PSE Circular for Brokers No. 1764-99

July 16, 1999 PSE CIRCULAR FOR BROKERS NO. 1764-99 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace de Guia Disclosure Department Gentlemen : In compliance with the corporate Disclosure Requirements of the Philippine Stock Exchange, we would like to inform you of the following matters which were taken up during the annual stockholders' meeting of MEDCO HOLDINGS, INC . ("Medco") held today at the Ballroom 2 of the Manila Mandarin Hotel, Makati City: LLjur 1. Amendment of Article VI of the Articles of Incorporation and Article 6, Sec 1 of the By-Laws of Medco increasing the number of directors from 7 to 9. 2. Election of the following as Directors of Medco for the year 1999 who shall hold office immediately: Stephen T. Riady John L.W. Lee David T. Yeh Vicente S. Ang Dionisio E. Carpio Caly D. Ang Solomon R.B. Castro Election of Lee Sang Huang and Pauline Tan as Directors of Medco who will fill the additional seats created by the increase in the number of directors from 7 to 9 and who shall hold office immediately upon the approval by the Securities and Exchange Commission of the amendment of the Articles of Incorporation and By-Laws of Medco. 3. Punongbayan and Araullo was appointed as external auditor for 1999. Very truly yours, (SGD.) PURISIMO S. BUYCO Acting Corporate Information Office 2. At the Organizational Meeting of the Board of Directors of PCI Leasing and Finance, Inc. held on the same day, the 16th of July 1999, the Board of Directors approved the election of the following as Corporate Officers: Chairman of the Board George L. Go Vice Chairman Wilfrido V. Vergara President & CEO Rene J. Buenaventura Treasurer Romuald U. Dy Tang Corporate Secretary Lutgarda C. Baquiran-Peralta Assistant Corporate Secretary Elmer B. Serrano Thank you for your kind attention. Very truly yours, PCI LEASING AND FINANCE, INC. By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Corporate Secretary