PSE Circular for Brokers No. 2001-99

August 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2001-99 Facsimile Cover Sheet To: Ms. Luisa Buenaventura Company: Philippine Stock Exchange Phone: 636-0122 Fax: 636-0809 From: Atty. Rodolfo G. Corvite, Jr. Company: Asian Terminals Inc. Phone: 527-8051 to 60 Fax: 527-9963/527-2467 Pages: Two (2) including this one Date : 11 August 1999 Subject : As Stated Please be advised that during its meeting held this morning and which adjourned at 1:15 p.m. today, the Company's Board of Directors has approved the following: 1. Amendment of Article VII Section 1 of the By-laws of the Corporation for the purpose of changing the Company's present accounting period from fiscal year to calendar year. The amended section will now read as follows: "SECTION 1. Accounting Period . The accounting period of the Corporation shall commence with the opening of business on the first day of January of each calendar year and shall close on the 31st day of December of the same calendar year." 2. Amendment of Article VII Section 3 of the By-laws of the Corporation for the purpose of changing the reference to fiscal year to that of accounting Period. The amended section will now read as follows: "SECTION 3. Auditors . Auditors shall be designated by the Board of Directors prior to the close of the business in each accounting period , who shall audit and examine the books of account of the Corporation, and shall certify to the Board of Directors and the shareholders the annual balances of said books which shall be prepared at the close of the said accounting period under the direction of the Treasurer. No director or officer of the Corporation, and no firm or corporation of which such officer or director is a member, shall be eligible to discharge the duties of Auditor. The compensation of the Auditor shall be fixed by the Board of Directors." 3. Amendment of Article III Section 2 of the By-laws for the purpose of changing the date of the annual meeting of stockholders from the 4th Thursday of October to the 4th Thursday of April of each year. The amended section will now read as follows: "SECTION 2. Annual Meetings . The annual meeting of the stockholders for the election of directors and for the transaction of such other business as may come before the meeting shall be held on the 4th Thursday of April of each year (which is not a legal holiday). If the election of directors shall not be held on the day designated for the annual meeting or at any adjournment of such meeting, the Board of Directors shall cause the election to be held at a special meeting as soon thereafter as the same may conveniently be held. At such special meeting, the stockholders may elect the directors and transact other business as stated in the notice of the meeting with the same force and effect as at an annual meeting duly called and held." Thank you. (SGD.) ATTY. R. CORVITE, JR.