PSE Circular for Brokers No. 2517-99

October 5, 1999 PSE CIRCULAR FOR BROKERS NO. 2517-99 October 4, 1999 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Fax No. 636-0809 Attention: Atty . Ruben L . Almadro VP-Compliance and Surveillance Group Gentlemen: In reference to your letter today, please be informed that we have no knowledge of any information which caused the unusual trading of MJCI shares. In this regard. we are furnishing you a copy of our letter to the PSE Disclosure Department dated today October 4, 1999 for your further reference. prcd Very truly yours, (SGD.) FERDINAND A. DOMINGO Corporate Secretary October 4, 1999 PHILIPPINE STOCK EXCHANGE, INC . 4th Floor, Philippine Stock Exchange Center Exchange Road, Ortigas Center, Pasig City Attention: Ms . Grace B . Guia Assistant Manager, Disclosure Department Gentlemen: In reference to the news item appearing today in the Business Section of the Philippine Daily Inquirer written by Mr. Gil C. Cabacungan Jr., we wish to clarify that we have no knowledge or information on the alleged talks of the merger of MJCI PRCI and the Metro Manila Turf Club. There are no talks, preliminary or otherwise on the alleged merger of MJCI with the other clubs. We hope that this will clarify the above matter. Very truly yours, (SGD.) FERDINAND A. DOMINGO Corporate Secretary