PSE Circular for Brokers No. 577-00

March 7, 2000 PSE CIRCULAR FOR BROKERS NO. 577-00 March 6, 2000 Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention : Atty . Ruben L . Almadro VP-Compliance & Surveillance Group Gentlemen : We respond to your letter of March 6, 2000 advising that "it was observed that there was an unusual movement in the Trading of Vantage Equities, Inc. (V) shares today, March 06, 2000. The share price of V increased by 49.09% from P1.01 to P1.64 per share," and requesting us to "furnish the Exchange any information relating to the unusual movement in trading within today." Please be advised that we are unaware of any specific information that may affect the value and trading of our securities in the Exchange. What we do know is that several groups have approached the Company for possible investment, tie-ups or joint ventures which the Company, as in the past, continues to look into. Some of these proposals are currently being advanced for presentation to our Board in a meeting, the date and other details of which are presently being arranged. Meanwhile, we consider these proposals as soft information and, therefore, premature to disclose. Needless to state, we shall timely disclose to the Exchange any such disclosable information conformably with your disclosure rules. Should you have any further questions, please let us know. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary