PSE Circular for Brokers No. 2924-99

November 16, 1999 PSE CIRCULAR FOR BROKERS NO. 2924-99 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . De Guia Assistant Manager, Disclosure Department Gentlemen: The Regional Trial Court of Makati City, issued an order dated November 12, 1999, restraining respondent banks (United Coconut and Planters Bank, Far East Bank & Trust Company and Asian Bank Corporation), their employees, agents, representatives, and other persons confederating with them or acting in their behalf, from using the pledge shares of stock of the petitioner MIPI under the Agreement thereto or exercising any rights or doing any act involving said pledge shares of stocks or voting the same, or doing any other act by virtue of such pledged shares of stocks or pursuant to the Special Power of Attorney provided in the Agreement until a judicial determination has been made on whether or not petitioners are in default of their obligations under the Agreement, and from committing any other act that will directly or indirectly derail or impede petitioner from complying with the Compromise Agreement dated 28 June 1999. LibLex Hope the foregoing meet your requirements. Very truly yours, (SGD.) PIERRE PAUL S. BUHAY Financial Comptroller