Medco Holdings, Inc.

July 9, 1999 PSE CIRCULAR FOR BROKERS NO. 1696-99 SUBJECT : Medco Holdings, Inc . Further to Circular for Brokers No. 1294-99 dated June 3, 1999, Medco Holdings, Inc. ("MED") furnished the Exchange a copy of its SEC Form 34-A (Definitive Proxy Statement), in connection with its Annual Stockholders' Meeting which will be held on 16 July 1999 , at 10:00 a.m., at the Ballroom 2 of the Mandarin Oriental Manila, Makati Avenue, Makati City. The meeting shall be held for the following purposes: cdlex 1. Approval of the Minutes of the Annual Meeting of Stockholders held on 29 May 1998 2. Approval of Annual Report of the President and the Audited Financial Statements of the Company as of 31 December 1998 3. Ratification of all acts, contracts, investments and resolutions of the Board of Directors and Management since the last annual meeting 4. Election of the members of the Board of Directors 5. Appointment of External Auditors 6. Amendment of Articles of Incorporation 7. Amendment of By-laws 8. Other matters as may properly come after 16 June 1999 and before 16 July 1999 As previously announced, stockholders of record as of 16 June 1999 are entitled to notice of, and to vote at, said meeting. Stockholders are requested to accomplish a proxy form and submit the same to the company not later than 14 July 1999 or two (2) working days prior to the Annual Meeting. A copy of MED's Definitive Proxy Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. cdll For your information. (SGD . ) JOSE LUIS U. YULO, JR. President and CEO