PSE Circular for Brokers No. 1253-99

May 31, 1999 PSE CIRCULAR FOR BROKERS NO. 1253-99 May 28, 1999 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace De Guia Listing and Disclosure Gentlemen: At the Special Meeting of the Directors of Negros Navigation CO., Inc. (the "Corporation") on 28 May 1999, at 3:00 p.m. at the principal office of the Corporation, the Board of Directors unanimously approved the following matters: 1) an increase in the authorized capital stock of the Corporation to create at least P1.15 billion worth of preferred shares. The final amount will be determined at the next board meeting; 2) the issuance of P1.15 Billion worth of preferred shares to MPC and the application of its existing deposit for subscription as payment therefor; and cdt 3) the amendment of Article Seventh of the Amended Articles of incorporation of the Corporation to reflect the foregoing. We are making this disclosure in compliance with the Continuing Listing Requirement of the Philippine Stock Exchange. Best regards. Very truly yours, NEGROS NAVIGATION CO., INC. By: (SGD.) ROBIN M. ARROWSMITH Corporate Information Officer