Philippine Stock Exchange

February 4, 1998 PSE CIRCULAR FOR BROKERS NO. 042-98 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention : Atty . Maria Isabel T . Garcia Head, Compliance & Surveillance Department RE : Negros Navigation Co . , Inc . Gentlemen : At the Special Meeting of the members of the Board of Directors of Negros Navigation Co., Inc. held today, 03 February 1997, at 12:30 p.m. at the principal office of the Corporation 21/F Far East Bank Center, Sen. Gil J. Puyat Avenue, Makati City, the following matters were approved and adopted by the Board of Directors of the Corporation: 1) the amendment of Article Second of the Amended Articles of Incorporation of the Corporation in order to enable the Corporation to engage solely in domestic shipping operations; and 2) the amendment of Article Seventh of the Amended Articles of Incorporation of the Corporation to increase the authorized capital stock of the Corporation from One Billion One Hundred Million Pesos (P1,100,000,000.00) to Four Billion Pesos (P4,000,000,000.00) divided into Four Billion (4,000,000,000) shares with a par value of One Peso (P1.00) per share. We are making this report in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. Very truly yours, (SGD.) CONRADO A. CARBALLO Assistant Corporate Secretary January 26, 1998 MR. RENE J. BUENAVENTURA President PCI Leasing and Finance, Inc. PCI Leasing Centre, Corinthian Gardens, Ortigas Avenue, Quezon City Dear Mr. Buenaventura: In line with the monthly monitoring of PCI Leasing and Finance Inc.'s commercial paper (CP) issuances due to the present unfavorable market conditions, the credit ratings have been changed effective January 20, 1998, as follows: P1.6 Billion Short-term CPs From CIB 1 Minus to CIB 2 Plus P500 Million Long-term CPs From CIB Aa to CIB A Should you have any points for clarification, please call us at telephone numbers 52635-93 or 95. Thank you and our warm personal regards. Very truly yours, (SGD.) JAIME Y. LADAO President