PSE Circular for Brokers No. 923-98

May 5, 1998 PSE CIRCULAR FOR BROKERS NO. 923-98 May 4, 1998 Philippine Stock Exchange, Inc. Philippine Stock Exchange Building Ortigas Center, Pasig City Attention: Disclosure Department/Listings and Disclosure Group RE : Global Equities, Inc . Gentlemen : We wish to inform the Exchange that in the meeting of the Board of Directors of the Company held today, the following matters were approved: 1. Call for payment of the seventy five percent (75%) balance of unpaid subscriptions relative to the Stock Rights Offering approved in the meeting of the Board of Directors held on 31 July 1995 and approved by the Securities and Exchange Commission ("SEC") on 8 December 1995. The payment for the unpaid subscriptions is due on 30 June 1998. cdlex 2. Increase of the Company's authorized capital stock from Two Billion Pesos (P2,000,000,000.00) to Three Billion Five Hundred Million Pesos (P3,500,000,000.00). The increase shall be funded by the declaration of stock dividends equivalent to Three Hundred Seventy Five Million Pesos (P375,000,000.00) out of the retained earnings and additional paid up capital as of 31 December 1997. 3. Stock Rights Offering of 1,123,364,745 shares which shall entitle all shareholders of record date to be fixed in accordance with the Exchange and SEC rules to subscribe to eight (8) shares for every fifteen (15) shares held at the par value of One Peso (P1.00) per share, subject to the approval of the Exchange and the SEC. The proceeds of the Stock Rights Offering shall be used by the Company for the retirement of debts, working capital, expansion program of Adamson and Adamson, Inc. and the development of the Global Airport Business Park, Batangas and Tagaytay properties of the Company. The abovementioned resolutions will be presented for the approval of the stockholders at the Annual Stockholders' Meeting scheduled on 18 May 1998. In connection with the foregoing, we transmit, for your guidance, the amended copies of the following documents: 1. Notice of Annual Stockholders Meeting; and 2. Agenda. Very truly yours, GLOBAL EQUITIES, INC. By: (SGD.) MICAELA V. ZORRILLA Assistant Corporate Secretary AMENDED NOTICE OF ANNUAL SHAREHOLDERS' MEETING TO ALL SHAREHOLDERS: Please be informed that the Annual Stockholders' Meeting of GLOBAL EQUITIES, INC. ("GEI") shall be held at the Dasmarias Room, Inter Continental Hotel, on Monday, 18 May 1998, at 8:00 o'clock in the morning, for the following purposes: 1. Call to Order 2. Certification of Notice and Quorum 3. Reading and Approval of the Minutes of the Stockholders' Meeting held on 24 October 1996 4. Management Report for 1997 and 1996 5. Approval of Audited Financial Statements as of 31 December 1997 and 31 December 1996 6. Increase in Authorized Capital Stock 6.1 Approval of the Declaration of Stock Dividends 7. Ratification of all acts, resolutions and proceedings of Management, Executive Committee and the Board of Directors 8. Election of Directors 9. Appointment of External Auditors 10. Other matters 11. Adjournment The Board of Directors of GEI has fixed the RECORD DATE for stockholders entitled to vote at this annual meeting to be one 17 April 1998 . This notice is not a solicitation for proxy, but stockholders who will not be able to attend the meeting may designate their respective proxies and send the proxy forms to the Office of the Corporate Secretary so that the same may be received not later then 14 May 1998. cdlex Registration starts at 7:00 a.m. on the scheduled meeting. For your convenience in registering your attendance, please have some form of identification such as your Professional I.D., Passport, or Driver's License together with the copy of the Notice of Meeting sent to you by the undersigned. Very truly yours, (SGD.) MICAELA V. ZORRILLA Assistant Corporate Secretary GLOBAL EQUITIES, INC . AMENDED AGENDA OF ANNUAL, STOCKHOLDERS' MEETING 1. Call to Order 2. Certification of Notice and Quorum 3. Reading and Approval of the Minutes of the Stockholder' Meeting held on 24 October 1996 4. Management Report for 1997 and 1996 5. Approval of Audited Financial Statements as of 31 December 1997 and 31 December 1996 6. Increase in Authorized Capital Stock 6.1 Approval of the Declaration of Stock Dividends 7. Ratification of all acts, resolutions and proceedings of Management Executive Committee and the Board of Directors 8. Election of Directors 9. Appointment of External Auditors 10. Other matters 11. Adjournment Very truly yours, (SGD.) MICAELA V. ZORRILLA Assistant Corporate Secretary