PSE Circular for Brokers No. 2739-98

December 10, 1998 PSE CIRCULAR FOR BROKERS NO. 2739-98 December 9, 1998 PHILIPPINE STOCK EXCHANGE 4/F Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Attention: Mr . Reynold Ong Listing and Disclosure Department Gentlemen : We write to inform you that, at the meeting of the Board of Directors of Negros Navigation Co., Inc. (the "Corporation") 09 December 1998, at 4:00 p.m. which was held at the 41-42/F Rufino Pacific Tower, Ayala Avenue corner Hererra Streets, Makati City, Metro Manila, at which a quorum was present and acting throughout, the following matters were approved and adopted by the vote of at least a majority of all the members of the Board of Directors: 1) election of Atty. Ma. Lourdes C. Rausa-Chan as a member of the Board of Directors to serve for the unexpired term of Mr. Ian C. Wilson; and 2) the transfer of the office of the Corporation from 21/F Far East Bank Center, Sen. Gil J. Puyat Avenue, Makati City to 33/F Rufino Pacific Tower, Ayala Avenue corner Hererra Streets, Makati City, Metro Manila. We are making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. cd Best regards. Very truly yours, NEGROS NAVIGATION CO., INC. By: (SGD.) MARTIN ANTONIO A. LACDAO Assistant Corporate Secretary