Ortigas Center, Pasig City

December 24, 1998 PSE CIRCULAR FOR BROKERS NO. 2821-98 December 23, 1998 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department Gentlemen : Please be informed that at the Annual Stockholders' Meeting held this afternoon, December 23, 1998; the following were elected Directors of the Corporation for the ensuing year, namely: MR. JOSE C. GO MR. GEORGE C. GO MR. VICENTE C. GO MR. NG MENG TAM MS. EVELYN C. GO MS. LOURDES G. ORTIGA MS. CRISTINA G. ARAGON After the adjournment of the Annual Stockholders' Meeting, an Organizational Meeting of the Board of Directors was held to elect the officers of the Corporation who shall serve for the ensuing year. The following were elected as officers, namely: Chairman and President MR. JOSE C. GO Treasurer MS. EVELYN C. GO Corporate Secretary ATTY. VICENTE VILLA CAONEO Comptroller MR. ARTURO M. GARCIA Finance MR. ARMANDO N. DAVID Very truly yours, (SGD.) VICENTE VILLA CAONEO Corporate Secretary