PSE Circular for Brokers No. 1157-98

May 27, 1998 PSE CIRCULAR FOR BROKERS NO. 1157-98 FACSIMILE COVER/MESSAGE RECEIVER'S FAX NO.: 636-088-09 TOTAL PAGE/SHEET (Including this page/sheet): one (1) TO : Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City FROM : Office of the Corporate Secretary MESSAGE: In compliance with your requirement, we are constrained to inform you that our office received today Warrant of Garnishment No. 032-002-97 dated November 11, 1997 for P14,207,969.90, representing an alleged deficiency VAT and income taxes of SM Appliance Center, Henry Sy, Cenen Mendiola, Teresita T. Sy, Herbert T. Sy and Harley T. Sy. We understand from the office of Mr. Henry Sy that the said garnishment was already lifted and that the formal or written lifting order is in the process of being released very soon. In any case, we forwarded the said Warrant to our Transfer Agent, RCBC for proper action and have taken note of the garnishment insofar as our major stockholders, Messrs. Henry Sy and Herbert T. Sy are concerned Thank you. AUTHORIZED BY: (SGD.) ARSENIO L. LIM, JR. Vice President & Corporate Secretary