PSE Circular for Brokers No. 2563-98

November 10, 1998 PSE CIRCULAR FOR BROKERS NO. 2563-98 November 9, 1998 PHILIPPINE STOCK EXCHANGE, INC . Disclosure Department Listings and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 634-51-13 Attention: Mr . Reynold P . Ong Vice President Gentlemen : Please be informed that the Board of Directors of Consolidated Insurance Company, Inc. ("CICI") has approved the following matters in a Special Meeting held this afternoon: 1. assignment of CICI's insurance related assets to another corporate entity; 2. authorization of the Board of Directors to determine and identify the corporate entity which will acquire the insurance related assets of CICI; 3. change in the primary purpose of CICI from a non-life insurance company to an investment holding company and inclusion of secondary purposes; 4. amendment of the pertinent provisions of the Articles of Incorporation and By-laws of CICI to reflect the change in primary purpose and corporate name and inclusion of secondary purpose; and 5. holding of a special stockholders' meeting to present the foregoing matters for approval and ratification. The special stockholders' meeting shall be held on January 8, 1999, at 8:00 a.m. at Makati City. The Board of Directors has fixed November 30, 1998 as record date for the purpose of determining the stockholders who are entitled to attend and vote at said meeting. Thank you. Very truly yours, (SGD.) ATTY. NEMESIO R. BRIONES Corporate Secretary