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IPO for SPLASH CORPORATION

Total size of offering: 223,848,107 Shares

Price: P8.98 per share

Offering Period: November 6, 2007 to November 12, 2007 Noontime

Payment: Upon Subscription

Distribution: (100% Local)


Trading Participants (TP): 20% 44,769,621 Shares
Local Small Investors (LSIP): 10% 22,384,811 Shares
General Public (GP): 70% 156,693,675 Shares

Minimum Subscription: 1,000 shares, and thereafter in multiples of 1,000 shares

Allocation per Trading Participant: 336,000 shares*

*Note: Given the small size of the offering interested investors may try to avail of the
Local Small Investors Program (LSIP) handled by the following underwriters:

1) FIRST METRO INVESTMENT CORPORATION


Binondo Branch Makati Branch
G/F Wellington Building 20/F GT Tower International
Plaza Lorenzo Ruiz, Binondo Ayala Avenue cor HV Dela Costa St
Manila Makati City
Tel nos 241-4301 to 07 Tel nos 840-5751 / 858-7900

2) SB CAPITAL INVESTMENT CORPORATION


18/F Security Bank Centre
6776 Ayala Avenue, Makati City
Tel nos. 867-6788

Please visit these institutions to secure and complete the necessary subscription forms,
requirements, have the application forms signed by your broker, and then submit back to
the appropriate underwriter along with your subscription payment**.

** The LSIP allows for a maximum subscription amount of P25,000 per subscriber (in
the case of SPLASH at P8.98 - this would allow for a maximum of 2,000 shares each at
P17,960).

Detailed instructions can be found into the following pages.

Thank you
MEMO FOR BROKERS
T h e P h i l i p p i n e S t o c k Exchange, Inc.
Disclosures Stockholders’ Meeting Others: Implementing
Dividend Notice SEC / Gov’t Issuance Guidelines- LSI
Stock Rights Notice Transfer Agent’s Notice

Date : October 30, 2007


Subject : SPLASH CORPORATION
Revised Application and Settlement Procedures for Local Small Investors
Under the Small Investors Program

This is further to Memo for Brokers No. 0504-2007 dated October 26, 2007, regarding the
Revised Timetable of Offering Activities of SPLASH CORPORATION (“Splash” or the
“Company”).

Attached is the Revised Application and Settlement Procedures for Local Small Investors under
the Small Investors Program.

For your information and guidance.

(Original Signed)
MARSHA M. RESURRECCION
OIC, Listings Department

Noted by:

(Original Signed)
ROY JOSEPH M. RAFOLS
COO/Head, Issuer Regulation Division

Finance / Admin / Membership Market Regulatory Division Issuer Regulation Division Information Technology Division Capital Markets Devt Division CEO / OGC
Tel. No.688-7560/7440/7460 Tel. No. 688-7559 Tel. No. 688-7501/7510 Tel. No. 688-7405/819-4400 Tel. No. 688-7590 Tel. No. 688-7400/819-4408
Splash Corporation
Application and Settlement Procedures for Local Small Investors
Under the Small Investors Program

1. The Local Small Investors (“LSI”) program will be managed by the Joint Lead Underwriters, who are
tasked to receive LSI applications from 9:00 a.m. November 6, 2007 to 12:00 nn of November 12,
2007.

2. Upon application, an LSI applicant is required to submit the following documents:

• Four (4) copies of the fully accomplished Splash Corporation application to purchase and two (2)
copy of a duly executed signature card which can be secured from First Metro Investment
Corporation or SB Capital Investment Corporation.

FIRST METRO INVESTMTENT CORPORATION

Binondo Makati
G/F Wellington Building 20/F GT Tower International
Plaza Lorenzo Ruiz, Binondo Ayala Avenue cor. H.V. Dela Costa Street
Manila Makati City
Tel Nos. 241 4301 to 07 Tel Nos. 840 5751 / 858 7900

SB CAPITAL INVESTMENT CORPORATION

18/F, Security Bank Centre


6776 Ayala Avenue, Makati City
Tel Nos. 867 6788

• Photocopy of two (2) valid and current government-issued IDs (e.g., SSS, GSIS, Driver’s License,
Passport or PRC). For joint accounts/multiple investors in one application, two (2) valid IDs per
account/investor are also required.

• Payment (cash or Metro Manila clearing check). All check payments must be made payable to
”Splash IPO” and dated as of the date of submission of the application and crossed for deposit.

3. As required by the PSE for all subscribers to the IPO shares, LSI applicants should lodge his/her
shares with the Philippine Depository and Trust Corporation (“PDTC”) and is required to nominate a
PDTC participant (subject to the latter’s confirmation) to whom his/her shares will be lodged. The
broker is required to sign-off on the LSI’s fully accomplished Splash Corporation application to
purchase.

4. Multiple bookings (two or more applications by the same applicant) will not be allowed. Each LSI
applicant may subscribe to not more than PhP 25,000 worth of IPO shares.

5. The duly received and accepted application of the LSI applicant will be made available for distribution
at the office where the applicant submitted his/her application three (3) trading days after listing date.

Prior to the release of the duly received and accepted application, an LSI applicant is required to
present any valid ID for proper identification while the representative of the LSI applicant is required
to present an authorization letter and proper identification documents.
MEMO FOR BROKERS
T h e P h i l i p p i n e S t o c k Exchange, Inc.
Disclosures Stockholders’ Meeting Others: Offering Circular
Dividend Notice SEC / Gov’t Issuance
Stock Rights Notice Transfer Agent’s Notice

Date : October 15, 2007


Subject : SPLASH CORPORATION
Offering Circular

Please be informed that the Board of Directors of the Exchange (“the Board”), in its regular
meeting on October 10, 2007, approved the application of SPLASH CORPORATION (“Splash”
or the “Company”), for the initial listing of 746,160,357 common shares, with a par value of
P1.00 per share in the First Board of the Exchange. Of these, up to 188,848,107 common
shares shall be offered to the public on a primary basis, and up to 35,000,000 common shares
shall be offered to the public on a secondary basis at an offer price range of P8.70 to P11.18 per
share.

EXECUTIVE SUMMARY

Shares Applied for Listing


Issued and Outstanding Shares 557,312,250 common shares
Primary Offering 188,848,107 common shares
Total No. of Shares Applied for Listing 746,160,357 common shares
Over-allotment 0 common shares
Shares for Public Offering
Primary Shares 188,848,107 common shares
Secondary Shares 35,000,000 common shares
Total No. of Offer Shares 223,848,107 common shares
Distribution of Offer Shares
Domestic Offering – 100% 223,848,107 common shares
Trading Participants (TPs) – 20% 44,769,621 common shares
Local Small Investors (LSI) – 10% 22,384,811 common shares
General Public – 70% 156,693,675 common shares
Distribution through TPs 44,769,621
Total TP Allocation Up to Php500,524,362
Allocation per TP (based on 133 active 336,000 common shares
TPs as of September 30, 2007 and Up to Php3,756,480
following the minimum subscription)
Offer Price Range1 Php8.70 - Php11.18
Selling Shareholder Splash Holdings, Inc.
Offer Amount Php1,947,478,531.00- Php2,502,621,836.00
Est. 2008 Price-Earnings Ratio2 14.00X- 18.00X
Est. P/BV post-IPO3 2.54X-2.78X

1
The Offer Price for the Offer Shares shall be determined through a book-building program and discussions between the Company and
the Joint Issue Managers and Joint Lead Underwriters.
2
EPS based on projected 2008 earnings of P464 million and 746,160,357 outstanding number of shares.
Page 1 of 4
Finance / Admin / Membership Market Regulatory Division Issuer Regulation Division Information Technology Division Capital Markets Dev’t. Division CEO / OGC
Tel. No.688-7560/7440/7460 Tel. No. 688-7559 Tel. No. 688-7501/7510 Tel. No. 688-7405/819-4400 Tel. No. 688-7590 Tel. No. 688-7400/819-4408
MEMO FOR BROKERS
T h e P h i l i p p i n e S t o c k Exchange, Inc.
Disclosures Stockholders’ Meeting Others: Offering Circular
Dividend Notice SEC / Gov’t Issuance
Stock Rights Notice Transfer Agent’s Notice

Payment Terms The Offer Shares must be paid in full upon


submission of duly accomplished Applications to
Subscribe. Payments for the subscription and
purchase of the Offer Shares must be made by
check drawn against a BSP authorized agent
bank in Metro Manila and made payable to the
order of “Splash IPO” crossed “Payee’s Account
Only.”
Eligible Applicants The Offer Shares may be purchased by any
person who is at least eighteen (18) years of age
or a corporation, partnership or trust account
subject to restrictions on the ownership, sale or
transfer of the Offer Shares.

Refunds Refunds, in whole or in part, of payments for any


Application not accepted or scaled down shall be
made without interest. Each refund check shall
be made available for pick-up at the head office
of the Underwriter and/or LSI Selling Agent from
whom the Applicant filed his/her/its Application to
Subscribe within five (5) Banking Days after the
Issue Date. Refund checks which remain
unclaimed after thirty (30) Banking Days from
Issue Date shall then be mailed at the risk of the
Applicant to the address specified by the
Applicant in its/his/her Application to Subscribe.

Minimum Subscription Eligible Applicants may subscribe to a minimum


of One Thousand (1,000) Offer Shares, and
thereafter, in multiples of One Thousand (1,000)
Offer Shares. No Application for multiples of any
other number of Offer Shares shall be
considered.

3
BV/share estimated at P3.42- P4.02. For details please see the discussion on “Dilution” in the Company’s Prospectus.
Page 2 of 4
Finance / Admin / Membership Market Regulatory Division Issuer Regulation Division Information Technology Division Capital Markets Dev’t. Division CEO / OGC
Tel. No.688-7560/7440/7460 Tel. No. 688-7559 Tel. No. 688-7501/7510 Tel. No. 688-7405/819-4400 Tel. No. 688-7590 Tel. No. 688-7400/819-4408
MEMO FOR BROKERS
T h e P h i l i p p i n e S t o c k Exchange, Inc.
Disclosures Stockholders’ Meeting Others: Offering Circular
Dividend Notice SEC / Gov’t Issuance
Stock Rights Notice Transfer Agent’s Notice

Shares under Lock-up for 180 days4


(Post offer)
Shareholder No. of Shares %Ownership
Splash Holdings, Inc. 72,312,243 10%
Shares under Lock-up for 365 days5
(Post-offer)
Shareholder No. of Shares %Ownership
Splash Holdings, Inc. 450,000,000 60%
Total 522,312,243 70%
Proposed Timetable of Offering
Activities
Joint Issue Managers and First Metro Investment Corporation and
Joint Lead Underwriters SB Capital Investment Corporation
Selling Agents Trading Participants of The Philippine Stock
Exchange, Inc.
Independent Auditors Sycip Gorres Velayo & Co.
Legal Counsel to the Underwriters Tamayao and Affiliates
Legal Counsel to the Issuer Atty. Ma. Lourdes Bantegui-Rodriguez
Independent Counsel to the Issue DB Law Partnership
Stock Transfer Agent Stock Transfer Services, Inc.
Receiving Bank Stock Transfer Services, Inc.
Escrow Agent Banco de Oro Universal Bank – Trust Banking
Group

4
The existing stockholder who owns at least 10% of the issued and outstanding common shares has agreed, in
compliance with the PSE rules, not to offer, sell or otherwise dispose of the Common Shares acquired or
subscribed to prior to the Offer within a period of 180 days from the Listing Date.
5
If there is any issuance of shares or securities done or fully paid for within 180 days prior to the start of the Offer
Period, and the transaction price shall be lower than that of the offer price in the initial public offering, all shares or
securities availed from this transaction shall be subject to a lock-up period of 365 days from full payment of the
aforesaid shares or securities.
Page 3 of 4
Finance / Admin / Membership Market Regulatory Division Issuer Regulation Division Information Technology Division Capital Markets Dev’t. Division CEO / OGC
Tel. No.688-7560/7440/7460 Tel. No. 688-7559 Tel. No. 688-7501/7510 Tel. No. 688-7405/819-4400 Tel. No. 688-7590 Tel. No. 688-7400/819-4408
MEMO FOR BROKERS
T h e P h i l i p p i n e S t o c k Exchange, Inc.
Disclosures Stockholders’ Meeting Others:
Dividend Notice SEC / Gov’t Issuance
Stock Rights Notice Transfer Agent’s Notice

Date : October 26, 2007


Subject : SPLASH CORPORATION
Revised Timetable of Offering Activities

Further to Memo for Brokers No. 0464-2007 dated October 15,2007, regarding Splash Corporation’s
Initial Public Offering (“IPO”), please be informed of the revised timetable of offering activities of the
Company:

Activity Original Date New Date


Price-Setting Date October 31, 2007 November 5, 2007
Notification of Final Offer Price and Offer October 31, 2007 November 5, 2007
Size
Trading Participants Commitment Period
Start November 5, 2007 November 6, 2007
End – Submission of Undertaking November 7, 2007 November 8, 2007
Notice of Final Allocation to Trading November 8, 2007 November 9, 2007
Participants
Domestic Offer Period
Start November 5, 2007 November 6, 2007
End – Trading Participants November 9, 2007 November 12, 2007
Local Small Investors
General Public/Underwriters
Tentative Listing Date November 15, 2007 November 15, 2007

For your information and guidance.

(Original Signed)
MARSHA M. RESURRECCION
OIC, Listings Department

Noted by:

(Original Signed)
ROY JOSEPH M. RAFOLS
Head, Issuer Regulation Division

Finance / Admin / Membership Market Regulatory Division Issuer Regulation Division Information Technology Division Capital Markets Dev’t. Division CEO / OGC
Tel. No.688-7560/7440/7460 Tel. No. 688-7559 Tel. No. 688-7501/7510 Tel. No. 688-7405/819-4400 Tel. No. 688-7590 Tel. No. 688-7400/819-4408