Increase in Authorized Capital Stock through Stock Dividends

May 6, 1998 PSE CIRCULAR FOR BROKERS NO. 938-98 SUPPLEMENT TO INFORMATION STATEMENT OF GLOBAL EQUITIES, INC . Increase in Authorized Capital Stock through Stock Dividends In the meeting of the Board of Directors held on 4 May 1998, the Board approved an amendment to the Company's Articles of Incorporation, more particularly Article VII thereof, increasing its 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 in authorized capital stock of One Billion Five Hundred Million Pesos (P1,500,000,000.00) will 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. The stock dividends will be payable to all shareholders in proportion to their outstanding subscriptions. The record date for determining the shareholders entitled to the stock dividends will be set by the Securities and Exchange Commission. The Board of Directors recommends a vote for approval of the amendment of Article VII of the Company's Articles of Incorporation increasing its 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 Board likewise recommends a vote for approval of 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.