PSE Circular for Brokers No. 1297-98

June 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1297-98 June 9, 1998 Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Disclosure Department Gentlemen : Greetings! Please be informed that during the June 9, 1998 PNOC Exploration Corporation (PNOC-EC) Annual Stockholders' Meeting held at PNOC Energy Development Corporation (PNOC-EDC) Canteen, Building 5, PNPC Complex, Merritt Road, Fort Bonifacio, Taguig, Metro Manila, the following were acted upon by the stockholders, to wit: 1. The June 10, 1997 Minutes of the Stockholders' Meeting was APPROVED ; 2. All Management acts and proceedings since the last Stockholders' Meeting were RATIFIED ; 3. The following were NOMINATED and ELECTED as Directors of PNOC-EC; a) Raul S. Manglapus b) Rufino B. Bomasang c) Rafael E. del Pilar d) Noe S. Andaya e) Felix A. Brawner, Jr. f) Noel C. Onate g) Lucio O. Samonte h) Jesus C. Sison i) Angel E. Veloso, Jr. 4. The amendment to Stockholders' Resolution No. 4,'S'97, increasing the authorized capital stock of PNOC-EC from P1.2 billion to P3.5 billion by further authorizing debt-to-equity conversion of PNOC's loans, including interests, to PNOC-EC of P575 million as PNOC's subscription and payment for the increase in authorized capital stock was APPROVED ; 5. The amendments to PNOC-EC's Articles of Incorporation for Additional and Amended Secondary Purposes and their activation, namely; (a) Expanded operation of the Energy Supply Base (ESB); and (b) Generate, transmit, buy and sell electricity were APPROVED . We reserve the right to amplify on this letter. Thank you. Very truly yours, (SGD.) ELPIDIO M. GAMBOA, JR. Corporate Secretary