PSE Circular for Brokers No. 086-98

February 6, 1998 PSE CIRCULAR FOR BROKERS NO. 086-98 February 6, 1998 Atty. Ruben L. Almadro VP Compliance & Surveillance Group Philippine Stock Exchange, Inc. PSE Centre, Exchange Road, Ortigas Center, Pasig City Dear Atty. Almadro : This refers to your letter dated February 6, 1998 requesting us to furnish the Philippine Stock Exchange (The "Exchange") with any information relating to the unusual movement in the trading of Global Equities, Inc. (GEI) shares today, February 6, 1998 from P0.2800 to P0.4200 per share. Please be advised that we are unaware of any information that contributed to such unusual movement. This is to inform you that GEI Corporate Secretary, Atty. Arsenio C. Cabrera, Jr. transmitted a letter detailing the increase in the authorized capital stock of Clark Field Medical Services, Inc. and of Global Clark Assets Corporation, which are both wholly owned subsidiaries of GEI. This letter was forwarded to the Exchange via facsimile around 12:59 p.m. and by personal delivery to the Securities and Exchange Commission (SEC) of around 2:00 p.m. of even date. Therefore, this letter could not in any way have any relation or effect to the trading of the GEI shares in the morning of February 6, 1998. A copy of the said letter (SEC Form 11-C) is attached here. Very truly yours, (SGD.) ALFREDO C. DELA CRUZ Senior Executive Vice President