PSE Circular for Brokers No. 1232-99

May 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1232-99 May 26, 1999 Listing and Disclosure Department The Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City RE : Notice of Cancellation and Resetting of the Annual Stockholders' Meeting of PNOC Exploration Corporation (PNOC-EC) Gentlemen : Please be informed that the Annual Stockholders' Meeting of PNOC EXPLORATION CORPORATION (PNOC-EC), originally scheduled on 8 June 1999 has been moved to 22 June 1999 (Tuesday) at 4 : 00 p.m . at the PNOC Energy Development Corporation Canteen, Bldg. 5, Energy Center, Merritt Road, Fort Bonifacio, Taguig, Metro Manila. The agenda for the meeting remains the same, to wit: AGENDA 1. Call to Order 2. Report on Attendance and Quorum 3. Adoption of the Agenda 4. Reading and Approval of the Minutes of the June 9, 1998 Stockholders' Meeting 5. Management Reports 6. Ratification of Management Acts and Proceedings since the last Stockholders' Meeting 7. Election of Directors 8. Other Matters 9. Adjournment The cancellation and resetting of the meeting is brought about by the difficulty in mustering a quorum if the meeting were to be held on 8 June 1999, as originally scheduled. This notice is being made in compliance with PSE's existing rules. Very truly yours, (SGD.) ELPIDIO M. GAMBOA, JR. Corporate Secretary