All Stockholders

May 15, 1998 PSE CIRCULAR FOR BROKERS NO. 1045-98 TO : All Stockholders Dear Stockholder : Please take note that a special meeting of stockholders of SOUTH SEAS NATURAL RESOURCES, INC. will be held on June 24, 1998 at 3:30 p.m. at the principal office of the corporation, 2283 Pasong Tamo Extension, Makati City, Metro Manila to consider and act upon the following matters: 1. Proof of notice and determination of a quorum 2. Amendments to Article VII of the Articles of Incorporation to effect the following changes/amendments: a. The change of the present par value of shares from P0.01 to P1.00 per share. b. To increase the authorized capital stock from 200 Million Pesos to 500 Million Pesos divided into 500 Million shares with a par value of P1.00 per share. 3. The grant of authority to the Board of Directors to dispose of shares not otherwise subscribed as may be deemed for the best interest of the corporation. 4. In connection with the foregoing, the grant of authority to the officers of the corporation to take all proper and necessary actions to obtain the necessary approvals of the Securities & Exchange Commission and other agencies concerned. The Board of Directors has established June 2, as the record date for the determination of stockholders entitled to notice and vote at said special meeting. Accordingly, only stockholders of record as of said date shall be entitled to vote. cdlex By order of the Board of Directors Makati City, Metro Manila Very truly yours, (SGD.) MANUEL M. ANTONIO Corporate Secretary