PSE Circular for Brokers No. 1116-98

May 22, 1998 PSE CIRCULAR FOR BROKERS NO. 1116-98 PHILIPPINE STOCK EXCHANGE, INC. Philippine Exchange Center Exchange Road, Pasig Metro Manila Attention: Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : In connection with the Annual Stockholders of Atok-Big Wedge Co., Inc. held on May 22, 1998 at 4:00 PM at the 18th Floor, Conference Room, Aurora Tower, Araneta Center, Quezon City, the following matters among others were taken up: I. Proof of the presence of Quorum II. Proof of Notice of Meeting III. Reading and Approval of the Minutes of the previous Meeting of the Stockholders (May 29, 1997). IV. President's Report on behalf of the Board of Directors V. Financial Report VI. Ratification of all previous acts and resolutions of the outgoing Board of Directors VII. Nomination, Election and Declaration of the following duly elected Directors for ensuing year. Mr. Jorge L. Araneta Atty. Ramon H. Felipe, Jr. Mr. Victor R. Kalaw Mr. Rinfredo B. dela Cruz Atty. Mariano Sarmiento II Mr. Victor R. Lazatin Mr. Jose A. Sanchez Mr. Francisco Dizon Atty. Antonio Meer VIII. Ratification of Board Resolution re-amending the Amended By-Laws as follows: 1. Changing the Fiscal Year of the corporation from Oct. 1 to Sept. 30 to Calendar year; 2. Changing the date of the Annual Meeting of the Stockholders from the last Thursday of February in each year to third Friday of May; 3. Changing the seal of the corporation by changing the words Atok-Big Wedge Mining Co., Inc. to Atok-Big Wedge Co., Inc. IX. Appointment of Tulio, Lim, Evangelista and Co. as external auditors of the corporation. X. Mr. Joseph Sy, a stockholder, recommended certain actions to be taken up by the Board of Directors in its discretion. Very truly yours, (SGD.) MARIANO SARMIENTO, II Corporate Secretary