New Rules and Policies on Listing Applications

August 12, 1997 PSE LISTING CIRCULAR NO. 131-97 SUBJECT : New Rules and Policies on Listing Applications EXECUTIVE SUMMARY The following are the new rules on additional listing applications approved and adopted by the Board of Governors: 1. Rule on Submission of Forecasted Financial Statements for Applications for Subsequent Public Offerings "All companies applying for additional listing of shares arising from a subsequent public offering shall submit forecasted financial statements for the next full fiscal year. If the application is filed during the first three quarters of the applicant's fiscal year, the company shall submit projected financial statements for its current fiscal year. On the other hand, if the application is filed during the last quarter of the applicant's fiscal year, the company shall submit unaudited actual financial statements for the past quarters of the current fiscal year, together with projected financial statements for the current and the following fiscal year." cdlex 2. Rule on Amendment to Work Program "If a listed company intends to effect an amendment of its work program which shall render inaccurate or misleading the work program previously disclosed or submitted to the Exchange, the listed company shall submit an official disclosure to the Exchange and the Securities and Exchange Commission containing details and material facts regarding said amendment to the work program." 3. Rule on the Declassification of Shares "A listed company that has declassified shares or has been listed in the Exchange with one (1) class of shares shall not be allowed to reclassify its shares and that a company's shares whose par value is P 1.00 shall not be allowed to reduce its par value lower than P 1.00." The foregoing rules and policies shall be supplemental to the Manual of Rules Governing the Listing of Securities (Listing Rules) approved by the Board of Governors. Any rule or policy which is inconsistent herewith is hereby repealed or modified accordingly. The foregoing rules shall be effective immediately upon publication thereof. (SGD.) JOSE LUIS U. YULO, JR. President & CEO