PSE Circular for Brokers No. 2351-99

September 20, 1999 PSE CIRCULAR FOR BROKERS NO. 2351-99 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor-Disclosure Department Gentlemen : This is with reference to your inquiry about the news of an alleged Temporary Restraining Order (TRO) on the Company's November 15, 1999 Annual Stockholders' Meeting and that the September 20, 1999 meeting will push through. Mondragon is not aware of nor have we received any Temporary Restraining Order (TRO) issued regarding the Company's November 15, 1999 Annual Stockholders' Meeting. Our disclosure on the rescheduling of the annual stockholders' meeting from its original date of September 20, 1999 to November 15, 1999 has been acknowledged by the Commission, noting the cancellation and rescheduling of the said stockholders' meeting through their letter dated September 15, 1999, therefore the meeting has been rescheduled to November 15, 1999. Hope the foregoing meet your requirements. Very truly yours, (SGD.) PIERRE PAUL S. BUHAY Financial Comptroller September 15, 1999 MONDRAGON INTERNATIONAL PHILIPPINES, INC. Penthouse, Mondragon House 324 Sen. Gil J. Puyat Avenue Makati City Attention: Pierre Paul S. Buhay Financial Comptroller Gentlemen : This is to acknowledge receipt of your SEC Form 11-C dated 13 September 1999, advising the Commission that your annual stockholders' meeting which was previously set on 20 September 1999 has been moved to 15 November 1999. cdll Please be informed that the same has been duly NOTED and made part of your records on file with the Commission, with the advise that you amend your definitive information statement if any material change in the disclosures occur from 20 September 1999 to the scheduled date. For your guidance and compliance. Very truly yours, (SGD.) LEONISA Z. GARCIA Chief, SERD-2