PSE Circular for Brokers No. 2632-99

October 15, 1999 PSE CIRCULAR FOR BROKERS NO. 2632-99 14 October 1999 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Atty. Ruben L. Almadro Vice President - Compliance & Surveillance Department Fax No. 636-0809 / 637-8811 Gentlemen: We reply to your fax dated October 14, 1999 advising us that today the share prices for both Alsom Petroleum And Minerals Corporation "A" (APM) and "B" (APMB) declined by 38.89%. Please be advised that one of the causes of this decline may have been the company's decision to call for payment of its remaining subscription receivables. The board of APMC met yesterday, October 13, 1999, at 6:00 p.m. and by majority concurrence approved the call on all unpaid subscriptions. Payment will be made in two installments, 50% on or before November 15, 1999 and the balance of 50% on or before December 15, 1999. This information was made known by fax this morning to the Disclosure Department. Listings and Disclosure Group, Philippine Stock Exchange. We also sent today to the PSE a duplicate original of our form 11-C disclosure statement for the Securities and Exchange Commission. There may have been other causes for this morning's price movement of the shares of APMC that we are unaware of. We would appreciate your informing us of any other information that you may have received. Thank you. Very truly yours, (SGD.) PONCIANO K. MATHAY Vice President