PSE Circular for Brokers No. 2088-99

August 23, 1999 PSE CIRCULAR FOR BROKERS NO. 2088-99 August 20, 1999 PHILIPPINE STOCK EXCHANGE, INC. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Compliance and Surveillance Department Gentlemen : Please be advised that during the annual stockholders' meeting held this morning, the following stockholders were duly elected as members of the Board of Directors of the Corporation for the year 1999-2000 to hold office as such until their successors shall have been duly elected and qualified: Paulino S. Soo Cecilio K. Pedro Jack T. Huang Miguel Tan Vicente Co Chien, Jr. Ma. Louisa M. Gonzales A. Bayani K. Tan Michael Albert H. Kahayon Jimmy S. Soo Melanie Ann Limson-Zerrudo, a director for the year 1998-1999, was replaced by Michael Albert H. Kahayon. In the organizational meeting of the Board held immediately after the stockholders' meeting, the following persons were elected as officers of the Corporation for the year 1999-2000 to serve as such until their successors shall have been duly elected and qualified: Paulino S. Soo Chairman Jack T. Huang President Vicente Co Chien, Jr. Treasurer A. Bayani K. Tan Corporate Secretary Ma. Louisa M. Gonzales Assistant Corporate Secretary The following directors were elected as members of the Executive Committee of the Corporation: Paulino S. Soo Jack T. Huang Cecilio K. Pedro Vicente Co Chien, Jr. Miguel Tan Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary