PSE Circular for Brokers No. 684-99

April 7, 1999 PSE CIRCULAR FOR BROKERS NO. 684-99 April 6, 1999 Philippine Stock Exchange Disclosure Department Listings and Disclosure Group Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Gentlemen : Please be advised that the Stockholders in their meeting held this morning approved the following matters in accordance with the agenda: 1. Election of Directors The following were elected members of the Board of Directors for the year 1999: JOSE S. CONCEPCION, JR. JOSE MA. A. CONCEPCION III FELECISIMO M. NACINO JR. FRANCISCO A. SEGOVIA ERNEST FRITZ SERVER ANTONIO I. PANAJON ALBERTO GOTUACO LAURO B. RAMOS 2. Appointment of Auditor Sycip,-Gorres. Velayo & Company was retained as the external of the company. LexLib 3. Approval of Stock Option Plan The corporation's stock option plan was approved under the following terms: i) 11,906,512 common shares at the price of P1.6350 per share and 2,014,914 preferred shares at the price of P4.20 per shares are to be issue, ii) the price of the shares shall be paid to the corporation in cash, iii) the optioned shall be available to a number of executives and managers who will be selected primarily on the basis of tenure. 4. Amendment of Articles of Incorporation The Stockholders approved the amendment of Article 7 (b) (3) of the Articles of Incorporation to reflect the correct dividend coupon rate of the redeemable preferred shares from 10% to 5%. LLphil 5. Renewal of Management Contract The Stockholders approved the renewal of the Management Contract ( Illegible portion in Philippine Stock Exchange file ) Corporation. The contract is for 3 Years with a monthly rate of 5% of ( Illegible portion in Philippine Stock Exchange file ) Thank you. Very truly yours, (SGD.) ATTY. CRISTINA D. REYES Corporate Secretary