PSE Circular for Brokers No. 2462-99

September 30, 1999 PSE CIRCULAR FOR BROKERS NO. 2462-99 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace De Guia Listing and Disclosure We disclose that at the meeting of the Board of Directors of Negros Navigation Co., Inc. (the "Corporation") at 3:00 p.m. on 29 September 1999, at which a quorum was present and acting throughout the following matters were unanimously approved and adopted: 1. The reorganization of the management of the Corporation effective 01 October 1999. The following persons were appointed to the positions indicated opposite their name as stated in Annex "A" hereof. 2. The resignation of Atty. Ms. Lourdes C. Rausa-Chan as a member of the Board of Directors. 3. The election of Ms. Corazon P. Guidote as a member of the Board of Directors to serve for the unexpired term of Atty. Ma Lourdes C. Rausa-Chan. We are making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. Best regards. Very truly yours, NEGROS NAVIGATION CO., INC. By: (SGD.) ROBIN M. ARROWSMITH Corporate information Officer ANNEX A Negros Navigation Company, Inc. PROPOSED APPOINTMENTS Effective 01 October 1999 Mr. Francis G. Gaston President/Chief Operating Officer Mr. Manuel L. Garcia Executive Director & Treasurer/Head-Ship Management Division Mr. Catalino L. Costales EVP/Head - Luzon Area and, concurrently, Head-Freight Business Office Mr. Hermenegildo R. Estrella, Jr. EVP/Head-Corporate Planning Mr. Frank A. Carbon VP/Head- Mindanao Area and, concurrently, Head - Passenger Business Office Mr. Eric H. Dumancas AVP/Freight Operations- Manila