PSE Circular for Brokers No. 1247-99

May 31, 1999 PSE CIRCULAR FOR BROKERS NO. 1247-99 MAY 31, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Avenue, Pasig City Attention: Listing and disclosure Group Gentlemen : Please be advised that during the Annual Stockholders' Meeting held today, May 28, 1999, at the Marketing Office of the Filinvest Corporate City, Alabang, Muntinlupa City, the following matters were taken up and approved: 1. Approval of the Minutes of the Annual Stockholders' Meeting held on May 29, 1998. 2. Presentation and approval of the President's report and the audited financial statements for the year ended December 31, 1998. 3. Ratification of all the acts of the Board of Directors and the Corporate Officers for the year 1998 to date. 4. Ratification of the increase in the number of directors from five (5) to seven (7) and the amendment of the Company's Articles of Incorporation and By-Laws for the purpose. 5. Election of Directors for the current year 1999 2000, to wit: Andrew L. , Sr. Mercedes T. Gotianun Efren C. Gutierrez Andrew T. Gotianun, Jr. Jonathan T. Gotianun Election of two (2) new directors who shall occupy the newly created positions of additional directors upon approval of the amendment by the Securities and Exchange Commission, to wit: Joseph M. Yap Josephine G. Yap 6. Re-appointment of Sycip Gorres Velayo and Company as the Company's external auditor's for the year 1999-2000. Thank you. Very truly yours, (SGD.) DANTE T. RAMOS Corporate Secretary