First Philippine Holdings Corporation

December 24, 1999 PSE CIRCULAR FOR BROKERS NO. 3279-99 SUBJECT : First Philippine Holdings Corporation First Philippine Holdings Corporation ("FPH") informed the Exchange that the Securities and. Exchange. Commission (SEC) approved on December 20, 1999 its Amended Articles of Incorporation declassifying the Common Class "A" shares and Common Class "B" shares, as follows: ". . . SEVENTH: That the capital stock of the Corporation is Pesos Eight Billion Five Hundred Million (P8,500,000,000.00) , Philippine currency, divided into Eight Hundred Fifty Million (850,000,000) common shares with a par value of Ten Pesos (P10.00) per share. llcd Holders of shares of common stock shall not be entitled to pre-emptive rights to subscribe to Two Hundred Million (200,000,000) shares of common stock (as may be adjusted from time to time, in accordance with the terms of the contract to raise up to US$300 Million from Guaranteed Convertible Notes) which shares shall be reserved and allocated for future conversion of the Guaranteed Convertible Notes . . . ." The declassification of FPH's shares will be reflected in the Exchange's computer system (electronic board and ticker) on Wednesday, December 29, 1999 . In relation thereto, FPH will continue to honor in the meantime, the old certificates. The procedures on the issuance of new certificates reflecting said declassification shall be announced later pending further advise from FPH. However, new issuances shall be based on the new certificates as they become available. cdlex Furthermore, SEC has also approved on the same date the Amended By-Laws of FPH changing the fiscal year to calendar year and the schedule of the annual stockholders meeting from the 2nd Monday of November to the 3rd Monday of May. llcd For your information. prcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group