PSE Circular for Brokers No. 1088-98

May 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1088-98 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that at the regular annual meeting of the stockholders of Imperial Resources, Inc. held on April 21, 1998, the resolution covering the change of the par value of its shares of stock was unanimously approved, and which resolution reads as follows: "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 (P.01) to One Peso (P1.00) per shares, 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; cdlex 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 (1.00) per shares." Disclosure Statement of Imperial Resources, Inc. Re: Change of Par Value Approval of the amendment of the Articles of Incorporation reflecting the change of the par value of the shares of stock is in process. LLjur Kindly consider and make of record the foregoing, as a material disclosure of Imperial Resources Inc. Very truly yours, IMPERIAL RESOURCES, INC. By: (SGD.) VICENTE R. ACSAY Corporate Secretary