August 25, 1999

The Emerging Markets Traders Association, the International Swaps and Derivatives Association and the Foreign Exchange Committee jointly announced on August 25, 1999 the following amendment to the Philippine Peso rate source definitions in Annex A of the 1998 FX and Currency Option Definitions:

Annex A of the 1998 FX and Currency Option Definitions (the "Definitions") is amended, effective as of August 25, 1999, to delete subsection (v) of Section 4.5(a) of Annex A to the Definitions and replace it with the following:

(v) Philippine Peso.

(A) "PHP PHPESO" or "PHP01" each means that the Spot Rate for a Rate Calculation Date will be the Philippine Peso/U.S. Dollar morning weighted average rate for that Rate Calculation Date, expressed as the amount of Philippine Pesos per one U.S. Dollar, for settlement in one Business Day reported by the Philippine Dealing System which appears on the Reuters Screen PHPESO Page to the right of the caption "AM WT AVE" at approximately 11:30 a.m., Manila time, on that Rate Calculation Date.

(B) "PHP TELERATE 2920" or "PHP02" each means that the Spot Rate for a Rate Calculation Date will be the Philippine Peso/U.S. Dollar morning weighted average rate for that Rate Calculation Date, expressed as the amount of Philippine Pesos per one U.S. Dollar, for settlement in one Business Day reported by the Philippine Dealing System which appears on the Telerate Page 2920 to the right of the caption "AM WT AVE" at approximately 11:30 a.m., Manila time, on that Rate Calculation Date.

(C) "PHP TELERATE 15439" or "PHP03" each means that the Spot Rate for a Rate Calculation Date will be the Philippine Peso/U.S. Dollar morning weighted average rate for that Rate Calculation Date, expressed as the amount of Philippine Pesos per one U.S. Dollar, for settlement in one Business Day reported by the Philippine Dealing System which appears on the Telerate Page 15439 to the right of the caption "AM WT AVE" at approximately 11:30 a.m., Manila time, on that Rate Calculation Date.

(D) "PHP PHPESO1" or "PHP04" each means that the Spot Rate for a Rate Calculation Date will be the Philippine Peso/U.S. Dollar morning weighted average rate for that Rate Calculation Date, expressed as the amount of Philippine Pesos per one U.S. Dollar, for settlement in one Business Day reported by the Philippine Dealing System which appears on the Reuters Screen PHPESO1 Page to the right of the caption "AM WT AVE" at approximately 11:30 a.m., Manila time, on that Rate Calculation Date.

Practitioner's Note

• The Philippine Peso rate source definitions refer market participants to the caption "AM WT AVE", which refers to the morning weighted average rate and has been referenced on the page since the change in the rate was announced.
• Please note that the definition describes the rate as the morning weighted average rate. This "morning" session takes place between 9:00 a.m. and 11:00 a.m., Manila time.
• Please also note that the reference to the rate being "tom" rate has been deleted. The rate is a tom rate, but it was agreed that this could be implied from the fact that the definition provides for settlement in one Business Day.
• An additional rate source definition for the PHPESO1 page has been added to Annex A. This page and the Telerate page 2920 are apparently accessible only by on-shore market participants.