Metro Alliance Holdings and Equities Corporation Reduction in Listed Shares

December 22, 1999 PSE CIRCULAR FOR BROKERS NO. 3270-99 SUBJECT : Metro Alliance Holdings and Equities Corporation Reduction in Listed Shares In connection with the reduction in the number of listed shares of METRO ALLIANCE HOLDINGS AND EQUITIES CORPORATION (the "Company") , which was approved. by the Board of Directors of the Company on February 25, 1999 (disclosed on February 26, 1999 via Circular No. 360-99), approved; by the; Stockholders of the Company on April 6, 1999 (disclosed on April 7, 1999 via Circular No. 689-99) and approved by the Securities and Exchange Commission on October 11, 1999 (disclosed on October 22, 1999 via Circular No. 2708-99), please be informed that the Exchange approved the said reduction in the number of listed shares on December 8, 1999. LexLib The reduction in the number of listed shares is from 612,244,898 common shares divided into 367,346,940 class "A" shares and 244,897,958 class "B" shares to 306,122,449 common shares, divided into 183,673,470 class "A" shares and 122,448,979 class "B" shares . The reduction in the number of listed shares resulted from the quasi-reorganization plan of the Company which includes the reduction in its paid-in capital via a "reverse-stock split". As per the resolution of the Company's Board of Directors, the effectivity date of the said reduction is on January 3, 2000 . Notwithstanding said effectivity date, after taking into account the settlement period for shares trading on the Exchange, said shares of the Company shall be considered reduced on December 24, 1999. Consequently, please take note that from December 24, 1999 , trading and settlement of shares of the Company will be based on reduced shares . However, the PCD shall only adjust the brokers' portfolio to correspond to the reduced number of shares on January 3, 2000, the effectivity date. The following table illustrates the trading and settlement of the Company's shares on the enumerated dates: Trading Settlement December 23, 1999 (Thursday) December 29, 1999 (Wednesday) Unreduced Number of Shares Unreduced Number of Shares Trading Settlement December 24, 1999 (Friday) January 3, 2000 (Monday) Reduced Number of Shares Reduced Number of Shares December 27, 1999 (Monday) January 4, 2000 (Tuesday) Reduced Number of Shares) Reduced Number of Shares December 28, 1999 (Tuesday) January 5, 2000 (Wednesday) Reduced Number of Shares Reduced Number of Shares December 29, 1999 (Wednesday) January 6, 2000 (Thursday) Reduced Number of Shares Reduced Number of Shares December 30, 1999 No Trades December 31, 1999 January 3, 2000 (Monday) January 7, 2000 (Friday) Reduced Number of Shares Reduced Number of Shares This supercedes Circular No. 3257-99, dated December 21, 1999. Said Circular should be DISREGARDED . prcd The Exchange shall announce the procedure for replacement of old stock certificates to new stock certificates at a later date. For your information and guidance. LibLex (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group