PSE Circular for Brokers No. 2559-99

October 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2559-99 TO : Grace B. de Guia FROM : B.J. Sebastian FAX : 6360809 PAGES : 1 PHONE : 6360122 DATE : 10/07/99 RE : RFM News Article CC : JAC, FNJ, LBR, RBA, CDR Dear Ms. de Guia, I write to respond to your fax addressed to the undersigned dated yesterday, October 6, 1999, regarding an article which appeared in the Philippine Daily Inquirer entitled, "Cash-laden RFM to close major deal in three weeks." We would like to clarify that while there have been talks with different parties regarding a variety of projects, these talks are still in the exploratory stage, and none of them are "closing" in the sense that we already have agreements to be signed. What is probably referred to as "closing" in the article, is the reaching of some agreement on the principles and concepts that relate to these various projects. We are also constrained from elaborating more on these possible projects since we are covered by non-disclosure and confidentiality agreements, which were established to precisely preclude the sending of wrong and incomplete information to the investing public, and to other parties which might be directly or indirectly affected by them. We trust that this explanation settles the matter. LexLib B.J. SEBASTIAN