Imperial Resources, Inc.

January 17, 2000 PSE CIRCULAR FOR BROKERS NO. 096-00 SUBJECT : Imperial Resources, Inc . Further to Circular for Brokers No. 30-2000, dated January 6, 2000 relative to the proposed amendments of the Articles of Incorporation of Imperial Resources, Inc. ("IMP"), the Company, in a letter to the Exchange, issued the following clarification regarding its current par value: "Imperial Resources, Inc. confirms that in the regular meeting of its stockholders held on April 21, 1998, the following ratificatory resolution was unanimously approved by its stockholders. "RESOLVED, that in compliance with Circular No. 308 dated August 12, 1996 Series of 1996 of the Philippine Stock Exchange, the par value of the shares of stock of Imperial Resources, Inc, be changed from One Centavo (PhP0.01) to One Peso (PhP1.00) per share; RESOLVED, FURTHER, that Article VII of the Articles of Incorporation of Imperial Resources, Inc. be amended to reflect the change of the par value of its shares of stock; RESOLVED, FINALLY, that the Corporate Secretary be, as he hereby is authorized to do what is needful and necessary to obtain approval of the amendment by the Securities and Exchange Commission and to implement the retirement of shares and the issuance of new shares with the par value of One Peso (PhP1.00) per share." The aforestated resolution was priorly approved by the Board of Directors. However, in the meeting held on March 17, 1998, the Board resolved to defer the implementation of the proposed change of the par value of the shares of stock of Imperial Resources, Inc. from One Centavo (PhP.01) to One Peso (PhP1.00) per share as prescribed in Circular No. 308 dated August 12, 1996. The Corporate Secretary however, was directed to work in the meantime on the amendment of the corresponding provision of the Articles of Incorporation, with the implementation thereof to be deferred. Correspondingly, the stockholders proceeded to approve the foregoing resolution on April 21, 1998. Currently, the Securities and Exchange Commission has not, as yet, approved the amendment of the Articles of Incorporation. Consequently, the par value of the shares of stock still remains to be One Centavo (PhP.01 ) per share. " For your information. llcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group