PSE Circular for Brokers No. 2450-99

September 29, 1999 PSE CIRCULAR FOR BROKERS NO. 2450-99 PHILIPPINE STOCK EXCHANGE INC. Exchange Centre, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA Mandaluyong City Attention: Money Market and Operations Department Gentlemen: Please be informed that the following have been elected as members of the Board of Directors of the Corporation during its Annual Stockholders Meeting held on September 28, 1999: 1. Mr. Antonio A Henson 2. Ms. Elvira A. Ting 3. Mr. William T. Gatchalian 4. Mrs. Dee Hua T. Gatchalian 5. Mr. Lisandro C. Abadilla 6. Mr. Arsenio M. Bartolome 7. Mrs. Yolanda T. De la Cruz 8. Mr. Arthur M. Lopez 9. Mr. Renato B. Magadia 10. Mr. Angel Umali 11. Mr. Arthur R. Ponsaran They will serve for the term 1999 to 2000. After the Annual Stockholders Meeting, the duly elected members of the Board of Directors held its meeting to elect the officers of the Corporation. The following were elected officers to serve for the term 1999 to 2000. prcd Mr. Antonio A Henson Chairman Ms. Elvira A Ting President and Chief Executive Officer Mr. Arthur R. Ponsaran Treasurer Mr. Tomas F. Tuason IV Corporate Secretary Ms. Eliza C. Hermosura Asst. Corporate Secretary Thank you. Very truly yours, (SGD.) ATTY. TOMAS F TUASON IV Corporate Secretary