Penalties for Non-Compliance with the Rules of the Exchange

August 12, 1997 PSE LISTING CIRCULAR NO. 165-97 SUBJECT : Penalties for Non-Compliance with the Rules of the Exchange EXECUTIVE SUMMARY The following are the penalties for non compliance with the rules of the Exchange approved and adopted by the Board of Governors: 1. Foreign Ownership Level "The Exchange shall impose to concerned listed companies a penalty of P 10,000 for every week of non-submission of the report on foreign ownership level." 2. Minimum 500 Stockholders Owning at Least One Board Lot Each "The Exchange shall suspend the trading of the shares of listed companies which have not complied with the rule on minimum 500 stockholders owning at least one (1) board lot each within 30 days from receipt of the letter from the Exchange; Provided , that the concerned listed company shall submit its dispersal plan within 15 days from receipt of the letter from the Exchange; Provided finally , that the concerned listed company shall implement its dispersal plan within 15 days from date of submission thereof to the Exchange." aisadc The foregoing rules of the Exchange shall be effective immediately upon publication thereof. (SGD.) JOSE LUIS U. YULO, JR. President & CEO