필리핀 주식상장(2) : Calapan Ventures, Inc. Initial Public Offering

Dear BPI Securities Client,

Calapan Ventures, Inc. (H2O) will be offering new shares to the public at
an offer price of P2.50 per share. Minimum subscription is 1,000 shares,
and thereafter, in multiples of 1,000 shares.

If you are interested in subscribing to the offering, please send us a
signed original letter of intent, indicating your BPI Trade UserID and the
number of shares you wish to subscribe to. Please send the letter to

BPI Securities Corporation
8th Floor BPI Main Building
Ayala Ave. corner Paseo de Roxas
Makati City

on or before November 14, 2011. We shall debit your settlement account for
the full payment of the subscribed shares on November 15, 2011. Please
ensure that your settlement account has sufficient funds by 10:00 a.m.

Please note that an unfunded settlement account on debit date which is
November 15, 2011 will result to an automatic rejection of your application
to subscribe. Further while payment for your application shall be collected
in full, there is no guarantee as to the final number of shares that may be
allocated to you. In the event that BPI Securities application for
oversubscription would be scaled down and/or not be granted, we shall
refund you without interest the amount corresponding to your unallocated
shares.

Due to the very limited allocation per broker, subscription requests will
be allocated on a first-come-first-serve basis. Please call the following
numbers to inquire on your final allocations and for clarifications with
regards to the offering: 816-9190, 816-9192, 845-5541 or 845-5543. You can
also go to the PSE website at www.pse.com.ph for more details.

Thank you.

BPI Securities Corporation