Armstrong Holdings, Inc.

September 10, 1999 PSE CIRCULAR FOR BROKERS NO. 2271-99 SUBJECT : Armstrong Holdings, Inc . Further to Circular No. 2240-99 dated September 8, 1999, Armstrong Holdings, Inc. ("AHI") furnished the Exchange a copy of its SEC Form 11-C with the following additional information: prcd Item 1 . Change in Control of Registrant Mr. Dante Tan has acquired One Hundred Seven Million (107,000,000) common shares of AHI from the following shareholders at a price of Two Pesos & 75/100 (PhP2.75) per share for a total consideration of Two Hundred Ninety Four Million Two Hundred Fifty Thousand Pesos (PhP294,250,000.00): Stockholders No. of Shares 1. Tony O. King 57,000,000 2. Golden Maple Holdings, Inc. 3. 50,000,000 Due to this acquisition, Mr. Dante Tan shall own 59% of the equity of AHI. Item 2 . Disposition & Acquisition of Assets cdll AHI has sold its One Hundred Twenty Million (120,000,000) shares of stocks in Orion Bank to Harrigold Assets, Inc. for PhP136,454,434.24 and its Eighty Thousand (80,000) shares of stocks in Armstrong Securities, Inc. to Golden Maple Holdings, Inc. for PhP15,896,461.54. On the other hand, AHI has acquired Six Million Eight Hundred Twenty Thousand Seven Hundred Thirty Seven (6,820,737) shares of stocks of BW Resource, Inc. at a price of Twenty Eight Pesos (Php28.00) per share for a total consideration of One Hundred Ninety Million Nine Hundred Eighty Thousand Six Hundred Thirty Six Pesos (PhP190,980,636.00) A copy of the Stock Purchase Agreement pertaining to Mr. Tan's acquisition of 59% equity in AHI is available for reference at the PSE Centre and PSE Plaza Libraries. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO