Manila Electric Company

April 28, 1998 PSE CIRCULAR FOR BROKERS NO. 847-98 SUBJECT : Manila Electric Company Manila Electric Company ("MER") furnished the Exchange on April 24, 1998 a copy of SEC Form 34-C (Preliminary Information Statement) In connection with its Annual Stockholders' Meeting which will be held on June 23, 1998 at 9:00 a.m., at the Meralco Theater, Lopez Building, Ortigas Avenue, Pasig City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Certification of Notice and Quorum 3. Approval of the Minutes of the Annual Meeting of Stockholders held on April 29, 1997 4. Annual Report of the President 5. Approval of the 1997 Audited Financial Statements 6. Ratification of the Acts of the Board of Directors, and Management during the year 1997 7. Election of Directors for the ensuing year 8. Appointment of Independent Auditors 9. Other business as may properly be brought before the meeting 10. Adjournment Stockholders of record as of April 22, 1998 , are entitled to notice of, and to vote at, said meeting. The stock and transfer books of the Company will not be closed. A copy of MER's SEC Form 34-C is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group