QUICK GUIDE ON SOME OF THE NEW TRADING RULES

Effective Monday 26 July 2010, the Philippine Stock Exchange will be implementing the
new trading system with a new set of trading rules, below are important changes to the
Trading Rules :

1. New Trading Schedule

There will now be a Pre-Close period prior to the Run-off Period of 12noon.

8:45 am - National Anthem

9:00 am - Pre-Open*
9:30 am - Market Open
11:57 am - Pre-Close *(NEW)
12:00 pm - Run-off / Trading at Last
12:10 pm - Market Close

* 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 11:57am to 11:58am. During the
periods of 9:15 am to 9:30 am and during 11:58 am-12:00 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 11:57-12:00) 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 11:57-11:58 thereafter only posting of new orders are
allowed until 12:00. Noon time will bring about a closing price that will match pre-close
posted orders then continue trading at the closing price until 12:10.

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.

---
Important: This is an electronically-generated letter. Please do not reply to this email. Please do not send
any account instructions, confidential and sensitive financial data through this and other regular emails. It
is not CitisecOnline’s policy to request from customer’s confidential information via regular emails.