"Et Tu , Brutus ?"

SEQUENCE OF UNFORTUNATE EVENTS

APRIL 24, 2001 - BAP CONSULTING, INC.WAS INCORPORATED

NOVEMBER 20,2002-THE CHAIRMAN OF THE BAP OPEN MARKET COMMITTEE
(who later became the president of BAP
CONSULTING, INC. ) WROTE THE BSP RECOMMENDING
THE FUNCTIONS OF A CUSTODIAN

FEBRUARY 6, 2003-BAP CHAIRMAN, OPEN MARKET COMMITTEE (Who later
became the president of BAP CONSULTING,INC.
President) submitted to BSP a draft of BSP Cir.
No. 392 (This draft essentially became the
actual BSP circular No. 392)

APRIL 24, 2003 - BAP CONSULTING, INC. PRESIDENT SOUGHT APPROVAL WITH
BSP OF THE OPERATIONAL FRAMEWORK OF THE PROPOSED
DEPOSITORY & CUSTODY ENITTY OF THE FIE EMBODIED IN
A BUSINESS PLAN ATTACHED THERETO (The letter stated
they will be "filing for incorporation and apply
for accreditation as a custodian.)

BAP CONSULTING PRESIDENT SUBMITS PROPOSED ACCREDIT-
ATION GUIDELINES WITH THE BSP (Guidelines defined
major functions of a custodian, among others, which
later could be found in circular no. 392/428)

JUNE 17,2003 - BAP CONSULTING, INC. WAS RENAMED PHIL.DEALING
SYSTEM HOLDINGS CORPORATION

JULY 23, 2003 - BSP CIRCULAR 392 WAS ISSUED

APRIL 27, 2004 - BSP CIRCULAR 428 IMPLEMENTING CIR 392 WAS ISSUED.

JULY 1, 2004 - BSP CIRCULAR NO. 440 DEFERRING THE EFFECTIVITY
OF CIR. 392 WAS ISSUED

SEPTEMBER 24, 2004-BSP CIRCULAR NO. 453 DEFERRING EFFECTIVITY OF
CIRCULAR 392 TO NOVEMBER 16, 2004 WAS ISSUED

OCTOBER 14, 2004-BSP CIRCULAR NO. 457 WAS ISSUED CLARIFYING CIRCULARS
ON CUSTODIANSHIP

NOVEMBER 2, 2004- BSP CIRCULAR NO. 458 WAS ISSUED EXEMPTING SOME
INSURANCE COMPANIES FROM THE INDEPENDENCE OF
CUSTODIAN AND REGISTRAR RULE

NOVEMBER 12, 2004-BSP CIRCULAR NO. 460 WAS ISSUED DEFERRING THE
EFFECTIVITY OF CIRCULAR 392 TO JANUARY 01, 2005

Copies of some of the letters mentioned are posted above.