PSE Circular for Brokers No. 2151-98

September 16, 1998 PSE CIRCULAR FOR BROKERS NO. 2151-98 September 15, 1998 Philippine Stock Exchange, Inc. Phil. Stock Exchange Centre Exchange Road, Pasig FAX No. 636-0809/634-5113 Attention: Mr . Reynold P . Ong Vice President Listings and Disclosure Group Gentlemen : Please be informed that in the special meeting of the Board of Directors of Bacnotan Consolidated Industries, Inc . hold today, the Board of Directors has approved the postponement of the annual shareholders meeting from October 21, 1998 per its By-Laws to November 19, 1998 at 4:30 p.m. at Dusit Hotel Nikko, Ballroom 3, Pasay Road, Makati. The Board of Directors has fixed October 7, 1998 as the record date and the closing date of stock and transfer books for the determination of shareholders entitled to vote at the annual meeting. dctai The Board further approved, subject to stockholders' approval, the increase in the authorized capital stock of the corporation by P3.2 billion and the declaration of a 100% stock dividend to stockholders of record as of a date to be fixed by the Securities and Exchange Commission payable 30 days from record date, to support the said increase. STOCK DIVIDEND STOCK 100% RECORD DATE TO BE ANNOUNCED Very truly yours, (SGD.) JUAN J. DIAZ Corporate Secretary