Notice of Postponed Annual Meeting of Stockholders

April 21, 1998 PSE CIRCULAR FOR BROKERS NO. 735-98 April 21, 1998 SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Greenhills, Mandaluyong City Attention: Ms . Adelfa A. Villegas Chief of Specialist SERD-3 RE : Notice of Postponed Annual Meeting of Stockholders Gentlemen : Please be notified that the Annual Meeting of Stockholders of this Corporation usually held first Monday of each year and for this year on May 4, 1998 was postponed and will be held instead on Thursday, May 14, 1998 at 10 A.M. at the 3rd Floor, Dacon Building, 2281 Pasong Tamo, Extension, Makati City, Metro Manila with the following agenda: 1. Certification of Notice and Quorum 2. Approval of the Minutes of the Annual Stockholders' Meeting held on May 5, 1997 3. Report of the Board of Directors 4. Approval of Annual Report and 1997 Audited Financial Statements 5. Ratification of the Acts of the Board of Directors and Management 6. Election of the Board of Directors 7. Appointment of External Auditors and Legal Counsels and 8. Such other business as are indicated in the By-Laws and as may properly come before the body. The Board of Directors has fixed April 1, 1998 as the record date for the determination of stockholders entitled to notice and vote at said Annual Meeting. Accordingly, and stockholders of record as of April 1, 1998 shall be entitled to vote at said meeting. On the day of the meeting, you or your duly designated proxy is hereby required to bring this notice and any form of identification, i.e. drivers license, company ID, TIN card etc. to facilitate registration. For corporate stockholder, attach a copy of the Board resolution designating its authorized representative to vote at said meeting. Registration starts at exactly 8:30 a.m. and closes at 9:30 a.m. prLL Management is not asking you for a proxy and you are not requested to send us a proxy. Thank you for your usual kind attention and consideration on this matter. Very truly yours, (SGD.) BENIGNO F. MORALES Corporate Secretary