Regular Meeting of Directors

May 29, 1998 PSE CIRCULAR FOR BROKERS NO. 1197-98 Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Disclosures Department Listings and Disclosures Group RE : Regular Meeting of Directors Dear Sirs : We write in connection with the regular meeting of the Board of Directors of MEDCO Holdings, Inc. ("Company") held this morning at the Mandarin Oriental Hotel, Makati Avenue, Makati City. The Board of Directors approved the following corporate acts: approval of the 1997 audited financial accounts and statements prepared by Punongbayan & Araullo; appointment of Punongbayan & Araullo as the independent public accountants of the Company for fiscal year 1998. Please let us know if you have any questions. Yours faithfully, (SGD.) SOLOMON R. B. CASTRO Corporate Secretary 29 May 1998 Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention : Disclosure Department Listings and Disclosures Group Dear Sirs, RE : Annual Meeting of Stockholders We write in connection with the annual meeting of stockholders of MEDCO Holdings, Inc. ("Company") held this morning at the Mandarin Oriental Hotel, Makati Avenue, Makati City. The stockholders of the Company approved the following corporate acts: the approval of the minutes of the previous annual meeting of stockholders held on 29 May 1997; the approval of the 1997 audited financial accounts and statements prepared by Punongbayan & Araullo; the election of the following persons as directors of the Company to hold office for a term of 1 year and until their successors are duly elected and qualified: Stephen T. Riady, Dionisio E. Carpio, Jr., John L. W. Lee, David T. Yeh, Vicente S. Ang, Solomon R. B. Castro, and Caly D. Ang; and the ratification of the appointment of Punongbayan & Araullo as the independent public accountants of the Company for fiscal year 1998. Please let us know if you have any questions. Yours faithfully, (SGD.) SOLOMON R. B. CASTRO Corporate Secretary 29 May 1998 Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention : Disclosure Department Listings and Disclosures Group Dear Sirs, RE : Organizational Meeting of New Directors We write in connection with the annual meeting of the newly elected Board of Directors of MEDCO Holdings, Inc. ("Company") held this morning at 10:35 a.m. at the Mandarin Oriental Hotel, Makati Avenue, Makati City which immediately followed the annual meeting of stockholders. The Board of Directors re-elected the following persons as officers of the Company for fiscal year 1998 to hold office for a term of 1 year and until their successors are duly elected and qualified: Name Position Stephen T. Riady Chairman John L. W. Lee President Dionisio Carpio, Jr. Treasurer Solomon R. B. Castro Secretary Please let us know if you have any questions. Yours faithfully, For and on behalf of MEDCO Holdings, Inc . (SGD.) SOLOMON R. B. CASTRO Corporate Secretary