PSE Circular for Brokers No. 3139-99

December 9, 1999 PSE CIRCULAR FOR BROKERS NO. 3139-99 December 6, 1999 Philippine Stock Exchange Inc. 4th Floor, Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department Dear Ms. Buenaventura, We cannot-and have no-comment on the hope articulated in the column, '"Cocktales" in the December 6th issue of the Inquirer "that Mr. John Gokongwei, Jr. would consider a proposal to list his aggressive Cebu Pacific airline via the backdoor marked what else but Oriental Petroleum". From our end, we can only state that, as of the moment, neither the Board nor the Executive Committee of OPMC has considered putting forward any proposal to, nor have they received yet any proposal on the matter. After all, OPMC cannot speculate on the "hope" of its stockholders. llcd Very truly yours, (SGD.) JAIME L. LEDESMA Executive Vice President Heard through the grapevine In case you are wondering why there is some accumulation going on for the penny stock Oriental Petroleum, it is because some early birds are hoping that Oriental chair John Gokongwei, Jr. would consider a proposal to list his aggressive Cebu Pacific airline via the backdoor marked, what else but, Oriental Petroleum.