PSE Circular for Brokers No. 1151-98

May 26, 1998 PSE CIRCULAR FOR BROKERS NO. 1151-98 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 6342051 CODE NO. F-6012 Attention: Mr. Reynold P. Ong Vice President Listing & Disclosure Group Gentlemen: We advise that at the annual stockholders' meeting held today, the stockholders approved the following amendments to the Company's Articles of Incorporation: 1. Article Third Changing the place of principal office from "Municipality of Valenzuela, Province of Bulacan" to "Metro Manila"; 2. Article Seventh Authorizing the creation of additional common shares, preferred shares and/or other types of securities in relation to the increase in the Company's authorized capital stock, from P60 Million to an amount not more than P5 Billion as may be determined by the Board, which was previously approved by the stockholders at the annual meeting held on April 17, 1997. The stockholders approved the spin-off of the Company's Valenzuela (Metro Manila) property, or any portion thereof as may be determined by the Board, to a landholding subsidiary to be wholly-owned by the Company. In addition, the spin-off of the manufacturing operations to another separate subsidiary to be wholly-owned by the Company was also approved. In relation to the foregoing the stockholders approved the plan for the creation of a mortgage trust indenture by the proposed landholding subsidiary over the Company's Valenzuela property, or any portion thereof, to be transferred by the Company in exchange for shares of stock of such subsidiary. The stockholders also approved the creation of a mortgage trust indenture over the Company's real property located at Calauan, Laguna. The mortgage trust indenture is intended to secure the Company's existing or additional load facilities. The following were elected to the Board of Directors for the current year: 1. Anselmo Trinidad, Jr. 2. Francis G. Estrada 3. Antonio T. Ong 4. Roberto C. Benares 5. Roberto M. Macasaet, Jr. 6. Francisco Luz 7. Carlos C. Syquia 8. Simplicio J. Roxas 9. Roberto V. San Jose Juan Ordoveza (Ex-officio) The following were elected officers for the current year at the organizational board meeting: Chairman - Anselmo Trinidad, Jr. Vice-Chairman - Antonio T. Ong President & Chief Exec. Officer - Roberto M. Macasaet Executive Vice President - Ernesto Tongson Treasurer - Roberto C. Benares Corporate Secretary - Roberto V. San Jose Asst. Corp. Secretary - Ana Maria A. Katigbak The Board also approved the foregoing amendments to Articles Third and Seventh of the Company's Articles of Incorporation, the foregoing spin-off of the landholding subsidiary and the manufacturing subsidiary, and the creation of the mortgage trust indenture as discussed above. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Secretary