PSE Circular for Brokers No. 323-99

February 23, 1999 PSE CIRCULAR FOR BROKERS NO. 323-99 February 22, 1999 Securities and Exchange Commission SEC Building EDSA Mandaluyong City Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : In compliance with your continuing disclosure rule, please be advised that at the regular meeting of the Board of Directors this morning: 1. Mr. Augusto C. Villaluna was promoted Senior Vice President: he was Vice President from August 25, 1997 until his promotion; and 2. In accordance with the Company's By-Laws. the Board set the annual stockholders Meeting on April 19, 1999. For the purposes of this meeting, the stock and transfer book of the Company will be closed at the close of business hours on March 1, 1999. the record date, to the close of business hours of April 19, 1999, Proxies must be received at the Company's offices not later than the close of business hours, one week prior to the date of meeting or not later than 5:30 p.m. on April 12, 1999. LexLib Very truly yours, (SGD.) ODETTE M. ATIENZA Assistant Corporate Secretary