PSE Circular for Brokers No. 2512-98

November 4, 1998 PSE CIRCULAR FOR BROKERS NO. 2512-98 November 3, 1998 DISCLOSURE DEPARTMENT PHILIPPINE STOCK EXCHANGE Listings and Disclosure Department 4/F Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Mr. Reynold P . Ong Vice President - Listings and Disclosure Department RE : Dharmala Philippines, Inc . Gentlemen : Mr. Bernard Pouliot tendered his resignation as Director of Dharmala Philippines, Inc. as early as September 1998. During the Board's special meeting on November 3, 1998; the Board accepted his resignation and thanked him for his invaluable services to the Group. Atty. Renato Z. Francisco was elected director to replace Mr. Bernard Pouliot. Mr. Suyanto Gondokusumo tendered his resignation as director and Vice-Chairman of the Board. Messrs. Kenneth Lam and Carlos G. Dominguez likewise tendered then resignations as directors. These resignations were to be effective upon acceptance. During the same meeting, the Board accepted their resignations and thanked them for their invaluable contributions to the Group. Mr. Eduardo Alino and Mr. Vicente J. Campa, Jr. were elected directors to replace Messrs. Suyanto Gondokusumo and Kenneth Lam. Mr. Ian R. Johnston likewise resigned as Director and President of the Corporation. The Board accepted his resignation and thanked him for his contributions to the Group. Atty. Renato Z. Francisco was elected as the new President and Chairman of the Board of the Corporation effective immediately. Very truly yours, (SGD.) HELEN C. DE LEON-MANZANO Corporate Secretary