PSE Circular for Brokers No. 1779-99

July 19, 1999 PSE CIRCULAR FOR BROKERS NO. 1779-99 PHILIPPINE STOCK EXCHANGE, INC. Phil. Stock Exchange Center, Exchange Road Ortigas Center, Pasig City, Metro Manila Attention: Ms . Luisa Buenaventura Supervisor, Disclosure Dept . Gentlemen : The Supreme Court through its resolution dated July 15, 1999 considered the Compromise Agreement as submitted by Clark Development Corporation (CDC) and Mondragon Leisure & Resorts Corporation (MLRC) and adopted it in its entirety. The Supreme Court noted, "From the foregoing, it is apparent that the parties have managed to resolve the dispute among themselves, the only thing left being to put our judicial imprimatur on the compromise agreement, in accordance with Article 2037 of the civil Code. LibLex ACCORDINGLY, the Compromise Agreement dated June 28, 1999 executed by Mondragon and CDC, not being contrary to law, morals, good customs, and public order and public policy is hereby NOTED ..." Hope the foregoing meet your requirements. Sincerely yours, (SGD.) PIERRE PAUL S. BUHAY Comptroller