PSE Circular for Brokers No. 599-98

April 3, 1998 PSE CIRCULAR FOR BROKERS NO. 599-98 April 2, 1998 The Philippine Stock Exchange PSE Center, Ortigas Center Pasig City Attention : Ms . Ma . Isabel T . Garcia Head Officer, Listing Dept . Gentlemen : We wish to advise you that at its meeting today, the Board of Directors of Anglo Philippine Holdings Corporation (APHC) approved a resolution authorizing the issuance of convertible dollar-denominated bonds and/or empowering management to obtain a convertible dollar-denominated loan in an amount equivalent to approximately P500 million. The bonds and/or loan will be convertible at the option of the holder or the creditor, into common shares at the par value of P1.00 of APHC out of the present authorized but unissued capital stock. The offering or private placement of the bonds will be done abroad, or in the case of a convertible loan, the loan is expected to be provided by foreign funders. Management was authorized and empowered to fix the final terms and conditions of the bond issue and/or the loan The net proceeds will be used by APIIC to fund the cash equity call for MRT Development Corporation, retire debt, and for working capital. llcd The convertible bond issue and/or loan shall be subject to any approvals required to be obtained from the Bangko Sentral ng Pilipinas, the Philippine Stock Exchange and the Securities and Exchange Commission or any other regulatory authority, and the ability of APHC's arranger to successfully place or offer the bonds abroad, or obtain foreign lenders. APHC has appointed Amsteel Strategic Investors Alliance, Inc. as its advisor and arranger for this purpose. The Board also adopted a resolution to postpone the annual meeting of the stockholders which under the By-Laws is scheduled in May, to June on a date, to be fixed by the Board. prLL The resignation of Atty. Elma Christine Leogardo as director was accepted. No replacement was elected in view of the proximity of the annual stockholders' meeting. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Secretary