PSE Circular for Brokers No. 2178-98

September 18, 1998 PSE CIRCULAR FOR BROKERS NO. 2178-98 September 17, 1998 The Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice-President Listings and Disclosure Group Gentlemen : We wish to advise you that at its meeting today, the Board of Directors of Solid Group Inc. ("SGI") approved a resolution not to proceed with its proposed investment in Destiny, Inc. ("Destiny"), which would have been effected through an asset for share swap arrangement as we had previously disclosed to the Exchange. While SGI still considers that the venture which would have resulted from the share swap with Destiny will result in certain synergies through the consolidation of the businesses in which SGI and Destiny are now separately engaged, however, given the present economic crisis, the volatility of the peso in relation to foreign currencies, and the uncertainties in the equity and financial markets, among other things, the Board has decided not to pursue its proposed investments in Destiny. Destiny has given its conformity to SGI's decision not to continue its investment in Destiny. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Secretary