PSE Circular for Brokers No. 2151-99

August 30, 1999 PSE CIRCULAR FOR BROKERS NO. 2151-99 August 27, 1999 SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Mandaluyong City FAX NO. 722-0990 Attention: The Director Money Market Operations Department PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig City FAX NO. 634-5113/634-5920 Attention: The President Gentlemen : Please be advised that the Board of Directors of our company, in a Special Board Meeting held today, August 27, 1999, resolved: 1. To accept the resignation of Gen. Lisandro C. Abadia (Ret.) as Director/Chairman of the Board of Directors and the resignation of Col. Ruben G. Garcia as Director of the company to take effect immediately. 3. To elect Mr. Jose Fernando B. Camus as Director/Chairman of the Board of Directors and Atty. Mario R. Reyes as Director of the company to take effect immediately. 3. To appoint Atty. Mario R. Reyes as Corporate Secretary; Atty. Ruben S. del Rosario as Assistant Corporate Secretary and Atty. Nestor L. Mesina as Vice President for Legal, Personnel and Administration of the corporation to take effect immediately. 4. To postpone the company's Annual Stockholders' Meeting from September 14, 1999 to November 16, 1999 due to. 1. The company has just undergone changes in the membership of its Board of Directors owing to the resignation of some of its members and the filling up of the resulting vacancies by the Board of Directors, which still constituted a majority. Consequently, the Information Statement and other corporate reports needed prior to the meeting still have to be prepared to reflect the foregoing developments. 2. The matter of proceeding with or canceling the P400 M stock rights offering of the corporation considering the present state of the economy in general and the stock market in particular has not been fully resolved by the Board of Directors. A formal letter together with the statement in writing signed under oath by the President or the Secretary of the corporation specifying the justifiable and valid reasons for the postponement of the Annual Stockholders' Meeting will be submitted to the Securities and Exchange Commission within five (5) days from the date of this letter. Please disseminate the above material information to your member firms and the investing public. Very truly yours, (SGD.) ALEXANDER G. ASUNCION President