PSE Circular for Brokers No. 273-99

February 15, 1999 PSE CIRCULAR FOR BROKERS NO. 273-99 February 12, 1999 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Fax 634-2051 Attention: Mr . Reynold Ong Listings and Disclosure Group Gentlemen : In compliance with the continuing disclosure requirements of the Exchange, we report that at the regular meeting of the Board of Directors of SPI TECHNOLOGIES INC . (the "Company" held today, February 12, 1999, the Board of Directors passed and approved the following matters: 1. CASH DIVIDEND The Board declared a cash dividend of P0.20 per share, to be taken out of the unrestricted retained earnings of the Company as of December 31, 1998. The cash dividend shall be paid on or before March 30, 1999 to all stockholders of record as of March 1, 1999. 2. STOCK DIVIDEND The Board declared a fifty percent (50%) stock dividend to be issued out of the unissued capital stock of the Company. 3. STOCK OPTION PLAN The Board approved in principle the implementation of a management incentive plan which may include a stock option plan, the details of which shall be determined at a later time. The Board likewise approved a bonus share plan for employees who are not participants in the management incentive plan. 4. STOCKHOLDERS' MEETING The Board called a special stockholders meeting to be held on March 29, 1999, for the purpose of approving the 50% stock dividend and the employee stock option plan. The Board fixed March 1, 1999 as the record date for the purpose of determining the stockholders entitled to notice of and to vote at the same meeting. 5. ELECTION OF TREASURER Mr. Francis P. Hernando was elected Corporate Treasurer and Chief Finance Officer to replace Eduardo S. Bagtas who resigned effective February 12, 1999. 6. SPI SOLUTIONS, INC . The Board approved the incorporation by the Company of a subsidiary to be called SPI SOLUTIONS, INC. with the following primary purpose: To provide management consulting and management information consulting services, including but not limited to business integration, strategic services, change management services, systems integration, systems management, the development, sale and/or licensing of software, and the sale of hardware and related products, either as principal or agent. The Company will own up to 90% of the outstanding capital stock of said corporation. CASH DIVIDEND CASH P 0.20 PER SHARE EX-CASH FEBRUARY 23, 1999 RECORD DATE MARCH 1, 1999 DATE PAYABLE ON OR BEFORE MARCH 30, 1999 STOCK DIVIDEND (SUBJECT TO STOCKHOLDERS' APPROVAL) STOCK 50% RECORD DATE TO BE ANNOUNCED Very truly yours, (SGD.) MA. ALICIA PICAZO-SAN JUAN Assistant Corporate Secretary