PSE Circular for Brokers No. 160-00

January 26, 2000 PSE CIRCULAR FOR BROKERS NO. 160-00 January 25, 2000 Petron Corporation's Disclosure Philippine Stock Exchange, Inc. (PSE) Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention : Ms. Grace B. de Guia Assistant Manager Gentlemen/Mesdames: Pursuant to SEC's and PSE's disclosure requirements, please be advised that the Board of Directors of Petron Corporation, at its Regular Quarterly Meeting held this morning decided the following matters: 1) The election of Ms. Wilma G. Rodriguez as Treasurer and Mr. Mario S. Lucas as Controller, effective immediately. Both positions were previously occupied by Mr. Fredesuendo G. Ong, presently the incumbent Vice President for Marketing; 2) The Endorsement of the Company's P854 million Capex Program for Year 2000 which amount includes P324 million for Major Projects in Marketing, Refinery and Supply and Distribution, as well as, the P530 million for Miscellaneous Projects that was previously approved at the October 28, 1999 Board Meeting; 3) The initial funding for the installation of Flue Gas Scubbers and the Isomerization Plant at the Petron Bataan Refinery; and 4) The holding of the Annual Stockholders' Meeting on Monday, July 31, 2000. We trust that we have sufficiently complied with the disclosure requirement. prcd Very truly yours, (SGD.) LIBERADOR V. VILLEGAS Corporate Secretary