PSE Circular for Brokers No. 3065-99

December 2, 1999 PSE CIRCULAR FOR BROKERS NO. 3065-99 1 December 1999 Ms. Grace B. de Guia Assistant Manager Listings and Disclosure Group Philippine Stock Exchange, Inc. 4th Floor, Philippine Stock Exchange Centre, Exchange Road Ortigas Center, Pasig City Dear Ms. de Guia: This is with reference to your facsimile today requesting us for a written clarification/confirmation on the news article published at today's issue of the Business World captioned "Creditor opposes Uniwide rehabilitation plan" We would like to inform the Exchange that the rehabilitation plan we submitted to the Securities and Exchange Commission (SEC) proposed, among others, the restructuring of unsecured creditors following a specified repayment period and reduction in interest rate to 8% p.a. This includes a loan of Uniwide Sales Warehouse Club, Inc., (USWCI) to Baxter Holdings, Inc. in the amount of US$1,266,667. LibLex This rehabilitation plan has been submitted for evaluation and approval by the SEC. The rehabilitation plan was likewise circulated to all creditors concerned. In accordance with SEC rules and regulations, the creditors are given the right to file their opposition to the terms and conditions of the rehabilitation plan. While we expect some creditors such as Baxter Holdings, Inc. to file their opposition, we are confident that SEC will approve the proposed rehabilitation plan as we believe that the terms as provided in the plan will be for the best interest of all the parties concerned. LexLib Hope you will find the above in order. Very truly yours, (SGD.) SUSAN O. LIGERALDE Investor Relations Manager