15 March 2016

PHILIPPINE STOCK EXCHANGE, INC.

3rd Floor, Philippine Stock Exchange Plaza,
Ayala Triangle, Ayala Avenue, Makati City
Attention

MS. JANET A. ENCARNACION

Head, Disclosure Department

Re

Sale of RFM Treasury Shares

Gentlemen:
We write in reply to your request for additional information relative to RFM Corporations (the
Corporation) disclosure dated March 11, 2016 filed under PSE Disclosure Form No. 9-2 on the
Corporations sale of 28,504,600 treasury shares.
We shall address your queries in seriatim.

1. The reason/purpose of the sale is for stability. A long-term investor wanted to

purchase Twenty-Five Million (25,000,000) treasury shares and the Corporation
deemed it fit to sell the same. The Corporation believes that a long-term hold on
the subject treasury shares will result in stability.

2. The proceeds of the sale shall be used to support the Board-approved capital
expenditures for the operations of the Corporation, among others.

3. The Corporation intends to sell the authorized number of treasury shares as selling
opportunity presents itself and up to the time when the total approved amount for
sale is exhausted. The Corporation often gets queries from quality investors if there
are shares that they can buy in substantial blocks. Management can seek Board
authority for additional treasury shares to be sold if and when warranted.

4. The subject sale of the 25,000,000 treasury shares is less than 1% of the listed
shares and therefore has no substantial effect on the public float level.

5. As of 14 March 2016, the Corporations issued, outstanding, listed and treasury

shares are as follows:
Issued shares
Outstanding shares
Listed shares

3,500,403,866
3,496,899,266
3,500,403,866
1

Treasury shares

3,504,600

Trusting that you will find the foregoing in order and to your satisfaction.
Very truly yours,

ENRIQUE OLIVER I. REY-MATIAS

Vice-President & Chief Finance Officer

RFM Corporation