All Stockholders

June 3, 1998 PSE CIRCULAR FOR BROKERS NO. 1225-98 TO : All Stockholders NOTICE is hereby given that there will be an annual of the stockholders of the Corporation on Wednesday, 24 June 1998 at 3:00 o'clock in the afternoon, at Garden Ballroom, Shangri-la, EDSA Plaza, Mandaluyong City, to consider the following: AGENDA 1. Call to Order 2. Proof of Notice of Meeting 3. Certification of Quorum 4. Approval of the Minutes of the Previous Meeting of Stockholders 5. Approval of 1997 Operations and Results 6. Election of Directors 7. Appointment of Sycip Gorres Velayo & Co. as External Auditors 8. Other matters 9. Adjournment In accordance with the rules of the Philippine Stock Exchange the close of business on 15 May 1998 has been fixed as the record date for the determination of the stockholders entitled to notice of such meeting and any adjournment thereof, and to attend and vote thereat. All stockholders who will not, are unable, or do not expect to attend the meeting in person are urged to fill out, date, sign and send the enclosed proxy to the Corporation at 28/F East Tower, PSE Centre, Exchange Road. Ortigas Center, Pasig City, Metro Manila, Philippines. The proxies submitted shall be validated by a Committee of Inspectors commencing on 19 June 1998, at the office of the Corporation's stock and transfer agent, Professional Stock Transfer, Inc. at 3/F Don Jacinto Building cor. Salcedo St., Legaspi Village Makati City 1200, Metro Manila. To avoid inconvenience in registering your attendance at the meeting, you or your proxy are requested to bring identification paper(s) containing a photograph and signature, e.g. passport, driver's license, or credit card. City of Pasig, Metro Manila, 27 May, 1998. (SGD.) A. BAYANI K. TAN Corporate Secretary