Dear Valued Client,

This advisory is being made in view of the implementation of the Tax Reform of Acceleration and Inclusion (TRAIN) law effective January 1, 2018. As per the PSE's Memo: (CN-No. 2017-0082) the STT was increased from one half of one percent (1/2 of 1%, or 0.50%) to six-tenths of one percent (6/10 of 1%, or 0.60%) of the gross selling price or gross value in money of the shares of stock sold, bartered, exchanged or otherwise disposed.

The STT applies to every sale, barter, exchange or other disposition of shares of stock listed and traded through a local stock exchange, other than sale by a dealer in securities, and shall be paid by the seller or transferor.

Thank you.

Very truly yours,

ABACUS SECURITIES CORPORATION