WHEREAS, it is the recording of a Deed of Assignment of Shares of Stock in the Stock and Transfer Book of a corporation that makes the transfer valid as against the corporation and other persons;

WHEREAS, the recording of a Deed of Assignment of Shares of Stock with the SEC does not give rise to any legal benefit to the corporation or the persons involved;

WHEREFORE, in view of the foregoing, Deeds of Assignment of Shares of Stock, unless required and/or submitted to the SEC as supporting documents to applications for registration, shall no longer be accepted by the SEC for acknowledgment and recording purposes.

This Circular shall take effect immediately.

Adopted: 04 November 2004


(SGD.) FE B. BARIN
Chairperson