PSE Circular for Brokers No. 709-98

April 20, 1998 PSE CIRCULAR FOR BROKERS NO. 709-98 April 17, 1998 PHILIPPINE STOCK EXCHANGE, INC. Phil. Stock Exchange Center, Exchange Road Ortigas Center, Pasig City Telefacsimile No. 6342051 Attention: Mr . Reynold P . Ong Vice-President, Listings and Disclosure Group Gentlemen : At the Special Meeting of the Members of the Board of Directors of Negros Navigation Co., Inc., ("NENACO") on 17 April 1998, at 10:00 a.m. at the office of the Corporation at DOLL Building, 6th Street, Bacolod City, the Board of Directors has unanimously approved a subscription agreement with Metro Pacific Corporation ("MPC"). Under the terms of the agreement, MPC will subscribe to 900 million of new common shares of NENACO at the price of One Peso (P1.00) per share. These new shares will be issued out of the proposed increase in the authorized capital stock of the Corporation from 1.1 billion shares to 4 billion share with a par value of One Peso (P1.00) per share. The proceeds from the new issue of shares will be used to reduce NENACO's debt and provide funds for working capital purposes. As a result of the subscripts MPC will acquire control of NENACO. We are making this report in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. Very truly yours, (SGD.) CONRADO A. CARBALLO Assistant Corporate Secretary