PSE Circular for Brokers No. 2662-98

November 26, 1998 PSE CIRCULAR FOR BROKERS NO. 2662-98 November 25, 1998 PHILIPPINE STOCK EXCHANGE, INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Disclosure Department Listings and Disclosure Group Gentlemen : We confirm that Vantage Securities, Inc., a subsidiary of Vantage Equities, Inc. (formerly Palawan Oil and Gas Exploration, Inc.), sold its seat in the Philippine Stock Exchange, Inc. to LM Garcia & Associates for the amount of P30,000,000.00. The sale by Vantage Securities, Inc. was not disclosed by Vantage Equities, Inc. because applicable disclosure rules do not require such disclosure by the parent company, unless such a sale constituted a sale of a "significant" amount assets. The sale of the aforementioned seat does not constitute a sale of "significant assets" of Vantage Equities Inc.. In view of the foregoing we believe that the trading halt imposed by the Exchange under the circumstances is clearly unwarranted. We trust that this clarifies your concerns. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary