PSE Circular for Brokers No. 649-00

March 14, 2000 PSE CIRCULAR FOR BROKERS NO. 649-00 March 13, 2000 DISCLOSURE DEPARTMENT Listing & Disclosure Group Philippine Stock Exchange 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Gentlemen : Please be advised that during the meeting of the Board of Directors held this afternoon, the recommendation of management to increase the authorized capital stock of the Corporation from P1.2 Billion to P2.4 Billion was approved. In compliance with the requirement of the Corporation Code, the initial subscription to the increase in the authorized capital stock shall be made through a 25% stock dividend, which the Board declared during the same meeting. The increase in the authorized capital stock and the stock dividend declaration shall be submitted for approval by the shareholders of the Corporation during the annual meeting of shareholders which has been scheduled for May 17, 2000. The Board has also set April 17, 2000 as the record date for determining the shareholders entitled to notice of and vote at the aforesaid meeting. The increase in the authorized capital stock is intended to enable the Corporation to issue new shares to raise fresh funds and/or to enter into swap and other reciprocal arrangements and joint ventures for projects and new businesses that are currently being proposed to and considered by the Board. The Board and management of the Company recognize the importance of being part of the new, knowledge-based economy. It is envisioned that the Company will serve as an incubator for internet and technology start-up companies being spearheaded by the entrepreneurial Filipino the natural leaders of the net economy. The move is consistent with the Company's primary purpose of being an investment holding company. Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary