PSE Circular for Brokers No. 825-99

April 21, 1999 PSE CIRCULAR FOR BROKERS NO. 825-99 REPUBLIC OF THE PHILIPPINES) MAKATI CITY, METRO MANILA) S.S. AFFIDAVIT OF POSTPONEMENT OF ANNUAL STOCKHOLDERS' MEETING I, GABRIEL A . DEE , of legal age, Filipino, and with office address at 8/F Singapore Airlines Building, 138 H.V. de la Costa Street, Salcedo Village, Makati City, Metro Manila, after being duly sworn in accordance with law hereby depose and state that: 1. I am the Corp orate Secretary of Negros Navigation Co., Inc. (the "Corporation"), a corporation organized and existing under the laws of the Republic of the Philippines, with address at 33/F Rufino Pacific Tower, Ayala Avenue corner Herrera Street, Makati City, Metro Manila,. 2. At a Special Meeting of the Board of Directors of the Corporation at which a quorum was present for the transaction of business, the Board of Directors unanimously approved a motion to postpone the Annual Stockholders Meeting (the "Annual Meeting") of the Corporation which per the Amended By-laws of the Corporation is scheduled in the month of April, or on or before 30 April 1999, until such time that shares to be issued out of the increase in authorized capital stock of the Corporation is approved for registration or exempted and listed by the Philippine Stock Exchange. The postponement is being made in order not to unduly prejudice and disenfranchise the stockholder who has subscribed to the shares covered by the said increase. prLL 3. I am executing this affidavit in compliance with SEC Memorandum Circular No. 96-5 and for whatever legal purpose it may serve. (SGD.) GABRIEL A. DEE Corporate Secretary SUBSCRIBED AND SWORN TO before me this 20th day of April 1999, affiant exhibited to me his Community Tax Certificate No. 00081740 issued at Makati City on 29 March 1999. (SGD.) MARTIN ANTONIO A. LACDAC Notary Public Until December 31, 1999 IBP No . 476655/Makati City/1-07-99 PTR No . 0455015/Makati City/1-11-99 Doc. No. 261; Page No. 53; Book No. IV; Series of 1999.