PSE Circular for Brokers No. 1503-98

July 2, 1998 PSE CIRCULAR FOR BROKERS NO. 1503-98 July 1, 1998 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Centre PSE Centre, Exchange Road Ortigas Center, Pasig City Gentlemen : Enclosed is our report, which we shall attach as an Annex to our Sec. Form 11-C and which is self-explanatory. Kindly acknowledge the receipt thereof. Very truly yours, (SGD.) SIXTO S. SANDEJAS II Corporate Secretary July 1, 1998 A Brown Company, Inc. ("ABCI") held its Annual Stockholders Meeting on June 29, 1998. At said meeting, the following were approved by the Stockholders with the required number of votes, to wit: 1. The minutes of the June 27, 1997 stockholders' meeting; 2. The 1997 report of' the Board of Directors, including the Audited Financial Statements for the year ended December 31, 1997; 3. The amendment of Article Third of the Articles of Incorporation to change the location of the principal office to Cainta, Rizal; 4. The Amendment of Section 1 of Article I of the Amended By-Laws to change the month for holding the Annual Stockholders' Meeting to June; 5. The amendment of Article IV of the Amended By-Laws to add a new Section creating an Executive Committee; 6. The ratification of the acts, contracts, and deeds of the Directors and Officers from June 27, 1997 to June 29, 1998; and 7. The selection of the External Auditor; During the said meeting the, following were elected directors for the ensuring year, to wit: Dr. Walter W. Brown, Ms. Annabelle P. Brown, Mr. Johnny T. Hernandez, Ms. Patricia B. Juat, Mr. Victor P. Juat, Ms. Josefina B. King, Mr. Ernesto R. Lagdameo, Jr., Mr. Gerardo Lanuza, Jr., Mr. Antonio C. Pastelero, Mr. Sixto S. Sandejas II, and Mr. Jorge M. Yulo. A BROWN COMPANY, INC. (SGD.) SIXTO S. SANDEJAS II Corporate Secretary