Disclosure of Newly Elected Directors and Officers of PRCI

July 1, 1998 PSE CIRCULAR FOR BROKERS NO. 1491-98 DISCLOSURE DEPARTMENT Listings and Disclosure Group 4/F Philippine Stock Exchange PSE Center, Pasig City FAX NO: 634-2051 Attention: Reynaldo P . Ong VP, Listing & Disclosure Group SUBJECT : Disclosure of Newly Elected Directors and Officers of PRCI Gentlemen : In Compliance with, and pursuant to, the Rules of Disclosure of the Philippine Stock 'Exchange, please be advised that during the 1998 Annual Stockholders Meeting of Philippine Racing Club, Inc. held on June 29, 1998 at 4:00 p.m. at the Sta. Ana Race Park, Makati, the following individuals were duly elected as Directors and Officers of the company for the ensuing term: dctai Board of Directors: 1. Mr. John Anthony B. Espiritu 2. Mr. Datuk Thian Kiat Lim 3. Mr. Manuel Tian Kian See 4. Mr. Santiago S. Cua, Jr. 5. Mr. Liberato D. Robles 6. Atty. Alfonso Victorio G. Reyno III 7. Mr. Dato Lim Kim Wah 8. Mr. Exequiel D. Robles 9. Mr. Vicente T. Cualoping 10. Mr. Cheah Yoke Phow 11. Mr. Lim Huat Seng Officers: 1. Mr. John Anthony B. Espiritu President and Chairman of the Board 2. Mr. Datuk T.K. Lim Vice Chairman 3. Mr. Manuel Tan Kian See Treasurer 4. Mr. Santiago S. Cua, Jr. Executive Director and Asst. Treasurer 5. Atty. Jesulito A. Manalo Corporate Secretary 6. Atty. Peter Zagala Asst. Corporate Secretary We will be submitting further information relative to the election in our Form 11-C within five (5) days. For your information. Very truly yours, (SGD.) ATTY. JESULITO A. MANALO Corporate Secretary