PSE Circular for Brokers No. 883-99

April 27, 1999 PSE CIRCULAR FOR BROKERS NO. 883-99 April 26, 1999 PHILIPPINE STOCK EXCHANGE, INC . (PSE) Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Ms . Grace B. de Guia Assistant Manager Gentlemen/Madames : Pursuant to SEC and PSE's disclosure requirements, we are reporting to your good office the following matters taken up during the Annual Meeting of Stockholder and the Organizational Meeting of the new Board of Directors held today at Manila Midtown Hotel, Pedro Gil corner M. Adriatico Streets, Ermita, Manila: 1. The re-appointment of Sycip, Gorres and Velayo as the independent auditor of Petron Corporation for the year 1999; LLjur 2. The election of the following directors of the Petron Board: (a) Jose A. Syjuco, Jr. (b) Ali A. Al-Ajmi (c) Abdulaziz F. Al-Khayyal (d) Ramon B. Cardenas (e) Avelino V. Cruz (f) Saleh B. K'aki (g) Khalid A. Al-Falih (h) Motassim A. Al-Maashouq (i) Luis P. Poblete, Sr. (j) Ricardo F. Elizagaque 3. Election of the following persons as Executive Officers of the Corporation for a term of one (1) year or until their successors shall have been duly elected and qualified: cdt Jose A. Syjuco, Jr. Chairman & Chief Executive Officer Ali A. Al-Ajmi President Celso L. Legarda Vice President Supply and Distribution Motassim A. Al-Maashouq Vice President Marketing Fredesuendo G. Ong Treasurer/Controller Vice President Finance & Human Resources Apolinario G. Reyes, Jr. Vice President refinery Walter A. Tan Vice President Corporate Planning Liberador V. Villegas Corporate Secretary Luis A. Maglaya Assistant Corporate Secretary 4. Appointment of Atty. Liberador V. Villegas as General Counsel. We trust that we have sufficiently complied with your disclosure requirement. Very truly yours, (SGD.) LIBERADOR V. VILLEGAS Corporate Secretary