PSE Circular for Brokers No. 894-99

April 27, 1999 PSE CIRCULAR FOR BROKERS NO. 894-99 April 26, 1999 Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . de Guia Assistant Manager Disclosure Department RE : Annual Shareholders' Meeting Gentlemen : Please be advised that at the Annual Shareholders' Meeting held this afternoon at the Boardroom, Horizon Floor, 14/F Garden Wing, Shangri-La's EDSA Plaza Hotel No. 1 Gardenway Avenue, Mandaluyong City, the following matters were approved: 1. Election of the following as directors of the Corporation to serve as such for the ensuing year and until their successors have been elected and qualified: DR. KHOO KAY PENG ALFREDO RAMOS FERNANDO GASPAR VICENTE FORMOSO KHET KOK YIN EDWARD KUOK KHOON LOONG MAXIMO G. LICAUCO III LOY YET KING AUGUSTO SUNICO VICTORIA C. DE LOS REYES 2. Appointment of Sycip Goffes and Velayo (SGV) as the Corporation's external auditors. cdt At the Organizational meeting of Board of Directors held immediately after the Stockholder's meeting, the following officers were elected to the positions opposite their names to serve as such for the ensuing year and until their successors have been elected and qualified: DR. KHOO KAY PENG Chairman ALFREDO RAMOS Vice Chairman FERNANDO GASPAR President LIM HAIGEOK Vice President MARY ANN DIZON Treasurer VICTORIA C. DE LOS REYES Corporate Secretary ANNA MELISSA L. ROSARIO Assistant Corporate Secretary Should you wish further clarification on the matter, please let us know. Very truly yours, (SGD.) ANNA MELISSA L. ROSARIO Assistant Corporate Secretary