PSE Circular for Brokers No. 3006-99

November 25, 1999 PSE CIRCULAR FOR BROKERS NO. 3006-99 24 November 1999 PHILIPPINE STOCK EXCHANGE, INC. DISCLOSURE DEPARTMENT Listings and Disclosure Group Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace De Guia Gentlemen: The Board of Directors of RFM Corporation at its regular meeting held today, approved the declaration of cash dividends equivalent to P0.0093 per common share. The cash dividend will be payable on or before 23 December 1999 to shareholders of record as of 09 December 1999. The Board of Directors likewise approved the transfer of the shares of stock of Selecta Dairy Products, Inc. in Selecta Wall's Inc., Selecta Wall's Land Corporation and WS Holdings, Inc. as well as the liabilities of Selecta Dairy Products, Inc., inclusive of the long-term commercial paper in the amount of PhP500,000,000.00 and advance from Unilever also in the amount of PhP500,000,000.00 in favor of RFM Corporation. The Board of Directors further approved the sale of the Milk and Juice Assets of Selecta Dairy Products, Inc. to RFM Corporation. In turn, RFM Corporation shall sell its shares in Philippine Townships, Inc. to Selecta Dairy Products, Inc. llcd The Board of Directors finally approved the merger of Philippine Townships, Inc. and Selecta Dairy Products, Inc. with the latter as the surviving entity. The management of RFM Corporation has been authorized to determine the final terms and conditions of the aforementioned approvals. A subsequent disclosure will be made on the final terms and conditions of the authorities granted. Very truly yours, (SGD.) BACH JOHANN SEBASTIAN Senior Vice-President/Chief Planning Officer