PSE Circular for Brokers No. 2445-98

October 27, 1998 PSE CIRCULAR FOR BROKERS NO. 2445-98 October 27, 1998 Philippine Stock Exchange 4/F Philippine Stock Exchange Center PSE CENTER, Exchange Road Ortigas Center, Pasig City Metro Manila Attention: Disclosure Department Listing and Disclosure Group Gentlemen : In compliance with the disclosure requirement of the Philippine Stock Exchange, we advise that during the meeting of the Board of Directors of our Company on October 27, 1998, the following cash dividends were declared: 1. P0.50 per share on the Company's Series G 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending November 30, 1998, payable December 29, 1998 to the holders of record on November 26, 1998. 2. P0.50 per share on the Company's Series N 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending November 30, 1998, payable December 29, 1998 to the holders of record on November 26, 1998. LexLib 3. P0.50 per share on the Company's Series P 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending November 30, 1998, payable December 29, 1998 to the holders of record on November 26, 1998. 4. P0.50 per share on the Company's Series S 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending November 30, 1998, payable December 29, 1998 to the holders of record on November 26, 1998. Thank you. Cash Dividend (Preferred - Series G, N, P, S) Cash P0.50 per share Ex-Cash November 20, 1998 Record Date November 26, 1998 Date Payable December 29, 1998 Very truly yours, (SGD.) ENRIQUE D. PEREZ Secretary