PSE Circular for Brokers No. 700-99

April 8, 1999 PSE CIRCULAR FOR BROKERS NO. 700-99 April 7, 1999 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace de Guia Listings and Disclosure Group Madame : In compliance with the continuing disclosure requirements of the Exchange we report that at the Special Meeting of the Board of Directors of SPI TECHNOLOGIES, INC. (the "Company") held earlier today, 7 April 1999, the Board of Directors of the Company approved the following matters: 1. Amendment of Previously Issued Resolution on Cash Dividends Upon motion duly made and seconded, the Board passed and approved the following resolutions: "RESOLVED, AS IT IS HEREBY RESOLVED, to amend the resolution of the Board of Directors issued on 12 February 1999, declaring a cash dividend of P0.20 per share to all stockholders of record as of 1 March 1999, such that the cash dividend shall be taken out of the unrestricted retained earnings of the Corporation as of 31 December 1997 instead of the unrestricted retained earnings of the Corporation as of 31 December 1998 as provided in the previously issued resolution; "RESOLVED, FURTHER, that the President, Mr. Ernest L. Cu and/or the Corporate Treasurer, Mr. Francis P. Hernando, be given authority or be empowered to sign and submit in the Corporation's name the necessary documentation and to perform such other acts as may be necessary in order that the said purpose could be realized; "RESOLVED, FINALLY, that the foregoing resolutions shall supersede any and all previously issued resolutions inconsistent therewith." 2. Restructuring of the Pre-Press Operations in the Netherlands Upon motion duly made and seconded, the Board passed and approved the following resolutions: "RESOLVED, AS IT IS HEREBY RESOLVED, to confirm the restructuring initiative for the pre-press operations in the Netherlands that is expected to generate immediate and significant savings to the Company; "RESOLVED, FURTHER, that in view of the on-going restructuring of the pre-press operations, and on the basis of the terms and conditions of the 1997 Agreement between Northprint B.V. and the Company, a provision for related costs of up to the peso equivalent of $2 Million be included in the Company's books of account as of 31 December 1998; LLjur "RESOLVED, FINALLY, that the President, Mr. Ernest L. Cu has been duly authorized to negotiate the final terms and conditions of the restructuring program and to perform any and all acts necessary and proper to give the foregoing resolutions force and effect." The final restructuring plan will be presented to the Board for approval at a later time. Very truly yours, (SGD.) MA. ALICIA PICAZO-SAN JUAN Assistant Corporate Secretary