PSE Circular for Brokers No. 826-99

April 21, 1999 PSE CIRCULAR FOR BROKERS NO. 826-99 April 20, 1999 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Centre PSE Center, Exchange Road Ortigas Center, Pasig City FAX No. 634-2051/634-5113 Attention: Mr . Reynold P . Ong Vice-President, Listings & Disclosure Group Gentlemen : Please be informed that the Securities and Exchange Commission has approved the issuance of 84,849,048 common shares of the par value of P10.00 representing 100% stock dividend declared by the Board of Directors on September 15, 1998 and ratified by the stockholders in a meeting held on November 20, 1998 and has set the record date to May 4, 1999. Attached for your reference is a photo copy of the Order dated April 20, 1999. Stock Dividend Update Stock dividend 100% Ex-stock April 28, 1999 Record Date May 4, 1999 Very truly yours, (SGD.) VICTOR J. DEL ROSARIO EVP/Treasurer & CEO IN THE MATTER OF BACNOTAN-CONSOLIDATED INDUSTRIES, INC. Fixing of Record Date of Stock Dividend which is payment for the Increase of Capital Stock ORDER Upon consideration of the application for increase of capital stock and other papers and documents attached thereto the Commission resolved to authorize the issuance of 84,849,048 common share of the par value of P10.00 or with a total issue value of P848,490,480.00 to cover the 100% stock dividend declared by its Board of Directors on September 15, 1998 and ratified by the corporation's stockholders representing at least two-thirds (2/3) of the outstanding capital stock in a meeting held on November 19, 1998 and the issuance of shares of stocks to the stockholders of record as of May 4, 1999 pursuant to the Amended Rules Governing Pre-emptive and other Subscription Rights and Declaration of Stock or Cash Dividends of Corporations whose Securities are Registered under the Revised Securities Act or Listed in the Stock Exchange. LLpr SO ORDERED. Mandaluyong City, April 20, 1999. (SGD.) SONIA M BALLO Director Corporate and Legal Department