PSE Circular for Brokers No. 667-00

March 15, 2000 PSE CIRCULAR FOR BROKERS NO. 667-00 March 14, 2000 Philippine Stock Exchange, Inc. Listings and Disclosure Group 4th Floor, Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace de Guia Assistant Manager Corporate Disclosure Department Gentlemen : This refers to your letter dated March 14, 2000. 1. Petrofields Corporation ("Petrofields") decided to forego the incorporation of a subsidiary because of financial and operational inefficiency which can come about by adding another layer in the ownership structure. 2. Terms and conditions of the Corporation's direct acquisition of MIT. a) Acquisition Price = P975 million b) Yes, Petrofields will acquire 100% ownership under deferred payment scheme c) Timetable of Acquisition: December 21, 1999 payment of P250 million July 2000 payment of the balance of P725 million covered by irrevocable L/C's d) House of Investments infused P220 million in Petrofields as deposit for future subscription. The balance of P725 million shall be funded by proceeds of the rights offering and loans from banks with MIT shares as collateral. 3. Ownership structure of MIT 100% owned by Petrofields. We trust that the foregoing is sufficient for your purposes. Very truly yours, (SGD.) ARTURO B. MAULION