PSE Circular for Brokers No. 1866-98

August 11, 1998 PSE CIRCULAR FOR BROKERS NO. 1866-98 August 10, 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 Baguio Gold Holdings Corporation ("Corporation") held today, 10 August 1998, at 2:00 p.m. at the New World Hotel, the following were elected as directors of the Corporation for the year 1998. Benjamin M. Bitanga Laureano N. Siy Renato L. Leveriza, Jr. Mariano V. Osmena Gonzalo Puyat II Gerino M. Dolorsino Ruben O. Purisima The auditing firm of SyCip Gorres Velayo & Co. was re-appointed as the external auditors of the Corporation LLjur We also report that at the organizational meeting of the Board of Directors of the Corporation which followed the aforementioned annual meeting of stockholders, the following were elected as the officers of the Corporation: Benjamin M. Bitanga Chairman & President Monina Grace S. Lim Chief Financial Officer Gemma M. Santos Corporate Secretary Very truly yours, (SGD.) GEMMA M. SANTOS Corporate Secretary