PSE Circular for Brokers No. 1168-98

May 27, 1998 PSE CIRCULAR FOR BROKERS NO. 1168-98 COMPLIANCE MONITORING DIVISION (CMD) Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Fax Nos. 634-5920/5113 Attention: Maria Isabet T . Garcia Head, Listing Department RE : VIMC Newly Elected Directors Vulcan PSE No. M-12024 Gentlemen : In compliance with PSE disclosure requirements, please be informed that at the annual meeting of the stockholders of Vulcan Industrial & Mining Corporation held this afternoon at 5:00 o'clock p.m. at the Valle Verde Country Club, Pasig City, the following persons were duly elected as directors of the Corporation for the ensuing year, who are to serve as such until the election and qualification of their successors, namely: Alfredo C. Ramos Presentacion S. Ramos Patrick V. Caoile Augusto B. Sunico Jaime C. Laya Christopher M. Gotanco Francisco A. Navarro Maximo G. Licauco III Roland David Alfredo Calub The eleventh (11th) slot shall be filled up by the Board of Directors as per authority by the stockholders. The new elected directors shall convene the organizational meeting of the Board at a later date to elect the corporate officers and we will advise you accordingly. Very truly yours, (SGD.) MARIANO L. CELIS II Asst . Corporate Secretary Vulcan Industrial & Mining Corp .