PSE Circular for Brokers No. 2237-98

September 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2237-98 September 22, 1998 SECURITIES & EXCHANGE COMMISSION SEC Building, EDSA Mandaluyong City TELEFAX NO.: 727-5103 Attention: Money Market & Opns Dept . PHILIPPINE STOCK EXCHANGE Tektite Tower, Ortigas Center Pasig City FAX NO.: 636-0809 Attention: Monitoring Department RE : Reg . No . 42020 Gentlemen : We wish to inform you that in the Annual Stockholders' meeting and the Organizational Meeting of the Board of Directors held today, September 22, 1998, the following matters were taken up: 2. Annual Stockholders' Meeting 1.1 Approval of the minutes of the meeting held on August 20, 1997 1.2 Election of the following Directors: a. ANTONIO M. GARCIA b. ALBERT DEL ROSARIO c. JOSE C. FERNANDEZ, JR. d. ANA MA. G. ORDOVEZA e. JOSE MA. L. ORDOVEZA f. FELIX C. ROCES, JR. g. CARMELITA G. SALGADO h. JESUS N. ALCORDO i. TEDDY TANZIL j. TATO JOHAN k. JAIME Y. GONZALES l. SHIGEHARU MIYAKE m. TETSUO HOSOHARA n. KAZUYA WATANABE o. HIROSHI SAITO 1.3 Designation of SGV & Company as the External Auditor 1.4 Ratification and confirmation of the resolutions and proceedings of the Board of Directors and the Board Executive Committee and the acts of Management and Officers for the period August 20, 1997 to September 21, 1998. 2. Organizational Meeting of the Board of Directors 2.1 Approval of the minutes of the meeting held on Oct. 30, 1997 2.2 Election of Officers Chairman of the Board ANTONIO M. GARCIA General Manager GUILLERMO S. GOYTIA Deputy Gen. Manager JOSE C. FERNANDEZ, JR. Treasurer ANA MA. G. ORDOVEZA Corporate Secretary LUIS A. VERA CRUZ Asst. Corp. Secretary SALVADOR L. PEA 2.3 Election of Board ExCom Members ANTONIO M. GARCIA JESUS N. ALCORDO ANA MA. G. ORDOVEZA TATO JOHAN TETSUO HOSOHARA 2.4 Approval and confirmation of the 1998 Budget 2.5 Grant of Authority to Antonio M. Garcia or, in his absence, ANY ONE of the following: Jesus N. Alcordo, Jose Ma. L. Ordoveza, Jaime Y. Gonzales or Tato Johan to represent and vote the shares of stock of the company in the Annual, Regular or Special Meetings of Stockholders where the company holds shares of stock. 2.6 Approval of management proposal to sell LMG's vacant 23rd and 24th office spaces at the Rufino Tower 2.7 Approval of the proceedings of the Board Excom and the acts of Management and Officers for the period August 20, 1997 to September 21, 1998. Moreover, the Board of Directors were given updates by Messrs. Guillermo S. Goytia and Jose C. Fernandez, Jr., General Manager and Deputy General Manager, respectively, on the following: a. MOA with Petron Corporation for the Supply of molten sulfur; b. The on-going negotiation with SEAOI for a one (1) year toll manufacturing of light oil; c. Kemwater Manufacturing Corp. operations where Chemphil Manufacturing Corp., a 100% LMG subsidiary, is the owner of 49% equity; d. The proposed trading operation of Chemphil Manufacturing Corp. with GFI Far East; e. The operating status of PETROCORP, where LMG holds shares of stock; f. The dismantling of the cross-sale of CIP's LMG shares with the TANCO group. Ms. Hilda M. del Rosario, Senior Vice-President, briefed the Board of certain labor matters in LMG's Pasig, Plant. Thank you. Very truly yours, (SGD.) ROLANDO P. NAVARRO VP-Legal Services