THE PHILIPPINE STOCK EXCHANGE, INC.

The Philippine Stock Exchange, Inc. (PSE) was incorporated on July 14, 1992 as a non-stock corporation with the primary objective of providing and maintaining a convenient and suitable market for the exchange, purchase and sale of all types of securities and other instruments. The company eventually became a stock corporation on August 3, 2001. On December 15, 2003, pursuant to the demutualization mandate of Republic Act No. 8799 or the Securities Regulation Code, PSE's capital stock was listed by way of introduction. The following year, PSE sold 6,077,505 shares from its unissued stock to five strategic investors by way of private placement. These strategic investors were the PLDT Beneficial Trust Fund, SMC Retirement Fund, Government Service Insurance System, Kim Eng Investment Ltd.,  

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and KE Strategic Pte. Ltd. PSE has a wholly owned subsidiary, the Securities Clearing Corporation of the Philippines (SCCP), which was primarily organized as a clearance and settlement agency for SCCP-eligible trades executed through the facilities of the PSE. The company is also a shareholder of the Philippine Dealing System Holdings Corporation, the holding company of the Philippine Dealing and Exchange Corporation, otherwise known as the Fixed Income Exchange. Source: Prospectus; SEC Form 17-A (2008)