PSE Circular for Brokers No. 332-99

February 24, 1999 PSE CIRCULAR FOR BROKERS NO. 332-99 February 23, 1999 Philippine Stock Exchange 4/F Tektite Tower I Exchange Road, Ortigas Complex Pasig City Attention: Atty . Reynold P . Ong Vice President, Listing & Disclosure Group Gentlemen : In the meeting held today, 23 February 1999, the Board of Directors approved the postponement of the annual shareholders' meeting from 26 March 1999 to 23 April 1999. Per the By-Laws of the Corporation, the annual meeting of shareholders is scheduled to be held on the 4th Friday of March of every year which this year falls on 26 March 1999. To give Management ample time to prepare the Corporation's annual report, the Board decided to postpone said meeting to 23 April 1999. In connection therewith, please be advised that the Board has fixed the close of business of 23 March 1999 as the record date for the determination of stockholders in good standing entitled to notice of, and to vote at, said meeting and any adjournment thereof. Notice of the venue for said meeting will be sent to the Commission as soon as the same has been determined. Should you wish further clarification on the matter, please let us know. Very truly yours, (SGD.) ANNA MELISSA L. ROSARIO Asst . Corporate Secretary