Listing Requirements and Standards

1. First Board

a. Basic Guidelines — An application for listing on the Exchange should simultaneously be

submitted with a registration statement (in respect to a public offering) to the SEC. All listing requirements
and the setting of standards for marketability (i.e number of shares, available for trading by the public,
size of quoted market capital, etc.) are determined by the Exchange. Emphasis will be given to the integrity
and capabilities of the management and controlling shareholders and the stability and ranking in the
industry or business community of the applying company.

b. Listing Agreement -- Applications are required to enter into an agreement with the Exchange
agreeing to comply with all its listing requirement and policies. The Exchange reserves the right, through
the Listing Committee, to limit the public offering to that which is necessary, based on the applicant's
work program and funding requirement

c. Minimum Capital Requirement - Applicants must comply with the following minimum capital
requirements:

1) The authorized capital stock of the application must be at least P400 million;

2) The subscribed capital of the applicant must be at least P100 million or 25% of the authorized
capital stock, whichever is higher.

d. Minimum Par Value of Shares - The par value of the shares of companies applying for listing
must not be less than 1.00. A listed company cannot change its par value without prior approval of the
Exchange.

e. Track Record - The applicant must have a proven track record of profitable operations for the
last three (3) fiscal years immediately prior to application. The company must also have a consolidated
pre-tax profit of at least 50 million and a minimum pre-tax profit of $10 million for each of those three (3)
years. The applicant should have a minimum of seven (7) members of the Board of Directors. All the issued
and outstanding capital stock of the company should be applied for listing.

f. Minimum Number of Stockholders of Issuer Company - After listing, the listed company shall,
at all times, maintain at least one thousand (1,000) stockholders owning shares equivalent to at least one
(1) board lot.

2. Second Board

a. Description - The Secondary Board is a second tier market established to enable corporations that do
not yet meet all the requirements for a Primary Board listing to raise funds from the stock market. Another
purpose is to increase the supply of securities in the Philippines. Corporations listed on the Second Board
may be elevated to the First Board by the Exchange upon application and upon showing that they meet
the First Board listing requirements.

b. Basic Guidelines - Unless inconsistent with the other requirements specified hereunder, all the rules
and requirements set forth in the First Board likewise apply to the Second Board.
c. Second Board Listing Requirements - Applicants for listing on the Secondary Board are required to
enter into an agreement with the Exchange, stating their commitment to comply with all applicable listing
requirements and policies.

d. Minimum Capital Requirements - Applicant must comply with the following minimum capital
requirements:

(1) The authorized capital stock of the applicant must be at least P100 million.

(2) The subscribed capital of the applicant must be at least 25 million or 25% of the authorized
capital stock, whichever is higher.

(3) All of the subscribed capital of the applicant must be paid-up.

e. Minimum Par Value of Shares - The minimum par value of shares for corporations to be listed on the
Second Board is the same as the minimum par value for the First Board.

f. Track Record - the applicant must:

(1) Have a proven track record of profitable operations for at least three (3) years immediately
prior to the application for listing.

(2) Have a cumulative pre-tax profit of at least P30 Million and a minimum pre-tax profit of P5
Million for each of those three (3) years.