Metro Alliance Holdings & Equities Corporation

November 26, 1999 PSE CIRCULAR FOR BROKERS NO. 3034-99 Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila FAX No. 636-0809 Attention: Atty . Ruben L . Almadro Vice-President, Compliance & Surveillance Group Gentlemen: RE : Metro Alliance Holdings & Equities Corporation We refer to three identical letters which you sent to Messrs. Kasigod V. Jamias, Michael Leo T. Luna and Santiago T. Tolosa of the captioned corporation, which relate to what you described as "an unusual movement" in the trading price of Metro Alliance Holdings & Equities Corporation shares. In relation thereto, we are pleased to inform you that we are not aware of any information which relate to such "unusual movement in trading". However, we believe that the same must have been the result of a much delayed market reaction to a couple of positive developments. First, the approval by the Securities and Exchange Commission of the reverse stock split resulted in the elimination of negative retained earnings. Second, we reported a modest profit for the third quarter of this fiscal year. Neither of these positive developments have been reflected in the share prices, as prior to yesterday's trade, Metro Alliance was still being traded below par value. Also, the approval by the Securities and Exchange Commission of the change of corporate name (i.e., from Marsman & Company, Inc., to Metro Alliance Holdings & Equities Corporation) may have helped in improving the share prices. Finally, please note that yesterday's volume was approximately 19.8 million shares out of an outstanding issue of 612 million. Clearly, the volume was rather thin. If you have any further question, please call on us. Very truly yours, (SGD.) AVELINO M. SEBASTIAN, JR.