PSE Circular for Brokers No. 3269-99

December 22, 1999 PSE CIRCULAR FOR BROKERS NO. 3269-99 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre Exchange Road., Ortigas Center Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor-Disclosure Department Gentlemen/Ms. Buenaventura: This is in response to your fax message to us today requesting for clarification on the news article "IAG of S'pore gobbling up shares of Alliance Global" that appeared in today's issue of Manila Standard. We refer to our previous disclosure to the PSE dated Dec. 3, 1999 that International Advisory Group (IAG), a Singapore-based company has agreed to subscribe to one hundred five million (105,000,000) new common shares of Alliance Global, Inc. (AGI) at subscription price of eleven pesos (P11.00) per share. AGI has an existing issued capital base of 1,619,710,000 shares. As such, IAG stake in AGI would be 6.09% of the expanded capital base of 1,724,710,000 and not 23% as reported in today's Manila Standard. Furthermore, we are not aware of IAG acquiring additional shares in AGI in the stock market. We would like to clarify also that Yorkshire Holdings, Inc. through its acquisition of 1.25 billion shares has 83.08% ownership, not 35% as reported in the said news article. Please apprise your member-brokers and the investing public accordingly. llcd Very truly yours, (SGD.) DINA INTING Corporate Information Officer