Resignations of Directors, Chairman of the Board, Vice-Chairman, President, Executive Vice-President, Treasurer, Corporate Secretary, Assistant Corporate Secretary, and Election of Their Replacements

February 16, 2000 PSE CIRCULAR FOR BROKERS NO. 375-00 February 15, 2000 DISCLOSURE DEPARTMENT Listings and Disclosure Group Philippine Stock Exchange 4th Floor, Philippine Stock Exchange Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace de Guia General Manager, Listings and Disclosure Group RE : Resignations of Directors, Chairman of the Board, Vice-Chairman, President, Executive Vice-President, Treasurer, Corporate Secretary, Assistant Corporate Secretary, and Election of Their Replacements Gentlemen : During the Board of Directors' Meeting held today, Mr. Bienvenido A. Tan, Jr., Geronimo F. Velasco, Jr. and Edwin B. Celino tendered their resignations as Directors and Chairman of the Board, Vice-Chairman and President, respectively, effective upon acceptance, Mr. Manuel N. Tan Kian See and Ms. Juanita U. Tan were elected Chairman of the Board and President, respectively, effective immediately. Mr. Manuel N. Tan Kian See resigned as Treasurer effective immediately and Mr. Romulo A. Sigua was elected Treasurer to replace him. Likewise, Mr. Rolando B. Francisco resigned from his position as Executive Vice-President. Atty. Nemesio R. Briones tendered his resignation as Corporate Secretary effective immediately, Atty. Eric G. Espiritu also resigned as Assistant Corporate Secretary effective immediately. Atty. Helen C. De Leon-Manzano was elected Corporate Secretary to replace Atty. Nemesio R. Briones. For your information. Very truly yours, (SGD.) NEMESIO R. BRIONES Corporate Secretary