PSE Circular for Brokers No. 2941-99

November 17, 1999 PSE CIRCULAR FOR BROKERS NO. 2941-99 16 November 1999 PHILIPPINE STOCK EXCHANGE Compliance & Surveillance Department Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Ms. Grace De Guia Listing and Disclosure Group At the meeting of the Board of Directors of the Company held today, 16 November 1999, the Board approved the offering of stock rights with warrants under the following terms and conditions: A. Stock Rights Offering No. of Rights Shares : 250 Million Shares Entitlement to Rights Offer : 1 Rights Share for every 4 share held Offer Price : 2.00 per Share Payment Terms : Payable in full upon subscription Record Date : At least 15 days from approval of the corresponding listing application by the PSE Board of Governors Offering Period : Within 30 days from approval of the corresponding listing application by the PSE Board of Governors B. Warrants Issue No. of Warrants : 500 Million Entitlement to Warrants : 2 Warrants for every Rights Share Offer Price : P0.10 per Warrant Exercise Price : P6.00-P9.00 (Final price to be fixed by the Board of Directors of the Corporation) Conversion Ratio : 1 Warrant to 1 Common Share Exercise Period : 3 Years The aforementioned issuance of warrants will be submitted for the approval of the stockholders at a special meeting to be held on 07 January 2000. The Board of Directors has set 01 December 1999 as the record date for purposes of determining the stockholders entitled to vote at the said meeting. Very truly yours, (SGD.) ATTY. MARIVIC T. MOYA Corporate Information Officer