Amendment to the Amended Rules Governing Pre-emptive and other Subscription Rights and Declaration of Stock and Cash Dividends

July 20, 1999 PSE CIRCULAR FOR BROKERS NO. 1797-99 SUBJECT : Amendment to the Amended Rules Governing Pre-emptive and other Subscription Rights and Declaration of Stock and Cash Dividends Attached is a copy of SEC-BED Memorandum Circular No. 02 with regard to the Amendment to the Amended Rules Governing Pre-emptive and other Subscription Rights and Declaration of Stock and Cash Dividends, as approved by the Securities and Exchange Commission at its Executives Session held on 15 June 1999. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President and CEO SEC-BED MEMORANDUM CIRCULAR NO . 02 Series of 1999 TO : Registered and/or Listed Companies Philippine Stock Exchange Philippine Association of Stock Transfer and Registry Agencies, Inc. RE : Amendment to the Amended Rules Governing Pre-emptive and other Subscription Rights and Declaration of Stock and Cash Dividends The Commission En Banc at its Executive Session held on 15 June 1999, resolved to amend subject Rules by deleting Section 7 thereof, which reads as follows: Section 7. No corporation shall be allowed to offer new rights if any portion of its previous rights remain unpaid. In such case, the corresponding call of payment shall instead be made by the Board of Directors. aisadc Effectivity This amendment shall take effect immediately. Mandaluyong City, Metro Manila. June 25, 1999. (SGD.) PERFECTO R. YASAY, JR. Chairman