Meeting of the Board of Directors on 05 May 1998

May 6, 1998 PSE CIRCULAR FOR BROKERS NO. 947-98 May 5, 1998 PHILIPPINE STOCK EXCHANGE PSE Center, Ortigas Center Pasig City, Metro Manila Attention: Mr . Reynold T . Ong Listing and Disclosure RE : Meeting of the Board of Directors on 05 May 1998 Gentlemen : We write to inform you that at the meeting of the Board of Directors of Negros Navigation Co., Inc. (the "Corporation") today, 05 May 1998, at 12:00 p.m. which was held at the office of the Corporation on the 21/F Far East Bank Center, Sen. Gil J. Puyat Avenue, at which a quorum was present and acting throughout, the following matters were approved and adopted by the unanimous vote of at least a majority of all the members of the Board of Directors: 1. the appointment of Ms. Rose Marie R. Lopez as Assistant Treasurer for 1998-99; 2. the appointment of the following executive officers for 1998-99: Catalino L. Costales Executive Vice President/General Manager Conrado A. Carballo Senior Vice President/Head, Finance and Administration Division Franklin A. Carbon Vice President/Head, Passenger Services Division Jose Antonio F. Hilado Vice President/Head, Freight Services Romeo S. Obispo Vice President/Controller Ranee D. Nag Vice President/Deputy Head, Finance & Administration Division Jumbo G. Caliban Vice President/Deputy Head, Vessel Operations Division/Port Engineer Reynard T. Marble Senior Assistant Vice President/Fleet Manager cda Gardenia T. de REIT Assistant Vice President/Purchasing Manager Grace L. Ogles Assistant Vice President/Head, Ground Passenger Services Melanite B. Jayvee Assistant Vice President/Corporate Information Officer Molten D. Limans Assistant Vice President/Vessel Passenger Services Angeleno M. Salvia Assistant Vice President/Administrative Manager-VOID Renato I. Sabbats Assistant Vice President/Fleet Manager Eddied B. Tantra Assistant Vice President/Fleet Manager Virgilian R. Villagracia Assistant Vice President/Fleet Manager 3. the appointment of the following as members of the Executive Committee for 1998-99: Daniel L. Lacson, Jr. Chairman Albert F. del Rosado Member Napoleon L. Nazareno Member 4. the appointment of Joaquin Cunanan & Co. as external auditors of the Corporation for 1998-99. We are making this disclosure pursuant to the Continuing Listing Requirements of the Philippine Stock Exchange. Best regards. Very truly yours, (SGD.) GABRIEL A. DEE Corporate Secretary