PSE Circular for Brokers No. 1403-99

June 16, 1999 PSE CIRCULAR FOR BROKERS NO. 1403-99 June 16, 1999 PHILIPPINE STOCK EXCHANGE, INC . 4th Floor, PSE Center Tektite Towers, Exchange Road Pasig City, Metro Manila Attention: Ms . Grace de Guia Listing and Disclosure Group Gentlemen : In compliance with the Corporate Disclosure Requirements of the Philippine Stock Exchange, we report that MacroAsia Corporation is entering into a Joint Venture Agreement ("Agreement") with Ogden Aviation, which will provide for the acquisition by Ogden Aviation of a 30% stake in MacroAsia Airport Services Corporation ("MASC"), a wholly-owned subsidiary of MacroAsia Corporation. MASC will be renamed "MacroAsia-Ogden Airport Services Corporation" and will be managed by Ogden Aviation. Ogden Aviation is wholly-owned by Ogden Corporation, a global corporation listed in the New York Stock Exchange which is focused on three business areas: Entertainment, Aviation and Energy. The Aviation division provides ground and cargo handling, passenger services, fueling, airport infrastructure development and management and fixed-base operations. Ogden Aviation is the largest aviation services provider worldwide and is present at over 130 airports in 25 countries. LLjur Very truly yours, (SGD.) MARIVIC MOYA Corporate Information Officer