PSE Circular for Brokers No. 432-00

February 22, 2000 PSE CIRCULAR FOR BROKERS NO. 432-00 February 21, 2000 Disclosure Department Listings and Disclosure Group 4F, Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen: In compliance with your continuing disclosure rule, please be advised that at the regular meeting of the Board of Directors this afternoon: 1. Schedule of Annual Stockholders' Meeting. In accordance with the Corporation's By-Laws, the Board set the Annual Stockholders' Meeting on April 17, 2000 at 4:00 p.m. at the Rigodon Ballroom, The Peninsula Manila. For the purpose of this meeting, the stock and transfer book of the Company will be closed from March 1, 2000, the record date, to the close of business hours of April 17, 2000. Proxies must be filed with and received at the Company's offices not later than by the close of business hours one week prior to the date of meeting, or no later than 5:30 p.m. on April 10, 2000. 2. Increase of Authorized Capital Stock and 25% Stock Dividend Declaration. The Board resolved to recommend to the stockholders for approval at the April 17, 2000 Annual Stockholders' Meeting the increase in the Corporation's Authorized Capital Stock from PESOS One billion seven hundred million (P1,700,000,000) to PESOS Three billion four hundred million (P3,400,000,000); the increase in the authorized capital stock will be supported by a 25% stock dividend (1 for every four shares held) in favor of all stockholders as of a record date to be fixed by the Securities and Exchange Commission (SEC); and the issue date of the stock dividend shall not be more than thirty (30) days from the date of approval by the SEC of the registration and licensing of the increase in authorized capital stock. Very truly yours, (SGD.) RAY C. ESPINOSA Corporate Secretary STOCK DIVIDEND STOCK 25% (1 for every four shares held) RECORD DATE To be announced