Trading Halt in Relation to Price Movement

December 14, 1998 PSE MEMO FOR BROKERS NO. 575-98 SUBJECT : Trading Halt in Relation to Price Movement The Securities & Exchange Commission (SEC) has approved the changes to the Rule on Trading Halt as proposed by the Exchange. As amended, no more trading halt will be effected on a listed company if its listed equity warrants reached or went beyond the ceiling and floor price limits during a particular day. The particular warrant however will also be on trading halt if the underlying listed shares are placed on a trading halt. prcd Article 20 of the trading rules is therefore amended to read as follows: "Article 20. Trading Halt in Relation to Price Movement . Except for equity warrants , whenever an issue reached its ceiling or floor price limits during a particular trading day, a trading halt shall be imposed by the Exchange on the following day unless the issuer discloses the reasons why its prices moved towards the limits. Whenever a common stock hits the price limits, its corresponding warrant shall also be subject to a trading halt and the Compliance and Surveillance Department shall formally ask the company concerned for an explanation of the unusual price movement and the reply shall be distributed on the floor for the information of all member-brokers. The Exchange may cause the publication of the company disclosure and only when such disclosures are disseminated that trading will be allowed to resume subject again to the trading band rule." This amendment shall take effect immediately. (SGD.) RAFAEL L. LLAVE Chief Operating Officer