PSE Circular for Brokers No. 014-99

January 6, 1999 PSE CIRCULAR FOR BROKERS NO. 014-99 January 5, 1999 Philippine Stock Exchange 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Attention: Disclosure Department Listing and Disclosure Group Gentlemen : In compliance with the disclosure requirements of the Philippine Stock Exchange, we advise that during the meeting of the Board of Directors of our Company on January 5, 1999, the following cash dividends were declared: 1. P0.50 per share on the Company's Series A 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending January 31, 1999, payable February 26, 1999 to the holders of record on January 29, 1999. 2. P0.50 per share on the Company's Series I 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending January 31, 1999, payable February 26, 1999 to the holders of record on January 29, 1999. 3. P0.50 per share on the Company's Series R 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending January 31, 1999, payable February 26, 1999, payable February 26, 1999 to the holders of record on January 29, 1999. 4. P0.50 per share on the Company's Series W 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending January 31, 1999, payable February 26, 1999 to the holders of record on January 29, 1999. Thank you. CASH DIVIDENDS (SERIES A, I, R, W) CASH P0.50 PER SHARE EX-CASH JANUARY 25, 1999 RECORD DATE JANUARY 29, 1999 DATE PAYABLE FEBRUARY 26, 1999 Very truly yours, (SGD.) MA. LOURDES RAUSA-CHAN Secretary