PSE Circular for Brokers No. 3045-99

November 29, 1999 PSE CIRCULAR FOR BROKERS NO. 3045-99 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre Exchange Road., Ortigas Center Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department Gentlemen: In response to your faxed letter of even date regarding the news article published in today's issue of Business World captioned "Alliance Global considering food and property ventures" which reported that "Yorkshire Holdings, Inc. recently acquired 35% of AGI through a P2.1 billion cash infusion" we wish to clarify that: 1. Yorkshire Holdings, Inc. recently infused P1.72 billion not P2.1 billion. The P1.72 billion corresponds to its subscription of 1.25 billion shares from the 4.5 billion shares increase in the company's authorized capital stock. 2. P2.1 billion represents the Stockholders' Equity of the company after considering the new paid-in subscription from Yorkshire. stockholders' equity as of September 30, 1999 is P422 million, plus P1.72 billion additional equity equals P2.1 billion total. With the foregoing explanation, we trust that the Exchange will immediately lift the trading halt on the company's securities. LexLib Very truly yours, (SGD.) DINA INTING Authorized Representative