Amendments to the Listing Fees of the Exchange

August 15, 1997PSE LISTING CIRCULAR NO. 166-97SUBJECT : Amendments to the Listing Fees of the ExchangeEXECUTIVE SUMMARYThe following are the amendments to the listing fees of the Exchange approved and adopted by the Board of Governors:1. Underlying Shares of Convertible Securities"1/10 of 1% of shares applied for listing based on conversion price." cdt2. Warrants"A minimum fee of P100,000 plus 1/10 of 1% of warrants applied for listing based on converted value."The foregoing new listing fees of the Exchange shall be effective immediately upon publication thereof.(SGD.) JOSE LUIS U. YULO, JR.President & CEO