PSE Circular for Brokers No. 2294-99

September 14, 1999 PSE CIRCULAR FOR BROKERS NO. 2294-99 September 8, 1999 SECURITIES & EXCHANGE COMMISSION SEC Building, EDSA Mandaluyong City TELEFAX NO.: 727-5103 Attention: Money Market Operations Dept . SUBJECT : Annual Stockholders' Meeting SEC Registration No. 42393 (CIP) PHILIPPINE STOCK EXCHANGE Tektite Tower. Ortigas Center Pasig City FAX NO.: 636-0809 Attention: Monitoring Department Gentlemen: We wish to inform you on the result of the September 6, 1999 Annual Stockholders' meeting, to wit: A. Approval of the minutes of the stockholders meeting and the organizational meeting of the Board of Directors held on September 22, 1998; B. Election of the following Directors: 1. JESUS N. ALCORDO 2. ANTONIO M. GARCIA 3. RAMON M. GARCIA 4. JAIME Y. GONZALES 5. TATO JOHAN 6. JOSE MA. L. ORDOVEZA 7. TEDDY TANZIL C. Designation of SGV & Company as the company's external auditor D. Election of the following officers: Chairman of the Board ANTONIO M. GARCIA President JESUS N. ALCORDO Treasurer ANA MA. G. ORDOVEZA Corporate Secretary LUIS A. VERA CRUZ Asst. Corp. Secretary SALVADOR L. PEA E. Election of the following Board Executive Committee members: ANTONIO M. GARCIA RAMON M. GARCIA JESUS N. ALCORDO JAIME Y. GONZALES JOSE MA. L. ORDOVEZA TATO JOHAN F. Confirmation of the 1999 Budget G. Grant of Grant of authority empowering the Chairman of the Board, ANTONIO M. GARCIA or, in his absence, ANYONE of the following: Jose Ma. L. Ordoveza or, Jesus N. Alcordo or, Jaime Y. Gonzales or, Tato Johan to represent and vote the shares of the company in the Annual, Regular or Special Meetings of stockholders of corporations where the company owns/holds shares of stock. H. Designation of the following Bank Signatories: GROUP "A" ANTONIO M. GARCIA JESUS N. ALCORDO TATO JOHAN ANA MA. G. ORDOVEZA CARMELITA G. SALGADO ( To sign as a Group "A" signatory only if all the other Group "A" signatories are absent ) GROUP "B" CARMELITA G. SALGADO ( Provided that if she signs as a Group "A" signatory she cannot sign as a Group "B" signatory ) HILDA M. DEL ROSARIO MAUREEN T. CABANBAN IMELDA I. SEBASTIAN ISIDORA A. LEE I. Amendment of the By-Laws to increase the number of Board ExCom members from five (5) to six (6) J. Approval of the following: a. Management Support Services Agreements with CAWC, LMG, KPC, PEC and PETROCORP. b. Group Corporate Overhead Sharing Agreements with CAWC, LMG, KPC and PEC K. Adoption of company policy on confidentiality, conflict of interest and corporate opportunity covering directors, officers and employees Thank you. Very truly yours, (SGD.) ROLANDO P. NAVARRO VP - Legal Services