Organizational Meeting of the Board of Directors

April 22, 1998 PSE CIRCULAR FOR BROKERS NO. 755-98 April 21, 1998 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Mr . Reynaldo P . Ong Listing and Disclosure RE : Organizational Meeting of the Board of Directors Gentlemen : At the Organizational Meeting of the Board of Directors of Negros Navigation Co., Inc. (the "Corporation") held today, 21 April 1938, at 12:00 p.m. at the Mandarin Oriental Hotel, in Makati City, Metro Manila, at which a quorum was present and acting throughout, the following matters were approved and adopted by a majority of the members of the Board of Directors of the Corporation: 1) the corporate officers of the Corporation for 1998-1999 shall be the following: Mr. Daniel L. Lacson, Jr. Chairman/Chief Executive Officer Mr. Napoleon L. Nazareno Vice-Chairman Mr. Manuel L. Garcia President/Chief Operating Officer Mr. Ramon L. Mapa Treasurer Atty. Gabriel A. Dee Corporate Secretary; and 2) the Board decided to suspend any action on any other matter until the next meeting of the Board of Directors to be set within the next three (3) weeks. We are making this report in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. LLjur Should you have any question on any of the foregoing, please do not hesitate to contact us. Very truly yours, NEGROS NAVIGATION CO., INC. By: (SGD.) DANIEL L. LACSON, JR. Chairman/Chief Executive Officer