PSE Circular for Brokers No. 564-98

April 1, 1998 PSE CIRCULAR FOR BROKERS NO. 564-98 March 31, 1998 Ms. Ma. Isabel T. Garcia Head, Listing Department The Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen: Please be advised that at this special meeting today, the Board of Directors of Asian Pacific Equity Corporation, at which a quorum existed, accepted the resignation of Messrs. Henry Sitosta and Johnny Subaldo as Directors. In the same meeting, upon motion duly made and seconded, the remaining Directors, namely, Messrs. Tan Thian Koan, Antonio B. Cheng, Yu Tiong Will, Cesar Santos and Nelson P. Chua, still constituting a quorum, elected Messrs. Wilson T. Young and Macario Teh to the Board in lieu of the aforenamed Directors who resigned and to serve the unexpired portion of their respective terms. The newly elected Directors were invited to join the meeting. Thereafter, to enable the Company to reorganize the management, Messrs. Antonio B. Cheng, Yu Tiong Will and Cesar Santos also tendered their resignation as Directors and upon motion duly made and seconded, the remaining Directors, namely, Tan Thian Koan, Nelson P. Chua, Wilson T. Young and Macario Teh, while still constituting a quorum, elected Messrs. Joseph Chua, Ma. Cecilia L. Pesayco and Willy Tee Ten to the Board, to serve the unexpired portion of the terms of Messrs. Antonio B. Cheng, Yu Tiong Will and Cesar Santos, respectively. The newly elected Directors also joined the meeting. cdlex Finally, in the same meeting, Mr. Tan Thian Koan tendered his resignation as Chairman of the Board and President of the Company. Upon motion duly made and seconded, the Board Accepted the resignation of Mr. Tan Thian Koan. In his place, the Board elected Mr. Wilson T. Young as President and Chairman of the Board. LibLex Very truly yours, (SGD.) MA. CECILIA L. PESAYCO Corporate Secretary