Philippine Stock Exchange

March 5, 1998 PSE CIRCULAR FOR BROKERS NO. 283-98 March 4, 1998 PHILIPPINE STOCK EXCHANGE Exchange Road, Ortigas Pasig City Attention: Ms . Ma . Isabel T . Garcia Head, Compliance and Surveillance Dept . Gentlemen : Please be informed that in a Joint Venture Agreement dated March 4, 1998 signed this morning among Far East Bank and Trust Company, FEB Investments, Inc. (FEBII), Makati Insurance Company, Inc. (MICI) and Mitsui Marine and Fire Insurance Company, Ltd., of Japan (Mitsui Marine), 375,000 common shares and 375,000 preferred shares or a total of 750,000 shares representing 50% of the issued and outstanding shares of MICI has been purchased by Mitsui Marine, while 750,000 shares representing the other 50% of MICI's outstanding shares will remain with FEBII. The purchase price for said shares is P121,080,000.00 payable in its US Dollar equivalent to be remitted on or before March 13, 1998. As part of the joint venture arrangement, each of Mitsui Marine and FEBII will contribute the sum of P44,280,500.00 to MICI's contributed surplus. cdpr As a consequence of the joint venture, MICI's corporate name will be changed to FEB MITSUI MARINE INSURANCE COMPANY, INC. We trust that you find the foregoing in order. Very truly yours, (SGD.) ANGELITA L. ORTEGA-CORTEZ First Vice President and Corporate Secretary