Global Equities, Inc.

February 9, 1998 PSE CIRCULAR FOR BROKERS NO. 087-98 February 6, 1998 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention : Atty . Ruben Almadro VP Compliance & Surveillance Dept . RE : Global Equities, Inc . Gentlemen : We wish to advise of the following corporate developments: 1. Clark Field Medical Services, Inc. (CFMSI), a wholly owned subsidiary of Global Equities, Inc. (GEI) has increased its paid-up capital from TEN MILLION PESOS (P10,000,000.00) to THIRTY-EIGHT MILLION PESOS (P38,000,000.00). CFMSI is the joint venture partner of Clark Development Corporation in Clark Medical Center, Inc. (CMFI), a corporation with an authorized capital stock on One Hundred Million Pesos (P100,000,000.00). CMCI shall rehabilitate and develop, into a world class medical center the former Clark Field hospital located at the Clark Special Economic Zone. 2. Global Clark Assets Corporation (GCAC), a wholly owned subsidiary of GEI has increased its authorized capital stock from FOUR MILLION PESOS (P4,000,000.00) to FOUR HUNDRED MILLION PESOS (P400,000,000.00) through the conversion of the advances of GEI into equity. GCAC is the lessee of a 200 hectare are within the Clark Special Economic Zone. 3. GEI has entered into a Management Contract with Adamson & Adamson, Inc., a One Hundred percent (100%) wholly owned subsidiary, for a period of five (5) years. Very truly yours, (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary