PSE Circular for Brokers No. 271-00

February 7, 2000 PSE CIRCULAR FOR BROKERS NO. 271-00 February 7, 2000 Philippine Stock Exchange, Inc . 4 Floor Philippine Stock Exchange Center, Pasig City Attention : Ms . Grace B . De Guia Assistant Manager, Disclosure Department Gentlemen: This is in reference to your inquiry via fax about the news article captioned "Mondragon creditor banks start acquisition" published in the February 4, 2000 issue of the Business World. The article reported that major creditor banks of Mondragon have started to acquire major assets of Mimosa Leisure Estate as payment for the company's P6-billion loan obligation. We would like to inform the Exchange that Mondragon is not privy to the plans of the banks and therefore is not in a position to comment on the above mentioned article. Hope the foregoing meet your requirements. Very truly yours, (SGD.) PIERRE PAUL S. BUHAY Financial Comptroller