PSE Circular for Brokers No. 1280-99

June 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1280-99 PHILIPPINE STOCK EXCHANGE, INC . DISCLOSURE DEPARTMENT LISTINGS & DISCLOSURE GROUP 4/F PHILIPPINE STOCK EXCHANGE CENTRE EXCHANGE ROAD, ORTIGAS CENTER PASIG, METRO MANILA Attention: Arlene S . Edades Analyst, Disclosure Department Luisa W . Buenaventura Supervisor, Disclosure Department Cc : Ms. Grace De Guia Asst. Manager, Disclosure Department LADIES : We are in receipt of your letter dated 1 June 1999 requiring East Asia Power Resources Corporation (the "Corporation") to make an official, full, fair and accurate written disclosure on the matter in the news article captioned "4 more firms join $450-m CBK rehab" published in the 1 June 1999 issue of the Manila Standard. Please be informed that on 31 May 1999, the Corporation received a letter of even date from Morgan Stanley, Financial Consultant to Impsa Asia, Ltd. (Impsa), consortium leader of the CBK power plant project, inviting the Corporation to the consortium. Sometime in 1998, a representative of Impsa has likewise verbally invited the Corporation, through its former President, Mr. Jose S. Alejandro, to consider participating in the consortium. To date, however, the Corporation has yet to respond to the invitation and has no official participation in the CBK consortium. LexLib Please rest assured that the Corporation will continue to abide by the disclosure requirements of the Philippine Stock Exchange. Inc. (the "Exchange") and any material developments with the Corporation and its activities will be immediately disclosed to the Exchange. Thank you for your attention. Very truly yours, (SGD.) JOSE ILDEBRANDO B. AMBROSIO Assistant Corporate Secretary