PSE Circular for Brokers No. 1016-99

May 7, 1999 PSE CIRCULAR FOR BROKERS NO. 1016-99 Press Release May 6, 1999 NEW PETRON PRESIDENT ELECTED Effective June 1, Khalid A. Al-Falih will take over as new President of Petron Corporation. Mr. Al-Falih was elected by the Board of Directors held last April 29, 1999. He replaces Ali A. Al-Ajmi who has served as President since December 1995 and as Chief Executive Officer from April 18, 1996 to July 21, 1998. Al-Falih will leave his current assignment as Manager of the Business Analysis Department of Saudi Aramco's Corporate Planning Organization. He has handled various assignments during his 17 years with Saudi Aramco. In 1982, he started as Project Engineer. In July 1994, he was assigned as Manager of Saudi Aramco's Consulting Services Department. In January 1997, he became the Manager of Refinery Operations. He was also the Technical Committee Chairman and a member of the Organizing Committee for the Middle East Petrotech '98 Conference. Al-Falih has been a Director of the Company for the past two years. LLpr Meanwhile, Al-Ajmi will continue to serve as a Director of Petron.