A Brown Company, Inc. Additional Listing

July 9, 1998 PSE CIRCULAR FOR BROKERS NO. 1577-98 SUBJECT : A Brown Company, Inc. Additional Listing The Exchange approved the application of A BROWN COMPANY, INC . to list additional 211,565,003 common shares , with a par value of P1 . 00 per share . However, due to the fractional shares amounting to 1,624 common shares that were accumulated from the distribution of the 10% stock dividend declaration to the stockholders entitled thereto, the aforesaid shares were reduced to 211,563,379 common shares , consisting of the following: a) 119,753,316 common shares , to cover the 15% stock dividend declaration to stockholders of record as of July 25, 1997 . These shares will come from the Company's unissued authorized capital stock; and b) 91,810,063 common shares , to cover the 10% stock dividend declaration to stockholders of record as of June 22, 1998 . These will come from the increase in the Company's authorized capital stock. cdlex Actual listing and trading of 438,900 common shares , representing the 15% stock dividend on the 2,926,000 issued but unlisted ESOP shares and 336,490 common shares , representing the 10% stock dividend on the 2,926,000 issued but unlisted ESOP shares and on the latter's corresponding 15% stock dividend, shall take effect upon the actual listing of the aforesaid ESOP shares. In view thereof, the listing of the 210,787,989 common shares is set for Friday, July 17, 1998 . For your information and guidance. (SGD.) REYNOLD P. ONG Vice President, Listings and Disclosure Group