PSE Circular for Brokers No. 1861-99

July 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1861-99 July 27, 1999 INVESTASIA SHARES GAINS WITH RFM SHAREHOLDERS InvestAsia Corporation, the largest shareholder of food and beverage RFM Corporation, announced its plan to shares its gains from the Warburg deal with other shareholders by offering to buy their shares at a Price of P6.25 per share (less transactions costs), or about 32% premium to market. InvestAsia Corporation Chairman Jose A. Concepcion III said "we want to be fair with the other shareholders in RFM and give them the opportunity to sell their RFM shares also at P6.25, the price at which InvestAsia was able to recently sell its 60 million shares to RFM's new foreign financial partner, WP Argosy Limited". cdpr RFM Corporation announced last week the P2B capital infusion of its new investor WPArgosy, a unit of major global venture banking firm, E.M. Warburg, Pincus and company. The amount allowed WP Argosy Limited to officially subscribe to 260 million new shares of RFM and purchase at the same time about 60 million secondary shares from InvestAsia Corporation. Concepcion said that "this is being offered to give the other shareholders an opportunity to sell their RFM shares also at P6.25 per share". He clarified that "this offer is being made to other RFM shareholders as of July 22, 1999 (the date of sale by InvestAsia a to WP Argosy), and the number of shares that they can sell will be proportionate to the percentage of their shareholdings in RFM Corporation, multiplied by 60 million shares, which was the number of secondary shares that InvestAsia earlier sold to WP Argosy Limited". Concepcion reiterated that "this is being done on a purely voluntary basis and will be made optional on the part of other shareholders. This offer will be to their benefit", Concepcion assured. Eligible shareholders will receive a notice of the Offer by mail in August 1999.