3) n PCSC 2011 ANNUAL REPORT 043

Operating Highlights (4) (5) IT 4. / (1) (2) (3) () 1. 2. () () () 1. 2. (1) 2010 2011 2012 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% 79,086,891 100% 86,143,268 100% 23,523,709 100% (2) 044 PCSC 2011 ANNUAL REPORT

Operating Highlights () () 2010 2011 18,245,698 19,054,692 16,378,903 14,428,448 40,258,322 42,322,758 24,679,474 28,689,284 11,234,105 12,057,525 322,246 383,753-44,442-85,931 111,074,306 116,850,530 : () 2010 2011 2012 4 30 2,094 1,993 2,041 1,852 1,938 1,830 3,579 4,842 4,980 7,525 8,773 8,851 29 29 29 6 5.3 5.7 3.2 6.9 6.8 48.2 52.6 52.4 47.0 39.3 39.7 1.6 1.2 1.1 () 1. 2. elearning PCSC 2011 ANNUAL REPORT 045

Operating Highlights 100 2,689 43,959 291,144 48,515 231 19,150 121,137 45,366 336 3,589 951 96,580 16,577 3. 4. (1) (2) (3) () () (LOHAS) (CSR) ()20111058 (1)35 (2) 21(3)14(4) 16(5)14(6) 4,325 046 PCSC 2011 ANNUAL REPORT

Operating Highlights () 1. ()/ : () () 348,448,615 348,448,615-198/ -1,310-860 -2,172 1,513 205,462,000 210,543 205,672,543, - 139,207,056 139,207,056 920 4,600 73,600,000 89,271,887 162,871,887 ( ) 6,069 20% 95 1,361EPOP POS RoHS 137,672,654 137,672,654 Light Down 19,470,890 clean up the world 311 30CSR 23,786,845 43,257,735 1,052,967 1,052,967 () 20% 3,831,958 3,831,958 () 16,805,434 16,805,434 279,062,000 779,758,849 1,058,820,849 2. 2011178,990 1,600 PCSC 2011 ANNUAL REPORT 047

Operating Highlights () 1. (1) 100 2,172499.527/165/ (2) 100 1981,42526/160/ (3) 100 9207,3604,600 (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/ 2,809102/411 2. 2011741.7300( ) () () (RoHS) (RoHS) 048 PCSC 2011 ANNUAL REPORT

Operating Highlights () 1. 2. 19871221(76)58459 2009, 20105201136 402 3. 4. (1) (2) (3) (4) 201125 (5) (6) (7) PCSC 2011 ANNUAL REPORT 049

Operating Highlights 5. (1) 2007129 15() 45 ( ) (2) (3) 200571 (1) 6% () 1. E-MAIL 2. (1) (2) (3) (4) (5) (6) (7) (8) 050 PCSC 2011 ANNUAL REPORT

Operating Highlights 3. 4. 2012430 n 7-ELEVE,INC. 2000.07.20 ~ 1. 7-ELEVE,INC. 7-ELEVE n 2. 7-ELEVE n n 2011.04.01~2012.07.01 0.1 2011.08.05~2013.06.30 700 2011.11.08~2013.11.08 3 2011.01.01~2013.02.28 5 2011.09.28~2013.09.28 5 2011.09.28~2014.09.28 10 2011.11.03~2014.11.03 6 2011.07.31~2014.07.31 6.9 2011.01.31~2013.01.31 10 2011.03.31~2014.03.31 10 2011.08.02~2013.08.02 13 2011.09.01~2013.11.30 13 2011.11.09~2013.11.09 14 2011.05.25~2013.05.25 15 2011.06.10~2013.06.10 15 2011.06.30~2014.06.30 15 2011.01.26~2013.01.25 19 2011.10.05~2016.10.05 20 PCSC 2011 ANNUAL REPORT 051

() () 2007 2008 2009 2010 2011 2012331 $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 90,380 273,206 282,820 171,030 222,356 201,243 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 4,709,416 469,191 54,010 52,646 51,281 49,917 49,576 258,551 595,033 234,124-634,091-522,535 58,567 110,608 56,081-222,559-51,876-51,877-4,660-55,514-132,771-132,771 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 15,118,052 2012 2011 052 PCSC 2011 ANNUAL REPORT

Financial Information () () 2007 2008 2009 2010 2011 2012331 $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 1,397,168 907,093 1,049,786 1,363,859 1,931,706 2,285,947 640,758 950,560 1,274,969 1,613,582 830,258 930,422 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 () 3.96 3.85 3.90 5.51 6.11 1.66 2012 2011 () 2007 2008 2009 2010 2011 2012 2012 () 2008 20102011 2012 PCSC 2011 ANNUAL REPORT 053

Financial Information () 2007 2008 2009 2010 2011 2012 331 (%) 61.88 65.10 61.27 58.98 60.42 55.89 (%) 300.27 327.37 341.49 324.70 282.11 281.94 (%) 76.07 87.93 86.06 85.24 84.65 82.78 (%) 54.22 66.98 68.25 70.91 69.78 67.93 56.18 29.41 112.91 195.94 232.59 290.11 ()() () () 24.00 22.09 22.05 26.79 25.62 6.62 () 9.62 7.91 6.46 7.67 7.81 1.99 15 17 17 14 14 14 () 13.39 13.09 13.35 14.77 14.37 3.72 () 2.40 2.17 2.08 2.33 2.35 0.63 (%) 9.34 8.10 8.52 11.72 12.56 3.34 (%) 22.47 21.53 22.95 29.26 31.06 7.97 53.03 50.34 47.07 53.17 58.43 13.44 (%) 52.56 47.88 44.67 63.76 71.47 19.31 (%) 3.54 3.44 3.99 4.99 5.18 5.34 () 3.96 3.85 3.90 5.51 6.11 1.66 (%) 34.67 28.49 36.79 34.72 59.10 6.20 (%) 145.55 127.83 152.08 146.03 145.51 155.81 (%) 8.41 6.68 13.97 9.33 25.37 3.73 1.86 1.93 1.78 1.81 1.80 1.89 1.02 1.03 1.01 1.01 1.01 1.00 (%):2011 (%):2011 2012 (1) / (2) ()/ (1) / (2) ()/ (3) / (1) () / () (2) 365/ (3) / (4) () / () (5) 365/ (6) / (7) / (1) [()]/ (2) / (3) / (4) ()/ (1) / (2) /( ) (3) ()/( ) ()/ /() 70 72~111 112~158 2012331 054 PCSC 2011 ANNUAL REPORT

2010 2011 () $18,319,352 $21,581,358 $3,262,006 17.81% 20,750,019 19,635,754-1,114,265-5.37% 7,764,809 8,540,837 776,028 9.99% 171,030 222,356 51,326 30.00% 2,266,648 2,298,263 31,615 1.39% 49,271,858 52,278,568 3,006,710 6.10% 21,492,215 25,496,055 4,003,840 18.63% 5,000,000 3,400,000-1,600,000-32.00% 2,567,442 2,688,204 120,762 4.70% 29,059,657 31,584,259 2,524,602 8.69% 10,396,222 10,396,222 0 0.00% 5,082 5,082 0 0.00% 9,803,565 11,061,826 1,258,261 12.83% 20,212,201 20,694,309 482,108 2.39% 1. (1) (2) 2. 3. 2010 2011 () $114,663,893 $122,712,725 $8,048,832 7.02% 35,922,611 38,275,309 2,352,698 6.55% 30,395,123 32,200,369 1,805,246 5.94% 5,527,488 6,074,940 547,452 9.90% 1,931,706 2,285,947 354,241 18.34% 830,258 930,422 100,164 12.06% 6,628,936 7,430,465 801,529 12.09% 903,179 1,078,055 174,876 19.36% 5,725,757 6,352,410 626,653 10.94% 1. (1) (2) 2. PCSC 2011 ANNUAL REPORT 055

Financial Status, Operating Results and Risk Management () 4,626,008 15,067,013 (9,881,999) 9.811.022 - - 1. 150.67 2. 31.99 3. 66.83 () () 9,811,022 9,494,706 ( 10,522,766) 8,782,962 - - 1. 2012 2. 3. () 2009 2010 2011 2012 2013 7,375,438 466,142 951,886 2,578,466 1,689,472 1,689,472 P.O.S. 2,178,007 25,800 26,104 170,098 1,539,647 416,358 1,881,681 192,866 475,597 313,564 449,827 449,827 / 2,702,138 275,689 753,153 350,834 661,231 661,231 056 PCSC 2011 ANNUAL REPORT

Financial Status, Operating Results and Risk Management () 1. 2012 () 3,199,136 971,497 2013 () 3,256,721 989,504 2014 () 3,312,085 990,711 2015 () 3,348,518 1,006,293 2016 () 3,415,488 1,016,356 2. POS (1) POS (2) () 7-ELEVE n 20117600350 () 2011 2011 () 59,918 () 227,394 () 92,367 () 85,980 () 49,000 : ()2011 () PCSC 2011 ANNUAL REPORT 057

Financial Status, Operating Results and Risk Management 2012 () () () 2012 0.86 2.88 3.36 () 1. 2. 3. 4. () 1. (1) 20114.0320123.38 20119 058 PCSC 2011 ANNUAL REPORT

Financial Status, Operating Results and Risk Management (2) (3) 2011CPI1.422012CPI2% 2. (1) (2) a. b. 2011 20120331 () 2,385 2,221 () 50,000 50,000 () 29,978 29,978 50%20% c. (3) a. b. PCSC 2011 ANNUAL REPORT 059

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) 2012193,958 4. (1) (2) 20113 2011820113 2012 (3) 2013IFRS2009 5. 060 PCSC 2011 ANNUAL REPORT

Financial Status, Operating Results and Risk Management 6. 2005200620071100 10 2008 20107-ELEVE 20102011 7. 8. 9. 10. 11. 12. 13. n PCSC 2011 ANNUAL REPORT 061

() 2011159~172 () 2011173~176 062 PCSC 2011 ANNUAL REPORT

2010 2011 (%) 4.82% 4.95% (%) 4.99% 5.18% () 5.51 6.11 (%) 29.26% 31.06% () 26.79 25.62 () (100%) () () 1. (1) (2) () 2. (1) (2) () (3) 3. (1) (2) PCSC 2011 ANNUAL REPORT 063

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

PRESIDENT CHAIN STORE CORPORATION 1. 066 2. 068 3. 069 4. 070 5. 072 6. 112 7. 159 8. 173 PCSC 2011 ANNUAL REPORT 065

()()()()() () ()() () 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

()()()() ()()()()() 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

()()()()()() ()()()()()() ()()()()()()() ()()() ()()() ()()()() ()()()() ()()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

101321 () () 1. 2.3.4.5. ( ) 10132180 PCSC 2011 ANNUAL REPORT 069

100 219 101 101322 070 PCSC 2011 ANNUAL REPORT

100 219 101 101322 PCSC 2011 ANNUAL REPORT 071

(101)10003414 : 10099123110099111231 10099 10099 183,81544,208 100991231682,997 441,865 10099123110099111231 10099 (82)()39230 (79)()27815 101323 072 PCSC 2011 ANNUAL REPORT

100991231 1001231 991231 % 1100 (()) $ 9,811,022 19 $4,626,008 9 1310 (()) 6,350,000 12 9,060,250 18 1140 () 523,775 1 457,829 1 1178 () 977,328 2 813,207 2 120X (()) 3,658,771 7 2,931,645 6 1260 () 132,515-147,000-1298 (()) 127,947-283,413 1 11XX 21,581,358 41 18,319,352 37 1450 (()) 898,243 2 1,533,932 3 1480 (()) 7,667,281 15 8,613,020 17 1421 (()) 11,070,230 21 10,603,067 22 14XX 19,635,754 38 20,750,019 42 (()) 1501 1,432,614 3 1,432,614 3 1521 906,835 2 906,835 2 1571 12,288,978 23 11,844,551 24 1631 6,378,052 12 5,589,022 11 1681 7,083-9,660-15X8 55,374-55,374-15XY 21,068,936 40 19,838,056 40 15X9 ( 12,473,410) ( 24) ( 12,073,247) ( 24) 1599 ( 54,689) - - - 15XX 8,540,837 16 7,764,809 16 1750 222,356 1 171,030-1800 (()) 1,248,400 2 1,262,561 3 1820 () 1,034,589 2 995,245 2 1888 (()) 15,274-8,842-18XX 2,298,263 4 2,266,648 5 1XXX $52,278,568 100 $49,271,858 100 1001231 991231 % 2120 $ 282,884 1 $ 168,893-2130 () 4,516,270 9 3,848,885 8 2140 374,165 1 302,886 1 2150 () 6,598,356 13 5,536,314 11 2160 (()) 604,528 1 792,563 2 2170 (()) 2,876,295 5 2,536,808 5 2228 (()) 8,111,258 15 6,523,484 13 2260 (()()) 2,132,299 4 1,782,382 4 21XX 25,496,055 49 21,492,215 44 2420 (()) 3,400,000 6 5,000,000 10 2810 (()) 474,243 1 357,617 1 2820 1,865,516 3 1,853,952 4 2880 348,445 1 355,873-28XX 2,688,204 5 2,567,442 5 2XXX 31,584,259 60 29,059,657 59 (()) 3110 10,396,222 20 10,396,222 21 3240 5,082-5,082 - (()) 3310 4,618,579 9 4,046,004 8 3320 - - 4,660-3350 6,443,247 12 5,752,901 12 3420 ( 51,876) - ( 222,559) - 3430 (()) ( 132,771) - ( 55,514) - 3450 (()) ( 634,091) ( 1) 234,124-3460 49,917-51,281-3XXX 20,694,309 40 20,212,201 41 () () $52,278,568 100 $49,271,858 100 101 3 23 PCSC 2011 ANNUAL REPORT 073

10099111231 100 99 % 4110 $ 118,751,042 97 $ 111,074,306 97 4800 ( ) 3,961,683 3 3,589,587 3 4000 122,712,725 100 114,663,893 100 ( ( ) ) 5110 ( 84,437,416) ( 69) ( 78,741,282) ( 69) 5910 38,275,309 31 35,922,611 31 ( ) 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) 6900 6,074,940 5 5,527,488 5 7110 38,670-11,859-7121 ( ( )) 1,173,243 1 861,330 1 7122 112,649-42,558-7140 111,141-244,941-7210 ( ) 73,788-72,467-7480 ( ) 776,456 1 698,551 1 7100 2,285,947 2 1,931,706 2 7510 ( 32,084) - ( 34,005) - 7530 ( 42,747) - ( 15,039) - 7630 ( ( )( )) ( 777,209) ( 1) ( 729,928) ( 1) 7880 ( 78,382) - ( 51,286) - 7500 ( 930,422) ( 1) ( 830,258) ( 1) 7900 7,430,465 6 6,628,936 6 8110 ( ( )) ( 1,078,055) ( 1) ( 903,179) ( 1) 9600 $ 6,352,410 5 $ 5,725,757 5 ( ( )) 9750 $ 7.15 $ 6.11 $ 6.38 $ 5.51 9850 $ 7.13 $ 6.10 $ 6.36 $ 5.50 101 3 23 074 PCSC 2011 ANNUAL REPORT

10099111231 9 9 99 1 1 $ 10,396,222 $ 5,082 $ 3,640,091 $ - $ 4,180,357 $ 56,081 ($ 4,660) $ 595,033 $ 52,646 $ 18,920,852 98 ( ) - - 405,913 - ( 405,913) - - - - - - - - 4,660 ( 4,660) - - - - - - - - - ( 3,742,640) - - - - ( 3,742,640) 99 - - - - 5,725,757 - - - - 5,725,757 - - - - - - - - ( 1,365) ( 1,365) - - - - - - - ( 360,909) - ( 360,909) - - - - - ( 278,640) - - - ( 278,640) - - - - - - ( 50,854) - - ( 50,854) 99 12 31 $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 20,212,201 1 0 0 100 1 1 $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 20,212,201 99 ( ) - - 572,575 - ( 572,575) - - - - - - - - ( 4,660) 4,660 - - - - - - - - - ( 5,094,149) - - - - ( 5,094,149) 100 - - - - 6,352,410 - - - - 6,352,410 - - - - - - - - ( 1,364) ( 1,364) - - - - - - - ( 868,215) - ( 868,215) - - - - - 170,683 - - - 170,683 - - - - - - ( 77,257) - - ( 77,257) 100 12 31 $ 10,396,222 $ 5,082 $ 4,618,579 $ - $ 6,443,247 ($ 51,876) ($ 132,771) ($ 634,091) $ 49,917 $ 20,694,309 101 3 23 PCSC 2011 ANNUAL REPORT 075

10099111231 100 99 $ 6,352,410 $ 5,725,757 250 445 23,013 6,029 1,923,839 1,748,365 14,161 14,167 125,190 142,340 ( 80,115) ( 227,045) 722,520 729,928 1,083,509 628,245 ( 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) 782,097 339,487 511,873 1,647,882 465,632 349,917 235,765 25,785 ( 426) 7,077 8,748 15,067,013 7,464,769 $ 33,333 $ - 270,000 252,853 ( 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 $ 1,964,265 551,997 432,846 ( 491,889) ( 551,997) $ 2,895,484 $ 1,845,114 101 3 23 076 PCSC 2011 ANNUAL REPORT

10099111231 () () ()76610 868 () () 1001231()8,500 () 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) () 1. 2. () 1. 2. PCSC 2011 ANNUAL REPORT 077

3. () 1. 2. () 1. 2. / 3. () 1. 2. () 1. 2. () 078 PCSC 2011 ANNUAL REPORT

() 1. 20%95 () 50% 2. 3. () 1. 2. 50553~10 3. 4. () () 1. 2. PCSC 2011 ANNUAL REPORT 079

() 1. 15 2. () 1. () 2. 10% () 971196316 (96)052 97331(97) 127 () () () / () 080 PCSC 2011 ANNUAL REPORT

() () 10011 () 100 () 10011 10099 () 1001231 991231 $ 1,762,049 $ 486,230 2,831,992 1,708,516 1,316,838 320,973 3,900,143 2,110,289 $ 9,811,022 $ 4,626,008 () - 1001231 991231 $ 6,350,000 $ 9,060,000-250 $ 6,350,000 $ 9,060,250 10099$29,502$17,447 () 1001231 991231 $ 3,658,771 $ 2,931,645 100 99 $ 82,973,904 $ 77,335,963 1,243,472 1,192,320 220,040 212,999 $ 84,437,416 $ 78,741,282 PCSC 2011 ANNUAL REPORT 081

() - 1001231 991231 $ 1,213,867 $ 1,213,867 ( 315,624) 320,065 $ 898,243 $ 1,533,932 () - 1001231 991231 $ 10,194,920 $ 10,547,687 ( 2,527,639) ( 1,934,667) $ 7,667,281 $ 8,613,020 1. 2. 100 99$722,520$729,928 () 1001231 991231 $ 2,782,507 100.00 $ 2,081,638 100.00 - - 1,001,117 100.00 825,948 100.00 754,736 100.00 793,006 70.00 616,148 70.00 679,289 80.87 637,478 80.87 607,466 20.00 596,175 20.00 600,740 70.00 696,547 70.00 585,963 73.74 472,631 73.74 556,407 90.00 544,180 90.00 463,855 86.00 216,128 56.00 456,790 60.00 434,374 60.00 320,742 86.76 298,693 86.76 270,321 51.00 128,704 41.00 263,122 30.00 224,497 30.00 258,313 100.00 250,753 100.00 231,464 50.03 205,494 50.03 221,442 100.00 216,810 100.00 152,442 25.00 141,240 25.00 145,585 100.00 124,512 100.00 143,270 51.00 133,768 51.00 136,750 100.00 360,280 100.00 109,554 53.33 111,906 53.33 465,254 30.00~100.00 355,258 30.00~100.00 $ 11,070,230 $ 10,603,067 1. 10099$1,173,243$861,330 2. 100 082 PCSC 2011 ANNUAL REPORT

() 1001231 $ 1,432,614 $ - $ 1,432,614 $ - $ - $ 1,432,614 906,835 55,374 962,209 ( 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) $ 8,540,837 991231 $ 1,432,614 $ - $ 1,432,614 $ - $ - $ 1,432,614 906,835 55,374 962,209 ( 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 () 10099 100 99 - $ 722,520 $ - $ 729,928 $ - - 54,689 - - - $ 777,209 $ - $ 729,928 $ - () 1001231 991231 $ 915,084 $ - $ 915,084 $ 915,084 $ - $ 915,084 424,092 ( 90,775) 333,316 424,091 ( 76,614) 347,477 $ 1,339,176 ($ 90,775) $ 1,248,400 $ 1,339,175 ($ 76,614) $ 1,262,561 () 1001231 991231 $ 1,220,739 $ 1,122,143 488,576 502,210 395,868 361,049 262,656 117,857 508,456 433,549 $ 2,876,295 $ 2,536,808 () 1001231 991231 $ 6,789,515 $ 5,336,688 491,889 551,997 829,854 634,799 $ 8,111,258 $ 6,523,484 () 1001231 991231 $ 1,062,438 $ 917,181 I-Cash 715,080 758,609 207,198 59,269 147,583 47,323 $ 2,132,299 $ 1,782,382 PCSC 2011 ANNUAL REPORT 083

() 1001231 991231 $ 3,400,000 $ 5,000,000 0.90%~1% 0.67% 0.69% 23 () 1. 9471 6 15()15 458.3%8.9% (1) 100 99 $ 40,863 $ 49,276 41,768 47,669 ( 16,318) ( 17,898) - ( 4,967) 64,779 61,524 $ 131,092 $ 135,604 (2) 1001231 991231 ($ 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) 1,079,254 932,459 ( 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) 1001231 991231 1.90% 1.75% 4.00% 4.00% 1.90% 1.75% 2. 9471 6% 10099 $150,763$123,464 084 PCSC 2011 ANNUAL REPORT

() 1. 100 99 $ 604,528 $ 792,563 ( 29,133) ( 1,354) - 740 ( 28,148) ( 7,952) - 14 530,808 119,168 $ 1,078,055 $ 903,179 $ 1,071,686 $ 903,179 10% 6,369 - $ 1,078,055 $ 903,179 2. 1001231 991231 ( ) $ 118,471 $ 20,140 $ 55,925 $ 9,507 23,569 4,007 2,703 460 4,978 846 7,468 1,270 $ 24,993 $ 11,237 ( - ) $ 1,124,219 $ 191,117 $ 747,155 $ 127,016 54,689 9,297 - - 46,787 7,954 - - ( 52,455) ( 8,917) - - 199,451 127,016 ( 191,117) ( 127,016) $ 8,334 $ - 3. 98 4. $ 38,339 - - 5. 1001231 991231 86 $ 26,823 $ 26,823 87 6,416,424 5,726,078 $ 6,443,247 $ 5,752,901 6. 1001231 991231 $ 551,501 $ 132,244 100() 99() 8.6% 20.45% 1001001231 87 PCSC 2011 ANNUAL REPORT 085

() 100991231$10,500,0001,050,000,000 1,039,622,25510 () 1. 10% 1%0.2% 80%100%50%100% 100622 1% 2% 2. 3. 4. 100622996159998 99 98 () () $ 572,575 $ 405,913 ( ) ( 4,660) 4,660 5,094,149 $ 4.90 3,742,640 $ 3.60 309,471 218,913 51,578 36,486 $ 6,023,113 $ 4,408,612 99100318 99 086 PCSC 2011 ANNUAL REPORT

5. 101321100 100 () $ 635,241 768,822 4,990,187 $ 4.8 296,901 98,967 $ 6,790,118 100101323 6. 100$296,901$98,967100 ( 6%2%) () 100 () $ 7,430,465 $ 6,352,410 1,039,622,255 $ 7.15 $ 6.11 - - 1,854,471 $ 7,430,465 $ 6,352,410 1,041,476,726 $ 7.13 $ 6.10 99 () $ 6,628,936 $ 5,725,757 1,039,622,255 $ 6.38 $ 5.51 - - 2,364,175 $ 6,628,936 $ 5,725,757 1,041,986,430 $ 6.36 $ 5.50 () 100 99 $ 4,421,004 $ 4,090,073 321,414 267,403 322,045 264,577 321,964 305,002 $ 5,386,427 $ 4,927,055 $ 1,923,839 $ 1,748,365 $ - $ - $ 125,190 $ 142,340 PCSC 2011 ANNUAL REPORT 087

() ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( BVI) ( 100 2 ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( 100 10 ) 088 PCSC 2011 ANNUAL REPORT

( ) ( 100 2 ) ( ) 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

() 1. (1) 100 99 $ 525,332 30 $ 451,912 28 61,830 4 22,740 1 39,698 2 38,907 3 $ 626,860 36 $ 513,559 32 (2) 100 99 $ 351,547 18 $ 263,887 15 172,674 9 148,421 9 86,172 5 45,902 3 $ 610,393 32 $ 458,210 27 2. () 100 99 $ 46,770,244 56 $ 40,365,498 52 22,221,357 27 20,584,012 26 10,006,527 12 10,989,223 14 2,938,015 4 2,743,652 3 398,892-992,730 1 $ 82,335,035 99 $ 75,675,115 96 (1) (2) 3. () 100 99 $ 216,562 64 $ 214,857 65 90,830 27 85,026 26 29,669 9 28,470 9 $ 337,061 100 $ 328,353 100 090 PCSC 2011 ANNUAL REPORT

4. 100 99 (1) $ 129,562 59 $ 109,259 61 (2) ( ) $ 243,330 32 $ 247,277 40 (3) $ 142,890 100 $ 140,122 100 (4) $ 562,322 62 $ 561,188 62 (5) $ 70,676 36 $ 75,428 51 (6) $ 40,318 32 $ 39,194 39 30,967 25 30,457 30 22,940 18 5,509 5 17,363 14 8,754 9 $ 111,588 89 $ 83,914 83 (7) $ 48,894 6 $ 38,185 6 44,834 6 25,683 4 27,420 4 18,200 3 $ 121,148 16 $ 82,068 13 (8) $ 23,454 16 20,330 14 23,414 16 13,683 9 11,030 8 9,428 6 $ 57,898 40 $ 20,330 29 (9) $ 48,515 90 $ 46,638 93 PCSC 2011 ANNUAL REPORT 091

5. (1) () 100 99 $ 211,310 52 $ 223,224 55 157,066 39 144,204 36 34,918 9 35,915 9 $ 403,294 100 $ 403,343 100 (2) () 100 99 $ 30,305 $ 28,689 9,739 8,743 22,659 17,089 $ 62,703 $ 54,521 (3) 100 99 (BVI) $ 132,377 37 $ 90,440 30 20,201 6 18,265 6 20,013 6 17,221 6 114,563 32 123,645 41 $ 287,154 81 $ 249,571 83 6. () 100 99 $ 30,052 6 $ 64,520 14 8,326 2 1,131-13,926 2 23,391 5 $ 52,304 10 $ 89,042 19 $ 66,423 7 $ 61,146 8 64,791 7 38,437 5 BVI 51,465 5 40,832 5 30,727 3 9,707 1 30,432 3 35,076 4 18,735 2 17,455 2 86,686 9 72,500 9 $ 349,259 36 $ 275,153 34 $ 5,879,315 50 $ 4,101,463 42 3,226,874 27 3,116,100 32 1,198,106 10 1,637,483 17 542,817 5 307,031 3 267,514 2 223,122 1 $ 11,114,626 94 $ 9,385,199 95 $ 102,761 4 $ 58,335 2 13,865-8,632-13,698-5,370-12,179-12,065-56,428 2 14,511 1 $ 198,931 6 $ 98,913 3 092 PCSC 2011 ANNUAL REPORT

7. 100 99 1,243,000 $ 92,090 2,290,155 $ 29,406 8,970,166 226,712 10,458,000 130,725 $ 318,802 $ 160,131 8. 100 99 $ 204,575 $ 178,677 6,123 5,695 106,141 57,257 $ 316,839 $ 241,629 (1) (2) (3) 9. 100991231 1001231 991231 $ - $ 600,000 2,385 1,034-60,000 50,000 50,000 29,978 22,540 $ 82,363 $ 733,574 ( ) $ - $ - 10. (1) $622,158104610012 31$268,916 (2) 102 121001231 101 $ 5,212 102 1,314 $ 6,526 PCSC 2011 ANNUAL REPORT 093

() n () 7-ELEVE Inc. () () 1. 94615186.5 2. 9611110110315 101 $ 16,164 () 320100 1231$122,431$1,022,849 101 $ 4,876,443 102 4,651,368 103 4,268,180 104 3,837,713 105 3,325,278 106 ( $7,909,898) 8,218,686 $ 29,177,668 () 101321100() () 10132132,820 094 PCSC 2011 ANNUAL REPORT

() 1001231 991231 $ 11,312,125 $ - $ 11,312,125 $ 5,897,044 $ - $ 5,897,044 6,350,000 6,350,000-9,060,250 9,060,250-7,667,281 - - 8,613,020 - - 898,243 898,243-1,533,932 1,533,932-1,034,589-1,005,249 995,245-938,017 $ 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 1,853,952-1,765,665 1. () 2. 3. 4. () 1 0 0 9 9 ($635,689)($274,968) () 1 0 0 9 9 1 2 3 1 $ 3, 4 0 0, 0 0 0 $5,000,000 () 1. 2. PCSC 2011 ANNUAL REPORT 095

() 1. (1) (2) (3) (4) 1001231 991231 () 454,500 0.3906 460,200 0.3582 93,685 30.28 105,828 29.13 2. (1) (2) 3. (1) (2) (3) 90 4. (1) (2) (3) 096 PCSC 2011 ANNUAL REPORT

() 100 1. 2. (2) (2) $ 4,138,862 $ 3,512 $ 2,385 $ - 0.01 $ 10,347,155 4,138,862 50,000 50,000-0.24 10,347,155 4,138,862 60,000 - - - 10,347,155-1 4,138,862 29,978 29,978-0.14 10,347,155 () 1 4,138,862 53,304 - - 0.26 10,347,155 1 250%20% 3. / 76,289,289 $ 1,000,000 - $ 1,000,000 31,020,449 500,000-500,000 32,756,170 500,000-500,000 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 35,064,835 500,000 500,000 33,443,250 500,000 500,000 6,350,000 $ 6,350,000 - $ 6,350,000 34,567,837 $ 140,534 2.69 $ 494,320 - Duskin 300,000 125,072 0.45 177,528 18,556,967 948,261 0.25 226,395 1,213,867 $ 898,243 ( 315,624) $ 898,243 130,801,027 $ 5,395,902 19.50 209,000,000 1,556,478 19.00 44,100,000 441,000 3.33 273,901 $ 7,667,281 106,575,196 $ 2,782,507 100.00 $ 2,782,507 PCSC 2011 ANNUAL REPORT 097

/ 40,000,000 825,948 100.00 825,948 70,000,000 793,006 70.00 774,164 55,858,816 679,289 80.87 632,012 112,000,000 600,740 70.00 600,740 19,909,765 585,963 73.74 427,165 48,519,891 556,407 90.00 507,846 25,714,476 463,855 86.00 355,014 19,563,272 456,790 60.00 451,323 24,382,922 320,742 86.76 307,589 8,431,269 270,321 51.00 217,849 10,847,421 258,313 100.00 261,915 10,000,000 231,464 50.03 231,464 15,000,000 221,442 100.00 218,294 12,244,390 145,585 100.00 145,585 10,200,000 143,270 51.00 143,270 53,194,997 136,750 100.00 136,750 7,200,000 109,554 53.33 101,782 72,000,000 607,466 20.00 607,466 10,691,337 263,122 30.00 263,122 6,430,000 152,442 25.00 144,490 465,254 30.00%~100.00% 464,168 $ 11,070,230 $ 10,600,463-4. / / / ( ) / - $ - 297,845,031 $ 4,340,000 205,417,895 $ 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 1,500,000 552-32,756,170 500,000 - - 93,161,869 1,500,000 62,141,420 1,000,911 1,000,000 911-31,020,449 500,000 119,727,655 1,660,000 - - 119,727,655 1,666,068 1,660,000 6,068 - - - 64,675,105 1,000,000 - - 64,675,105 1,000,336 1,000,000 336 - - - 86,838,723 1,000,000 86,725,756 1,000,000 173,564,479 2,003,774 2,000,000 3,774 - - - 169,392,235 2,400,000 70,136,065 1,000,000 204,463,465 2,905,392 2,900,000 5,392-35,064,835 500,000 - - 41,605,645 500,000 41,605,645 501,194 500,000 1,194 - - - - - 165,930,511 2,000,000 83,046,822 1,001,968 1,000,000 1,968-82,883,689 1,000,000 - - 168,302,945 1,800,000 168,302,945 1,802,070 1,800,000 2,070 - - - 153,544,969 2,000,000 229,281,424 3,000,000 306,537,104 4,003,305 4,000,000 3,305-76,289,289 1,000,000 ING - - 222,643,348 3,500,000 159,098,027 2,501,392 2,500,000 1,392-63,545,321 1,000,000 - - 66,892,541 1,000,000 33,449,291 500,090 500,000 90-33,443,250 500,000 ( ) 20,000,000 189,885 - - 20,000,000 270,000 189,885 80,115 - - - ( ) 16,744,310 216,128 8,970,166 227,394 - - - - 20,333 25,714,476 463,855 5. 6. 098 PCSC 2011 ANNUAL REPORT

( ) 7. ( ) ( ) ( ) ( ) $ 46,770,244 56 10~54 ($ 5,879,315) ( 50) 22,221,357 27 20~70 ( 3,226,874) ( 27) 10,006,527 12 30~60 ( 1,198,106) ( 10) 2,938,015 4 30~40 ( 542,817) ( 5) 358,743-45 ( 67,150) ( 1) 117,644-55 ( 22,099) - - () 8. 9. () 1. () () BVI $ 3,931,281 $ 2,558,698 106,575,196 100.00 $ 2,782,507 ($ 339,701) ($ 340,954) 288,559 288,559 40,000,000 100.00 825,948 338,412 338,412 711,576 711,576 70,000,000 70.00 793,006 233,381 162,811 904,475 904,475 55,858,816 80.87 679,289 51,702 41,812 720,000 720,000 72,000,000 20.00 607,466 101,513 11,291 1,680,000 1,680,000 112,000,000 70.00 600,740 ( 136,868) ( 95,807) 330,216 330,216 19,909,765 73.74 585,963 271,010 202,920 520,141 520,141 48,519,891 90.00 556,407 13,439 11,789 320,741 93,348 25,714,476 86.00 463,855 73,110 42,604 237,437 237,437 19,563,272 60.00 456,790 268,200 160,244 332,482 332,482 24,382,922 86.76 320,742 73,133 63,755 133,367 41,000 8,431,269 51.00 270,321 205,591 96,347 59,400 59,400 10,691,337 30.00 263,122 424,544 127,363 50,000 50,000 10,847,421 100.00 258,313 102,102 98,131 100,400 100,400 10,000,000 50.03 231,464 221,828 110,969 150,000 150,000 15,000,000 100.00 221,442 55,966 58,501 91,414 91,414 6,430,000 25.00 152,442 182,512 45,410 170,000 170,000 12,244,390 100.00 145,585 21,073 21,073 102,000 102,000 10,200,000 51.00 143,270 74,604 38,023 728,037 728,037 53,194,997 100.00 136,750 77 77 74,304 74,304 7,200,000 53.33 109,554 41,750 22,272 1,802,369 1,389,584 - - 465,254 ( 12,567) ( 43,800) PCSC 2011 ANNUAL REPORT 099

() () () $ 189,124 $ 168,400 - - $ 364,903 - - B.V.I. 20,684 20,684 20,684,321 100 90,088 36,945 90,088,347 100 62,959 ( 10,964) - Presiclerc Limited 18,743 18,743 - - 381 - - Philippine Seven Corp. 20,656 20,656 196,160,457 57 21,951 21,465 5,222 4,801 - - () 36,273 14,633-100 18,745 ( 10,692) - () 5,437 3,562-50 3,257 ( 2,423) - 1,800 1,800-30 14,325 23,390-14,455 14,455-100 3,498 ( 882) - 12,963 12,963-100 5,866 ( 2,672) - 4,078 4,078-55 14,715 4,373 - - - - - 4,427 - - 6,000 6,000-100 47,772 25,237 - - - - - 5,659 - - 2. (1) ( ) ( ) ( ) ( ) ( ) $ 44,446 $ - - $ - $ - - $ - $ 50,000 $ 227,039 23,840 23,840 - - - - - 50,000 227,039 40%50,000 $0 (2) ( ) ( ) $ 82,561 $ 2,000 $ - $ - - $ 206,404 52,384 7,000 7,000 7,000 2.67 130,960 50%20% 100 PCSC 2011 ANNUAL REPORT

(3) ($100,000) 8,382,099 $ 135,169 $ 135,169 4,414,002 71,147 71,147 4,822,398 70,436 70,436 216,431 216,431 530,000 530,000 72,896 72,896 124,186 21,368 21,367 ING 1,332,374 15,758 15,758 27,559 27,559 67,266 11,574 11,574 199,957 34,405 34,405 662,471 9,764 9,764 3,583,690 50,000 50,000 160,038 160,039 8,245,776 115,046 115,046-7,957,569 97,082 97,082 83,997 103,874 110,677 112,599 ( ) 163,389 163,389 ( ) 133,118 133,576 DUSKIN CHINA (BVI) HOLDING LIMITED 58,283 $ 1,446,521 100.00 $ 1,452,334 ( ) ( ) 136,139 1,881,162 B.V.I. 2,646,333 Philippine Seven Corp. 196,160,457 649,956 56.59 600,338 ( ) 102,930 PCSC 2011 ANNUAL REPORT 101

(4) / / / ( ) / ING 119,113 $ 20,366 7,044,837 $ 1,209,350 7,096,684 $ 1,218,324 $ 1,218,143 $181 $ 559 67,266 $ 11,574 - - 25,771,503 400,000 25,771,503 400,042 400,000 42 - - - 5,374,074 70,000 35,957,009 470,000 33,702,154 440,507 440,000 507-7,628,929 100,000 - - 24,166,221 360,000 24,166,221 360,224 360,000 224 - - - - - 20,699,085 325,000 18,792,725 295,163 295,000 163-1,906,360 30,000 - - 8,333,472 100,000 8,333,472 100,032 100,000 32 - - - 4,203,501 65,000 10,963,100 170,000 15,166,601 235,144 235,000 144 - - - 9,374,707 100,000 24,302,436 260,000 33,677,143 360,408 360,000 408 - - - - - 42,194,104 620,000 35,408,969 520,364 520,000 364-6,785,135 100,000 6,946,495 80,000 51,918,957 600,000 50,236,505 580,530 580,000 530-8,628,947 100,000 6,889,425 100,000 20,611,602 300,000 27,501,027 400,624 400,000 624 - - - 6,352,209 90,000 28,830,997 410,000 28,170,239 400,631 400,000 631-7,012,967 100,000 1,442,502 20,000 33,081,471 460,000 34,523,973 480,378 480,000 378 - - - 6,320,963 80,000 23,587,473 300,000 22,057,293 280,279 280,000 279-7,851,143 100,000 4,998,621 80,000 18,540,186 298,000 19,124,805 307,496 307,000 496 147 4,414,002 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 11,616,321 169,000 12,437,252 181,000 180,501 499 196 3,888,697 56,798 1,362,356 21,841 - - 1,362,356 21,852 21,841 11 - - - 123,658 21,137 1,123,379 192,650 1,122,851 192,521 192,427 93 8 124,186 21,367 1,085,162 17,396 12,862,735 206,700 12,673,574 213,660 213,564 96 8 1,274,323 10,540 1,219,254 15,874 22,727,173 296,950 22,648,099 295,970 295,811 159 5 1,298,328 17,018 - - 9,342,176 $133,000 9,342,176 $133,033 $133,000 33 - - - - - 13,751,772 165,000 13,751,772 165,034 165,000 34 - - - - - 2,667,807 458,000 2,667,807 458,128 458,000 128 - - - 4,981,028 69,000 43,713,863 607,000 48,694,891 676,294 676,000 294 - - - 395,671 6,343 33,949,511 545,390 31,208,587 519,935 519,828 107 7 3,136,595 31,912 2,692,087 35,058 58,960,156 770,160 58,525,571 764,450 764,242 208 8 3,126,672 40,984 1,442,658 20,000 62,329,564 867,000 55,526,446 772,209 771,980 230 25 8,245,776 115,046 102 PCSC 2011 ANNUAL REPORT

/ / / ( ) / ( ) 36,945,112 542,636 53,143,236 1,609,177 - - - - ( 245,417) 90,088,347 1,906,396-216,381-655,245 - - - - ( 304,029) - 567,597 - (5) 2011.5.1 $ 278,500 $174,063 2011.9.1 $ 135,643 (6) (7) ( ) ( ) ( ) ( ) ( ) $ 7,910,912 38 30~55 ($ 870,087) ( 26) 1,541,609 7 45 ( 269,813) ( 8) 124,615 1 50 ( 34,545) ( 1) 108,287 1 30 ( 9,641) - 130,768 1 50 ( 26,067) ( 1) 162,716 1 65 ( 41,904) ( 1) ( 22,559,849) ( 99) 20~70 3,396,395 98 ( 278,053) ( 1) 45 45,107 1 143,768 1 30~40 ( 25,527) ( 1) ( 651,655) ( 72) 30 113,082 71 PCSC 2011 ANNUAL REPORT 103

( ) ( ) ( ) ( ) ( ) 503,806 5 65 ( 122,351) ( 5) 268,162 3 60 ( 45,058) ( 2) 373,072 4 60 ( 35,081) ( 1) ( 10,341,864) ( 92) 30~60 1,187,300 95 ( 1,537,641) ( 100) 45 269,852 100 111,645 10 60 ( 23,819) ( 8) 580,238 28 30 ( 53,786) ( 23) 477,247 23 30 ( 46,405) ( 20) ( 256,101) ( 5) 30 35,255 18 ( 874,290) ( 44) 20 73,480 38 ( 637,421) ( 32) 20 61,254 32 ( 243,127) ( 12) 20 35,548 18 ( 258,573) ( 78) 15~20 27,282 73 ( 455,322) ( 34) 65 137,220 37 ( 464,180) ( 76) 40 99,125 82 ( 202,274) ( 90) 60 18,707 78 ( 470,675) ( 75) 40 93,726 82 ( 133,735) ( 21) 20 19,057 17 ( 197,796) ( 3) 30~45 24,487 3 $ 5,666,199 98 52 ($ 759,028) ( 98) ( 46,280,743) ( 87) 10~54 3,852,138 80 ( 5,408,314) ( 10) 45~60 760,362 16 2,389,379 5 30 ( 193,557) ( 3) 2,366,358 5 30~95 ( 290,459) ( 4) 736,386 1 15~70 ( 93,117) ( 1) 1,307,903 3 30~70 ( 334,941) ( 4) 104 PCSC 2011 ANNUAL REPORT

( ) ( ) ( ) ( ) ( ) ( 536,201) ( 1) 15~28 59,463 10 284,358 1 30~50 ( 52,528) ( 1) 291,462 1 30~60 ( 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 35,121 36 114,673 3 60 ( 11,359) ( 2) ( 137,132) ( 23) 45 40,503 46 ( 130,588) ( 36) 50 26,188 80 ( 1,556,609) ( 51) 75 323,621 51 ( 105,253) ( 3) 30-90 13,140 2 185,950 11 45 9,329 ( 3) (8) $ 3,396,395 6.75 $ - - $ 3,396,395 $ - 3,852,138 12.81 - - 2,199,044-760,362 7.26 - - 760,362-1,187,300 5.30 - - 1,187,300-269,852 6.24 - - 269,852-563,339 1.00 - - 563,339-106,140 - - - 106,140-113,082 7.34 - - 16,353-222,821 16.39 - - 180,011-137,220 3.35 - - 29,608-323,621 4.33 - - 323,621 - (9) PCSC 2011 ANNUAL REPORT 105

() 1. ( 7) $ 373,169 ( 1) $ 60,560 - - $ 60,560 30.00 $ 223,668 $ 433,956-7 ( ) 240,500 ( 2) - - - - 36.94 ( 30,021) ( 116,608) - 6 ( ) 1,154,400 ( 3) 443,100 655,245-1,098,345 100.00 ( 323,767) 567,597-6 ( ) 499,620 ( 3) 107,863 56,775-164,638 50.00 ( 36,690) 98,624-6 ( ) 268,886 ( 4) 77,214 59,918-137,132 51.00 ( 28,711) 42,024-6 481,000 ( ) ( 5) 263,315 - - 263,315 65.00 ( 28,930) 53,190-7 274,170 ( 3) 145,193 - - 145,193 100.00 ( 15,618) ( 91,280) - 7 288,600 ( 3) 123,482 - - 123,482 55.00 60,690 445,584-7 384,800 ( 3) 307,342 - - 307,342 100.00 ( 40,523) 26,598-7 481,000 ( 3) 394,034 - - 394,034 100.00 ( 80,908) 177,634-7 437,686 ( 3) 437,697 - - 437,686 100.00 ( 26,708) 105,918-6 60,560 ( 3) 60,560 - - 60,560 100.00 ( 14,295) 32,453-6 ( ) 119,524 ( 3) 16,224 37,431-53,655 81.00 ( 21,771) 32,948-6 106 PCSC 2011 ANNUAL REPORT

( 7) ( ) 16,351 16,351 15,443 31,794 74.00 ( 23,252) 258 6 ( ) 60,590 ( 3) 30,901 - - 30,901 51.00 ( 15,660) 8,547-6 192,400 43,694 46,783 90,477 30.00 ( 9,084) 78,122-7 ( ) 135,261 20,288-20,288 8.00-20,288-7 1(B.V.I.) 2(B.V.I.)Preciclerc Limited 3(B.V.I.) 4(B.V.I.) 5 6 7 $ 2,576,919 $ 4,183,061 $ 12,416,585 90,840 91,748 257,452 21,196 21,196 168,553 89,923 89,923 451,323 2. (1) (2) (3) (4) ()2. (5) () 2.(1) (6) PCSC 2011 ANNUAL REPORT 107

1001231 $ 1,762,049 2,831,992 101.2.16 102.7.9 0.66% 1.19% 1,316,838 0.65% 0.67% 3,900,143 $ 9,811,022 ( ) ( ) 1001231 31,020,449 $ 10 $ 310,204 $ 500,000 $ 16.1184 $ 500,000 32,756,170 $ 10 327,562 500,000 15.2643 500,000 82,883,689 $ 10 828,837 1,000,000 12.0651 1,000,000 92,427,136 $ 10 924,271 1,350,000 14.6061 1,350,000 76,289,289 $ 10 762,893 1,000,000 13.1080 1,000,000 ING 63,545,321 $ 10 635,453 1,000,000 15.7368 1,000,000-35,064,835 $ 10 350,648 500,000 14.2593 500,000 33,443,250 $ 10 334,433 500,000 14.9507 500,000-6,350,000 $ 6,350,000 $ 6,350,000 1001231 $ 3,658,771 $ 3,906,647 108 PCSC 2011 ANNUAL REPORT

100111001231 122,611,122 $ 6,818,529 8,189,905 $ - - $ - 130,801,027 $ 6,818,529 209,000,000 2,321,500 - - - - 209,000,000 2,321,500 50,000,000 500,000 - - ( 5,900,000) ( 59,000) 44,100,000 441,000 20,000,000 260,433 - - ( 20,000,000) ( 260,433) - - 20,000,000 203,714 - - - - 20,000,000 203,714 19,930,000 199,300 - - - - 19,930,000 199,300 244,211 - - - ( 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 $ 7,667,281 100111001231 () 77,052,937 $ 2,081,638 29,522,259 $ 1,041,823 - ($ 340,954) 106,575,196 100.00% $ 2,782,507 $ 26.11 $ 2,782,507 50,513,148 1,001,117 - - ( 50,513,148) ( 1,001,117) - - - - - 40,000,000 754,736-338,412 - ( 267,200) 40,000,000 100.00% 825,948 20.65 825,948 70,000,000 616,148-176,858 - - 70,000,000 70.00% 793,006 11.06 774,164 53,504,613 637,479 2,354,203 41,810 - - 55,858,816 80.87% 679,289 11.31 632,012 72,000,000 596,175-11,291 - - 72,000,000 20.00% 607,466 8.44 607,466 112,000,000 696,547 - - - ( 95,807) 112,000,000 70.00% 600,740 5.36 600,740 17,520,594 472,631 2,389,171 201,189 - ( 87,857) 19,909,765 73.74% 585,963 21.46 427,165 47,061,000 544,180 1,458,891 12,228 - - 48,519,891 90.00% 556,407 10.47 507,846 16,744,310 216,128 8,970,166 269,997 - ( 22,270) 25,714,476 86.00% 463,855 13.81 355,014 19,563,272 434,374-164,574 - ( 142,158) 19,563,272 60.00% 456,790 23.07 451,323 24,382,922 298,693-63,755 - ( 41,706) 24,382,922 86.76% 320,742 12.61 307,589 5,096,300 128,704 3,334,969 190,429 - ( 48,813) 8,431,269 51.00% 270,321 25.84 217,849 PCSC 2011 ANNUAL REPORT 109

10,691,337 224,497-127,363 - ( 88,738) 10,691,337 30.00% 263,122 24.61 263,122 10,847,421 250,753-98,125 - ( 90,565) 10,847,421 100.00% 258,313 24.15 261,915 10,000,000 205,494-110,969 - ( 85,000) 10,000,000 50.03% 231,464 23.15 231,464 15,000,000 216,810-59,266 - ( 54,635) 15,000,000 100.00% 221,442 14.55 218,294 () 6,430,000 141,240-47,532 - ( 36,330) 6,430,000 25.00% 152,442 22.47 144,490 10,465,291 124,512 1,779,099 21,073 - - 12,244,390 100.00% 145,585 11.89 145,585 10,200,000 53,194,997 133,768-38,430 - ( 28,927) 10,200,000 51.00% 143,270 14.05 143,270 360,280-77 - ( 223,608) 53,194,997 100.00% 136,750 2.57 136,750 7,200,000 111,906-22,272 - ( 24,624) 7,200,000 53.00% 109,554 14.14 101,782 ( ) 355,257 316,206 ( 206,209) 465,254 464,168 $ 10,603,067 $ 3,353,681 ($ 2,886,517) $ 11,070,230 100111001231 $ 1,432,614 $ - $ - $- $ 1,432,614 906,835 - - - 906,835 55,374 - - - 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) $ - $ 21,068,936-100111001231 $ 191,059 $ 18,502 $ - $ - $ 209,561 4,093 1,365 - - 5,458 8,236,817 1,168,462 ( 914,055) - 8,491,224-3,631,709 735,487 ( 607,112) - 3,760,084 9,569 23 ( 2,509) - 7,083 $ 12,073,247 $ 1,923,839 ($ 1,523,676) $ - $ 12,473,410 110 PCSC 2011 ANNUAL REPORT

100111001231 $ 1,400,000 100.11.09~102.11.09 0.95% 1,000,000 100.01.31~102.01.31 0.9197% ( ) 200,000 100.08.05~102.06.30 0.90% 500,000 100.01.01~102.02.28 1% - 300,000 100.07.31~103.07.31 0.90% $ 3,400,000 100111001231 $ 118,751,042 3,961,683 $ 122,712,725 100111001231 $ 2,931,645 85,129,915 ( 1,428,885) ( 337,061) ( 3,658,771) 1,580,533 220,040 $ 84,437,416 100111001231 $ 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

100100111001231 101323 112 PCSC 2011 ANNUAL REPORT

(101)11003549 : 100991231100991112 31 10099 12313,043,1552,531,9004.09 % 3.66%100997,401,4126,292,617 3.91%3.70%100 1004,343100 123181,637 10099123110099111231 (82)()39230 (79)()27815 101323 PCSC 2011 ANNUAL REPORT 113

100991231 1001231 991231 % 1100 ( ( )) $ 16,380,040 22 $ 10,806,847 16 1310 ( ( )) 7,520,591 10 10,143,908 15 1140 ( ) 3,609,497 5 2,730,017 4 1164 ( ) 1,884,593 3 1,806,147 2 120X ( ( )) 10,468,975 14 9,259,690 13 1260 ( ) 1,042,895 1 1,127,994 2 1281 ( ( )) 278,285-579,543 1 11XX 41,184,876 55 36,454,146 53 1450 ( ( )) 995,325 1 1,854,622 3 1480 ( ( )) 7,751,278 11 8,699,938 12 1421 ( ( )) 769,031 1 681,540 1 14XX 9,515,634 13 11,236,100 16 ( ( )( ) ) 1501 2,208,284 3 2,207,181 3 1521 2,974,959 4 2,699,539 4 1551 3,543,743 5 2,920,296 4 1571 18,160,000 24 17,086,770 25 1631 10,844,236 15 9,832,917 14 1681 3,801,210 5 3,664,469 6 15X8 55,374-55,374-15XY 41,587,806 56 38,466,546 56 15X9 ( 23,532,544) ( 32) ( 22,101,394) ( 32) 1599 ( 92,182) - ( 12,405) - 1670 800,764 1 344,715-15XX 18,763,844 25 16,697,462 24 ( ( )) 1750 370,400 1 300,953-1760 588,472 1 397,800 1 1780 182,706-222,719-17XX 1,141,578 2 921,472 1 1800 ( ( )) 960,844 1 971,735 2 1810 171,706-177,306-1820 ( ) 2,047,623 3 1,970,447 3 1888 ( ( )) 587,554 1 659,664 1 18XX 3,767,727 5 3,779,152 6 1XXX $ 74,373,659 100 $ 69,088,332 100 114 PCSC 2011 ANNUAL REPORT

100991231 1001231 991231 % 2100 ( ( )) $ 2,759,583 4 $ 1,460,587 2 2110 240,000-395,919-2120 ( ) 1,849,533 3 1,018,570 1 2140 15,299,066 21 13,602,095 20 2150 ( ) 2,557,973 3 2,524,931 4 2160 ( ( )) 962,191 1 1,116,953 2 2170 ( ( ) ) 6,392,853 9 5,584,840 8 2228 ( ( )) 9,752,068 13 8,687,694 13 2260 2,870,726 4 2,485,707 4 2270 ( ( ) ) 161,930-161,906-21XX 42,845,923 58 37,039,202 54 2420 ( ( )) 3,795,015 5 5,387,704 8 2450 ( ) 163,759-138,834-24XX 3,958,774 5 5,526,538 8 2810 ( ( )) 734,302 1 624,265 1 2820 2,165,781 3 2,087,816 3 2888 445,075-413,288-28XX 3,345,158 4 3,125,369 4 2XXX 50,149,855 67 45,691,109 66 ( ( )) 3110 10,396,222 14 10,396,222 15 3240 5,082-5,082 - ( ( )) 3310 4,618,579 6 4,046,004 6 3320 - - 4,660-3350 6,443,247 9 5,752,901 8 3420 ( 51,876) - ( 222,559) - 3430 ( ( )) ( 132,771) - ( 55,514) - 3450 ( ( )) ( 634,091) ( 1) 234,124-3460 49,917-51,281-361X 20,694,309 28 20,212,201 29 3610 3,529,495 5 3,185,022 5 3XXX 24,223,804 33 23,397,223 34 ( ) ( ) $ 74,373,659 100 $ 69,088,332 100 101 3 23 PCSC 2011 ANNUAL REPORT 115

10099111231 () 100 99 % % ( ) 4110 $ 174,961,995 92 $ 158,314,056 93 4800 14,289,573 8 11,602,863 7 4000 189,251,568 100 169,916,919 100 ( ( )( ) ) 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) 5910 60,367,967 32 53,955,791 32 ( ( ) ) 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) 6900 8,919,750 5 7,650,829 5 7110 84,758-29,451-7122 112,648-42,572-7140 118,918-335,076-7210 87,387-83,686-7480 905,964 1 984,454 1 7100 1,309,675 1 1,475,239 1 7510 ( 95,411) - ( 88,359) - 7521 ( ( )) ( 35,313) - ( 140,610) - 7530 ( 74,575) - ( 44,658) - 7630 ( ( )( )) ( 812,955) ( 1) ( 757,831) ( 1) 7880 ( 249,513) - ( 203,724) - 7500 ( 1,267,767) ( 1) ( 1,235,182) ( 1) 7900 8,961,658 5 7,890,886 5 8110 ( ( )) ( 1,802,739) ( 1) ( 1,522,471) ( 1) 9600XX $ 7,158,919 4 $ 6,368,415 4 9601 $ 6,352,410 3 $ 5,725,757 3 9602 806,509 1 642,658 1 ( ( )) $ 7,158,919 4 $ 6,368,415 4 9710 $ 8.62 $ 6.89 $ 7.59 $ 6.13 9740AA ( 0.98) ( 0.78) ( 0.81) ( 0.62) 9750 $ 7.64 $ 6.11 $ 6.78 $ 5.51 9810 $ 8.61 $ 6.88 $ 7.58 $ 6.12 9840AA ( 0.98) ( 0.78) ( 0.81) ( 0.62) 9850 $ 7.63 $ 6.10 $ 6.77 $ 5.50 101 3 23 116 PCSC 2011 ANNUAL REPORT

10099111231 9 9 99 1 1 $ 10,396,222 $ 5,082 $ 3,640,091 $ - $ 4,180,357 $ 56,081 ($ 4,660) $ 595,033 $ 52,646 $ 2,872,934 $ 21,793,786 98 ( ) - - 405,913 - ( 405,913) - - - - - - - - - 4,660 ( 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) 99 - - - - 5,725,757 - - - - 642,658 6,368,415 99 12 31 $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 3,185,022 $ 23,397,223 1 0 0 100 1 1 $ 10,396,222 $ 5,082 $ 4,046,004 $ 4,660 $ 5,752,901 ($ 222,559) ($ 55,514) $ 234,124 $ 51,281 $ 3,185,022 $ 23,397,223 99 ( ) - - 572,575 - ( 572,575) - - - - - - - - - ( 4,660) 4,660 - - - - - - - - - - ( 5,094,149) - - - - - ( 5,094,149) 100 - - - - 6,352,410 - - - - 806,509 7,158,919 - - - - - - - - ( 1,364) - ( 1,364) - - - - - - - ( 868,215) - - ( 868,215) - - - - - 170,683 - - - - 170,683 - - - - - - ( 77,257) - - - ( 77,257) - - - - - - - - - ( 462,036) ( 462,036) 100 12 31 $ 10,396,222 $ 5,082 $ 4,618,579 $ - $ 6,443,247 ($ 51,876) ($ 132,771) ($ 634,091) $ 49,917 $ 3,529,495 $ 24,223,804 99 98 $309,471 $218,913 $51,578 $36,486 99 98 101 3 23 PCSC 2011 ANNUAL REPORT 117

10099111231 100 99 7,158,919 $ 6,368,415 ( ) ( 1,065) 2,107 32,028 5,662 33,413 28,356 4,099,386 3,686,102 10,891 14,170 324,791 330,799 ( 80,159) ( 315,283) 812,955 757,831 35,313 140,610 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) 814,472 808,013 1,289,437 1,357,390 186,259 385,019 ( 161,213) 32,780 91,967 18,295,289 12,404,626 275,342 252,853 33,333-118 PCSC 2011 ANNUAL REPORT

10099111231 100 99 ( 134,980) ( 127,070) - 7,355 ( 6,813,621) ( 4,452,242) 247,357 268,232 ( 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 : 1,438,222 717,074 : ( 1,145,204) ( 1,438,222) $ 6,813,621 $ 4,452,242 $ 161,930 $ 161,906 101 3 23 PCSC 2011 ANNUAL REPORT 119

100991231 () () 1. 76610 8681001231 ()40,700 2. () 1. 50% 2. 100 1231 99 1231 ( BVI) 100.00 100.00 ( ) - 100.00 2 ( 100.00-2 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 90.00 70.00 ( ) 86.76 86.76 ( ) 86.00 56.00 ( ) 81.00 81.00 120 PCSC 2011 ANNUAL REPORT

100 1231 99 1231 ( ) 80.87 80.87 ( ) 73.74 73.74 ( ) 70.00 70.00 ( ) 70.00 70.00 ( ) 70.00 70.00 ( ) 70.00 70.00 ( ) 60.00 60.00 ( ) 53.33 53.33 ( ) 51.00 51.00 ( ) 51.00 51.00 ( ) 50.03 50.03 ( ) 51.00 41.00 1 ( ) 25.00 25.00 1 ( ) 100.00 100.00 BVI ( ) 100.00 100.00 PCSC (Vietnam) Supermarket Ltd. 51.00 51.00-100.00 2-100.00 2 ( ) ( ) 65.00 65.00 20.00 20.00 ( ) 60.00 60.00 20.00 25.00 ( ) 100.00 100.00 ( ) 51.00 51.00 ( ) 49.00 49.00 6.00 6.00 ( ) 100.00 100.00 ( ) 100.00 100.00 100.00 100.00 60.00 60.00 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 Philippine Seven Corporation 56.59 56.59 Philippine Seven Corporation Convenience Distribution Corporation 100.00 100.00 ( ) ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 51.00 51.00 ( ) 55.00 55.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) 100.00 100.00 ( ) ( ) 81.00 81.00 ( ) ( ) 51.00 51.00 ( ) ( ) 100.00 100.00 PCSC 2011 ANNUAL REPORT 121

(1) 100 (2) 100 3. 100 1231 99 1231 ( ) 50.00 50.00 ( ) 30.00 30.00-30.00 2 ( ) ( ) 50.00 50.00 ( ) 30.00 30.00 ( ) 100.00 100.00 50.00 50.00 (1) 31 (2) 100 4. 5. 6. 7. 8. 9. ()2.(4) () () 1. 2. 122 PCSC 2011 ANNUAL REPORT

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

2. () 3. () 1. 2. () () 1. Philippine Seven Corporation 2. () () 1. 20% 2. 3. 4. 124 PCSC 2011 ANNUAL REPORT

() 1. 2. 50~55115 3. 4. () 1. 35 2. 2030 () 1. 2. () 1. 2. () 1. () 2. 3. 10% PCSC 2011 ANNUAL REPORT 125

() 971196316 (96)052 97331 (97)127 () () () / () () () 10011 () 100 126 PCSC 2011 ANNUAL REPORT

() 10011 10099 () 1001231 991231 $ 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 () - 1001231 991231 $ 7,518,816 $ 10,143,198 1,775 710 $ 7,520,591 $ 10,143,908 10099$37,834$38,968 () 1001231 991231 $ 10,432,905 $ 9,203,859 147,380 133,728 10,580,285 9,337,587 ( 111,310) ( 77,897) $ 10,468,975 $ 9,259,690 1001231 991231 $ 118,437,894 $ 107,413,446 1,370,801 1,288,491 33,413 28,356 275,689 221,594 $ 120,117,797 $ 108,951,887 () - 1001231 991231 $ 1,620,499 $ 1,620,498 ( 625,174) 234,124 $ 995,325 $ 1,854,622 PCSC 2011 ANNUAL REPORT 127

() - 1001231 991231 $ 10,280,457 $ 10,694,521 ( 2,529,179) ( 1,994,583) $ 7,751,278 $ 8,699,938 1. 2. 10099$723,520$751,818 () 1001231 991231 $ 607,466 20.00 $ 596,175 20.00 81,637 30.00 - - 79,928 36.67~49.00 85,365 36.67~49.00 $ 769,031 $ 681,540 10099$35,313$140,610 () ()3. 100 99 $ 887,562 $ 701,078 $ 684,295 $ 541,549 $ 644,636 $ 578,128 $ 3,605,344 $ 2,953,504 $ 3,111,366 $ 2,592,566 () 1001231 $ 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) 1,674,851 800,764 - - - 800,764 $ 42,333,196 $ 55,374 ($ 23,532,544) ($ 92,182) $ 18,763,844 991231 $ 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) 1,745,935 344,715 - - - 344,715 $ 38,755,887 $ 55,374 ($ 22,101,394) ($ 12,405) $ 16,697,462 128 PCSC 2011 ANNUAL REPORT

() 1001231 991231 $ 726,554 $ - $ 726,554 $ 726,554 $ - $ 726,554 309,556 ( 75,266) 234,290 309,556 ( 64,375) 245,181 $ 1,036,110 ($ 75,266) $ 960,844 $ 1,036,110 ($ 64,375) $ 971,735 () 10099 100 99 $ 723,520 $ - $ 751,818 $ - 78,818-3,644-10,617 - - - - - 2,369 - $ 812,955 $ - $ 757,831 $ - () 1001231 991231 $ 1,588,630 $ 1,080,587 1,170,953 380,000 $ 2,759,583 $ 1,460,587 0.97%~7.625% 0.82%~17% () 1001231 991231 $ 3,081,840 $ 2,404,295 488,576 502,210 546,689 436,742 182,458 148,769 131,452 110,996 159,894 59,455 1,801,944 1,922,373 $ 6,392,853 $ 5,584,840 () 1001231 991231 $ 6,789,515 $ 5,336,688 1,145,204 1,438,222 706,416 480,946 1,110,933 1,431,838 $ 9,752,068 $ 8,687,694 PCSC 2011 ANNUAL REPORT 129

() 1001231 991231 $ 3,400,000 $ 5,000,000 132,912 116,874 300,000 306,000 3,832,912 5,422,874 ( 37,897) ( 35,170) $ 3,795,015 $ 5,387,704 0%~2.525% 0%~4.14% 1. 23 2. () 1. 947 1 615()15 45 2%8.9% Philippine Seven Corporation : (1) 100 99 $ 79,663 $ 87,395 74,176 80,359 ( 29,003) ( 31,986) 5,748 515 109,463 93,043 12,473 1,032 $ 252,520 $ 230,358 (2) 1001231 991231 ($ 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

1001231 991231 15,235 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) 1001231 991231 1.90%~2% 1.75% 2.25% 5.80% 10.81% 2% 4% 2% 4% 5.5% 6% 1.9% 1.75%~2% 5.5% 6% 2. 9471 6% 10099 $737,063$625,478 () 1. 100 99 $ 962,191 $ 1,116,953 ( 73) ( 2,724) ( 11,763) 23,848 - ( 830) - 12,681 ( ) ( 15,667) 5,979-907 868,051 365,657 $ 1,802,739 $ 1,522,471 $ 1,795,527 $ 1,522,373 10% 7,212 98 $ 1,802,739 $ 1,522,471 PCSC 2011 ANNUAL REPORT 131

2. 1001231 991231 ( ) $ 151,545 $ 25,772 $ 95,727 $ 16,606 142,365 24,202 95,668 16,264 175,430 29,823 55,925 9,507 223,126 50,325 357,212 60,333 82,691 14,468 93,737 15,935 1,568 5,485 146,158 124,130 ( 14,437) ( 18,187) $ 131,721 $ 105,943 1001231 991231 ( ) $ 1,164,286 $ 197,929 $ 757,060 $ 128,700 137,088 23,304 38,605 24,439 123,849 21,383 131,170 22,579 ( 52,455) ( 8,917) - - 32,683 5,557 51,676 8,583 3,067,511 519,113 3,396,764 582,912 1,191 6,060 759,560 773,273 ( 694,920) ( 694,618) $ 64,640 $ 78,655 3. 98 4. $ 38,338 $ - - 447 343 101~102 4,407 2,416 101~102 5. 1001231$3,150,202 110 6. 1001231 991231 86 $ 26,823 $ 26,823 87 6,416,424 5,726,078 $ 6,443,247 $ 5,752,901 7. 1001231 991231 $ 551,501 $ 132,244 100 ( ) 99 ( ) 8.6% 20.45% 1001001231 87 132 PCSC 2011 ANNUAL REPORT

() 100991231$10,500,0001,050,000,000 1,039,622,25510 () 1. 10% 1%0.2% 80%100%50%100% 1006221% 2% 2. 3. 4. 100622996159998 99 98 () () $ 572,575 $ 405,913 ( ) ( 4,660) 4,660 5,094,149 $ 4.90 3,742,640 $ 3.60 309,471 218,913 51,578 36,486 $ 6,023,113 $ 4,408,612 99100318 99 5. 101321100 100 () $ 635,241 768,822 4,990,187 $ 4.8 296,901 98,967 $ 6,790,118 100101323 PCSC 2011 ANNUAL REPORT 133

6. 100$296,901$98,967100 ( 6%2%) () 100 () $ 7,944,960 $ 6,352,410 1,039,622,255 $ 7.64 $ 6.11 - - 1,854,471 $ 7,944,960 $ 6,352,410 1,041,476,726 $ 7.63 $ 6.10 99 () $ 7,052,583 $ 5,725,757 1,039,622,255 $ 6.78 $ 5.51 - - 2,364,175 $ 7,052,583 $ 5,725,757 1,041,986,430 $ 6.77 $ 5.50 () : 100 99 $ 2,893,119 $ 11,344,341 $ 14,237,460 $ 2,553,341 $ 10,321,641 $ 12,874,982 246,402 965,583 1,211,985 211,019 815,347 1,026,366 146,796 885,351 1,032,147 132,390 741,111 873,501 103,249 1,010,542 1,113,791 90,215 909,715 999,930 $ 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 $ 330,799 134 PCSC 2011 ANNUAL REPORT

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

() 1. 100 99 $ 291,585 - $ 244,324-90,616-102,555-68,043-69,589-258,178-295,320 - $ 708,422 - $ 711,788-2. 100 99 $ 473,558 3 $ 405,005 4 352,118 3 246,772 2 147,094 1 108,185 1 $ 972,770 7 $ 759,962 7 3. () 100 99 $ 13,237,364 11 $ 12,195,724 11 2,392,089 2 2,238,394 2 736,386 1 719,134 1 373,072-444,077-309,517-317,138-291,462-222,616-287,564-328,677-278,658-238,881-274,988-125,386-828,188 1 669,309 1 $ 19,009,288 15 $ 17,499,336 16 4. () 100 99 $ 29,669 8 $ 28,470 9 5. 100 99 $ 404,918 4 $ 163,182 2 109,918 1 99,636 1 74,967 1 75,227 1 72,363 1 36,557 - $ 662,166 7 $ 374,602 4 $ 49,762 100 $ 50,802 100 $ 53,123 3 $ 39,290 2 58,213 3 42,318 3 $ 111,336 6 $ 81,608 6 136 PCSC 2011 ANNUAL REPORT

6. () 1001231 991231 $ 127,784 4 $ 166,532 6 47,210 1 39,469 2 30,902 1 15,980 1 60,010 1 71,073 2 $ 265,906 7 $ 293,054 11 $ 77,143 4 $ 71,866 4 39,311 2 37,292 2 42,853 2 30,991 2 $ 159,307 8 $ 140,149 8 1001231 991231 $ 1,717,683 9 1,510,432 9 203,197 1 191,157 1 71,938-101,826 1 717,983 4 592,550 3 $ 2,710,801 14 $ 2,395,965 14 $ 70,232 1 $ 104,694 2 15,764-14,982-49,697 1 32,867 1 $ 135,693 2 $ 152,543 3 7. (1) 10099 100 99 $ 81,138 $ 92,879 3100991231 1001231 991231 $ 296,257 $ 284,357 ( 8,465) ( 18,787) 287,792 265,570 ( 124,033) ( 126,736) $ 163,759 $ 138,834 10512 (2) 100 99 1,243,000 $ 92,090 2,290,155 $ 29,406 8,970,166 226,712 10,458,000 130,725 $ 318,802 $ 160,131 PCSC 2011 ANNUAL REPORT 137

8. 100 99 $ 461,671 $ 385,303 20,922 30,918 136,662 86,809 $ 619,255 $ 503,030 (1) (2) (3) 9. 5~10 1001231() 101 $ 378,890 102 358,865 103 358,865 104 358,865 105 378,865 106 1,399,986 $ 3,234,336 () 100991231 1001231 991231 $ 368,869 $ 368,869 316,788 440,330 609,318 544,779 2,057 8,439 247,308 108,817 $ 1,544,340 $ 1,471,234 1001231 () Philippine Seven Corporation()7-ELEVE Inc. n () Starbucks () 929() Licensed Store 138 PCSC 2011 ANNUAL REPORT

() 891Yamato Transport Corporation 10 1,000,000991 26 () 91Yamato Financial Co., Ltd. 10 () 93DUSKIN Mister Donut Franchise10 () 99SATO Restaurant Systems Co., Ltd.SATO () 30102 () 93(9736 )() 1. 2. 3. (1) (2) 4. $30,000 PCSC 2011 ANNUAL REPORT 139

5. 988 () 95Cold Stone Creamery International LLC COLD STONE CREAMERY309912 31Coldstone () 100510010 () ()SAZABY LEAGUE ()Afternoon Tea () () ()) 1. 94615186.5 2. 9611110110315 101 $ 19,756 () $760,000 1001231()$753,809 () $611,5001001231 ()$301,348 () 320 1001231$322,997 $1,507,894 140 PCSC 2011 ANNUAL REPORT

101 $ 8,016,259 102 7,726,682 103 6,973,340 104 6,158,774 105 6,056,187 106 ( $10,162,447) 10,266,011 $ 45,197,253 () 101321100() () 10132132,820 () 1001231 991231 $ 21,874,130 $ - $ 21,874,130 $ 15,343,011 $ - $ 15,343,011 7,520,591 7,520,591-10,143,908 10,143,908-7,751,278 - - 8,699,938 - - 995,325 995,325-1,854,622 1,854,622-2,047,623-1,972,949 1,970,447-1,813,892 $ 38,851,076 $ - $ 38,851,076 $ 33,274,635 $ - $ 33,274,635 287,792-287,792 265,570-265,570 3,832,912-3,832,912 5,422,874-5,422,874 2,165,781-2,110,144 2,087,816-1,975,709 1. () 2. 3. 4. PCSC 2011 ANNUAL REPORT 141

() 10099 ($868,215)($360,909) () 100991231$3,400,000 $5,000,000$3,420,287$2,238,950 () 1. 2. () 1. (1) (2) (3) (4) 1001231 991231 22,835 3.897 15,305 3.748 204,423 0.3906 555,533 0.3598 454,500 0.3906 460,200 0.3582 - - 1,598 29.13 281 39.18 417 38.92 536,142 0.3906 1,078,494 0.358~0.360 3,020 30.28 2,073 29.13 142 PCSC 2011 ANNUAL REPORT

2. (1) (2) 3. (1) (2) (3) 90 4. (1) (2) (3) 1% $34,203 () ( ) 100 1. 2. ( 2) ( 2) $ 4,138,862 $ 3,512 $ 2,385 $ - 0.01 $ 10,347,155 4,138,862 50,000 50,000-0.24 10,347,155 4,138,862 60,000 - - - 10,347,155-1 4,138,862 29,978 29,978-0.14 10,347,155 ( ) 1 4,138,862 53,304 - - 0.26 10,347,155 1 250%20% PCSC 2011 ANNUAL REPORT 143

3. / 76,289,289 $ 1,000,000 - $ 1,000,000 31,020,449 500,000-500,000 32,756,170 500,000-500,000 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 35,064,835 500,000 500,000 33,443,250 500,000 500,000 6,350,000 $ 6,350,000 - $ 6,350,000 34,567,837 $ 140,534 2.69 $ 494,320 Duskin 300,000 125,072 0.45 177,528 18,556,967 948,261 0.25 226,395 1,213,867 $ 898,243 ( 315,624) $ 898,243 130,801,027 $ 5,395,902 19.50 209,000,000 1,556,478 19.00 44,100,000 441,000 3.33 273,901 $ 7,667,281 106,575,196 $ 2,782,507 100.00 $ 2,782,507 40,000,000 825,948 100.00 825,948 70,000,000 793,006 70.00 774,164 55,858,816 679,289 80.87 632,012 112,000,000 600,740 70.00 600,740 19,909,765 585,963 73.74 427,165 48,519,891 556,407 90.00 507,846 25,714,476 463,855 86.00 355,014 19,563,272 456,790 60.00 451,323 24,382,922 320,742 86.76 307,589 8,431,269 270,321 51.00 217,849 10,847,421 258,313 100.00 261,915 10,000,000 231,464 50.03 231,464 15,000,000 221,442 100.00 218,294 12,244,390 145,585 100.00 145,585 10,200,000 143,270 51.00 143,270 53,194,997 136,750 100.00 136,750 7,200,000 109,554 53.33 101,782 72,000,000 607,466 20.00 607,466 10,691,337 263,122 30.00 263,122 6,430,000 152,442 25.00 144,490 465,254 30.00% 100.00% 464,168 - $ 11,070,230 $ 10,600,463 144 PCSC 2011 ANNUAL REPORT

4. / / / ( ) / - $ - 297,845,031 $ 4,340,000 205,417,895 $ 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 1,500,000 552-32,756,170 500,000 - - 93,161,869 1,500,000 62,141,420 1,000,911 1,000,000 911-31,020,449 500,000 119,727,655 1,660,000 - - 119,727,655 1,666,068 1,660,000 6,068 - - - 64,675,105 1,000,000 - - 64,675,105 1,000,336 1,000,000 336 - - - 86,838,723 1,000,000 86,725,756 1,000,000 173,564,479 2,003,774 2,000,000 3,774 - - - 169,392,235 2,400,000 70,136,065 1,000,000 204,463,465 2,905,392 2,900,000 5,392-35,064,835 500,000 - - 41,605,645 500,000 41,605,645 501,194 500,000 1,194 - - - ING ( ) ( ) - - 165,930,511 2,000,000 83,046,822 1,001,968 1,000,000 1,968-82,883,689 1,000,000 - - 168,302,945 1,800,000 168,302,945 1,802,070 1,800,000 2,070 - - - 153,544,969 2,000,000 229,281,424 3,000,000 306,537,104 4,003,305 4,000,000 3,305-76,289,289 1,000,000 - - 222,643,348 3,500,000 159,098,027 2,501,392 2,500,000 1,392-63,545,321 1,000,000 - - 66,892,541 1,000,000 33,449,291 500,090 500,000 90-33,443,250 500,000 20,000,000 189,885 - - 20,000,000 270,000 189,885 80,115 - - - 16,744,310 216,128 8,970,166 227,394 - - - - 20,333 25,714,476 463,855 5. 6. ( ) 7. ( ) ( ) ( ) ( ) $ 46,770,244 56 10~54 ($ 5,879,315) ( 50) 22,221,357 27 20~70 ( 3,226,874) ( 27) 10,006,527 12 30~60 ( 1,198,106) ( 10) 2,938,015 4 30~40 ( 542,817) ( 5) 358,743-45 ( 67,150) ( 1) 117,644-55 ( 22,099) - () 8. 9. - PCSC 2011 ANNUAL REPORT 145

() 1. ( ) ( ) BVI $ 3,931,281 $ 2,558,698 106,575,196 100.00 $ 2,782,507 ($ 339,701) ($ 340,954) 288,559 288,559 40,000,000 100.00 825,948 338,412 338,412 711,576 711,576 70,000,000 70.00 793,006 233,381 162,811 904,475 904,475 55,858,816 80.87 679,289 51,702 41,812 720,000 720,000 72,000,000 20.00 607,466 101,513 11,291 1,680,000 1,680,000 112,000,000 70.00 600,740 ( 136,868) ( 95,807) 330,216 330,216 19,909,765 73.74 585,963 271,010 202,920 520,141 520,141 48,519,891 90.00 556,407 13,439 11,789 320,741 93,348 25,714,476 86.00 463,855 73,110 42,604 237,437 237,437 19,563,272 60.00 456,790 268,200 160,244 332,482 332,482 24,382,922 86.76 320,742 73,133 63,755 133,367 41,000 8,431,269 51.00 270,321 205,591 96,347 59,400 59,400 10,691,337 30.00 263,122 424,544 127,363 50,000 50,000 10,847,421 100.00 258,313 102,102 98,131 100,400 100,400 10,000,000 50.03 231,464 221,828 110,969 150,000 150,000 15,000,000 100.00 221,442 55,966 58,501 91,414 91,414 6,430,000 25.00 152,442 182,512 45,410 170,000 170,000 12,244,390 100.00 145,585 21,073 21,073 102,000 102,000 10,200,000 51.00 143,270 74,604 38,023 728,037 728,037 53,194,997 100.00 136,750 77 77 74,304 74,304 7,200,000 53.33 109,554 41,750 22,272 1,802,369 1,389,584 - - 465,254 ( 12,567) ( 43,800) 146 PCSC 2011 ANNUAL REPORT

( ) ( ) B.V.I. B.V.I. B.V.I. ( ) Presiclerc Limited Philippine Seven Corp. ( ) ( ) $ 189,124 $ 168,400 - - $ 364,903 - - 20,684 20,684 20,684,321 100 21,951 5,222-90,088 36,945 90,088,347 100 62,959 ( 10,964) - 18,743 18,743 - - 381 - - 20,656 20,656 196,160,457 57 21,465 4,801-36,273 14,633-100 18,745 ( 10,692) - 5,437 3,562-50 3,257 ( 2,423) - 1,800 1,800-30 14,325 23,390-14,455 14,455-100 3,498 ( 882) - 12,963 12,963-100 5,866 ( 2,672) - 4,078 4,078-55 14,715 4,373 - - - - - 4,427 - - 6,000 6,000-100 47,772 25,237 - - - - - 5,659 - - 2. (1) ( ) ( ) ( ) ( ) ( ) $ 44,446 $ - - $ - $ - - $ - $ 50,000 $ 227,039 23,840 23,840 - - - - - 50,000 227,039 40%50,000 $0 (2) ( ) ( ) $ 82,561 $ 2,000 $ - $ - - $ 206,404 52,384 7,000 7,000 7,000 2.67 130,960-50%20% PCSC 2011 ANNUAL REPORT 147

(3) ($100,000) 8,382,099 $ 135,169 $ 135,169 4,414,002 71,147 71,147 4,822,398 70,436 70,436 216,431 216,431 530,000 530,000 72,896 72,896 124,186 21,368 21,367 ING 1,332,374 15,758 15,758 27,559 27,559 67,266 11,574 11,574 199,957 34,405 34,405 662,471 9,764 9,764 3,583,690 50,000 50,000 160,038 160,039 8,245,776 115,046 115,046-7,957,569 97,082 97,082-83,997 103,874 110,677 112,599 ( ) 163,389 163,389 ( ) 133,118 133,576 DUSKIN CHINA (BVI) HOLDING LIMITED 58,283 $ 1,446,521 100.00 $ 1,452,334 ( ) 136,139 ( ) 1,881,162 B.V.I. 2,646,333 Philippine Seven Corp. 196,160,457 649,956 56.59 600,338 ( ) 102,930 148 PCSC 2011 ANNUAL REPORT

(4) / ( ) / / / ING 119,113 $ 20,366 7,044,837 $ 1,209,350 7,096,684 $1,218,324 $ 1,218,143 $ 181 $ 559 67,266 $ 11,574 - - 25,771,503 400,000 25,771,503 400,042 400,000 42 - - - 5,374,074 70,000 35,957,009 470,000 33,702,154 440,507 440,000 507-7,628,929 100,000 - - 24,166,221 360,000 24,166,221 360,224 360,000 224 - - - - - 20,699,085 325,000 18,792,725 295,163 295,000 163-1,906,360 30,000 - - 8,333,472 100,000 8,333,472 100,032 100,000 32 - - - 4,203,501 65,000 10,963,100 170,000 15,166,601 235,144 235,000 144 - - - 9,374,707 100,000 24,302,436 260,000 33,677,143 360,408 360,000 408 - - - - - 42,194,104 620,000 35,408,969 520,364 520,000 364-6,785,135 100,000 6,946,495 80,000 51,918,957 600,000 50,236,505 580,530 580,000 530-8,628,947 100,000 ( ) 6,889,425 100,000 20,611,602 300,000 27,501,027 400,624 400,000 624 - - - 6,352,209 90,000 28,830,997 410,000 28,170,239 400,631 400,000 631-7,012,967 100,000 1,442,502 20,000 33,081,471 460,000 34,523,973 480,378 480,000 378 - - - 6,320,963 80,000 23,587,473 300,000 22,057,293 280,279 280,000 279-7,851,143 100,000 4,998,621 80,000 18,540,186 298,000 19,124,805 307,496 307,000 496 147 4,414,002 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 11,616,321 169,000 12,437,252 181,000 180,501 499 196 3,888,697 56,798 1,362,356 21,841 - - 1,362,356 21,852 21,841 11 - - - 123,658 21,137 1,123,379 192,650 1,122,851 192,521 192,427 93 8 124,186 21,367 1,085,162 17,396 12,862,735 206,700 12,673,574 213,660 213,564 96 8 1,274,323 10,540 1,219,254 15,874 22,727,173 296,950 22,648,099 295,970 295,811 159 5 1,298,328 17,018 - - 9,342,176 $ 133,000 9,342,176 $ 133,033 $ 133,000 33 - - - - - 13,751,772 165,000 13,751,772 165,034 165,000 34 - - - - - 2,667,807 458,000 2,667,807 458,128 458,000 128 - - - 4,981,028 69,000 43,713,863 607,000 48,694,891 676,294 676,000 294 - - - 395,671 6,343 33,949,511 545,390 31,208,587 519,935 519,828 107 7 3,136,595 31,912 2,692,087 35,058 58,960,156 770,160 58,525,571 764,450 764,242 208 8 3,126,672 40,984 1,442,658 20,000 62,329,564 867,000 55,526,446 772,209 771,980 230 25 8,245,776 115,046 36,945,112 542,636 53,143,236 1,609,177 - - - - (245,417) 90,088,347 1,906,396-216,381-655,245 - - - - (304,029) - 567,597 - PCSC 2011 ANNUAL REPORT 149

(5) 2011.5.1 $ 278,500 $174,063 2011.9.1 $ 135,643 (6) (7) ( ) ( ) ( ) ( ) ( ) $ 7,910,912 38 30~55 ($ 870,087) ( 26) 1,541,609 7 45 ( 269,813) ( 8) 124,615 1 50 ( 34,545) ( 1) 108,287 1 30 ( 9,641) - 130,768 1 50 ( 26,067) ( 1) 162,716 1 65 ( 41,904) ( 1) ( 22,559,849) ( 99) 20~70 3,396,395 98 ( 278,053) ( 1) 45 45,107 1 143,768 1 30~40 ( 25,527) ( 1) ( 651,655) ( 72) 30 113,082 71 503,806 5 65 ( 122,351) ( 5) 268,162 3 60 ( 45,058) ( 2) 373,072 4 60 ( 35,081) ( 1) ( 10,341,864) ( 92) 30~60 1,187,300 95 ( 1,537,641) ( 100) 45 269,852 100 111,645 10 60 ( 23,819) ( 8) 580,238 28 30 ( 53,786) ( 23) 477,247 23 30 ( 46,405) ( 20) ( 256,101) ( 5) 30 35,255 18 ( 874,290) ( 44) 20 73,480 38 ( 637,421) ( 32) 20 61,254 32 ( 243,127) ( 12) 20 35,548 18 ( 258,573) ( 78) 15~20 27,282 73 ( 455,322) ( 34) 65 137,220 37 ( 464,180) ( 76) 40 99,125 82 ( 202,274) ( 90) 60 18,707 78 ( 470,675) ( 75) 40 93,726 82 ( 133,735) ( 21) 20 19,057 17 ( 197,796) ( 3) 30~45 24,487 3 5,666,199 98 52 ( 759,028) ( 98) 150 PCSC 2011 ANNUAL REPORT

( ) ( ) ( ) ( ) ( ) ($ 46,280,743) ( 87) 10~54 $ 3,852,138 80 ( 5,408,314) ( 10) 45~60 760,362 16 2,389,379 5 30 ( 193,557) ( 3) 2,366,358 5 30~95 ( 290,459) ( 4) 736,386 1 15~70 ( 93,117) ( 1) 1,307,903 3 30~70 ( 334,941) ( 4) ( 536,201) ( 1) 15~28 59,463 10 284,358 1 30~50 ( 52,528) ( 1) 291,462 1 30~60 ( 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 35,121 36 114,673 3 60 ( 11,359) ( 2) ( 137,132) ( 23) 45 40,503 46 ( 130,588) ( 36) 50 26,188 80 ( 1,556,609) ( 51) 75 323,621 51 ( 105,253) ( 3) 30-90 13,140 2 185,950 11 45 9,329 ( 3) (8) $ 3,396,395 6.75 $ - - $ 3,396,395 $ - 3,852,138 12.81 - - 2,199,044-760,362 7.26 - - 760,362-1,187,300 5.30 - - 1,187,300-269,852 6.24 - - 269,852-563,339 1.00 - - 563,339-106,140 - - - 106,140-113,082 7.34 - - 16,353-222,821 16.39 - - 180,011-137,220 3.35 - - 29,608-323,621 4.33 - - 323,621 - (9) () 1. ( 7) $ 373,169 ( 1) $ 60,560 - - $ 60,560 30.00 $ 223,668 $ 433,956-7 ( ) ( ) ( ) 240,500 ( 2) 1,154,400 ( 3) 443,100 655,245 499,620 ( 3) 107,863 56,775 - - - - 36.94 ( 30,021) ( 116,608) - 6-1,098,345 100.00 ( 323,767) - 164,638 50.00 ( 36,690) 567,597 98,624-6 - 6 PCSC 2011 ANNUAL REPORT 151

( 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) 192,400 135,261 77,214 59,918-137,132 51.00 ( 28,711) 42,024-6 263,315 - - 263,315 65.00 ( 28,930) 53,190-7 145,193 - - 145,193 100.00 ( 15,618) ( 91,280) - 7 123,482 - - 123,482 55.00 60,690 445,584-7 307,342 - - 307,342 100.00 ( 40,523) 26,598-7 394,034 - - 394,034 100.00 ( 80,908) 177,634-7 437,697 - - 437,686 100.00 ( 26,708) 105,918-6 60,560 - - 60,560 100.00 ( 14,295) 32,453-6 16,224 37,431-53,655 81.00 ( 21,771) 32,948-6 16,351 15,443 31,794 74.00 ( 23,252) 258 6 30,901 - - 30,901 51.00 ( 15,660) 8,547-6 43,694 46,783 90,477 30.00 ( 9,084) 78,122-7 20,288-20,288 8.00-20,288-7 1(B.V.I.) 2(B.V.I.)Preciclerc Limited 3(B.V.I.) 4(B.V.I.) 5 6 7 $ 2,576,919 $ 4,183,061 $ 12,416,585 90,840 91,748 257,452 21,196 21,196 168,553 89,923 89,923 451,323 2. (1) (2) (3) (4) ()2. (5) () 2.(1) (6) 152 PCSC 2011 ANNUAL REPORT

() 100 $ 46,770,244 10 54 25% 5,879,315 8% 64,791-525,332-211,310-243,330-22,221,357 20 70 12% 3,226,874 4% 66,423-157,066-40,318-10,006,527 30 60 5% 1,198,106 2% 172,674-92,122 30-68,636-562,322 30-102,761-142,890 60-129,562 30-70,676 30-351,547 30-132,377-51,465-646,169 20-62,313-760,362 45~60 1% 5,408,314 3% 267,825-536,201 15~28-59,463-1,307,903 30~70 1% 334,941-1,541,609 45 1% 269,813-890,933 20-74,580-124,615-34,545-130,768-26,067-98,685-114,673-11,359-122,258 65-503,806-250,810-197,796-24,487-147,384 45-564,559 1% 477,766 40~65-87,588-78,107-49,537 45 - PCSC 2011 ANNUAL REPORT 153

99 $ 40,365,498 10 54 24% 4,101,463 6% 451,912-223,224-247,277-20,584,012 20 70 12% 3,116,100 4% 144,204-61,146-10,989,223 30 60 6% 1,637,483 2% 148,421 30-538,270 30-47,218-560,138 30-58,335-140,112 60-215,173 30-109,259 30-75,428 30-263,887 30-90,440-40,832-588,701 20-55,152-729,567 45~60 1% 4,448,102 2% 251,494-458,563 15~28-53,198-892,476 30~70-209,746-1,402,882 45 1% 244,561-730,219 20-132,624-90,120-118,875 65-494,406-189,737 30-45,584 30-123,367 45-268,519-396,636 40~65-78,704-74,797-154 PCSC 2011 ANNUAL REPORT

() () () : 100 $ 122,240,774 $ 49,978,219 $ 3,448,139 $ 13,584,436 $ - $ 189,251,568 471,951 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 $ - $ 169,916,919 297,181 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)151 24 () PCSC 2011 ANNUAL REPORT 155

() 100 99 $ 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 () 10099 100 99 $ 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 () 1009910% IFRSs () 102 (IFRSs) 99220990004943IFRSs () IFRSs IFRSs 1. 2. IFRSs 3. IFRSs 4. IFRSs 5. IFRS 1 6. 7. 8. IFRSs 9. IFRS 1 10. IFRSs 11. IFRSs 2012 12. ( ) 156 PCSC 2011 ANNUAL REPORT

() IFRSs IFRSs102 IFRSsIFRSs 1. 10077 39 2. 40 3. 13 4. (1) /() (94)138 18 (2) (85)017 18 PCSC 2011 ANNUAL REPORT 157

5. (1) 1823 19 ) (2) 19 (3) 19 (4) 19 6. 19 7. 17 8. (1) 1 (2) 12 1 158 PCSC 2011 ANNUAL REPORT

20111231 100% 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

2. 3692 () 20111231 () 1998.07.09 2004.02.16 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 8,746 1995.07.27 87 400,000 1995.11.18 82 130,000 1996.12.20 88 531,950 1998.04.13 4245351 25,000 1999.01.11 88 108,474 2000.11.20 812 65,120 2003.04.08 51491 30,000 2004.06.07 2201 150,000 2006.10.05 88 4,000 2006.12.26 88 122,444 2009.01.07 2016 JPY 98,000 1999.03.11 16 539,110 1963.06.26 819 281,042 1997.08.27 2466 299,006 2010.08.20 88 60,000 1991.12.09 67 690,713 1993.09.03 87 270,000 2000.01.24 382 1,000,000 2002.06.24 88 15,000 2006.02.24 58 1,600,000 2007.03.06 280 100,000 1999.01.22 340 326,055 2000.10.17 32617 135,000 1994.10.28 88 200,000 2003.09.15 88 165,319 2008.02.14 88 170,000 1995.12.27 476812010 199,900 2004.09.07 88 175,825 1997.11.03 88 356,378 1990.08.13 45607 257,200 2000.10.24 Level 7(E),Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Labuan, F.T. Labuan, Malaysia USD 20,684 Philippine Seven Corp. 1982.11.24 Convenience Distribution Inc. 1998.09.17 7/F The Columbia Tower, Ortigas Avenue Mandaluyong City, Manila, Philippine 800 1F,Lagaspi St. Maybunga,Pasig City, Manila, Philippine PHP 347,329 PHP 45,000 2008.08.13 305511 USD 90,088 2004.09.23 D3 RMB 57,000 160 PCSC 2011 ANNUAL REPORT

() 2005.10.14 75 RMB 80,000 2006.10.12 9 RMB 100,000 2007.05.28 268B1-K13&K14 USD 14,455 () 2009.02.03 45-47 RMB 240,000 2009.04.15 22181801 USD 2,000 () 2008.02.02 7895506 JPY 306,000 1997.09.23 66 RMB 60,000 2008.03.18 Scotia Centre, 4th Floor, P.O. Box 2804, George town, Grand Cayman, KY1-1112 Cayman Islands USD 8,954 () 2008.12.02 12363327-6 USD 8,880 () 2010.09.15 306608 USD 2,001 () 1999.06.23 91821F USD 16,500 1999.11.16 Scotia Centre, 4th Floor, P.O. Box 2804, George town, Grand Cayman, KY1-1112 Cayman Islands USD 6,000 2000.03.02 9371~2 USD 10,130 PCSC (Vietnam) Supermarket Ltd. 1998.03.07 () 2004.12.13 2000.01.28 No.8, Pham Ngoc Thach Street, Dong Da District, Ha Noi, Vietnam 1010 1508 813 VND 18,365,228 RMB 100,000 2005.06.27 88 100,000 RMB 28,000 () 1998.10.29 72769 5,000 2003.07.04 37138 26,750 2009.02.25 305511 USD 1,050 () 2009.11.19 658776613 USD 1,050 2007.03.14 Drake Chambers, Road Town, Tortola, British Virgin Islands USD 2,991 2007.12.26 377 RMB 40,000 2006.06.30 2009.05.22 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 50 1997.04.16 63-1 56,300 1998.02.11 24211 150,000 2003.08.01 24212 73,000 20111231USDNT130.28PHPNT10.71VNDNT=10.001RMBNT14.81JPY NT10.39 () () 1. 2. 3. 4. 5. 6. PCSC 2011 ANNUAL REPORT 161

() 20111231% () USD 106,575 100.00 USD 8,746 100.00 40,000,000 100.00 40,000,000 100.00 40,000,000 100.00 13,000,000 100.00 () 13,000,000 100.00 13,000,000 100.00 13,000,000 100.00 53,194,997 100.00 () 53,194,997 100.00 53,194,997 100.00 2,500,000 100.00 () 2,500,000 100.00 2,500,000 100.00 10,847,421 100.00 () 10,847,421 100.00 10,847,421 100.00 6,511,963 100.00 () 6,511,963 100.00 6,511,963 100.00 3,000,000 100.00 () 3,000,000 100.00 3,000,000 100.00 15,000,000 100.00 () 15,000,000 100.00 15,000,000 100.00 15,000,000 100.00 162 PCSC 2011 ANNUAL REPORT

400,000 100.00 () () 会 () () () () () 400,000 100.00 400,000 100.00 12,244,390 100.00 12,244,390 100.00 12,244,390 100.00 9,800 100.00 9,800 100.00 9,800 100.00 48,519,891 90.00 48,519,891 90.00 5,391,099 10.00 48,519,891 90.00 24,382,922 86.76 24,382,922 86.76 172,347 0.61 243,898 0.87 24,382,922 86.76 699,071 2.49 25,714,476 86.00 25,714,476 86.00 4,186,074 14.00 25,714,476 86.00 4,860,000 81.00 4,860,000 81.00 SATO Restaurant Systems Co., Ltd. 1,140,000 19.00 4,860,000 81.00 SATO Restaurant Systems Co., Ltd. 1,140,000 19.00 55,858,816 80.87 55,858,816 80.87 13,046,358 18.89 55,858,816 80.87 PCSC 2011 ANNUAL REPORT 163

20111231% 19,909,765 73.74 19,909,765 73.74 () () () () () () () 2,700,000 10.00 521,182 1.93 19,909,765 73.74 70,000,000 70.00 20,000,000 20.00 70,000,000 70.00 10,000,000 10.00 70,000,000 70.00 1,050,000 70.00 1,050,000 70.00 450,000 30.00 1,050,000 70.00 450,000 30.00 48,000,000 30.00 112,000,000 70.00 112,000,000 70.00 112,000,000 70.00 7,000,000 70.00 7,000,000 70.00 3,000,000 30.00 7,000,000 70.00 3,000,000 30.00 6,521,090 20.00 6,521,090 20.00 19,563,272 60.00 6,521,090 20.00 19,563,272 60.00 7,200,000 53.33 7,200,000 53.33 675,000 5.00 1,800,000 13.33 450,000 3.33 7,200,000 53.33 1,800,000 13.33 220,000 1.63 164 PCSC 2011 ANNUAL REPORT

10,200,000 51.00 10,200,000 51.00 () 9,800,000 49.00 10,200,000 51.00 9,800,000 49.00 8,431,269 51.00 8,431,269 51.00 () 6,447,441 39.00 1,653,190 10.00 8,431,269 51.00 6,447,441 39.00 8,670,000 51.00 8,670,000 51.00 () SAZABY LEAGUE 8,330,000 49.00 8,670,000 51.00 SAZABY LEAGUE 8,330,000 49.00 100,000 0.5 10,000,000 50.03 () 200,000 1.00 10,000,000 50.03 200,000 1.00 8,791,268 50.00 8,791,268 50.00 () 8,791,268 50.00 8,791,268 50.00 8,791,268 50.00 7,127,558 20.00 7,127,558 20.00 10,691,337 30.00 () John Culver Martin Ehrich 17,818,895 50.00 7,127,558 20.00 Charles Jemley 17,818,895 50.00 PCSC 2011 ANNUAL REPORT 165

20111231% 6,430,000 25.00 6,430,000 25.00 5,144,000 20.00 () 会 3,858,000 15.00 会 2,572,000 10.00 5,144,000 20.00 6,430,000 25.00 2,572,000 10.00 USD 20,684 100.00 Vicente T. Paterno 1,461,076 0.42 196,160,452 56.59 Philippine Seven Corp. Jose Victor P. Paterno 196,160,452 56.59 Asian Holdings Corp.Diana P. Aguilar 42,676,176 12.31 Progrssive Development Corp. Jorge L. Araneta 29,459,772 8.50 Antonio Jose U.Periouet, Jr 1 Michael B. Zalamea 1 Jose Victor P. Paterno 12,761,155 3.68 Philippine Seven Corp.Jose Victor P. Paterno 4,500,000 100.00 Convenience Distribution Inc. Philippine Seven Corp. Liwayway T. FernandezEduardo P. Bataclan 4,500,000 100.00 Jose Victor P. Paterno USD 90,088 100.00 RMB 57,000 100.00 100.00 100.00 RMB 80,000 100.00 100.00 100.00 RMB 100,000 100.00 100.00 100.00 USD 14,455 100.00 100.00 100.00 166 PCSC 2011 ANNUAL REPORT

RMB 240,000 100.00 () 100.00 100.00 USD 2,000 100.00 100.00 100.00 JPY 306,000 81.00 81.00 () SATO Restaurant Systems Co., Ltd. 19.00 81.00 SATO Restaurant Systems Co., Ltd. 19.00 RMB 60,000 45.00 55.00 45.00 55.00 45.00 USD 8,954 51.00 SAZABY LEAGUE 49.00 USD 8,880 100.00 () 100.00 100.00 USD 2,001 51.00 51.00 () ROYAL HOLDINGS CO., LTD. 49.00 51.00 ROYAL HOLDINGS CO., LTD. 49.00 USD 16,500 50.00 50.00 () 50.00 50.00 50.00 50.00 PCSC 2011 ANNUAL REPORT 167

20111231% USD 6,000 20.00 30.00 John Culver Martin Ehrich 50.00 USD 10,130 100.00 100.00 Martin Ehrich John Culver 100.00 Charles Jemley 100.00 VND 18,365,228 51.00 PCSC (Vietnam) Supermarket Ltd. 51.00 35.00 会 14.00 RMB 100,000 65.00 65.00 () 35.00 65.00 35.00 () RMB 28,000 100.00 () 100.00 () 100.00 4,000,000 40.00 4,000,000 40.00 6,000,000 60.00 4,000,000 40.00 6,000,000 60.00 500,000 100.00 500,000 100.00 500,000 100.00 1,605,000 60.00 1,605,000 60.00 401,250 15.00 1,605,000 60.00 168 PCSC 2011 ANNUAL REPORT

USD 1,050 100.00 USD 1,050 100.00 () 100.00 100.00 USD 2,991 100.00 : RMB 40,000 50.00 50.00 50.00 50.00 50.00 USD 700 100.00 USD 50 100.00 2,871,300 51.00 2,871,300 51.00 1,655,220 29.40 1,103,480 19.60 1,103,480 19.60 2,871,300 51.00 7,350,000 49.00 7,350,000 49.00 3,750,000 25.00 3,000,000 20.00 7,350,000 49.00 7,300,000 100.00 7,300,000 100.00 7,300,000 100.00 PCSC 2011 ANNUAL REPORT 169

20111231 () () (1) 3,227,091 2,853,407 71,360 2,782,047 0 ( 136,936) ( 339,709) - (1) 264,829 53,659 0 53,659 0 ( 41) ( 28,121) - 400,000 2,154,471 1,328,523 825,948 8,052,562 348,854 338,412 8.46 130,000 209,485 190,024 19,461 768,635 10,724 11,028 0.85 531,950 136,752 2 136,750 0 ( 164) 77 0.001 25,000 114,129 43,659 70,470 224,185 32,669 27,528 11.01 108,474 2,763,569 2,501,654 261,915 11,233,311 113,777 102,102 9.41 65,120 165,147 74,726 90,421 366,436 ( 21,019) ( 22,398) ( 3.44) 30,000 251,874 370,940 ( 119,066) 351,471 ( 1,279) 5,260 1.75 150,000 285,276 66,982 218,294 484,547 47,927 55,966 3.73 4,000 3,697 82 3,615 0 ( 103) ( 98) ( 0.25) 122,444 210,880 65,296 145,584 478,140 23,385 21,073 1.72 (1) 38,220 58,360 19,062 39,298 121,351 145 ( 167) ( 17.09) 539,110 1,090,758 526,484 564,274 1,538,119 1,105 13,439 0.25 281,042 641,494 286,965 354,529 613,395 79,295 73,133 2.60 299,006 651,044 238,237 412,807 919,498 88,392 73,110 2.45 60,000 37,352 8,652 28,700 47,056 ( 15,602) ( 15,441) ( 2.57) 690,713 1,949,907 1,168,403 781,504 13,467,827 22,026 51,702 0.75 270,000 1,360,315 781,028 579,287 3,072,536 337,628 271,010 10.04 1,000,000 3,282,864 2,176,916 1,105,948 6,089,077 267,955 233,381 2.33 15,000 801,490 726,364 75,126 294,238 54,090 44,993 30.00 1,600,000 2,049,029 1,190,829 858,200 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 3,731,094 752,205 23,409,857 291,398 268,200 8.23 135,000 320,412 129,572 190,840 521,801 49,190 41,750 3.09 200,000 391,192 110,270 280,922 586,483 91,686 74,491 3.72 165,319 1,179,383 752,228 427,155 2,282,848 261,156 205,591 12.44 170,000 90,457 36,726 53,731 279,101 ( 23,550) ( 21,069) ( 1.24) 199,900 1,422,779 960,083 462,696 4,883,563 256,796 221,828 11.10 175,825 233,809 147,779 86,031 785,882 ( 1,162) 6,577 0.37 356,378 1,942,599 1,065,524 877,075 5,262,791 492,862 424,544 11.91 257,200 8,446,410 7,868,450 577,960 53,139,641 164,607 182,526 7.10 (1) 626,312 664,555 0 664,555 0 ( 113) 153,491 - Philippine Seven Corp. (1) 245,984 2,587,674 1,570,029 1,017,645 6,674,040 ( 502,237) 237,871 0.97 () () 170 PCSC 2011 ANNUAL REPORT

() () () () Convenience Distribution Inc. (1) 31,870 114,221 43,066 71,155 225,981 18,583 14,053 0.44 (1) 2,727,865 1,940,422 0 1,940,422 0 ( 273) ( 322,238) - (1) 274,170 56,733 147,999 ( 91,266) 131,120 ( 8,356) ( 15,159) - (1) 384,800 339,301 312,707 26,594 837,405 ( 32,112) ( 39,333) - (1) 481,000 348,288 170,683 177,605 1,309,049 ( 34,420) ( 78,532) - (1) 437,697 374,276 267,661 106,615 506,646 ( 26,794) ( 25,923) - ()(1) 1,154,400 828,349 260,845 567,504 988,959 ( 316,587) ( 314,258) - (1) 60,560 93,637 61,189 32,448 127,428 ( 12,245) ( 13,875) - ()(1) 119,340 46,543 5,872 40,671 6,245 ( 18,534) ( 26,088) - (1) 288,600 1,492,717 712,827 779,890 4,700,343 146,758 128,519 - (1) 271,127 83,848 0 83,848 0 ( 515) ( 55,154) - ()(1) 268,886 113,503 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) 499,620 144,982 19,256 125,726 114,128 ( 62,294) ( 71,225) - (1) 181,680 1,451,712 6,053 1,445,659 0 ( 33,686) 687,446 - (1) 306,736 2,338,112 886,018 1,452,094 5,198,600 879,657 741,721 - PCSC (Vietnam) Supermarket Ltd. (1) 25,528 40,996 18,372 22,624 169,690 10,429 10,382 - ()(1) 481,000 82,807 17,610 65,197 73,930 ( 22,615) ( 23,757) - (1) 134,680 531 2,389 ( 1,858) 0 ( 79) 1,926-100,000 653,806 539,863 113,943 1,327,933 12,857 11,728 1.17 5,000 1,013 3,697 ( 2,684) 387 ( 54) ( 53) ( 0.11) 26,750 70,450 17,843 52,607 347,994 22,456 19,012 7.11 (1) 31,794 8,540 0 8,540 0 0 ( 22,569) - ()(1) 31,794 184,878 176,198 8,680 151,183 ( 22,045) ( 22,698) - (1) 90,567 78,775 0 78,775 0 0 ( 8,893) - (1) 192,400 192,079 35,842 156,236 258,935 ( 18,901) ( 17,641) - (1) 21,196 21,082 0 21,082 0 ( 35) ( 35) - (1) 1,514 1,513 0 1,513 0 ( 1) 0-56,300 220,971 111,156 109,815 332,917 33,377 31,969 5.68 150,000 873,205 654,055 219,150 2,041,549 2,024 43,369 2.89 73,000 522,854 432,129 90,725 634,858 9,551 10,063 1.38 1 2011 20111231 20111231 =14.81=130.28=16.29=11.41 =1719.42 =10.39 2011 2011 =14.55 =129.39 =16.46 =11.44 =1727.56=10.37 PCSC 2011 ANNUAL REPORT 171

101323 172 PCSC 2011 ANNUAL REPORT

11004486 100(100111231) 101323 PCSC 2011 ANNUAL REPORT 173

100 100 100 (82)()39230 (79)()27815 101323 174 PCSC 2011 ANNUAL REPORT

100 % () 471,996,430 45.40% () 100: () () () () ( () 2,938,015 4% 30~40 (542,817) (5%) () () () 100.04 $92,090 () () 94.12 $23,880 () 100.08 $226,712 () () 93.9 $123,572 () ()()() PCSC 2011 ANNUAL REPORT 175

() () () () () 61,830 4% 1 3040 1 3 29,669 9% 2 3040 2 3 1 2 3 176 PCSC 2011 ANNUAL REPORT

2012430 216(FSC) 118(FSC)