PSE Circular for Brokers No. 550-00

March 3, 2000 PSE CIRCULAR FOR BROKERS NO. 550-00 March 2, 2000 Securities and Exchange Commission SEC Building, EDSA, Greenhills, Mandaluyong City, Metro Manila Attention: Ms. Linda Daoang Director, Money Market & Operations Department Gentlemen : In our Notice dated 15 February 2000, particularly the resolution entitled "Dacion en pago to Landbank", some parcels of land were omitted in the resolution and the total area of the sixty-two (62) parcels of land was wrong. To rectify the said omission and mistake, the resolution is rewritten enumerating the correct and complete list of the sixty-two (62) parcels of land and giving the correct total land area thereof. Dacion en pago to Landbank "RESOLVED, that for the partial settlement of the Corporation's outstanding to Landbank of the .Philippines ("Landbank"), the Corporation authorize, as it hereby authorizes, the dacion to Landbank sixty-two (62) parcels of land located at Cagayan de Oro covered by Transfer Certificates of Title No. T-113435, T-113436, T-113437, T-113438, T-113439, T-113440, T-113441. T-113442, T-113443, T-113444 T-113445, T-113446, T-113447, T-113644, T-113644 T-113659, T-113660, T-113661, T-113662, T-113663, T-113664, T-113365, T-113666, T-113667, T-113368, T-113669, T-113670, T-113671, T-113758, T-113759, T-113760, T-113761, T-113762, T-113763, T-113764, T-113765, T-113871, T-113872, T-113873, T-113874, T-113875, T-113876, T-113877, T-113878, T-113879, T-113880 T-113881, T-113882, T-113883, T-113884, T-113885, T-113886, T-113887, T-113930, T-113931, T-113932, T-113933, T-113934, T-113935, T-113936, T-113937, T-113938 and T-113939 and with a total of 21,438 square meters and a parcel of land registered in the name of East Pacific investors Corporation located at Upper Balulang, Cagayan de Oro City covered by Transfer Certificate of Title No. T-124135 with total area of 50,547 square meters, at a total dacion value of P224,903,280.00." "RESOLVED FURTHER, that the Corporation authorize the Board of Directors or any of its authorized representatives to negotiate and finalize with Landbank the restructuring of the remaining balance; and to sign, execute and implement any document or contract to implement the foregoing dacion and debt restructuring." Please be guided accordingly. Very truly yours, (SGD.) OLIVA P. PEDERE Corporate Secretary