Amendment to the Rules and Regulations Governing Membership in the Philippine Stock Exchange

September 9, 1999 PSE MEMO FOR BROKERS NO. 291-99 SUBJECT : Amendment to the Rules and Regulations Governing Membership in the Philippine Stock Exchange Please be informed that upon recommendation of the Membership Committee, the Board of Governors, in its regular meeting held on August 11, 1999, approved the following amendments to the Membership Rules to wit: "ARTICLE 1. Members of the Exchange . SECTION 7. Entrance Fees Members admitted by transfers or by purchase of a seat shall pay to the Exchange an entrance fee of at least One Hundred Thousand Pesos (P100,000.00) or such amount as may be fixed by the Board. However, IF THE TRANSFER BY AN INDIVIDUAL MEMBER IS TO A firm/corporation. WHEREIN HE HOLDS CONTROLLING INTEREST, TO HIS spouse or relative within the second degree of consanguinity, OR IF THE OWNERSHIP OF A SEAT IS CONSOLIDATED/ACQUIRED BY A BENEFICIAL OWNER THRU A DISSOLUTION OF A TRUST, the entrance fee shall be Ten Thousand Pesos (P10,000.00) or such amount as may be fixed by the Board. In pursuance of the authority granted in the By-Laws, the Exchange has resolved that an applicant who acquires his seat directly from the Exchange or from another member shall pay an entrance fee of Two Hundred Thousand Pesos (P200,000.00). SECTION 8. Changes in Controlling Interests A SUBSTANTIAL CHANGE IN THE BENEFICIAL OWNERSHIP AND/OR CONTROLLING INTEREST IN THE OWNERSHIP STRUCTURE of a member-firm. OR a change in the LEGAL OWNERSHIP in the Missing page in Philippine Stock Exchange file