PSE Circular for Brokers No. 2530-98

November 5, 1998 PSE CIRCULAR FOR BROKERS NO. 2530-98 4 November 1998 Philippine Stock Exchange Listings and Disclosure Group PSE Center, Exchange Road Pasig City Attention: Ms . Raquel R . Angeles RE : RFM probed for P350 Million smuggle Gentlemen : This is in reply to your fax message to Atty. C. Lim dated 19 October 1998 which was referred to the undersigned for action on 26 October 1998. On the alleged issue of wheat smuggling which was the subject of the article "RFM probed for P350-M smuggle" published in the 19 October 1998 issue of the Philippine Star, we wish to emphasize that the duties in the amount of P14,000,000.00, more or less, have been paid to the Bureau of Customs on 4 September 1998. The article made it appear that RFM paid the duties only on 30 September 1998 due to an expose of a Congressman on the matter allegedly on 29 September 1998. LexLib RFM vehemently denies that it was involved in the smuggling of wheat or any goods for that matter. We trust that you will find our explanation in order. Thank you. Very truly yours, (SGD.) ATTY. CRISTINA D. REYES