PSE Circular for Brokers No. 751-00

March 23, 2000 PSE CIRCULAR FOR BROKERS NO. 751-00 March 21, 2000 Ms. Luisa W. Buenaventura Supervisor' Disclosure Department Philippine Stock Exchange 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Dear Ms. Buenaventura: With reference to your faxed letter of 21 March 2000 regarding the news article entitled "ABB eyes Joint venture with PNOC firm" which appeared today in the Manila Times, we would like to confirm that PNOC EC indeed recently received a letter of interest from Mr. Martin Schneider, Vice President of Asea Brown Boveri (ABB). Mr. Schneider mainly expressed interest to participate in the power generation side for our Cotabato Basin Natural Gas Exploration Project once the reserves are proven to be commercially viable. PNOC EC is, however, still in the process of determining whether the reserves are commercially viable or not and is, therefore, not yet in a position to enter into serious discussions with ABB. The other details of the Manila Times article were generally picked up from our previous press releases and interviews given to the media. We hope these clarify the matter. Thank you and best regards. Very truly yours, (SGD.) ELPIDIO M. GAMBOA, JR. Corporate Secretary & General Counsel