Crown Equities, Inc.

September 29, 1999 PSE CIRCULAR FOR BROKERS NO. 2454-99 SUBJECT : Crown Equities, Inc . Crown Equities, Inc. ("CEI") informed the Exchange that during its Annual Stockholders' Meeting held on August 23, 1999, the stockholders elected the members of the Board of Directors for the year 1999-2000. Right after the stockholders' meeting the newly-elected directors held an organizational meeting during which the corporate officers of CEI were likewise duly appointed for the year 1999-2000. No other material matters were taken up during the aforesaid meetings. LexLib Below is the list of the directors and corporate officers elected/appointed during the stockholders' and directors' meetings held last August 23, 1999: George L. Go Chairman of the Board Wilfrido V. Vergara Vice-Chairman of the Board Gloria L. Tan Climaco Director, President & Chief Executive Officer Antonio B. Alvarez Director and Treasurer Ramon A. Recto Director Edilberto V. Javier Director Jerry C. Angping Director Ricardo S. Murillo Director Patrick D. Go Director Tony O. King Director Oscar P. Lopez-Dee Director Isidro A. Consunji Director Richard Lee Director Gabriel Tong Director Charlie Baik Director Melanie S. Belen Executive Vice President & Chief Financial Officer Jorge S. Sanagustin Executive Vice President Raul J. Villavicencio Vice President Julita M. Valeros Vice President for Finance Emmanuel L. Tan Assistant Vice President Antonio A. Picazo Corporate Secretary Cynthia L. de la Paz Asst. Corporate Secretary Elmer B. Serrano Asst. Corporate Secretary For your information. (SGD.) JOSE LUIS U. YULO, JR. President & CEO