PSE Circular for Brokers No. 1412-98

June 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1412-98 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, Listings & Disclosure Group Gentlemen : Please be advised that in 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: Jaime C. Gonzalez Roberto V. Ongpin Gregorio T. Yu Jose Ben Laraya Evelyn R. Singson Eric O. Recto Orlando V. Roy Mario J. Locsin A. Bayani K. Tan Ma. Gracia Pulido-Tan Nora A. Bitong Pilar S. Cayetano Francis P. Hernando 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: LLjur Jaime C. Gonzalez Chairman of the Board Gregorio T. Yu Vice Chairman Jose Ben Laraya President Eric O. Recto Exec. Vice President Finance/Treasurer Evelyn R. Singson Exec. Vice President Operations A. Bayani K. Tan Corporate Secretary Mariano L. Celis II Assistant Corporate Secretary Bernardo D. Lim Controller The following directors were elected as members of the Executive Committee of the Corporation: Roberto V. Ongpin Chairman Jaime C. Gonzalez Gregorio T. Yu Jose Ben Laraya Evelyn R. Singson Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary