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Mabuhay Holdings Corporation

PSE Circular for Brokers No. 727-00 • Philippine Stock Exchange • Circulars for Brokers • Mar 21, 2000

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March 21, 2000 PSE CIRCULAR FOR BROKERS NO. 727-00 SUBJECT : Mabuhay Holdings Corporation Mabuhay Holdings Corporation ("MHC") furnished the Exchange a copy of its Amended SEC Form 11-A for fiscal year ended December 31, 1998 with the following additional information: 1. Item 6 . Management's Discussion and Analysis of Financial Condition and Plan of Operations Inclusion of MHC's plan to increase its shareholdings in First Steamship Co., Ltd. 2. Item 10 . Executive Compensation Short discussion on the terms and conditions/arrangements pertaining to compensation between the Company and its directors as well as the inclusion of the projected compensation for the year 1999. 3. Inclusion of the details of interest and other income/gain on sale of investments (Annex A) and the breakdown of MHC's cost and expenses (Annex B). A copy of MHC's amended SEC Form 11-A is available for reference at the PSE Center and PSE Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group

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