PSE Circular for Brokers No. 1582-99

July 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1582-99 July 1, 1999 Disclosure Department Listing and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa Buenaventura Supervisor RE : Global Equities, Inc . Gentlemen : We wish to advise the Philippine Stock Exchange of the following matters which were taken up in the Annual Meeting of the Shareholders of Global Equities, Inc. (the "Company") held last 30 June 1999: 1. The Stockholders, by 2/3 vote of the outstanding capital stock of the Company, approved the following amendments to the Directors' Stock Option Plan ("DSOP") and the Management Stock Option Plan ("MSOP"), to wit: 1.1 DSOP 1.1.1 Amendment of the price of the shares from One and 25/100 Pesos (P1.25) per share to One Peso (P1.00) per share; 1.1.2 Amendment to change the manner of payment from full payment at the time of the exercise of the option to an initial payment of 25% of the total price of shares purchased with the balance being due and payable upon call by the Board of Directors; and aisadc 1.1.3 Amendment of the period within which the option may be exercised from three (3) years from approval to five (5) years from approval. 1.2 MSOP 1.2.1 Amendment of the price of the shares from One and 25/100 Pesos (P1.25) per share to One Peso (P1.00) per share; 1.2.2 Amendment to change the manner of payment from full payment at the time of the exercise of the option to an initial payment of 25% of the total price of shares purchased with the balance being due and payable upon call by the Board of Directors; and 1.2.3 Amendment of the period within which the option may be exercised from three (3) years from approval, or until 19 December 1999, to five (5) years from approval, or until 19 December 2001. 2. During the said Annual Meeting, the following Directors were elected to serve as such for the ensuing year and until the election and qualification of their successors: 1. NORA A. BITONG 7. JERRY C. ANGPING 2. GEORGE L. GO 8. MARIO A. ORETA 3. EDGARDO M. DEL PONSO 9. FLORENTINO M. HERRERA III 4. RAYMUNDO G. PE 10. FLORENCIO MALLARE 5. WILFRIDO V. VERGARA 11. ARSENIO C. CABRERA, JR. 6. EDUMUNDO S. ISIDRO 3. At the Organizational Meeting of the Board of Directors held right after the Shareholders' Meeting, the following were elected as officers. NORA A. BITONG Chairman and President ALFRED DELA CRUZ Senior Executive Vice-President and Chief Financial Officer KEN FRANCIS RAMOS Senior Executive Vice-President GRETA YAO GO Treasurer ARSENIO C. CABRERA, JR. Corporate Secretary HUBERT B. GUEVARA Assistant Corporate Secretary We hope that we have sufficiently apprised you of the material results of the Annual Shareholders' Meeting. Should you have any questions, please do not hesitate to give us a call. Very truly yours, GLOBAL EQUITIES, INC. By: (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary