Philippine Stock Exchange, Inc.

February 25, 1998 PSE CIRCULAR FOR BROKERS NO. 213-98 PHILIPPINE STOCK EXCHANGE, INC. Phil. Stock Exchange Centre, Exchange Road Ortigas Center, Pasig City Via Telefacsimile & Hand Telefacsimile No. 6360809-6378811 Attention: Atty . Ruben L . Almadro VP Compliance & Surveillance Dept . Gentlemen : At the Special Meeting of the members of the Board of Directors of Negros Navigation Co., Inc., held today, 24 February 1998, at 12:30 p.m. at the principal office of the Corporation at 21/F, Far East Bank Center, Sen. Gil J. Puyat Avenue, Makati City, the following matters were approved and adopted by the Board of Directors of the Corporation: 1) the amendment of Article Second, Section Three of the Amended By-Laws to provide that the notice and agenda of both regular and special stockholders' meeting be sent to stockholders at least fifteen (15) business days prior to the scheduled meeting; 2) the amendment of Article Second, Section Five of the Amended By-Laws to eliminate the notarization requirement and the provision on validity of proxies up to five (5) years and to provide for the submission of all proxies to the Corporate Secretary at least ten (10) days before the meeting and the completion of verification of proxies at five (5) days prior to the meeting; 3) the amendment of Article Second, Section Seven of the Amended By-Laws to provide that the Board of Directors determine the Order of Business at any stockholders meeting; and 4) the amendment of Article Second, Section Eight of the Amended By-Laws to provide that, in case of a stockholders' meeting, the record date shall be at least twenty (20) days prior to the date of such stockholders' meeting and, in case of declaration of dividends, the record date should be not less than ten (10) days nor more than thirty (30) days from the date of declaration of dividends. We are making this report in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. LLphil Very truly yours, (SGD.) CONRADO A. CARBALLO Assistant Corporate Secretary