PSE Circular for Brokers No. 1519-98

July 3, 1998 PSE CIRCULAR FOR BROKERS NO. 1519-98 July 3, 1998 PHILIPPINE STOCK EXCHANGE Ayala Tower 1, Ayala Triangle Ayala Ave., Makati City Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be advised that we just received today a letter dated July 1, 1998 of the International Finance Corporation (IFC), Washington, DC, USA that it has approved on June 29, 1998 a total of US$18 million investment in Pryce Gases, Inc., a subsidiary of Pryce Corporation. The investment consists of US$10 million "A" loan for IFC's own account, a US$5 million "B" loan for the account of participant banks and a US$3 million "C" loan convertible into equity for IFC's own account. cdlex For your information and guidance. Very truly yours, (SGD.) REY NATHANIEL C. IFURUNG Corporate Secretary DATE July 1, 1998 PAGES: (incl. this page) TO: Mr. Salvador P. Escao FAX: 632-815-6953 President PHONE: 632-818-3421 Pryce Gases, Inc. Makati City, Philippines CC: Mr. Gabriel C. Singson FAX: 632-522-3987 Governor PHONE: 632-523-8808 Bangko Sentral ng Pilipinas Manila, Philippines CC: Mr. Edgardo Espiritu FAX: 632-521-9495 Secretary PHONE: 632-523-5727 Dept. of Finance Manila, Philippines FORM: Javed Hamid PHONE: (202) 473-0400 FAX: (202) 4974-4353 E-MAIL: [emailprotected] SUBJECT: Philippines Pryce Gases, Inc. Dear Mr. Escao, We are pleased to inform you that the Board of Directors of IFC has approved on June 29, 1998, an investment in Pryce Gases, Inc. The investment consists of a US$10 million "A" loan, for IFC's own account, a US$5 million "B" loan for the account of participant banks and a US$3 million "C" loan, convertible into equity for IFC's' own account. We look forward to continue working with you on this important transaction. Best regards, (SGD.) JAVED HAMID Director Asia I Department