PSE Circular for Brokers No. 678-98

April 15, 1998 PSE CIRCULAR FOR BROKERS NO. 678-98 April 14, 1998 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre, Exchange Road, Ortigas Center, Pasig City, Metro Manila Attention: Listings Group Compliance Monitoring Gentlemen : In compliance with the continuing disclosure requirements of the Exchange, we report that a major stockholder of SPI TECHNOLOGIES, INC. (hereinafter, the "Corporation"), Mr. Leonardo B. Alejandrino, is selling Ten Million (10,000,000) of his shares in the Corporation and Four Million (4,000,000) shares, corresponding to the forty percent (40%) stock dividends accruing on said Ten Million (10,000,000) shares, to SPI Holdings Limited. SPI Holdings Limited, a British Virgin Islands company, is a wholly owned affiliate of the Asian MBO Fund, L.P., a Cayman Islands limited partnership. The general partner of The Asian MBO Fund, L.P. is MBO Partners, an investment company based in Hong Kong. The Chief Executive Officer and Chairman of the Corporation, Mr. Alan R. Fraser is likewise selling Three Million Six Hundred Twenty Thousand (3,620,000) of his shares in the Corporation and One Million Four Hundred Forty Eight Thousand (1,448,000) shares, corresponding to the forty percent (40%) stock dividends accruing on said Three Million Six Hundred Twenty Thousand (3,620,000) shares, to SPI Holdings Limited. LLphil In addition, SPI Holdings Limited has acquired Seven Million Four Hundred Eighty One Thousand Three Hundred Eleven (7,481,311) shares in the Corporation, and Two Million Nine Hundred Ninety Two Thousand Five Hundred Twenty Four (2,992,524) shares, corresponding to the forty percent (40%) stock dividends accruing on said Seven Million Four Hundred Eighty One Thousand Three Hundred Eleven (7,481,311) shares, from various other stockholders of the Corporation. The resulting shareholdings of SPI Holdings Limited in the Corporation, inclusive of the forty percent (40%) stock dividend is Twenty Nine Million Five Hundred Forty One Thousand Eight Hundred Thirty Five (29,541,835) shares or 30.58% of the issued and outstanding shares of the Corporation after the forty percent (40%) stock dividend. Very truly yours, (SGD.) GEMMA M. SANTOS Corporate Secretary