PSE Circular for Brokers No. 1086-98

May 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1086-98 PHILIPPINE STOCK EXCHANGE 4/F Phil. Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynaldo P . Ong Vice-President, Disclosure Department Listing and Disclosure Group Gentlemen : We wish to advise that pursuant to the By-Laws of the corporation, the Annual Stockholders' Meeting shall be held on the second Friday of June of each year. The second Friday of June, 1998 falls on June 12th, a national holiday. In view of this fact, the Board of Directors of APMC, during its special meeting held on May 19, 1998, resolved to reschedule the Annual Stockholders' Meeting of APMC to July 24, 1998 at 3 : 00 p . m . at the Balagtas Room, The Peninsula Hotel, corner Ayala and Makati Avenue, Makati City . The books of the corporation will be closed at the end of business hours on July 9, 1998 for purposes of determining stockholders entitled to Notice of the Annual Stockholders' Meeting and to attend and vote thereat, in person or by proxy. Appropriate notices of the meeting, the agenda therefor, proxy forms and the requisite Information Statements as required under the Revised Securities Act and the Annual Report will be sent to all qualified stockholders in due course by messengerial service to Metro Manila residents and by registered mail to residents outside Metro Manila. Additionally, although not required under the By-Laws, the Notice of the Annual Meeting will be published in two newspapers of general circulation. cdlex A similar but separate report has been filed with the Securities and Exchange Commission pursuant to its rules. Very truly yours, ALCORN PETROLEUM AND MINERALS CORPORATION By: (SGD.) MARIO M. USON Asst . Corporate Secretary