PSE Circular for Brokers No. 2537-99

October 6, 1999 PSE CIRCULAR FOR BROKERS NO. 2537-99 October 6, 1999 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . de Guia Assistant Manager Disclosure Department Gentlemen: In compliance with the continuing disclosure requirements of the Exchange, we report that yesterday afternoon, October 05, 1999, Atlas Fertilizer Corporation (AFC) signed an agreement with the shareholders of AB Leisure Exponents, Inc. (AB Leisure), the owner of the Bingo Bonanza operations, for the acquisition by AFC of the entire outstanding capital stock of AB Leisure in exchange for new shares of the capital stock of AFC. prcd We also report that at a special meeting of the Board of Directors of AFC held last night, the Board resolved that, in addition to the shares to be issued as consideration for the AB Leisure shares, AFC shall issued as consideration for the AB Leisure shares, AFC shall issue 300 million shares by way of private placement. Very truly yours, (SGD.) GEOFFREY L. UYMATIAO Vice President