PSE Circular for Brokers No. 787-00

March 27, 2000 PSE CIRCULAR FOR BROKERS NO. 787-00 March 24, 2000 Atty. Manuel Lopez OIC - Compliance & Surveillance Group Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Metro Manila Fax No. : 636-0809/637-8811 Dear Atty. Lopez: We refer to your letter dated today which we received at around 11:15 this morning regarding the unusual movement in the trading of Magnum Holdings, Inc. ("MHI") shares today, 24 March 2000. We are not aware of any material information that may affect the value and trading of MHI shares except that yesterday, 23 March 2000, we received a notification from Magnum Corporation Berhad (a company incorporated in Malaysia), which is the holding company of Magnum Enterprise Sdn Bhd ("MESB") and Magnum (Guernsey) Ltd ("MGL"), that MESB and MGL have on 23rd March 2000 entered into a conditional sale and purchase agreement for the disposal by MESB and MGL to the Purchaser of an aggregate of Sixty Million And Six Hundred Thousand (60,600,000) ordinary shares with a par value of Philippine Peso One (PhP1.00) each representing an aggregate of Seventy One & 26/100 Percent (71.26%) of the issued and paid up capital of MHI (the "Sale Shares") for and in consideration of ONE HUNDRED SEVENTY MILLION PESOS (PhP170,000,000.00) , Philippine currency. The foregoing information was immediately submitted and forwarded yesterday to the Compliance & Surveillance Group and to the Disclosure Department, initially, by facsimile and by personal delivery. HAEIac Very truly yours, (SGD.) ROSARIO S. BERNALDO Corporate Secretary