Continuing Listing Requirement on Minimum Public Ownership

December 19, 1997 PSE LISTING CIRCULAR NO. 224-97 SUBJECT : Continuing Listing Requirement on Minimum Public Ownership EXECUTIVE SUMMARY The Board of Governors, in its regular meeting held on December 10, 1997, has passed and approved a resolution removing the continuing listing requirement on Minimum Public Ownership until issuance and implementation of new rules concerning the same. cdt It must be stressed, however, that the requirement on Minimum Offering to the Public in Initial Public Offerings and the other Continuing Listing Requirements (i.e., Maintenance of Minimum Number of Stockholders, Payment of Annual Maintenance Fee, Requirements on Par Value, Maintenance of Minimum Trading Volume, and Negative Twenty Percent Deviation Rule), and all other relevant rules shall remain valid and subsisting. Thus, the Exchange shall continue to implement and enforce the same. The foregoing amendment to the Listing Rules shall take effect immediately upon publication thereof. (SGD.) JOSE LUIS U. YULO, JR. President & CEO