PSE Circular for Brokers No. 2288-99

September 14, 1999 PSE CIRCULAR FOR BROKERS NO. 2288-99 September 13, 1999 Ms. Grace De Guia Assistant Manager Disclosure Department Philippine Stock Exchange, Inc. 4/F, PSE Centre, Exchange Road Ortigas Center, Pasig City Dear Ms. De Guia: This is with reference to your inquiry regarding the news article entitled "Metro Pacific to issue P2-B STCPs" published in the 11 September 1999 issue of the Philippine Star. We advise the Exchange that on 10 September 1999 MPC filed a preliminary prospectus with the SEC for the issuance of P2 billion worth of short-term commercial papers (STCPs). The contents of said prospectus are subject to SEC review and approval and will likely undergo certain revisions before it is finally approved and before MPC is able to issue the STCPs. These changes may involve the list of syndicate members and/or others disclosures/comments required by the SEC and MPC. LexLib The P2 billion STCPs will replace a similar issuance made in 1998, of which P150 million was outstanding as of 31 August 1999. The new line will be availed of when needed and will not be issued in a single tranche. We trust that this satisfactorily addresses the matter; however, should you require any additional information, please do not hesitate to contact us. Very truly yours, (SGD.) IAN WILSON Director