Offer Price of Shares Applied for Listing in the Third Board

November 24, 1997 PSE LISTING CIRCULAR NO. 211-97 SUBJECT : Offer Price of Shares Applied for Listing in the Third Board EXECUTIVE SUMMARY The following is the amendment to the rule on the offer price of shares applied for listing in the Third Board, approved and adopted by the Board of Governors: Offer Price of Shares Applied for Listing in the Third Board "4. Offer Price of Shares The offer price of the shares applied for listing in the Third Board shall be equal to its par value. The net asset value of the applicant company must, however, not be lower than its par value. The term Net Asset Value (NAV) shall mean the total Stockholders Equity less Intangibles plus Appraisal Increment divided by the number of outstanding shares of the applicant company. The Appraisal Increment equals appraised and/or fair market value minus book cost (net of depreciation) of short and long-term investments, property, plant or equipment." The foregoing rules and policies shall be supplemental to the Manual of Rules Governing the Listing of Securities approved by the Board of Governors. Any rule or policy which is inconsistent herewith is hereby deemed repealed or modified accordingly. The foregoing rules of the Exchange shall be effective immediately upon publication thereof. (SGD.) JOSE LUIS U. YULO, JR. President & CEO