PSE Circular for Brokers No. 1689-98

July 22, 1998 PSE CIRCULAR FOR BROKERS NO. 1689-98 July 21, 1998 PHILIPPINE STOCK EXCHANGE, INC . (PSE) Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Mr . Reynold P . Ong Vice-President, Listings & Disclosure Grou p Gentlemen/Mesdames : Pursuant to SEC and PSE's disclosure requirements, we report to your good office that the Board of Directors during its Organizational/Regular Quarterly Meeting held this morning approved the following: 1. Election of the following persons as Executive Officers of the Corporation for a term of one (1) year or until their successors shall have been duly elected and qualified: Jose A. Syjuco, Jr. Chairman & Chief Executive Officer Ali A. Al-Ajmi President Celso L. Legarda Vice-President Marketing Motassim A. Al-Maashouq Vice-President Corporate Planning Fredesuendo G. Ong Treasurer/Controller Vice President Finance & Human Resources Apolinario G. Reyes, Jr. Vice-President Refinery Walter A. Tan Vice President Supply & Distribution Liberador V. Villegas Corporate Secretary Luis A. Maglaya Assistant Corporate Secretary 2. Funding for the following projects: a) Construction of an additional storage tank in the amount of P47.6 million; and b) Relocation of the Joint Oil Companies Aviation Fuel Storage Plant (JOCASP) facilities to a new site in NAIA in the amount of P152.0 million. We trust that we have sufficiently complied with your disclosure requirement. Very truly yours, (SGD.) LIBERADOR V. VILLEGAS Corporate Secretary