PSE Circular for Brokers No. 416-00

February 21, 2000 PSE CIRCULAR FOR BROKERS NO. 416-00 February 18, 2000 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road, Pasig City Attention: Ms. Grace B. de Guia Assistant Manager- Compliance Disclosure Gentlemen: This is to inform the Exchange that the Annual Stockholders' Meeting of Mondragon International Philippines, Inc. ("MIPI") is rescheduled from 21 February 2000 to: 22 May, 2000 9:00 A.M Mondragon House Ballroom 324 Se. Gil Puyat Avenue Makati City for the following reasons: a) To enable management to fully realize a possible solution to the Mimosa problem brought about by recent developments whereby the new Management of Clark Development Corporation recently appointed by President Joseph Ejercito Estrada has expressed willingness to normalize operations of Mimosa Leisure Estate under Mondragon upon payment of Mondragon's obligations to the government. b) For Mondragon to pursue a new "win-win solution" being proposed to the government. c) For the management to facilitate and expedite the release of funds from the U.S. Trust Company whose first tranche of US$14 million is expected within 30 days and allow Mondragon to pursue interim measures for bridge financing. cdll Very truly yours, (SGD.) PIERRE PAUL S. BUHAY Acting Corporate Secretary