Patrick Balido Michael Cariňo Hazel Espera Erika Manalili Arlyn Lamadrid Giselle Lim Charmainne Tomas

To develop and operate a centralized electronic marketplace that will promote price discovery and transparency for Philippine fixed income securities and foreign exchange transactions.

To be the catalyst for promoting efficiency, price discovery, transparency and investor protection in the domestic fixed income market.

Vicente B. Castillo Chairman and Chief Executive Officer Cesar B. Crisol President and Chief Operating Officer Peter Chia Chon Hian Director Atty. Francisco Ed. Lim Director Mark P. Watkinson Director Ricardo L. Fernandez Director George S. Chua Independent Director Hans B. Sicat Independent Director Teodoro B Montecillo Independent Director

Vicente B. Castillo Chairman/CEO Cesar B. Crisol President/COO Antonino A. Nakpil Director, Trading Services Girard B. Matutina Associate Director, Market Operations Maria Victoria M. Caintic Associate Director, Listing & Enrolment Jose A. Tanjangco Associate Director, Issuer Product Development

 Philippine Dealing System Holdings Corp. or PDS Group  Its subsidiaries: 1.Philippine Securities Settlement Corporation (PDS holdings) 2.Philippine Depository and Trust Corporation (PDTC)  licensed by the SEC  “X- Stream” system  March 2005: began its trading operations in GS  July 2006: formally recognized as a SRO  November 2007: SRO registration of PDEx was expanded  February 2008: SRO authority was expanded

 first centralized electronic infrastructure  comprehensive financial market infrastructure  Development of local capital market  X-stream system  Trading floor is not physical but virtual  September 2007: rules governing the PDEx Repo Market was approved  November 2007: Inter-Professional Market  February 2008: Public Market Trading Platform

 September 2006: Straight-Through Processing (STP)  November 2006: Auto-Matching system was launched  launched a Market Maker program

 Internet-based system  Was launched in June 2009  Simplified transaction entry system

 Under the provisions of the Securities Regulation Code or SRC  Separate the Market Governance function of PDEx from its Corporate Governance  Market Governance Board  composed of 9 governors ◦ 4 governors representing market interests 1.the issuers 2.the dealers 3.the salesmen 4.the investors ◦ 4 governors that are independent ◦ a representative of PDEx as market operator

 ALLIED BANKING CORP.  ASIA UNITED BANK CORPORATION  ASIAN ALLIANCE INVESTMENT CORP.  ASIATRUST DEVELOPMENT BANK  AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED  BANCO DE ORO UNIBANK, INC.  BANK OF COMMERCE  BANK OF THE PHILIPPINE ISLANDS  BDO PRIVATE BANK  BPI CAPITAL CORPORATION  CHINA BANKING CORPORATION  CHINATRUST (PHILS.) COMMERCIAL BANK CORP.  CITIBANK N.A.  DEUTSCHE BANK, AG  DEVELOPMENT BANK OF THE PHILS.  EASTWEST BANKING CORP.  EXPORT & INDUSTRY BANK  FIRST METRO INVESTMENT CORP.  ING BANK, NV MANILA  JP MORGAN CHASE BANK  LAND BANK OF THE PHILIPPINES  MAYBANK PHILIPPINES, INC.  METROPOLITAN BANK & TRUST COMPANY  MULTINATIONAL INVESTMENT BANCORPORATION  PHILIPPINE BANK OF COMMUNICATIONS  PHILIPPINE BUSINESS BANK  PHILIPPINE COMMERCIAL CAPITAL INC.  PHILIPPINE NATIONAL BANK  PHILIPPINE POSTAL SAVINGS BANK  PHILIPPINE SAVINGS BANK  PHILIPPINE VETERANS BANK  PLANTERS DEVELOPMENT BANK  RCBC SAVINGS BANK, INC.  RIZAL COMMERCIAL BANKING CORP.  ROBINSONS SAVINGS BANK  SECURITY BANK CORP.  STANDARD CHARTERED BANK  THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED  UNION BANK OF THE PHILIPPINES  UNITED COCONUT PLANTERS BANK  VICSAL INVESTMENT, INC.

 ALLIED BANKING CORPORATION  BANCO DE ORO UNIBANK, INC.  BANK OF COMMERCE  BANK OF THE PHILIPPINE ISLANDS  BPI CAPITAL CORPORATION  CHINA BANKING CORPORATION  CITICORP FINANCIAL SERVICES & INSURANCE BROKERAGE PHILS INC  DEVELOPMENT BANK OF THE PHILIPPINES  EAST WEST BANKING CORPORATION  FIRST METRO INVESTMENT CORP.  LAND BANK OF THE PHILIPPINES  MAYBANK PHILIPPINES, INC.  METROPOLITAN BANK & TRUST COMPANY  MULTINATIONAL INVESTMENT BANCORPORATION  PHILIPPINE COMMERCIAL CAPITAL INC.  PHILIPPINE NATIONAL BANK  PHILIPPINE VETERANS BANK  RIZAL COMMERCIAL BANKING CORP.  SECURITY BANK CORP.  STANDARD CHARTERED BANK  THE HONG KONG AND SHANGHAI BANKING CORPORATION  UNION BANK OF THE PHILIPPINES  UNITED COCONUT PLANTERS BANK  VICSAL INVESTMENT, INC

Rule 1 Trading Participants Rule 1.1 General Provision 1.No person shall be allowed to trade on the PDEx Trading System without being qualified to do so by PDEx. 2.A Trading Participant shall be any person that has been qualified to tradeon the PDEx Trading System Rule 1.3 Qualifications of a Trading Participant

Rule 3 Trading Rule 3.1 Trading Day and Non-Trading Day Everyday shall be a Trading Day except for Saturdays, Sundays, legal holidays, and days when Philippine Clearing House Corporation clearing operations are suspended.

In Relation to Capital Market