PSE Circular for Brokers No. 1002-98

May 12, 1998 PSE CIRCULAR FOR BROKERS NO. 1002-98 May 7, 1998 PHILIPPINE STOCK EXCHANGE, INC. (PSE) Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Ms . Maria Isabel T. Garcia Head, Listing Department Gentlemen/Mesdames : We wish to inform you that Petron Corporation (hereinafter referred to as the "Corporation") will be holding its annual meeting of stockholders on July 20, 1998 (Monday) at 8:30 a.m. at the Ballroom, 2nd Floor, Manila Midtown Hotel, Pedro Gil corner Adriatico Streets, Malate, Manila. Attached herewith is the agenda of the said meeting. The Board of Directors has fixed May 22, 1998 as the record date for the determination of stockholders entitled to notice and to vote at said annual meeting. We trust we have sufficiently complied with your requirements. Very truly yours, (SGD.) LIBERADOR V. VILLEGAS General Counsel & Corporate Secretary AGENDA (1) Call to Order (2) Report on Attendance Quorum (3) Review and Approval of Minutes of Previous Stockholders' Meeting (4) Management Report for the year 1997 (5) Ratification of all acts of the Board of Directors and Management during the year 1997 (6) Appointment of Independent Auditor (7) Election of the Board of Directors for the ensuing term (8) Such other business as may properly come before it