PSE Circular for Brokers No. 886-99

April 27, 1999 PSE CIRCULAR FOR BROKERS NO. 886-99 April 26, 1999 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Atty . Ruben L . Almadro VP-Compliance & Surveillance Group Gentlemen : In compliance with your letter of even date asking us to disclose material information relating to the unusual move in today's trading of PNCC shares (50% increase from P6.00 to P9.00), may we reiterate that we have no material information whatsoever in our records and to the best of our knowledge at this point in time that may have caused the so-called unusual movement in the trading of our securities. However, we can only surmise that this may be due to the thrust of the government through the Asset Privatization Trust (APT) whereby the shares held by the latter and some government financial institutions (GFIs) will be sold at public auction. Nonetheless, this information is not a corporate secret, having been featured in the major dailies of general circulation. Rest assured that we will update you on any vital information or development that may affect the trading of our securities. Very truly yours, (SGD.) GLENNA R. OGAN Corporate Secretary