PSE Circular for Brokers No. 1627-98

July 15, 1998 PSE CIRCULAR FOR BROKERS NO. 1627-98 July 13, 1998 REYNOLD P . ONG Vice-President, Listing & Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Dear Sir : In compliance with the requirement on corporate disclosure, we respectfully inform the Philippine Stock Exchange, Inc. through your good office that the Board of Directors of the Philippine National Construction Corporation has recently elected and confused the following: 1. Mr. Rolando L. Macasaet as Director and Vice-Chairman of the PNCC Board of Directors and concurrently as President and Chief Executive Officer of PNCC vice Mr. Rogelio L. Luis. 2. Justice Hermogenes D. Concepcion, Jr. and Mr. Federico C. Pascual as GSIS representatives to the PNCC Board of Directors vice Oscar A. Inocentes and Lino L. Illera respectively. aisadc 3. Mr. Reynaldo P. Palmiery as GSIS ex-officio (non-voting) representative to the PNCC Board of Directors vice Amante R. Rimando. This is all for the present. We will promptly inform the Philippine Stock Exchange, Inc., through your good office, of developments within the corporation. Very truly yours, (SGD.) HERMAN R. CIMAFRANCA Corporate Secretary