PSE Circular for Brokers No. 1864-98

August 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1864-98 August 7, 1998 URGENT Fax No. 637-8811 Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road Ortigas Centre Pasig City Attention: Mr . Ruben L . Almadro VP-Compliance & Surveillance Group Gentlemen : I refer to your letter of 7th August 1998. In response, please be advised that I am not aware of any activity or any substantial or material change in the Company either in its structure or in its operations that would bear directly or indirectly on the unusual movement of share prices which you have observed in the trading of the securities of the Corporation. The fall in the share prices of OPMC's securities may well be a consequence of the general fall in the market. There has not been any change in the control or management of the Corporation. We are not aware that there has been any unusual or substantial trading, disposition or acquisition of shares by any of its principal stockholders, directors or officers. There has been no adverse substantial or dramatic change in its operations. Its financial position has remained the way it was as of the stockholders meeting. It is not involved in any material litigation. In fact, the dispute which arose between the Corporation and the other members of the Consortium in the past years which had resulted in the initiation of arbitration proceedings before the International Court of Arbitration has been amicably settled by the parties to their satisfaction. prLL If I learn of any circumstance or movement that could materially affect the share prices of our securities, we will, of course, pass on that information to you forthwith in compliance with the rules of the exchange. Very truly yours, (SGD.) E. E. FERNANDEZ Corporate Secretary