Full Disclosure on Current Events

May 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1071-98 SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Greenhills, Mandaluyong City Attention: Ms . Adelfa A . Villegas Chief of Specialist SERD-3 RE : Full Disclosure on Current Events Gentlemen : Please be informed that in the postponed Annual Stockholders meeting of Semirara Coal Corporation held on Thursday, May 14, 1998 at 10:00 A.M., DMCI Holdings, Inc. Board Room, 3rd Floor, Dacon Building, 2281 Pasong Tamo Extension, Makati City, the following were re-elected Directors of the Corporation, namely: DAVID M. CONSUNJI ISIDRO A. CONSUNJI MANUEL G. DOMINGO, JR. VICTOR A. CONSUNJI HERBERT M. CONSUNJI ANTONIO G. BERNAS GEORGE SAN PEDRO CESAR A. BUENAVENTURA ESMERALDO E. SIOSON MARIANO S. SALAZAR MA. LOURDES F. REBUENO The stockholders also approved, confirmed, and ratified the following: a) Minutes of Annual Stockholders' meeting held on 5 May 1997 and Special Stockholders' Meeting held on April 30, 1998. b) Report of the Board of Directors and the Dec. 31, 1997 Audited Financial Statements as contained in the Annual Report. c) Board of Directors' and Management Acts from the date of the previous Annual Stockholders' meeting held on 5 May 1997 up to the date of this meeting. d) Reappointment of SGV and Company as External Auditors for the ensuing year 1998-1999. e) Reappointment of Castillo Laman Tan Pantaleon and San Jose Law Offices and De Borja, Medialdea, Bello, Guevarra, Serapio and Gerodias Law Offices as legal counsels of the corporation for ensuing year 1998-1999. f) The per diem of the Directors including the Corporate Secretary for attendance of board meeting was increased to P10,000.00 each. Likewise, in the Annual Organizational Board of Directors' meeting held immediately after the Annual Stockholders' Meeting, the re-elected directors constituting a quorum, re-elected the following officer's of the corporation, namely: DIRECTOR DAVID M. CONSUNJI Chairman and Chief Executive Officer DIRECTOR ISIDRO A. CONSUNJI Vice Chairman DIRECTOR MANUEL G. DOMINGO, JR. President and Chief Operating Officer DIRECTOR HERBERT M. CONSUNJI Treasurer ATTY. BENIGNO F. MORALES Corporate Secretary The members of the Executive Committee was also elected namely: Chairman DAVID M. CONSUNJI Member ISIDRO A. CONSUNJI Member MANUEL G. DOMINGO, JR. Likewise, approved was the holding of monthly Board of Directors' meeting which was fixed on the third Friday of each month at 10:00 A.M. at DMCI Holding, Inc. Board Room, 3rd Floor, Dacon Building, 2281 Pasong Tamo Extension, Makati City. We hope that this will meet your requirements on full disclosure rules under the Revised Securities Act. Thank you. Very truly yours, (SGD.) BENIGNO F. MORALES Corporate Secretary