PSE Circular for Brokers No. 2912-99

November 16, 1999 PSE CIRCULAR FOR BROKERS NO. 2912-99 Philippine Stock Exchange, Inc. Disclosure Department Listings and Disclosure Group PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace de Guia Further to our disclosure of 12 November 1999 on the swap of the company's shares and/or assets for shares/assets of Philippine Townships, Inc., we would like to further clarify the approval made by the company's stockholders. prcd Please note that under Option 1, the transfer of the assets of the Milk & Juice Division of Selecta, the transfer of the shares of stock in Selecta Wall's, Inc., Selecta Wall's Land Corporation, WS Holdings, Inc.; the transfer of the cash/other assets and liabilities of the company, the transfer of the advance from Unilever, was approved in favor of RFM Corporation, its subsidiaries, affiliates and assigns. cdlex Further, under Option 2, the transfer of the assets of Selecta together with the shares of stock of the named corporations as well as the advance from Unilever, was also approved in favor of RFM Corporation, its subsidiaries, affiliates and assigns. LibLex The omission was made purely due to inadvertence. prcd Thank you. Very truly yours, (SGD.) ATTY. CRISTINA D. REYES Corporate Secretary