PSE Circular for Brokers No. 1101-98

May 19, 1998 PSE CIRCULAR FOR BROKERS NO. 1101-98 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Centre., Exchange Road Ortigas Center, Pasig City (F) 636-0809 Dear Sirs : We wish to report that in the organizational meeting of the Board of Directors of Filipino Fund, Inc. held immediately after the annual stockholders' meeting of the Fund this afternoon at the Manila Polo Club, the following officers were appointed to the Board: Bernardo M. Villegas Chairman and President Fernando Zobel de Ayala Director Manuel Q. Bengson Director Benildo G. Hernandez Director William T. Gatchalian Director Carlos B. Aquino Corporate Secretary Sabino Padilla IV Asst. Corporate Secretary For your information. FOR: BPI INVESTMENT MANAGEMENT, INC. As Investment Manager of Filipino Fund, Inc. (FFI) (SGD.) PRISCILLA V. JABLA Operations Officer May 19, 1998 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Centre., Exchange Road Ortigas Center, Pasig City (F) 636-0809 Dear Sirs : We wish to report that at in its annual meeting this afternoon, the stockholders of Filipino Fund, Inc. held at the Manila Polo Club the following were taken-up and approved: 1. Election of the Board of Directors The following directors were elected to the Board for the ensuing year: Bernardo M. Villegas Fernando Zobel de Ayala Manuel Q. Bengson Benildo G. Hernandez William T. Gatchalian 2. Re-appointment of BPI Investment Management Incorporated as the Investment Manager of FFI for the ensuing year, and 3. Re-appointment of Joaquin Cunanan and Co. as the external auditor of the Fund for the ensuing year. For your information. FOR: BPI INVESTMENT MANAGEMENT, INC. As Investment Manager of Filipino Fund, Inc. (FFI) (SGD.) PRISCILLA V. JABLA Operations Officer