As Stated

September 22, 1999 PSE CIRCULAR FOR BROKERS NO. 2380-99 TO : MS. LUISA BUENAVENTURA COMPANY : PHILIPPINE STOCK EXCHANGE PHONE : 636-0122 FAX : 636-0809 FROM : MS LOURDES T. ECHAUZ COMPANY : CENTRO ESCOLAR UNIVERSITY PHONE : 7355991 FAX : 7355991 PAGES : One(1) DATE : 22 SEPTEMBER 1999 SUBJECT : AS STATED Please be advised that during the meeting held at about 10:00 am today, the Company's Board of Directors has approved the following: 1) Resignations of Messrs. Juan J Carlos and Vicente J Carlos as Director and Vice-President Finance; and Director and Corporate Secretary of Centro Escolar University, respectively; 2) Their date of resignation and cessation of office is on 23 September 1999; 3) The Directors who resigned shall be replaced by Messrs. Ernesto T. Echauz and ,Jose F. Ledesma who were elected at the regular meeting of the Board of Directors held on 22 September 1999 The Board of Directors at the same meeting appointed Mr. Nilo B Pea as the Corporate Secretary and Ms. Josephine Mape as Vice-President Finance to the offices vacated by the resigned Directors; 4) 'The election and appointment of the new Directors and officers will take effect on 23 September 1999, and they are to serve for the remainder of the term of the Directors and officers they replaced, or until the next annual meeting, of the Board of Directors to be held on 28 July 2000. Thank you. Very truly yours, (SGD.) LOURDES T. ECHAUZ President / Acting Chairman