PSE Circular for Brokers No. 2046-99

August 17, 1999 PSE CIRCULAR FOR BROKERS NO. 2046-99 August 12, 1999 PHILIPPINE STOCK EXCHANGE Tektite Tower, Ortigas Center Pasig City FAX NO.: 636-0809 Attention: Monitoring Department Gentlemen : I wish to inform you of the following resolutions approved by the Board Executive Committee of the corporation: SUBJECT MATTER 1. Approval of authority of AMG or, in his absence JNA or, JYG, T. JOHAN or RLO to represent and vote the shares of stock of the company in the stockholders' meetings of corporations where CIP owns/holds shares of stocks. aisadc 2. Authority of Atty. Virgilio Gesmundo to represent the company in Court of Tax Appeals re: CTA Case No. 5887. 3. Approval/confirmation for CIP to borrow P35.0 Million from Metropolitan Bank & Trust Corp. 4. Confirmation/approval of the appointment of RCBC as CIP's Stock & Transfer is Agent. 5. Approval of CIP's availment of P5.0 M loan with RCBC Trust & Investment against the Provident Fund. 6. Renewal of Credit Lines with Land Bank of the Philippines (LBP). 7. Approval of the postponement of the Annual Stockholders' meeting. 8. Approval of Atty. Virgilio Gesmundo to represent the company in the Titling cases re: LR Cases Nos. 790-G, 791-G, 792-G and 795-G. 9. Approval of CIPs assumption of the P5.0 M loan of PETROCORP with RCBC Trust & Investment against the Providend Fund. 10. Merger of All Asia Capital & Trust Corp. & All Asia Properties. 11. Approval of CIP Guarantee to PETROCORP's loan from the CIP Multi-Employer Retirement Fund. 12. Designation of ACCRA as Attys.-In-Fact RE: SEC Case No. 4319 entitled "CIP vs. EMG, JR., RMG, R. Coyiuto & C. Muoz. 13. Approval of CIP's additional P40.0 M loan line with METROBANK. 14. Approval of availment of P999.000 loan from RCBC Trust Acct. No. 75-221-5. 15. Approval of sale of company cars to CAWC, LMG & Foster Wheeler. 16. Approval of purchase of a motor vehicle owned by CAWC. 17. Approval of the proposal to approve in due course the recommendation for a property dividend to be declared by CAWC before year-end 1998 to reduce its equity in PETROCORP to 17% so as not equitize PETROCORP losses for 1998. 18. Approval of the proposal to assume the subscription payable of LMG and CAWC to PETROCORP. The same will be presented to the stockholders for their ratification in the September 6, 1999 Annual Stockholders meeting. Thank you. Very truly yours, (SGD.) ROLANDO P. NAVARRO VP Legal Services