PSE Circular for Brokers No. 616-99

March 29, 1999 PSE CIRCULAR FOR BROKERS NO. 616-99 March 26, 1999 Philippine Stock Exchange 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Attention: Disclosure Department Listing and Disclosure Group Gentlemen : In compliance with the disclosure requirements of the Philippine Stock Exchange, we advise that during the meeting of the Board of Directors of our Company on March 26, 1999, the following-cash dividends were declared: 1. P0.50 per share on the Company's Series C 10% Cumulative Convertible Preferred Stocky. for the semi-annual period ending April 30, 1999, payable May 31, 1999 to the holders of record on April 23, 1999. 2. P0.50 per share on the Company's Series D 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending April 30, 1999, payable May 31, 1999 to the holders of record on April 23, 1999. 3. P0.50 per share on the Company's Series J 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending April 30, 1999, payable May 31, 1999 to the holders of record on April 23, 1999. 4. P0.50 per share on the Company's Series T 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending April 30, 1999, payable May 31, 1999 to the holders of record on April 23, 1999. 5. P0.50 per share on the Company's Series X 10% Cumulative Convertible Preferred Stock, for the semi-annual period ending April 30, 1999, payable May 31, 1999 to the holders of record on April 23, 1999. Thank you. CASH DIVIDEND (SERIES C, D, J, T, X) CASH P0.50 per share EX-CASH April 19, 1999 RECORD DATE April 23, 1999 DATE PAYABLE May 31, 1999 Very truly yours, (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary