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Notes to Consolidated Financial Statements -7-

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PFRS 11, Joint Arrangements PFRS 11 replaced PAS 31, Interests in Joint Ventures, and SIC 13, Jointly Controlled Entities - Non-Monetary Contributions by Venturers. PFRS 11 removed the option to account for jointly controlled entities using proportionate consolidation. Instead, jointly controlled entities that meet the definition of a joint venture must be accounted for using the equity method. The application of PFRS 11 has an impact to the Group’s accounting for its interest in ABCC, a joint venture. Prior to the transition to PFRS 11, ABCC was classified as a jointly controlled entity and the Group’s share of the assets, liabilities, revenue and expenses was proportionately consolidated in the consolidated financial statements. Upon adoption of PFRS 11, the Group has determined that its interest in ABCC is classified as a joint venture to be accounted for using the equity method. The transition was applied retrospectively as required by PFRS 11 and the 2012 and 2011 comparative information were restated. The impact of applying PFRS 11 on the Group’s consolidated financial statements is as follows:

Consolidated Balance Sheets Cash and other current assets Investment in a joint venture Investment properties Trade and other payables Other noncurrent liabilities Equity

Consolidated Statements of Comprehensive Income Gain on fair value change of investment properties Costs and expenses Equity in net income of a joint venture and associates Income before income tax Provision for income tax Net income

Consolidated Statements of Cash Flows Operating activities Investing activities Financing activities Net increase in cash and cash equivalents 52

Increase (Decrease) December 31, January 1, 2012 2012 (P =7,125) (P =7,025) 10,175,195,481 9,415,491,718 (10,825,223,134) (9,751,385,000) (44,055,852) (43,358,757) (605,978,925) (292,541,550) – – Increase (Decrease) Years Ended December 31 2012 2011

(P =1,044,791,250) (P =975,138,500) (696,995) (8,529,577) 730,656,880 674,067,373 (313,437,375) (292,541,550) (313,437,375) (292,541,550) =– P =– P Increase (Decrease) Years Ended December 31 2012 2011 (P =5,325) – – (P =5,325)

(P =5,225) – – (P =5,225)

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