PSE Circular for Brokers No. 1645-99

July 7, 1999 PSE CIRCULAR FOR BROKERS NO. 1645-99 July 6, 1999 Money Market Operations Department Securities & Exchange Commission SEC Bldg., EDSA, Mandaluyong City Disclosure Department Listing and Disclosures Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Centre, Pasig City Gentlemen : During the annual meeting held today, the stockholders re-elected all the incumbent members of the Board of Directors, namely: Benito P. Araneta, Jean Desazars de Montgailhard, George L. Go, Jaime C. Gonzalez, Thibault Michel Giulioli, Arlene C. de Guzman and Philip Anthony Roseberg. The stockholders also approved and ratified the declaration of 0.974225531% stock dividend to stockholders as of Record Date December 11, 1998 to comply with a Philippine Stock Exchange requirement and the appointment of C.L. Manabat & Co., an affiliate of Deloitte Touche Tohmatsu, as the external auditor of the company for the year 1999 in lieu of Punongbayan & Araullo. llcd In the organizational meeting that was convened immediately after the stockholders' meeting, the Board re-elected Mr. Jean Desazars de Montgailhard as Chairman and Philip Anthony Roseberg as Vice Chairman for the ensuing year 1999-2000. The following corporate officers were appointed/re-appointed to the following positions. Philip Anthony Roseberg, Acting President and Chief Executive Officer; Jean Dominique Sejourne, Chief Financial and Information Officer; Alejandro S. Tanabe, Senior Vice President HR and Organization; Jose Ernesto C. Rodriguez, Senior Vice President Manufacturing Department, Clarencia S. Reyes, Corporate Secretary & Senior Vice President Legal; Anthony Yip, Senior Vice President Marketing; Ma. Nelia N. Maypa, Vice President Accounting. Attached is SEC Form 11-C duly executed pursuant to RSA Rule 11(a)-1(b)(3). Thank you. Truly yours, (SGD.) JEAN DOMINIQUE SEJOURNE Corporate Information Officer