Global Equities, Inc.

May 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1083-98 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa Buenaventura RE : Global Equities, Inc . Gentlemen: Please be advised that in the Annual Meeting of the Shareholders of Global Equities, Inc. held today, 18 May 1998, the shareholders therein representing at least two-thirds of the Company's issued and outstanding stock, approved the amendment to the Articles of Incorporation, more specifically, Article VII thereof, increasing the authorized capital stock of the Company from Two Billion Pesos (P2,000,000,000.00) to Three Billion Five Hundred Million Pesos (P3,500,000,000.00). The shareholders likewise approved the declaration of stock dividends in support of the increase in authorized capital stock equivalent to Three Hundred Seventy Five Million Pesos (P375,000,000.00) out of its retained earnings and additional paid in capitals as of 31 December 1997. The appropriate application for the amendment of the Company's Articles of Incorporation will be filed with the Securities and Exchange Commission in due course. The Stockholders elected the following Directors to serve as such for the ensuing year and until the election and qualification of their successors: NORA A.. BITONG EDMUNDO S. ISIDRO GEORGE L. GO JERRY C. ANGPING EDGARDO M. DEL FONSO MARIO A. ORETA RAYMUNDO G. PE FLORENTINO M. HERRERA III WILFREDO V. VERGARA FLORENCIO MALLARI YAO SHIONG SHIO The Chairman, Ms. Nora A. Bitong, also announced during the Annual Stockholder's Meeting that on 15 May 1998, the First Centennial Clark Corporation (FCCC) paid Global Clark Assets Corporation (GCAC), a 100% wholly owned subsidiary of the Company, the sum of P216 Million as reimbursement for its investment and loans extended to the Philippine Centennial Expo 98 Corporation. In consideration of the payment, GCAC agreed to cede in favor of FCCC all its leasehold rights over the 60 hectare site of the Centennial Exposition within the Clark Special Economic Zone (CSEZ). GCAC's leasehold rights within the CSEZ was therefore reduced from 200 hectares to 140 hectares. In the Organizational Meeting of the Board of Directors immediately succeeding the shareholders' meeting, the following were elected officers of the Company to serve as such for the ensuing year and until the election and qualification of their successors: Nora A. Bitong Chairperson & President Edmundo S. Isidro Vice Chairman Greta Yao Go Treasurer Alfredo C. dela Cruz Senior Executive Vice President & Chief Financial Officer Kenn-Francis B. Ramos Senior Executive Vice President Arsenio C. Cabrera, Jr. Corporate Secretary Micaela V. Zorrilla Assistant Corporate Secretary Very truly yours, GLOBAL EQUITIES, INC. By: (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary