EEI Bares New President

June 24, 1999 PSE CIRCULAR FOR BROKERS NO. 1490-99 Press Release EEI BARES NEW PRESIDENT EEI Corporation recently announced the election of Mr . Samson C . Lazo as President and Chief Operating Officer in place of Mr. Rogelio M. Murga who has retired. Mr. Lazo is well qualified to assume the position after rendering more than 29 years of service in various line and senior management positions in the Philippines and in overseas projects. A licensed civil engineer, he is a product of Ateneo and U.P. College of Engineering. He attended the advanced Management Program of the Harvard Business School, and the Construction Executive Program at Stanford University. Mr. Lazo is First Vice President of the Philippine Constructors Association and was formerly the Chairman of the Philippine Institute of Steel Construction, and Director of the Philippine Iron and Steel Institute. He was the Executive Vice President of EEI prior to his promotion. Mr. Murga who has been president since 1988 retired after more than 30 years of long and dedicated service to EEI. He has been elected Vice Chairman of the Board, a position which was created by the Board and the stockholders to retain Mr. Murga's proven expertise in construction management and in recognition of his valuable contribution to the Company. He has a mechanical engineering degree from the University of the Philippines and has attended senior management development programs both here and abroad. Mr. Murga was a two-term president of the Philippine Constructors Association and has been a member of the Philippine Overseas Construction Board since 1993. aisadc EEI is among the country's largest construction companies and recorded more than P270 million in net income from revenues of P7.53 billion in 1998. Last year it was included in the Engineering News Record magazine's Global Construction Sourcebook Top 225 International Contractors for 1998. The ENR is recognized at the world's primary information source for the global construction industry. The following were elected Directors during the recent stockholders' meeting of the Company: Rizalino S. Navarro (Chairman of the Board), Alfonso S. Yuchengco III, Rogelio M. Murga, Samson C. Lazo, Delfin L. Lazaro, Diosdado M. Macapagal Jr., Susanne Y. Santos, Perry Y. Uy and Erwin G. Tan.