Philippine Stock Exchange, Inc.

February 6, 1998 PSE CIRCULAR FOR BROKERS NO. 070-98 Philippine Stock Exchange, Inc. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention : Ms. Maria Isabel T. Garcia Head, Compliance and Surveillance Department Gentlemen: At the regular meeting of the members of the Board of Directors of Mariwasa Manufacturing, Inc. (the "Corporation") on 05 February 1998, at 11:00 a.m., at the New World Hotel in Makati City, Metro Manila, the following matters were unanimously approved and adopted by the Board of Directors of the Corporation: 1) the acceptance of the resignation of Ambassador Jose S. Laurel II as Chairman and member of the Board of Directors which resignation shall take effect immediately; 2) the acceptance of the resignations of Messrs. Manuel Sy and Somachai Kunakornporamat as members of the Board of Directors which resignations shall take effect immediately; 3) the election of Mr. Edison Co Seteng as the Chairman of the Board of Directors to serve for the unexpired term of former Chairman, Ambassador Jose S. Laurel III; 4) the election of Mr. Dusit Nontanakom Vice Chairman to serve until the next election of members of the Board of Directors; 5) the approval of the following amendments to the Amended By-Laws of the Corporation which shall be presented for stockholders' approval at the Annual Meeting of the stockholders: a. Article I, Section 4 - to change the date of closing of the Stock and Transfer Book of the Corporation to, in case of a stockholders' meeting, at least 20 days prior to the date of the stockholders meeting or, in case of declaration of dividends, not less than 10 nor more than 30 days for the date of declaration of dividends. b. Article II, Section 3 - to change the time for sending of notice to the stockholders to at least 15 trading days prior to the stockholders' meeting. c. Article II, Section 5 - to allow the Board of Directors to determine the Order of Business at a stockholder's meeting. d. Article II, Section 6 - to provide that the Corporate Secretary shall complete the verification of the validity of such proxies as least 5 days prior to the stockholder's meeting. 6) the approval of the date of the Annual Meeting of the stockholders on 08 May 1998 and the Recorded Date on 08 April 1988. We are making these disclosures pursuant to the Continuing Listing Requirements of the Philippine Stock Exchange. Very truly yours, (SGD.) ANTONIO A. PICAZO Corporate Secretary