PSE Circular for Brokers No. 2421-99

September 27, 1999 PSE CIRCULAR FOR BROKERS NO. 2421-99 SUBJECT : RFM Corporation Additional Listing On March 5, 1997, the Exchange approved subject to the actual exercise of the conversion Right by the preferred shareholders, the application of RFM CORPORATION (the "Company") to list 254,466,865 common shares, with a par value of P2.00 per share! to cover the underlying shares of the 10% convertible preferred shares, at the conversion ratio of 1 common share for every 1 preferred share held. In connection therewith, please be advised that the Company has received notice from a preferred shareholder for the conversion of 2,181 preferred shares to 2,181 common shares. In view thereof, the listing of the 2,181 common shares is set for Tuesday, September 28, 1999. This brings the number of common shares listed arising from the conversion of 21,701,493 preferred shares to a total of 21,701,493 common shares. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO