PSE Circular for Brokers No. 1365-99

June 10, 1999 PSE CIRCULAR FOR BROKERS NO. 1365-99 June 8, 1999 The Philippine Stock Exchange Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Compliance and Surveillance Department Gentlemen : Please be advised that during the stockholders meeting held on June 9, 1999 at 3:00 p.m. with 67.82% of the outstanding capital stock represented, the following actions were taken up: a. Election of the following members of the board of directors to hold office for one year until their successors are duly elected and qualified: 1. Mr. Salvador P. Escano 7. Ms. Evelyn R. Singson 2. Mr. Joselin G. Fragada 8. Mr. Sigurd Sperbund 3. Mr. Jacques Dupasquier 9. Atty. Ramon R. Torralba 4. Mr. David C. Go 10. Dr. Alberto P. Fenix, Jr., and 5. Mr. Hermilando I. Mandanas 11. Mr. Mario M. Silos 6. Mr. Daniel N. Mijares b. Amendment of the primary purposes of the articles of incorporation to read: "PRIMARY PURPOSE To acquire, purchase, lease, hold, sell or otherwise deal in land and real estate or any interest or right therein as well as real or personal property of every kind and description including but not limited to shares of stock in industrial, commercial, manufacturing and any other similar corporations, for itself or for others with power to provide financial support for and guarantee obligations of such subsidiaries as it may have to deal and engage in the real estate business in all its aspects and branches for its account or for the account of others by itself or through its subsidiaries, to own, hold, improve, develop, subdivide, administer and manage any land or real estate; to erect or cause to be erected on any land owned, held or acquired by the Corporation buildings or structures of every kind and nature, to plan, build, manage, operate and/or sell condominiums, buildings, complexes, communities, hotels, memorial parks and projects of every kind and descriptions, to sell, trade, mortgage, barter, encumber or otherwise of any land, real estate, subdivision, buildings or other structures or any other property and any interest or right therein, at any time owned or held by the corporation and to manage and administer in behalf of any individual, corporation or association, lands, buildings, or any kind of business and any kind of properties, whether real or personal. LibLex Please be advised also that during the directors meeting held immediately after the stockholders meeting, the following actions were taken up. a. Reappointment of all corporate officers b. Authority to issue property dividends, study the prospect of issuing a portion of the Corporation's holdings in Pryce Gases, Inc. as property dividends to Pryce Corporation's stockholders and to secure approvals and consents from government authorities, creditors, etc., in preparation thereof d. Approval of the above amendment of the primary purpose of the articles of incorporation This is in compliance with the PSE disclosure rules. Very truly yours, (SGD.) REY NATHANIEL C. IFURUNG Corporate Secretary