PSE Circular for Brokers No. 608-98

April 6, 1998 PSE CIRCULAR FOR BROKERS NO. 608-98 April 3, 1998 SECURITIES AND EXCHANGE COMMISSION SEC Bldg., EDSA Mandaluyong City, Metro Manila Attention : Atty . Regina Balmores Money Market Operations Department PHILIPPINE STOCK EXCHANGE, INC . 4th/F, Tektite Towers Exchange Road, Pasig City Metro Manila Attention : Maria Isabel T. Garcia Head, Listing Department Gentlemen : Please be advised that at a meeting of the of Board of Directors of Cebu Property Ventures and Development Corporation (the "Corporation") held today, Mr. Rex C. Drilon II was elected as a member of the Board of Directors of the Corporation replacing Ms. Miriam K. Ramos who tendered her resignation in the same meeting. Mr. Drilon was also elected President, a position previously held by Mr. Francisco H. Licuanan III, who had also rendered his resignation in the same meeting, Mr. Licuanan, however, remains as Chairman. LibLex Please be also advised that the annual stockholders' meeting of the Corporation shall be held on April 29, 1998 at 3:00 p.m. at the Cebu Marlett Hotel with the following agenda: 1. Roll Call of Stockholders and Determination Quorum 2. Approval of Minutes of the Previous Meeting 3. Annual Report of the President 4. Ratification of all Acts and Resolutions of the Board of Directors 5. Election of Directors 6. Election of Auditors and Fixing of their Remuneration 7. Consideration of such other business as may properly come before the meeting 8. Adjournment Only stockholders or record as the close of business on 6 April 1998 are entitled to notice of, and to vote, this meeting. For this purpose, the Stock and Transfer Books of the Corporation will be closed from 6 April 1998 to 29 April 1998, inclusive. Thank you very much. Very truly yours, (SGD.) MERCEDITA S. NOLLEDO Corporate Secretary