JG Summit Holdings, Inc.

January 19, 1999 PSE CIRCULAR FOR BROKERS NO. 088-99 SUBJECT : JG Summit Holdings, Inc . JG Summit Holdings, Inc. ("JG Summit") replied to the Exchange's query pertaining to the details on the possible reallocation of the proceeds derived from the 1:2 new share offer of JG Summit, considering that it intends to divest its holdings in APO Cement Corporation, the intended recipient of the proceeds as stated in its original work program. JG Summit advised that: ". . . JG Summit is in the process of negotiating and finalizing the terms of a final purchase agreement and has not, to date reached a definitive agreement with the intended purchasers. dctai Should the sale be consummated, we will necessarily amend the work program and inform you of the particulars of the reallocation of the proceeds from the 1:2 share offer, which as earlier stated, will possibly be applied to JG Summit's core business or other investment opportunities. However, in the event that the sale is not consummated, we will maintain the original work program. Any disclosure on the details of reallocating the proceeds may be premature at this point. In the meantime, funds to be received from stockholders during the Second Tranche of the share offer (due January 19, 1999) will be temporarily held by JG Summit, pending finalization of the sale transaction." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO