PSE Circular for Brokers No. 2325-99

September 16, 1999 PSE CIRCULAR FOR BROKERS NO. 2325-99 September 15, 1999 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace De Guia Listing and Disclosure Department Gentlemen : We disclose that at the meeting of the Board of Directors of Negros Navigation Co., Inc. (the "Corporation") at 4:00 p.m. on 15 September 1999, at which a quorum was present and acting throughout, the following matters were unanimously approved and adopted: 1. The annual meeting of stockholders of the Corporation shall be held on 28 October 1999. The record date for purpose of determining the stockholders entitled to notice and vote at the annual meeting is on 29 September 1999. 2. The authorized capital stock of the Corporation shall be increase from Four Billion Pesos (P4,000,000,000) to Six Billion Pesos (P6,000,000,000) divided into 4,000,000,000 common shares and 2,000,000,000 preferred shares. LibLex 3. The following articles of the amended Articles of Incorporation of the Corporation shall be amended as follows: a. Article Third the principal place of business shall be in Metro Manila; and b. Article Seventh to increase the authorized capital stock and to create preferred shares. 4. The following sections of the By-Laws of the Corporation shall be amended: a. Article I, Sections 1, 2, and 6 on stockholdings; b. Article II, Sections 1, 2, 3, 4, 6, 9, and 10 on stockholders; llcd c. Article III, Sections 1, 2, 4, 5, 7, 8, and 10 on the board of directors; d. Article IV, Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, and 11 on the officers; e. Article V, Section 3 on dividends and finance; f. Article VII, Section 1 on amendments; and g. The creation of Article VIII on the indemnification of directors and officers We are making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. Very truly yours, NEGROS NAVIGATION CO., INC. (SGD.) ROBIN M. ARROWSMITH Corporate Information Officer