Rules Allowing Trading of "B" Shares on the Regular Board and Requiring Buyers to Accept Either "B" or "A" Certificates

September 7, 1973 RULES ALLOWING TRADING OF "B" SHARES ON THE REGULAR BOARD AND REQUIRING BUYERS TO ACCEPT EITHER "B" OR "A" CERTIFICATES In the interest and for the protection of investors, in case the capital stock of a listed company is divided into Class "A" and Class "B" shares so as to insure the 60% Filipino and 40% alien ownership of stock therein as required under existing applicable laws, the following rules and regulations shall be observed in the trading of said shares of stock in all operating stock exchanges to wit: SECTION 1. The stock exchange shall provide a regular board under the name of each company listed and a "B" board for the exclusive trading of "B" shares. Any and all "B" shares may be sold also on the regular board, since said shares may be issued to Filipinos and aliens alike. Accordingly, buyers on the regular board shall accept the delivery of either "A" or "B" certificates or "B" certificates and cannot choose. llcd SECTION 2. Where "A" certificates or "B" certificates are delivered for transfer, the transfer office shall issue the same class of certificates as that surrendered for transfer. SECTION 3. These rules shall apply to all stock exchanges, brokers, dealers, salesmen, clearing houses and transfer offices. SECTION 4. Any violation of these rules and regulations shall be penalized by fine, suspension or revocation of license of the guilty party as provided under existing laws and regulations. SECTION 5. These rules shall take effect immediately. They shall also be published in one newspaper of general circulation in the Philippines and in the Official Gazette. (SGD.) ARCADIO E. YABYABIN Securities and Exchange Commissioner Approved: September 7, 1973 (SGD.) TROADIO T. QUIAZON, JR. Acting Secretary of Trade