Metro Alliance Holdings & Equities Corporation

December 2, 1999 PSE CIRCULAR FOR BROKERS NO. 3063-99 1 December, 1999 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 your letter dated 1 December 1999 which relates to what you described as "an unusual movement" in the trading price of Metro Alliance Holdings & Equities Corporation shares. We understand that the share price decreased substantially. In relation thereto, please be informed that we are not aware of any information which relate to such "unusual movement in trading". You will note, however, that in the last few days the share price has improved substantially. It is not therefore totally unexpected that a number of small shareholders may have opted to sell their holdings in order to realize the much awaited profits. We are inclined to believe that this movement is in the nature of a correction. Furthermore, you will note the share price might have also been affected by the anticipated completion of the reverse stock split which could make MAH an attractive investment. LexLib Finally, please note that today's volume is approximately 5,600,000 shares out of an outstanding issue of 612 million. This volume is rather thin. If you have any further question, please call on us. LexLib Very truly yours, (SGD.) AVELINO M. SEBASTIAN, JR.