PSE Circular for Brokers No. 2410-99

September 27, 1999 PSE CIRCULAR FOR BROKERS NO. 2410-99 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor- Disclosure Department RE : Hearing Before The Securities And Exchange Commission On 23 September 1999 Gentlemen: This is connection with your verbal inquiry as to what transpired during yesterday's hearing before the Securities and Exchange Commission ("SEC"). The hearing had originally been scheduled for the raffle and hearing of the application for a Preliminary Injunction of the case filed by the creditor banks, namely, Asian Bank, Far East Bank and Trust Company and United Coconut Planters Bank. Prior to the hearing, however, a Notice of Dismissal dated 22 September 1999 was filed by the creditor banks. cdll Director Daisy Besa de Asis of the Securities Investigation and Clearing Department ("SICD") of the SEC required the petitioners to file a motion to dismiss in order to complete the records of the case. The counsel for the creditor banks thereafter manifested that they would instead file a Motion to Withdraw Petition. Said motion, according to Director De Asis, need not be set for hearing. We trust you find our foregoing-explanation in compliance with your requirements. Very truly yours, (SGD.) PIERRE PAUL S. BUHAY Financial Comptroller