Philippine National Construction Corporation

September 11, 1998 PSE CIRCULAR FOR BROKERS NO. 2124-98 SUBJECT : Philippine National Construction Corporation Philippine National Construction Corporation ("PNC") confirmed to the Exchange a news article, published in the September 10, 1998 issue of Business World, which reported of the Securities and Exchange Commission's (SEC) issuance of a writ of preliminary injunction, restraining government financial institutions from voting their shares in the proposed spinoff and sale of PNC's toll collection operations. PNC furnished the Exchange a copy of the Order issuing the Writ of Preliminary Injunction dated September 8, 1998 of the SEC in Case No. 05-96-5357 entitled: "RODOLFO M. CUENCA vs. PHILIPPINE NATIONAL CONSTRUCTION CORPORATION, et al.", the dispositive portion of which is hereunder quoted: LLphil "WHEREFORE, premises considered, let a writ of preliminary injunction, conditioned by and upon the filing of a bond to be approved by the Commission in the amount of Six Million Pesos (P6,000,000.00), Philippine Currency, and which shall be made answerable to any damage which defendants may suffer because of the writ, be issued: 1. Enjoining defendant APT, DBP, PHILGUARANTEE, GSIS and PNB and all persons acting for or under them or in their behalf from voting or exercising stockholder's rights in any stockholders meeting the shares of stocks appearing in PNCC Certificates of Stock Nos. 40269, 40270, and 40271, or in any other certificates subsequently issued thereto bearing the said shares of stocks, and the PNB's 25,500,000 Preferred D voting shares which have not yet been issued any certificates; and 2. Enjoining defendant PNCC (and all persons acting for and under it or in its behalf) from allowing or recognizing the rights to voting or other exercise of stockholders rights by defendant APT, DBP, PHILGUARANTEE, GSIS and PNB in any stockholders meeting and with respect to the shares of stocks appearing in certificates of Stock Nos. 40269, 40270, and 40271 or in any other certificates subsequently issued and bearing the said shares and to said PNB's 25,500,000 shares." A copy of the said Order is available for reference at the PSE Library. For your information. REYNOLD P. ONG Vice-President, Listings and Disclosure Group