First Philippine Holdings Corporation Additional Listing

May 24, 1999 PSE CIRCULAR FOR BROKERS NO. 1175-99 SUBJECT : First Philippine Holdings Corporation Additional Listing The Exchange approved on June 11, 1997, subject to the actual availment and full payment of the shares, the listing application of FIRST PHILIPPINE HOLDINGS CORPORATION (the "Company") to list additional 18,000,000 common shares consisting of 10,800,000 class "A" and 7,200,000 class "B" shares, with par value of P10.00 per share, to cover the Company's Employee Stock Purchase Plan (ESPP) and Executive Stock Option Plan (ESOP). In this connection, please be advised that 98,325 common shares, divided into 56,495 class "A" shares and 41,830 class "B" shares, have been availed of and fully paid under the Company's Executive Stock Option Plan and Employee Stock Purchase Plan. LLcd In view thereof, the listing of 98,325 common shares availed under the stock option plan is set for Wednesday, May 26, 1999 . This brings the number of common shares listed under the Company's Executive Stock Option Plan and Employee Stock Purchase Plan to a total of 1,897,735 common shares. For your information and guidance. (SGD.) RAFAEL L. LLAVE Chief Operating Officer