Requests for Special Block Sale

January 14, 1999 PSE MEMO FOR BROKERS NO. 027-99 SUBJECT : Requests for Special Block Sale Further to Memo for Brokers No. 579-98 on the amended rules on special block sales, the Committee has recommended and was subsequently confirmed by the Board, that effective immediately, requests for special block sales whose price is outside the trading band for the day and with substantial documents either already attached or were further requested, must be submitted to the FTAC not later than 10:30 a.m. of the trading day they want to do the transaction. This rule is meant to refine the existing procedure and is based on the observation of the Floor Trading Arbitration Committee (FTAC) that the Committee members have so short a time to go through the documents attached in the request for special block sale form. While the SEC has required that special block sales must be executed before the close of trading of the same day, members of the Committee must also be given enough time to go through the documents. Since four (4) signatures are necessary for the request to be approved, concerned brokers are therefore advised to follow the above indicated deadline. (SGD.) RAFAEL L. LLAVE Chief Operating Officer