PSE Circular for Brokers No. 2314-98

October 6, 1998 PSE CIRCULAR FOR BROKERS NO. 2314-98 October 5, 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 Organizational Meeting of the Board of Directors of Reynolds Philippines Corporation (the "Corporation") held on 5 October 1998, we hereby disclose the matters discussed therein for your reference. 1. On motion duly made and seconded, the Minutes of the Special Meeting of the Board of Directors held on 17 September 1998 was approved. cdpr 2. Upon motion duly made and seconded, the following persons were elected as the Officers 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 Chairman Jaime Y. Gonzales President and CEO Jorge B. Navarra Treasurer and CFO Arthur R. Ponsaran Corporate Secretary Rosemarie P. Medina Assistant Corporate Secretary 3. On motion duly made and seconded, the following persons were elected as members of the respective committees of the Corporation for the year 1998-1999: Executive Committee Antonio M. Garcia Jaime Y. Gonzales Jorge B. Navarra Jesli A. Lapus Demetrio Tuason Audit Committee Jeronimo U. Kilayko Hideaki Seki Roland U. Young Florido P. Casuela Compensation Committee Antonio M. Garcia Eusebio Tanco Benito Araneta Board of Trustees and Retirement Fund Antonio M. Garcia Jaime Y. Gonzales Jorge B. Navarra Demetrio Tuason Jeronimo U. Kilayko Retirement Board Jaime Y. Gonzales Jorge B. Navarra Ernesto S. Verzosa George C. Molina Rolando M. Llanto Benedicto Carpio Edwin Quinones Fund Manager Fernando Manotok Fund Auditor Reymond P. Mercado Fund Accountant Armando Baares 4. The President presented the 1997 Annual Report to the Members of the Board Of Directors 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. We trust that you find the foregoing to be in order. Regards, (SGD.) ROSEMARIE P. MEDINA Legal Counsel/Asst . Corporate Secretary