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Philippine Stock Exchange, Inc.

PSE Circular for Brokers No. 196-98 • Philippine Stock Exchange • Circulars for Brokers • Feb 24, 1998

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February 24, 1998 PSE CIRCULAR FOR BROKERS NO. 196-98 February 23, 1998 Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Attention : Head, Listing Department Gentlemen : This confirms the information relayed by telephone at 11:45 A.M. immediately after adjournment of the Board Meeting of Alaska Milk Corporation (AMC), and in compliance with PSE's continuing disclosure requirements, we wish to inform you that Mr. George K. Young, President and Chief Operating Officer, and Mr. George U. Young, Jr., Executive Vice-President for Operations, have resigned from the Board and from their respective corporate officers positions. aisadc The Board of Directors of AMC elected Mr. W. Steven Uytengsu as President and Chief Operating Officer, and Mr. Joselito J. Sarmiento, Jr. as Acting Treasurer. Very truly yours, (SGD.) ALEJANDRO Z. BARIN Corporate Secretary and General Counsel

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