PSE Circular for Brokers No. 1154-98

May 26, 1998 PSE CIRCULAR FOR BROKERS NO. 1154-98 ATTY. MANUEL LOPEZ Head, Compliance & Surveillance Dept. Philippine Stock Exchange, Inc. Ortigas Center, Pasig City, Metro Manila Dear Sir : In compliance with the requirement on corporate disclosure, we respectfully inform the Philippine Stock Exchange, Inc. through your good office, of the latest development within the PNCC. His Excellency President Fidel V. Ramos issued an Administrative Order (A.O.) No. 397 dated 13 May 1998, directing the PNCC, Committee on Privatization (COP), Asset Privatization Trust (APT), Department of Finance (DOF), Public Estates Authority (PEA) and all other Government Agencies concerned to apply all PNCC claims against PEA as settlement of its obligations with the various Government Financial Institutions (GFIs) which were transferred to the National Government (N.G.) pursuant to Proclamation 50 and Administrative Order 64. Accordingly, with the issuance of said A.O. 397, a substantial amount, if not all of the obligations of PNCC with the National Government will be settled. We will inform you accordingly of other developments in our company. (SGD.) ROGELIO L. LUIS President and Chief Executive Officer