PSE Circular for Brokers No. 2602-98

November 17, 1998 PSE CIRCULAR FOR BROKERS NO. 2602-98 NEWS RELEASE FOR SPI TECHNOLOGIES INC. SPI RELEASES 3rd QUARTER RESULTS Listed company, SPI Technologies Inc. ("SPI"), announced today its results for the nine months ending 30 September 1998, which are summarized below: YTD 3rd Quarter 1997 1998 Increase (Pesos, Millions) Revenues 301.0 643.1 114% Net Income 69.5 163.4 135.% Revenues increased by 114% primarily with the growth of SPI's Litigation Support business. This division services major U.S. law firms and corporations by supporting their legal-related data conversion needs. In addition, the company had the benefit in 1998 of three quarters of electronic pre-press business from its Dutch subsidiary, SPI Technologies b.v. This operation was acquired from publishing giant, Reed Elsevier in mid 1997. Profits and margins benefited from the weakness of the Peso, which averaged US$1.00 = Pesos 40.96 over the three quarters. cdlex Management continues to be confident that the company will meet the 1998 targets of PHP 820 million in revenue (79% increase over 1997 revenues of Pesos 458 million) and PHP 190 million in net income (46% increase over 1997 net income of Pesos 130 million) that it advised earlier this year, assuming the Peso remains at approximately the US$1.00 = PHP 40.00 level for the balance of the year. President and CEO Ernest Cu stated that: "We are fortunate to have been insulated from the recent weakness of the Peso, as 98% of our revenues are exports and US$ denominated. SPI's growth prospects continue to be good, in particular because of our new business lines, Electronic Pre-Press and Litigation Support. In Electronic Pre-Press, we recently received an increase in orders from our principal client, Reed Elsevier, the world's largest publisher of scientific magazines and journals. In Litigation Support, we recently completed a successful pilot with the United States Department of Justice. This makes us the only supplier certified to perform offshore work on civil cases handled by the DOJ. Our General Conversion business also remains promising with recent project awards in both Scandinavia and New Zealand." LexLib SPI is involved in advanced data processing, particularly in the publishing industry; telecommunications and utilities (Automated Mapping and Facilities Management); litigation support; Standard Generalized Mark-up Language (SGML); bibliographic database conversions for libraries; financial transaction processing. SPI is ISO 9002 certified. Authenticated by: (SGD.) ERNEST L. CU President & CEO