PSE Circular for Brokers No. 483-00

February 28, 2000 PSE CIRCULAR FOR BROKERS NO. 483-00 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. 24 February 2000 Date of Report (Date of earliest event reported) 2. SEC Identification Number 8802 3. BIR Tax Identification No. 360-000-288-923 4. Reynolds Philippines Corporation Exact name of registrant as specified in its charter 5. Dasmarias, Cavite 6. (SEC Use Only) Province, country or other jurisdiction or Industry Classification Code; Incorporation 7. Dasmarias, Cavite Address of principal office Postal Code 8. 838-2088/838-6862 Registrant's telephone number, including area code 9. Not applicable Former name of former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding One Billion (1,000,000,000) 11. Indicate the item numbers reported herein: Item 9 SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Reynolds Philippines Corporation Registrant (SGD.) MARIA OLIVIA T. YABUT-MISA Corporate Information Officer Noted by: (SGD.) JAIME Y. GONZALES President and Chief Executive Officer ITEM NO. 9 On February 24, 2000, the Board of Directors of Reynolds Philippines Corporation held a Meeting at the Chemphil Board Room, Chemphil Building, Arnaiz Avenue, Makati City. The Company's Chairman of the Board, Mr. Antonio M. Garcia , presided over the meeting. The Company's President, Mr. Jaime Y. Gonzales, reported on the results of the Company's operations and financial statements for the period ended 31 December 1999. For the year 1999, the Company reported a PhP 79.5 million net income on a consolidated basis, The President also reported that the subsidiaries, specifically, Reynolds Trading and Marketing Corporation and Reynolds Recycling Corporation continue to post increases in their net income. The President then gave an update on the Company's programs to raise equity and sell non-core assets the proceeds of which will be used to reduce interest bearing debts. The Board also discussed and approved the proposed resolution to secure the Corporation's loan with All Asia Capital & Trust Corporation. Furthermore, in order to recover the amounts it had paid on the foregoing assets, the Board approved the resolution authorizing the Corporation to sell its right to purchase two condominium units to its Chairman, Mr. Antonio M. Garcia. The board also approved the grant of authority to the Corporation to incorporate and invest in a food services distribution and trading corporation to be named Reynolds Foods Services Corporation , a spin-off of the Food Services Distribution Group of its 100%-owned subsidiary, Reynolds Trading & Marketing Corporation. There being no other matters to discuss, the board meeting was adjourned at 4:40 p.m.