First Philippine Holdings Corporation Additional Listing

September 25, 1998 PSE CIRCULAR FOR BROKERS NO. 2226-98 SUBJECT : First Philippine Holdings Corporation Additional Listing Please be informed that on June 11, 1997, the Exchange approved subject to the actual availment and full payment of the shares, the listing application of FIRST PHILIPPINE HOLDINGS CORPORATION (the "Company") to list additional 18,000,000 common shares consisting of 10,800,000 class "A" and 7,200,000 class "B" shares, with a par value of P10.00 per share, to cover the Company's Employee Stock Purchase Plan (ESPP) and Executive Stock Option Plan (ESOP). LibLex In this connection, please be advised that 36,833 common shares, divided into 22,082 class "A" shares and 14,751 class "B" shares, have been availed of and fully paid under the Company's Executive Stock Option Plan and Employee Stock Purchase Plan. However, the Company, informed the Exchange in its letter dated August 26, 1998, that a total of 1,122 shares consisting of 250 Class "A" shares and 872 Class "B" shares were inadvertently included in the previous Certification of availment to the Exchange. The shares were considered listed since July 21, 1998 per Circular # 1580-98. This however, has been corrected by STSI. The Company has issued an Amended Secretary's Certification dated August 26, 1998 that total option shares which should have been listed on July 21, 1998 were 25,976 shares, consisting of 15,510 Class "A" shares and 10,466 Class "B" shares. In this regard, the 36,833 common shares to be listed shall be reduced to 35,711 common shares consisting of 21,832 Class "A" shares and 13,879 Class "B" shares. In view thereof, the listing of 35,711 common shares , consisting of 21,832 Class "A" shares and 13,879 Class "B" shares , availed under the stock option plan is set for Monday, October 5, 1998 . This brings to a total of 1,540,569 shares that are already listed under the Company's Executive Stock Option and Employee Stock Purchase Plan. For your information and guidance. (SGD.) REYNOLD P. ONG Vice President, Listings and Disclosure Group