PSE Circular for Brokers No. 2681-98

December 1, 1998 PSE CIRCULAR FOR BROKERS NO. 2681-98 November 26, 1998 PHILIPPINE STOCK EXCHANGE 4/F PSE Centre, Exchange Road Tektite Road, Pasig City Attention: Disclosure Department Listings and Disclosure Group Gentlemen : In compliance with the Continuing Listing Requirements of the Philippine Stock Exchange, we wish to inform you that at the annual meeting of the stockholders of Guoco Holdings (Philippines), Inc . (the "Corporation") held on 26 November 1998, the following were elected as directors of the Corporation for the fiscal year 1998-1999: Kwek Leng Hai Felipe U. Yap David C. Go Micky Yong Mee Swee Victor C. Say Ricardo J. Romulo Yuen Po Seng At the Organizational Meeting of the Board of Directors immediately following the stockholders' meeting, the following were elected as officers: Kwek Leng Hai Chairman of the Board Felipe U. Yap Vice-Chairman David C. Go Vice-Chairman Micky Yong Mee Swee President & Chief Executive Officer Yuen Po Seng Executive Vice President/Treasurer Daisy L. Parker Corporate Secretary Ma. Rhodora P. dela Cuesta Asst. Corporate Secretary Further, the Stockholders of the Corporation approved the following: 1. Renewal of the Corporation's Management Agreement with Guoco Assets (Philippines), Inc.; and prLL 2. The Corporation's acceptance of the assignment to it by its wholly-owned subsidiary, Guoco Industries, Inc., of the latter's Management Agreement with Pepsi-Cola Products Philippines, Inc. Very truly yours, GUOCO HOLDINGS (PHILIPPINES), INC. By: (SGD.) DAISY L. PARKER Corporate Secretary