PSE Circular for Brokers No. 837-98

April 28, 1998 PSE CIRCULAR FOR BROKERS NO. 837-98 ATTY. MANUEL LOPEZ Head, Compliance & Surveillance Dept. Philippine Stock Exchange, Inc. Ortigas Center, Pasig City, Metro Manila Dear Sir : In compliance with the requirement on corporate disclosure, we respectfully inform the Philippine Stock Exchange, Inc. through your good office, of the following development within PNCC: PNCC entered into the following Construction Agreements with the Bases Conversion and Development Authority (BCDA); a. Construction Agreement No. 3 for the construction of Clark Perimeter Road Project, Section 1. The agreement consists of the construction of a 3.62-km. four-lane expressway using asphalt concrete pavement. The project starts at about 800 meters from the Clark Dau gate, runs on a north-west direction parallel to the Clark perimeter fence and ends near the first approach of the Mabalacat Bridge or at Sta. 6+820. It also includes the construction of the 32.40 1.m. Quitanquil Bridge and various sizes of the reinforced concrete box culverts. b. Construction Agreement No. 4 for the construction Clark Perimeter Road Project, Section 2. The agreement consists of the construction of a four-lane expressway with an approximate length of 5.134 kms. that would link with Section 1 of the Clark Perimeter Road and ends about 600 meters from the Centennial Site. Construction shall be limited to two lanes from Sta. 11+080 up to the end of the project making use of the existing two-lane portland cement concrete pavement. It also includes the construction of the 61.65 1.m. Mabalacat Bridge. This is all for the present. We will promptly inform the Philippine Stock Exchange, Inc., through your good office, of developments within the corporation. Very truly yours, (SGD.) ROGELIO L. LUIS President and CEO