CONTENTS 1 Qur Vision, Mission and Corporate Values. 2 Charperson's Message 4 President's Message © Perfomance of tne Stock Market 9 Highiights of Operations 14 Board of Directors 16 2004 Senior Officers 17 Depertment | leads and O1s 18 Securities Clearing Corp. ofthe Phils. Board of Directors 19 Information Required by the SAC 22 Financial Highlights 23 Statement of Management's Responsibility 24 Report of Independent Aucttors 25 Balance Sheets 20 Stalerrenns of come 27 Statements of Changes in Stockholders’ Equity 2B Statements of Cash Flows 30 Notes to Financial Statements 40 Cothmitices and Key Functions 41 Official List of Companies and Issues 45 Official Let of Active Trading Participants 82 Corporate Information COVER STORY “LEAP A MILE, tngy me meme ot ts Annual Heport, nds the whole PSE organization as one dynamic ae commited team ‘sharing the same vision they have st cut for temsshes othe banat of al stakes. “LEAP A MILE", ao ne acorn forme sratege plans Management vaso chi nthe next tre years, stands for: Liege Campaign Eacaton nd encioncy ‘A erence to negty and Good Gowumance Product versty Active Markatng Masiot Marty | rvesimen Hoe Listy France earings fr StakeholdersOUR VISION By 2007; ‘Appeer among the premisr stock exchanges win the region, ‘One of tha mast ficient, celery fair transparent centor for raising capital end tracing securities thal wil be benefit al per pans Uw ke place. ‘Actrong foundation forthe growth of the Philippine economy by being the Torerront of savings mobiization and investments through existing and innovative instruments. OUR MISSION ‘Tw PSE Is committed to: Maximize value for shareholders with optimal service to all stakeholders, Practive good governance and promote this in listed companies and. ‘Trading Participants to sustain investors’ confidence. Develop word class trading and settlement infrastructure arn infor tain system. Develop now products and services. = Promote the professional and personal growth of our personnel ta better f2rve the invoctor, tho lletod companica and the Trading Partcipents. QUR CORPORATE VALUES Profecsionatiom Encienoy Accountability Transparency and Faimess ® Teamwork Ethics | Integrity