PSE Circular for Brokers No. 1411-98

June 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1411-98 June 23, 1998 DISCLOSURE DEPARTMENT Listings and Disclosure Group PHILIPPINE STOCK EXCHANGE, INC. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Mr . Reynold P . Ong Vice-President Gentlemen : Please be advised that during the annual stockholders' meeting held this afternoon, the following stockholders were elected as members of the Board of Directors of the Corporation for the year 1998-1999 to hold office as such until their successors are elected and qualified: llcd Jaime C. Gonzalez Roberto V. Ongpin Gregorio T. Yu Eric O. Recto Jose Ben R. Laraya A. Bayani K. Tan Thomas Tang Nora A. Bitong Maria Gracia P. Tan Lawrence Li Ricardo Leung In the organizational meeting of the Board held immediately after the stockholders' meeting, the following persons were elected as officers of the Corporation for the year 1998-1999 to serve as such until their successors shall have been duly elected and qualified: Jaime C. Gonzalez Chairman Gregorio T. Yu President & Chief Executive Officer Eric O. Recto Vice President for Finance A. Bayani K. Tan Corporate Secretary Melanie Ann Limson-Zerrudo Assistant Corporate Secretary The following directors were elected as members of the Executive Committee of the Corporation: Roberto V. Ongpin Chairman Jaime C. Gonzalez Member Gregorio T. Yu Member Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary