PICOP Resources, Inc.

June 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1290-98 June 9, 1998 Listings and Disclosure Group Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Fax No. 636-0809 Attention: Mr . Reynold P . Ong Vice President, Listings and Disclosure Group RE : PICOP Resources, Inc . Gentlemen : This responds to your follow-up fax letter dated June 9, 1998 requiring written clarification regarding the disposition of our old stock certificates reflecting the old par value and the issuance of new certificates with the new par value. We have already apprised our stock transfer agent, STOCK TRANSFER SERVICE, INC., on the need to retrieve the old certificates with the old par value and the issuance of the replacement new certificates with the new par value. We are currently finalizing with them the process and mechanics for their surrender by and issuance to the stockholders of the relevant stock certificates to implement the stock split. The process was however overtaken by the series of holidays (i.e., the holy week and national elections) and the preparation of the proxy statement for the annual stockholders' meeting to be held on June 26, 1998 at 2:30 p.m. at the Heritage Hotel, Edsa cor. Roxas Boulevard. Moreover, the printing of the new certificates with the new par value will take time. To avoid confusion to the stockholders and for consistency with the proxy statement which contains data on issued shares and stockholders and their holdings as of December 31, 1997, the implementation of the stock split, including the retrieval of the old certificates and the issuance of the replacement certificates, will be made soon after the said annual stockholders' meeting. Appropriate notices to this office, the SEC and the affected stockholders will be sent in due course. We trust this will clarify matters. Very truly yours, Picop Resources, Inc. (SGD.) EDGARDO G. BALOIS Corporate Secretary Picop Resources, Inc . Tel No . 810-0281 to 89 Fax No . 819-1498