PSE Circular for Brokers No. 2148-99

August 30, 1999 PSE CIRCULAR FOR BROKERS NO. 2148-99 August 27, 1999 ATTY . RUBEN L . ALMADRO VP-Compliance & Surveillance Group Philippine Stock Exchange 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City Dear Atty. Almadro : In reply to your fax today inquiring about the unusual movement in the price of the shares of Acoje Holdings, Inc. (AJO) from P3.65 to P5.40, we wish to advise you that we are not aware of any transaction of or development on AJO, which would account for such movement. We may mention, though, that during the Board meeting of August 6, 1999, and as disclosed to the PSE on the same date, the Board of Directors elected a new President in the person of Mr. Salvador C. Martinez. Mr. Martinez has indicated that AJO will seek to engage in the business of internet technology, by exploring possible ventures in this field with parties currently engaged in this business. At this time, however, the business plans of AJO are still being prepared by the new management for approval of the Board. No project has yet been identified. The studies being prepared by management are expected to include a recommendation regarding the funds required to enable AJO to engage in any such project and the possible sources of such funds. Very truly yours, (SGD.) HIRENE U. LOPEZ Corporate Information Officer