PSE Circular for Brokers No. 1940-98

August 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1940-98 August 19, 1998 PHILIPPINE STOCK EXCHANGE, INC. PSE Centre, Exchange Road, Ortigas Centre, Pasig City Attention: Listings and Disclosure Group RE : SPI Technologies, Inc . Gentlemen, In compliance with the continuing disclosure requirements of the Philippine Stock Exchange (the "Exchange") and in response to the letter dated 19 August 1998 from the Listings & Disclosure Group, we hereby give notice that at the meeting of the Board of Directors of SPI Technologies, Inc. (the "Corporation") on 24 April 1998, the Board of Directors of the Corporation approved an adjustment in the conversion price of the convertible bonds issued to Asian Alliance Investment Corporation, which remained outstanding and unconverted as of 15 April 1998, from P15.50 per share to P11.071 per share, on account of the 40% stock dividend declared by the Corporation with record date of 15 April 1998. As a result of the aforementioned adjustment to the conversion price, the Board of Directors authorized the issuance of an additional Three Hundred Forty Thousand (340,000) shares to Asian Alliance Investment Corporation to cover the additional underlying shares required upon the conversion of P3,764,292.76 worth of convertible bonds. prLL Very truly yours, (SGD.) GEMMA M. SANTOS Corporate Secretary