IMPORTANT NOTICE TO CUSTOMERS PSE ANNOUNCES NEW TRADING RULES EFFECTIVE JULY 26, 2010 Effective Monday 26 July

2010, the Philippine Stock Exchange will be implementing the new trading system with a new set of trading rules, as part of their commitment to enhance the trading experience and support systems for all investors, trading participants and PSE support groups. Below are important changes to the Trading Rules that immediately affect your trading activities with CitisecOnline under the new PSE system:

1.

New Trading Schedule (effective October 3, 2011)

There will now be a Pre-Close period prior to the Run-off Period.

Php Time 9:00 am Action Period Pre-open Period No matching of Orders can occur during this period, but you can enter, modify, or cancel Orders Pre-Open No-Cancel Period You are allowed to enter Orders but cannot cancel or modify Orders during this period Opening Period The period when the Opening Price for all Securities is calculated. For a short moment the Order book is frozen until calculations of the opening price is completed Continuous Trading A period when Orders are automatically matched at the Best Price in accordance with the Revised Trading Rules. Odd-lots can only be traded and modified during this period Pre-Close Auction Period Matching of prices are halted for 3 minutes. And just like your Pre-Open

9:15 am - 9:30 am

9:30 am

9:30 am - 12:47 pm

12:47 pm - 12:49 pm

12:49 pm - 12:50 pm

12:50 pm - 1:00 pm

period, you can enter, modify or cancel Orders Pre-Close No-Cancel Period During this period, you are still allowed to enter Orders but cannot cancel or modify Orders Run-Off/Trading-At-Last You can only enter Buy or Sell Orders at the Closing Price

* You can modify and/or cancel your orders during the Pre-Open period between 9:00am to 9:15am and the Pre-Close period of 12:47am to 12:49 am. During the periods of 9:15 am to 9:30 am and during 12:49 pm-12:50 pm, modifications and/or cancellations of orders will NOT be allowed by the system.

2.

New Board Lot and Price Fluctuation Table

The new board lot and price fluctuation table for all stocks listed in the PSE are as follows:

3.

Implementation of Trading Price Limits

The price of an order shall be within the Trading Limits for the Trading day. There are two limits implemented; i.e., Static and Dynamic Thresholds.

The Static Threshold used to be known as the Floor and Ceiling Prices and is computed as follows: - The upper Static Threshold shall be fifty percent (50%) above the Reference price (closing price) - The lower Static Threshold shall be fifty percent (50%) below the Reference price (closing price) The Dynamic Price Threshold** is computed as follows: - Dynamic price threshold (upper) = last traded price + (last traded price multiplied by the dynamic tick) - Dynamic price threshold (lower) = last traded price - (last traded price multiplied by the dynamic tick) ** An order entered breaching above or below the Dynamic Threshold will cause the security to be Frozen by the PSE stopping all trades until the PSE reactivates the security with a new Dynamic Threshold. Example: If the last traded price for stock A is 5.00 pesos and it has a PSE defined dynamic tick of 0.05 then: - Stock A dynamic price threshold (upper) = 5.00 + (5.00 x 0.05) = 5.25 - Stock A dynamic price threshold (lower) = 5.00 - (5.00 x 0.05) = 4.75

4. Closing Prices will now be calculated during the Pre-Close Period which will be similar to pre-opening calculations of the opening price. A Pre-close period (from 12:47-12:50) will be added similar to pre-open that will freeze matching for three minutes but allowing posting. Cancellations and modifications to orders are only allowed from 12:47-12:49 thereafter only posting of new orders are allowed until runoff of 12:50. Run off or Trading at Last, will bring about a closing price that will match pre-close posted orders then continue trading at the closing price until 1:00 pm.

5.

Partial matching of Odd-lot orders will now be allowed.

6. Good-Till-Cancelled orders will now cover a period of seven (7) calendar days instead of seven (7) trading days. All present GTC orders will be cancelled by end of day Friday July 23, 2010 to make way for the new data format on Monday. Placement of GTC orders will resume on July 26 Monday 9:00 AM. GTC orders may be entered during ATO (after trade hours). But GTC orders that have already been sent to the Exchange can only be cancelled or

changed during allowable moments in pre-open (9:00-9:15) and during trading time. You can still send an advanced notice to cancel or change the GTC order during ATO periods but its effect on earmarked balances and positions will only take effect at 9:00 AM onwards.

7. Please note that all other current order types in the COL system (Limit order, Day order, At-The-Open, and At-The-Close) will remain the same under the COL system. There will be no added order types in the initial phase of the new system implementation. The PSE will in time introduce new order types to which we will inform you of its implementation. To review the new implementing rules that affect the CitisecOnline trading platform, you can download our Quick Guide of the New PSE Trading Rules on the Street Smart tab on the COL website. We will continue to update the Quick Guide weekly if necessary to share with you the new trading rules that will affect your trading activities with the PSE. Please feel free to call our Customer Service Hotline at (02) 6-333-777 or email us at helpdesk@citiseconline.com for any questions or clarifications on the new PSE system and rules. Thank you very much.
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