PSE Circular for Brokers No. 1618-98

July 14, 1998 PSE CIRCULAR FOR BROKERS NO. 1618-98 July 13, 1998 THE PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Ma . Isabel T . Garcia Head, Listings and Disclosure Group Sir : We wish to give notice that Mr. Federico E. Puno, President, Vice Chairman and Director of Republic Glass Holdings Corporation has resigned all his positions in the Company in view of his appointment as President of National Power Corporation by the President of the Philippines. His resignation was accepted with regrets by the Board of Directors at its meeting at 3:00 p.m. today, July 13, 1998. At the same meeting, the Board elected Mr. Federico F. Velasco, Jr. as President, Vice Chairman and Chief Executive Officer of the Company. Prior to his appointment as President, Mr. Velasco was Executive Vice President of the Company. Since Mr. Velasco also resigned as Treasurer, Mrs. Maria Paz Laperal was elected as Treasurer of the Company to replace Mr. Velasco. Ambassador Bienvenido A. Tan, Jr. was elected member of the Board of Directors to replace Mr. Puno. LexLib For the same reason, please also be advised that Mr. Puno has similarly relinquished his positions as President and Director of Republic-Asian Glass Corporation and Mr. Geronimo F. Velasco, Jr. was likewise elected as President and Chief Executive Officer of the said Company. Very truly yours, (SGD.) MARIO T. MENESES, JR. Corporate Secretary