Increase in Authorized Capital Stock Through a Declaration of 200% Stock Dividend

March 31, 1998 PSE CIRCULAR FOR BROKERS NO. 546-98 March 27, 1998 Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City FAX No. 636-0809 Attention: Ms . Ma . Isabel T . Garcia Head, Listings Group RE : Increase in Authorized Capital Stock Through a Declaration of 200% Stock Dividend Gentlemen : Please be informed that at the Special Meeting of Stockholders held today, March 27, stockholders holding more than 2/3 of the total issued and outstanding capital stocks of the corporation confirmed, ratified and approved the following resolutions: LLphil WHEREAS, this corporation now has an authorized capital stock of P80,000,000.00 divided into 800,000 shares with a par value of P100.00 per share, almost all of which are fully paid, issued and outstanding; WHEREAS, this corporation has earned surplus and it is desirable that such surplus be retained by the corporation as working capital in connection with the expansion of its primary business and, to that end, its authorized capital stock be increased from P80,000,000.00 to P300,000,000.00, and a stock dividend of 200% or 1,258,552 shares with a total par value of P125,855,200.00 be declared out of such increase; NOW THEREFORE, BE IT RESOLVED, That the authorized capital stock of the company be and is hereby increased from P80,000,000.00 divided into 800,000 shares with a par value of P100.00 per share to P300,000,000.00 to be divided into 3,000,000 shares with a par value of P100.00. RESOLVED, FURTHER, That the Trustees and proper officers be, and they hereby are empowered, authorized and directed to transfer out of the surplus of the company to the capital account thereof the sum of P125,855,200.00, thereby increasing the subscribed and capital account of the company and that a stock dividend of P125,855,200.00 or 1,258,552 shares be declared and distributed among the stockholders as of record date to be fixed by Order of the Securities and Exchange Commission, in proportion to their respective shareholdings, such dividend to be issued as soon thereafter as the necessary government permit or authorization shall have been issued; LLjur RESOLVED, FURTHER, That to reflect the increase in authorized capital stock of the Corporation, Article Seven of the Amended Articles of Incorporation be as it is hereby amended to read as follows: "SEVENTH: That the capital stock of the corporation is Hundred Million Pesos (P300,000,000.00), Philippine Currency, divided into Three Million (3,000,000) shares of the par value of One Hundred Pesos (P100.00) per shares." Very truly yours, FAR EASTERN UNIVERSITY (SGD.) ANGELINA P. JOSE Corporate Secretary