PSE Circular for Brokers No. 2220-98

September 25, 1998 PSE CIRCULAR FOR BROKERS NO. 2220-98 September 23, 1998 PHILIPPINE STOCK EXCHANGE, INC . Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig, Metro Manila, Philippines Attention: Mr . Reynolds Ong VP-Listing Disclosure Ms . Luisa Buenaventura Gentlemen : In connection with the Annual Meeting of the Stockholders of Reynolds Philippines Corporation (the "Corporation") held on 23 September 1998, we hereby disclose the matters discussed therein for your reference. 1. On motion duly made and seconded, the Minutes of the Annual Meeting of the Shareholders held on 30 June 1997 was approved. 2. The President presented the 1997 Annual Report to the Shareholders highlighting the positive and negative factors which contributed to the Corporation's performance for the said year. In addition, the President emphasized to the body the programs to be pursued or implemented for the year 1998. On motion duly made and seconded, the annual report for 1997 was approved as recorded. 3. Upon motion duly made and seconded, the Shareholders approved the Consolidated Audited Financial Statements of the Corporation for 1997, as presented by the President. In addition, the ratification of all acts of management and the board from June 1997 to September 1998 was approved and confirmed. Further, the shareholders approved the appointment of Sycip Gorres and Velayo and Co., as external auditors of the Corporation for the year 1998-1999. 4. On motion duly made and seconded, the following persons were elected members of the Board of Directors of the Corporation for the year 1998-1999 or to serve as such until their successors have been duly qualified and elected: Antonio M. Garcia Jaime Y. Gonzales Jorge B. Navarra Jesli A. Lapus Hideaki Seki Benito R. Araneta Demetrio R. Tuason Eusebio Tanco Florido Casuela Jeronimo Kilayko Roland U. Young 5. The Shareholders on motion duly made and seconded, approved the implementation of the investment of the Corporation in Bataan Polyethylene Holding Corporation in accordance with the shareholders resolution approved during the last shareholders meeting on 30 June 1997. 6. On motion duly made and seconded, the meeting was adjourned. We trust that you find the foregoing to be in order. Regards, (SGD.) ROSEMARIE P. MEDINA Legal Counsel/Asst . Corporate Secretary