PSE Circular for Brokers No. 1668-98

July 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1668-98 July 17, 1998 PHILIPPINE STOCK EXCHANGE, INC . 4th Floor, PSE Center Tektite Towers, Exchange Road Pasig City, Metro Manila Attention: Reynold T . Ong Vice President Listing and Disclosure Group Gentlemen : In compliance with the Corporate Disclosure Requirements of the Philippine Stock Exchange, we report that at the annual meeting of the Stockholders of MacroAsia Corporation. ("Corporation") held today, 17 July 1998, at 3:00 p.m. at the Manila Peninsula Hotel, the following were elected as directors of the Corporation for the year 1998: Washington SyCip Mariano C. Tanenglian Lucio K. Tan, Jr. Wee Ah Kee Joseph T. Chua Henry So Uy George Y. SyCip Jaime J. Bautista The auditing firm of SyCip Gorres Velayo & Co. was re-appointed as the external auditors of the Corporation. prLL We also report that at the organizational meeting, of the Board of Directors of the Corporation which followed the aforementioned annual of stockholders, the following were elected as the officers of the Corporation: Washington SyCip Chairman of the Board Mariano C. Tanenglian Vice Chairman of the Board Lucio K. Tan, Jr. President & Chief Operating Officer Wee Ah Kee Chief Operating Officer Jaime J. Bautista Treasurer Gemma M. Santos Corporate Secretary Very truly yours, (SGD.) GEMMA M. SANTOS Corporate Secretary