CBP Memorandum

August 22, 1979 CBP MEMORANDUM TO : All Banks The Monetary Board, in its Resolution No. 1474 dated August 10, 1979, clarified Section 4.b of Circular No. 684 which prohibits banks from making any announcement or communication on the declaration of cash dividends in relation to the SEC rule requiring immediate notice to the Securities and Exchange Commission (SEC) of a dividend declaration. Banks whose shares are listed with any domestic stock exchange may declare cash dividends and give immediate notice of such declaration to the SEC and the stock exchanges, in compliance with pertinent rules of SEC: Provided , That no record date is fixed for such cash dividend pending verification of the report on such declaration by the appropriate supervising and examining department of the Central Bank. Please be guided accordingly. aisadc (SGD.) CARLOTA P. VALENZUELA Deputy Governor