Two New SMC Directors Named

July 31, 1998 PSE CIRCULAR FOR BROKERS NO. 1788-98 July 30, 1998 TWO NEW SMC DIRECTORS NAMED Two new directors were elected to the San Miguel Corporation (SMC) board as nominees of the Social Security System (SSS) and the Government Service Insurance System (GSIS). The new board members, SSS president and chief executive officer Carlos Arellano and GSIS president and general manager Federico Pascual, attended today's SMC board meeting , the first since the election of Eduardo Cojuangco Jr. as San Miguel chairman and chief executive officer last July 7. Arellano was a former executive vice president and general manager of Far East Bank Co. where he worked for 37 years. As a professional fund manager, he handled the Philippines' biggest pool of personal, corporate and institutional funds. LexLib Pascual was president and director of Allied Banking Corp., and was acting president and vice-chairman of the Philippine National Bank. He was with PNB for 20 years until his retirement from the bank.