PSE Circular for Brokers No. 123-99

January 25, 1999 PSE CIRCULAR FOR BROKERS NO. 123-99 January 25, 1999 Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Disclosure Department Listings and Disclosure Group Gentlemen : At its regular meeting held today, the Board of Directors of Meralco declared cash dividends equivalent to P1.25 per common share of the capital stock of the corporation in favor of stockholders of record as of February 26, 1999, payable on April 12, 1999. LexLib CASH DIVIDEND CASH P1.25 per common share EX-DATE February 22, 1999 RECORD DATE February 26, 1999 DATE PAYABLE April 22, 1999 Very truly yours, (SGD.) CAMILO D. QUIASON Corporate Secretary