PSE Circular for Brokers No. 1310-98

June 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1310-98 Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be informed of the election of our new sets of directors and officers for the year 1998 to 1999 during our stockholders meeting held on June 5, 1998, at our Main Office, Bo. Mapandan, Ortigas Avenue Extension, Taytay, Rizal to wit: A. Election of new set of directors for 1998 to 1999 1. Mr. Yoshikazu Tanaka 2. Mr. Noboru Morita 3. Mr. Antonio R. Punzalan 4. Mr. Katsumi Watanabe 5. Mr. Katsuro Sakakibara 6. Mr. Nobutake Kakuma 7. Mr. Rodolfo Perez 8. Mr. Manuel Tenmatay 9. Mr. Bartolome Sarangaya 10. Mr. Ronald A. Bermudez Election of officers for 1998 to 1999 1. Mr. Yoshikazu Tanaka President 2. Mr. Antonio R. Punzalan Managing Director 3. Mr. Nobutake Kakuma Managing Director 4. Mr. Takashi Asano Treasurer 5. Atty. Mamerto Z. Mondragon Corporate Secretary Furthermore, please be informed that Mr. Ronald Bermudez resigned as director of the company effective June 9, 1998. Copy of his resignation letter is attached for your reference. Thank you. Very truly yours, (SGD.) MAMERTO Z. MONDRAGON Corporate Secretary June 9, 1998 MR. Y. TANAKA President and Chariman of the Board Matsushita Electric Phils. Corp. Taytay, Rizal Dear Mr. Tanaka, It is with so much pride that I was nominated by one of the stockholders Mr. Romeo Lipana, as one of the 1998-99 Member of the Board of Directors during the MEPCO Stockholders meeting last Friday, June 5, 1998 held at Bo. Mapandan, Ortigas Ave. Ext., Taytay, Rizal and eventually elected as per declaration by the Corporate Secretary, Atty. Mamerto Mondragon. I do appreciate the trust and opportunity of having nominated and elected for the directorship but for some reasons, kindly allow me to tender my resignation effective immediately. (SGD.) RONNIE BERMUDEZ