PSE Circular for Brokers No. 2435-98

October 27, 1998 PSE CIRCULAR FOR BROKERS NO. 2435-98 October 26, 1998 Philippine Stock Exchange, Inc. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Fax # 636-0809/637-8811 Attention: Mr . Ruben L . Almadro VP-Compliance & Surveillance Group Gentlemen : RE : Marsman & Company, Inc . (Class "B" shares) We acknowledge receipt of your letter dated October 26, 1998, which called our attention to the unusual movement in the price of Marsman & Company, Inc. Class "B" shares at today's trading. We understand that the share price increased by 47.83%, from P0.2300 to P0.3400 per share. In connection with such unusual price movement, please be advised that we are not aware of any material information, which could have caused such price movement. We understand that of some 770,000 shares that were traded today, only 370,000 shares were involved in such unusual price movement. The volume and amount of trade being rather insignificant, we are inclined to believe that the unusual price cannot be construed as an aberration. Moreover, the price movement could not have caused nor has it the potential to cause any damage to the investors. Cdphil Thank you and we remain, Very truly yours, (SGD.) AVELINO M. SEBASTIAN, JR. Corporate Secretary