PSE Circular for Brokers No. 2308-99

September 15, 1999 PSE CIRCULAR FOR BROKERS NO. 2308-99 September 14, 1999 MS . GRACE DE GUIA PHILIPPINE STOCK EXCHANGE Gentlemen: For disclosure purposes, we are furnishing you a copy of an article about Mariwasa, which will be published tomorrow, September 15, 1999. cdll Thank you and best regards. Very truly yours, MARIWASA MANUFACTURING, INC. (SGD.) EMILIE MARAMA VP Finance MARIWASA MEETS WORLD BANK ENVIRONMENTAL STANDARDS The country's leading ceramic tile manufacturer, MARIWASA MANUFACTURING, INC ., is undergoing a financial and operational restructuring requiring an estimated US$26 million new long term funds Mariwasa has requested the International Finance Corporation (IFC), the private investment arm of the World Bank, to provide US$15 million in long term funding to support the restructuring. As part of its due diligence procedures, IFC has recently conducted an environmental and occupational health and safety review of the Company which covered among others site selection, air emission, waste water treatment, handling of solid wastes and hazardous materials, fire prevention and general worker; health and safety. IFC has concluded that this project will meet World Bank Group environmental standards, health and safety policies and guidelines, and host country requirements. The company has posted the Environmental Review Summary made by IFC in the community billboard of Pasig City and Sto. Tomas, Batangas and at the Internet Info Shop for the general consumption of the public. cdlex