PSE Circular for Brokers No. 1432-98

June 25, 1998 PSE CIRCULAR FOR BROKERS NO. 1432-98 June 24, 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 and 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 Delfin J. Wenceslao, Jr. Gregorio T. Yu Edgardo J. Angara Hans T. Sy Cesar E. A. Virata Roberto V. Ongpin Thomas W. Y. Tang Washington Z. Sycip Mario J. Locsin Wilson L. Sy George L. Go Christopher R. Cu Fung Ka Pun Jerry C. Tiu Mr. Edgardo J. Angara will assume office as director on July 1, 1998, as his term of office as member of the Philippine Senate will expire on June 30, 1998. 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 VP-Finance/Chief Financial Officer Carlos T. Delfino VP-Planning & Development Belinda Rose S. Lim VP-Marketing Manuel A. Gana VP-Corporate Development Fernando R. Santico, Jr. VP-Construction B. Patrick Syling VP-Logistics & Procurement Conrad Nicholson M. Celdran Vice President A. Bayani K. Tan Corporate Secretary Ramon P. Gutierrez Assistant Corporate Secretary The following directors were elected as members of the Executive Committee of the Corporation: Roberto V. Ongpin Chairman Jaime C. Gonzalez Gregorio T. Yu Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary