Annual Stockholders' Meeting SEC Registration No. 42020 (LMG)

September 14, 1999 PSE CIRCULAR FOR BROKERS NO. 2295-99 September 8, 1999 SECURITIES & EXCHANGE COMMISSION SEC Building, EDSA Mandaluyong City TELEFAX NO.: 727-5103 Attention: Money Market Opns . Department SUBJECT : Annual Stockholders' Meeting SEC Registration No . 42020 (LMG) 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 7, 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. JOSE C. FERNANDEZ, JR. 3. ANTONIO M. GARCIA 4. RAMON M. GARCIA 5. JAIME Y. GONZALES 6. TATO JOHAN 7. ANA MA. G. ORDOVEZA 8. JOSE MA. L. ORDOVEZA 9. ALBERT DEL ROSARIO 10. CARMELITA G. SALGADO 11. PAULUS SETIAWAN 12. TETSUO HOSOHARA 13. SHIGEHARU MIYAKE 14. HIROSHI SAITO 15. KAZUYA WATANABE C. Designation of SGV & Company as the company's external auditor D. Election of the following officers: COB & President ANTONIO M. GARCIA General Manager GUILLERMO S. GOYTIA Dep. Gen. Manager JOSE C. FERNANDEZ JR. 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 ANA MA. G. ORDOVEZA TATO JOHAN TETSUO HOSOHARA 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 GUILLERMO S. GOYTIA JOSE C. FERNANDEZ, JR. 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. CABANBA.N 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. Deed of Sale of Portions of Land with KEMWATER PHIL. CORP. (KPC) b. Mutual Rescission For the Lease of Land c. Investment of LMG in KPC of P11,563,200 covering the balance of the purchase price of the land in the total sum of P22,587,200 K. Approval of the following: a. Agreement for the Mutual Rescission of the Distributorship Agreement with KPC b. Addendum to the Sale and Purchase of the Aluminum Sulfate Plant relative to the 50-50 sharing scheme L. Approval of the following: a. Agreement on Plant Support Services with KPC b. Management Support Services Agreement with CIP c. Group Corporate Overhead Sharing Agreement with CIP M. 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