PICOP Resources, Inc.

January 14, 1999 PSE CIRCULAR FOR BROKERS NO. 067-99 SUBJECT : PICOP Resources, Inc . This is with reference to PICOP Resources, Inc.'s ("PCP") Amended Articles of Incorporation, particularly Article VII, in connection with the change in its par value from P5.00 to P1.00 per share and the corresponding increase in its number of shares from 1,200,000,000 to 6,000,000,000 as approved by the Securities and Exchange Commission (SEC) on January 27, 1998. Attached is a notice from PCP advising the stockholders to surrender their old stock certificates to the stock and transfer agent for replacement with the new stock certificates reflecting the new par value and the adjusted shares, for the implementation of the said stock split. Furthermore, after February 15, 1999, old stock certificates will no longer be accepted for trading. Consequently, the effective date for trading the shares with the new par value is on February 16, 1999. LLphil Accordingly, the change in the par value of PCP shares will be reflected in the Exchange's computer system (electronic board and ticker) on February 16, 1999. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and Chief Executive Officer NOTICE TO STOCKHOLDERS Please be informed that the Securities and Exchange Commission approved on January 27, 1998 the amendment of the Articles of Incorporation of PICOP Resources, Inc., particularly, the change in the par value per share from P5 to P1 per share. With the change in par value from P5 to P1 per share, the number of shares held by stockholders will correspondingly increase. Thus, if stockholder owns 1,000 shares at P5 par value, that stockholder will now have 5,000 shares at the new par value of P1. Please note that despite the amendment, there is no change in the value of the stockholders' investment in the company. In accordance with the foregoing, kindly submit or surrender your old stock certificates with par value of P5 par share beginning 4 January 1998, and thereafter so that we can issue new stock certificates at the new par value of P1 per share. New stock certificates will be available two weeks from the date of surrender. Old certificates can be surrendered to our stock transfer agent Stock Transfer Service, Inc. G/F AsianBank Center Sen. Gil Puyat Avenue Salcedo Village, Makati City The company will give notice to the Philippine Stock Exchange that after 15 February 1999, the old stock certificates should no longer be accepted for trading and must be referred to the transfer agent of the Company, for validation and replacement with new stock certificates before they can be allowed to be traded. We also request you to update your records with the Company by executing the enclosed signature cards and returning the same to the transfer agent with a photocopy of an acceptable identification of yourself (such as passport, driver's license, Professional Regulatory Commission ID or your company ID) Your cooperation will be greatly appreciated. Thank you. Very truly yours, (SGD.) EDGARDO G. BALOIS Corporate Secretary