Global Equities, Inc. (the "Company")

March 12, 1998 PSE CIRCULAR FOR BROKERS NO. 349-98 March 11, 1998 Compliance and Surveillance Philippine Stock Exchange Philippine Stock Exchange Building Ortigas Center, Pasig City RE : Global Equities, Inc . (the "Company") Gentlemen : Please be advised that the annual stockholders' meeting of the Company cannot be held on 24 April 1998, the last Friday of April, as provided in the Company's By-Laws, because the Company's records have not yet been reconciled as of date. Instead, the Board of Directors in a meeting held on 10 March 1998 decided that the Annual Stockholders' Meeting be moved to 28 April 1998 at 8:00 a.m. at the Dasmarias Room, Hotel Intercontinental, Makati City. In connection with the foregoing, please note that the record date of stockholders entitled to notice of and to vote at the meeting is set on 31 March 1998, subject to the approval of the same by the Philippine Stock Exchange. Very truly yours, GLOBAL EQUITIES, INC. By: (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary