PSE Circular for Brokers No. 2767-99

October 28, 1999 PSE CIRCULAR FOR BROKERS NO. 2767-99 Press Release 26 October 1999 PETRON IS Y2K-READY In a development certain to reassure its numerous customers, dealers, and business partners, as well as the consuming public, Petron Corporation recently announced that it is now Y2K-ready On September 24, 1999, the Presidential Commission on Year 2000 Compliance certified that Petron has complied with the reportorial requirements in accordance with Republic Act No. 8747 also known as the Philippine Year 2000 Disclosure Readiness Act, under reference No. B-PR-0003-000298 and the Commission's Clearance Certificate No. 092399-037. The country's biggest oil refining and marketing company said that its comprehensive Y2K program has been in place since early this year. Petron therefore assures its customers of a steady supply of petroleum products through normal operations. In its Year 2000 Disclosure Statement to the Commission, Petron Chairman and CEO Jose A. Syjuco Jr. said the Company has been engaged in Y2K initiatives as early as 1996. "We have addressed 100 percent of our mission critical systems and are currently enhancing our Y2K Contingency Plan." LexLib Adopting the British Standard Institute's definition of Y2K compliance, Petron identified the areas where the Y2K problem could potentially manifest itself and proceeded to upgrade or replace all computer software and hardware as necessary. It reviewed the mainframe- and PC-based applications, including the more recent SAP-based applications. The information technology infrastructure composed of wide-area networks (WANs), local-area networks (LANs), intranet, and telecommunications system were likewise examined. Extensive evaluation of embedded systems was also performed. Petron also appraised and upgraded its plant and office and service station facilities to ensure compliance. Suppliers, service bureaus, and customer were involved in the Y2K initiatives to assure the continued delivery of prompt service to Petron's clients. Mr. Syjuco added that "the Company considers; this enhancement as an ever-continuing process, especially after the drills and dry runs scheduled in October and November." Despite its high-level of Y2K-preparedness, Petron has a Contingency Plan which was completed last August. Since then, the company has been reviewing and strengthening the contingency plans and activating special contingency teams for any anticipated Y2K problems. "But we've done our preparations well, and when the year 2000 comes around, those contingency teams should have very little to divert them as they join us in ushering in the New Millennium," said Syjuco.