PSE Circular for Brokers No. 2628-98

November 20, 1998 PSE CIRCULAR FOR BROKERS NO. 2628-98 November 20, 1998 Philippine Stock Exchange, Inc. Phil Stock Exchange Centre Exchange Road, Pasig FAX No. 634-2051/634-5113 Attention: Mr . Reynold P . Ong Vice President, Listings & Disclosure Group Gentlemen : Please be informed that in the annual meeting of shareholders of Bacnotan Consolidated Industries, Inc . held in the late afternoon of November 19, 1998, the following were approved: (1) A one Hundred Percent (100%) stock dividend declaration to all stockholders of record as of a date to be fixed by the Securities and Exchange Commission payable 30 days from the record date; and for the purpose of making the said stock dividend effective, the increase in authorized capital stock of the corporation from Two Billion Ten Million Pesos (P2,010,000,000.00) to Five Billion Two Hundred Ten Million Pesos (P5,210,000,000.00), the increase to consist of 320,000,000 shares of common stock of the par value of P10.00 each. (2) The amendment of Article Seventh of the Amended Articles of Incorporation to reflect the aforesaid increase. LLpr (3) The election of the following directors of the corporation: Ramon V. del Rosario Oscar J. Hilado Magdaleno B. Albarracin, Jr. Urs Bieri Jose L. Cuisia, Jr. Jeremy C.R. Maycock Jorge J.L. de Leon Miguel A. Magsaysay Ramon R. del Rosario, Jr. Victor J. del Rosario Noel D. Vasquez SJ (Letters to PSE of Bacnotan Consolidated Industries, Inc. dated November 20, 1998/Page 2) (5) The renewal of the Management Contract with Philippine Investment-Management Consultants (PHINMA), Inc. for a period of five years from the start of the current fiscal year. Very truly yours, (SGD.) JUAN J. DIAZ Corporate Secretary