1. what can say you about the equity of the company? is the increase of total equity good? and what is its impact? 2. why did capital stock significantly increase? is this a positive or negative effect to the company? 3. why does 2017 does not have treasury stock? 4. is it good that a company decrease retained earnings?

18. Equity Capital Stock The capital structure of the Parent Company follows: 2018 2017 Common stock - P0.50 par value Authorized - 19,265,000,000 shares Issued - 13,685,272,117 shares in 2018 and 7,602,928,954 in 2017 Outstanding - 13,675,915,117 shares in 2018 and 7,602,928,954 in 2017 Preferred stock - P0.01 par value Authorized and Issued - 720,000,000 shares P6,842,636 P3,801,465 7,200 P6,849,836 7,200 P3,808,665 Preferred share is voting, non-participating but with a fixed cumulative dividend rate of 7.00% p.a. December 31 2018 2017 P3,808,665 P6,849,836 (20,366) 8,262,455 8,262,455 Equity Attributable to Equity Holders of the Parent Capital stock (Note 18) Treasury stock (Note 18) Additional paid-in capital (Note 18) Other components of equity: Share in cumulative translation adjustment (Note 10) Cost of share-based payment plan (Note 19) Net valuation gains (losses) on financial assets (Note 7) Asset revaluation surplus Retained earnings: Unappropriated Appropriated (Note 18) 780,412 240,003 (92,504) 31,714 564,152 137,635 163,935 32,097 11,794,529 1,818,628 29,664,707 3,786,123 33,450,830 Non-controlling Interests (NCI) Total Equity TOTAL LIABILITIES AND EQUITY 15,392,459 1,095,583 29,456,981 3,761,207 33,218,188 P45,737,099 P46,032,507 See accompanying Notes to Consolidated Financial Statements