Reynolds Philippines Corporation

January 24, 2000 PSE CIRCULAR FOR BROKERS NO. 145-00 SUBJECT : Reynolds Philippines Corporation Reynolds Philippines Corporation ("RPC") furnished the Exchange a copy of its Amended SEC Form 11-Q/Quarterly Report for the quarter ended September 30, 1999, with the following additional information on Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations: ". . . Though the receivables of the company increased by 137% due to the sale of investment, the total current assets, however, reflected only 9% increase because of the continuing effects of low working capital that results to lower trade receivable and inventory levels . The company's trade payables increases as a result of the continuing losses from operations. On the other hand the company was able to reduce its bank loans by 9% as a result of its continuing drive to reduce debts to lower interest costs ." A copy of RPC's Amended SEC Form 11-Q is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group