PSE Circular for Brokers No. 1515-98

July 3, 1998 PSE CIRCULAR FOR BROKERS NO. 1515-98 July 2, 1998 Disclosure Department Listing and Disclosure Group Philippine Stock Exchange, Inc. (PSE) Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Ms . Janet J . Alcala Assistant Disclosure Department Gentlemen/Mesdames : Pursuant to your fax message dated today, July 2, 1998 requesting for confirmation of a news article in a newspaper, please be advised that the present Chairman of Petron is still Mr. Monico V. Jacob. Under the Corporation's By-Laws, a new Chairman will be elects by the Board of Directors or July 21, 1998, after the Stockholders' Meeting on July 20, 1998. For accuracy, the news report should be interpreted as an indication of the intention of the new administration of the Philippine Government to nominate the former Ambassador Jose Syjuco, Jr. as the Director to be elected at the Annual Stockholders' Meeting and then for the Board of Directors to elect Mr. Syjuco, as Chairman and Chief Executive Officer of Petron. Very truly yours, (SGD.) LIBERABOR V. VILLEGAS Corporate Secretary West Pointer is Petron chief By MELODY AGUILAR President-elect Joseph Estrada yesterday named former Ambassador Jose Syjuco Jr. as chairman and chief executive officer of Petron Corp. Estrada also appointed Rufo Colayco, former managing partner of the auditing firm Sycip, Gorez and Velayo, as chairman of Clark Development Corp. Colayco, Estrada said, has worked actively in the tourism sector. Other appointees were lawyer Enrique Montero as chairman of the Videogram Regulatory Board Services, Leonardo Monteverde as vice chairman, and Ramon Cardena as deputy executive secretary. cdlex Monteverde is president of Regal Films and Movie Producers Distributors Association of the Philippines. Syjuco, 51, headed an international consultancy service advising consultancy service advising multinational firms engaged in energy-related projects. He also developed build-operate-transfer and build-operate-own power projects in Southeast Asian countries including Vietnam. He earned his degree in engineering from the US Military Academy in 1969 and his Master of Arts in Politics and Economics from the University of Oxford in England in 1971. Syjuco entered government as a second lieutenant in the Philippine Army. In 1972, while assigned to the Corps of Engineers as platoon leader, he took and topped the Philippine Foreign Service Officer examinations. In 1975, as a special assistant to the undersecretary of foreign affairs, he was assigned to handle the foreign relations aspect of the Muslim rebellion in Mindanao, becoming a key member of missions that negotiated with Col. Moammar Khadaffy in Libya, Turkey, Morocco, and Saudi Arabia. Montero, prior to his appointment as VRD chief, was chief of its legal service division. He graduated from Ateneo de Manila University with a degree in Pre-Divinity-Philosophy in 1978. In 1983, he earned his law degree from the same university.