Postponement of IRC's 1998 Annual Stockholders Meeting from July 14, 1998 to August 14, 1998

June 17, 1998 PSE CIRCULAR FOR BROKERS NO. 1349-98 SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Mandaluyong City FAX No. 788459/7220990 Attention: The Director Money Market Operations Department PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City FAX No. 6345003/6345920 Attention: The President The Head Disclosure Department RE : Postponement of IRC's 1998 Annual Stockholders Meeting from July 14, 1998 to August 14, 1998 Gentlemen : Please be advised that the Board of Directors of Interport Resources Corporation (IRC), in a Special Meeting held today, Wednesday, June 17, 1998, passed and adopted the following resolution; RESOLUTION "Resolved, as it is hereby resolved, to postpone IRC's Annual Stockholders' Meeting scheduled on July 14, 1998 to August 14, 1998 for the following valid and justifiable reasons: a. IRC's stock rights offering period slated from May 4 to June 4, 1998 was initially postponed to June 1 to July 1, 1998 due to the depressed stock market prices, including that of IRC, brought about by the currency crisis affecting the country. The company again requested for the postponement of the said rights offering period to September 1 to October 1, 1998, which is now pending with the PSE. The postponement was deemed necessary by IRC management because of the continuing currency crisis besetting the Philippines and the ASEAN region. The Philippine stock market prices dipped to its lowest level ever during the last week of May exacerbated by the worsening inflation rate, the highest since June, 1996 and these developments have affected the finalization of IRC's Underwriting Agreement with RCBC Capital, its underwriter. Because of these postponements, the corporation has been unable to adequately prepare for the forthcoming annual stockholders' meeting scheduled for July 14, 1998. b. The efforts of IRC have been fully geared to the stock rights offering and considering that the corporation has barely one (1) month before the annual stockholders' meeting, which is too short to comply with the SEC requirements attendant to the holding of the said meeting which includes, among others, the submission and approval by SEC of the Preliminary Information and/or Proxy Statement, the printing and mailing of Definitive Information and/or Proxy Statement to the stockholders, the other attendant administrative activities like the printing of the 1997 Annual Report and such other details required by SEC." The record date (which shall not be more than sixty (60) days before the meeting concerned) and the venue (which shall be in Metro-Manila) of the meeting, the date and the place of the validation of proxies, and other matters related to the meeting shall be disclosed later. The requirements of RSA Rule 34(a) and RSA Rule 34(c) will be observed within the time provided for under the rules of the Securities and Exchange Commission. The statement in writing signed under oath by the President or the Secretary of the corporation specifying the justifiable and valid reasons for the postponement of the annual stockholders' meeting shall be submitted to the Securities and Exchange Commission within five (5) days from the date of this letter. Please disseminate the above material information to your member firms and the investing public. Very truly yours, (SGD.) JORGE V. SARMIENTO Corporate Secretary