PSE Circular for Brokers No. 1151-99

May 21, 1999 PSE CIRCULAR FOR BROKERS NO. 1151-99 May 21, 1999 Disclosure Department Listings and Disclosure Group The Philippine Stock Exchange 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No: 636-0809/637-8811 Gentlemen : Please be informed that at today's annual meeting of the stockholders of Mabuhay Holdings Corporation, the following were elected directors for the term 1999-2000: Datuk John Wong Roberto V. San Jose J. Marsh Thomson Delfin P. Angcao Elizabeth de Guzman-Dantes Seng Nam Ng Ana Maria A. Katigbak Likewise at the said meeting, Punongbayan and Araullo, CPA'S, were re-appointed external auditors of the Corporation for the current year. At the organizational meeting of the Board of Directors that followed, the following officers were elected for the term 1999-2000: Chairman of the Board Datuk John Wong President Roberto V. San Jose Treasurer Elizabeth de Guzman-Dantes Corporate Secretary Delfin P. Angcao Asst. Corporate Secretary Ana Maria A. Katigbak Also, Mr. Lee Seng Chay was re-appointed Vice-President. Very truly yours, (SGD.) DELFIN P. ANGCAO Corporate Secretary