PSE Circular for Brokers No. 506-99

March 17, 1999 PSE CIRCULAR FOR BROKERS NO. 506-99 March 16, 1999 Philippine Stock Exchange, Inc . PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Eileen M . Lacorte Analyst Disclosure Department Gentlemen : This refers to your letter dated March 15, 1999, addressed to our Mr. Joselito J. Sarmiento, Jr., requiring us to submit a written disclosure on the case filed by Mr. Wilfred Uytengsu, Sr. against Mr. George K. Young with the Securities and Exchange Commission. We would like to advise that Alaska Milk Corporation ("AMC") is not a party to the aforesaid case. Mr. Uytengsu filed the case against Mr. Young in his personal capacity. llcd More importantly, the case or its outcome will not affect the operations as the ownership and management structure of AMC. The ownership structure of AMC is not an issue in this case. The management and ownership structure of AMC existing Prior to the filing of this case still subsists up to the present. We trust that the foregoing complies with your requirement. Should you need further clarification, please let us know. Very truly yours, (SGD.) SANTIAGO A. POLIDO Director-Corporate Affairs