PICOP Resources, Inc.

June 29, 1998 PSE CIRCULAR FOR BROKERS NO. 1465-98 June 26, 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 will confirm our telephone advice to your Ms. Luisa Buenaventura that at the just concluded stockholders' meeting of PICOP Resources, Inc. this afternoon, the following were elected directors of the company for the ensuing fiscal year and until the election and qualification of their successors: 1. Atty. Leonardo T. Siguion Reyna 2. Mr. Joost Pekelharing 3. Mr. Teodoro G. Bernardino 4. Mrs. Eleanore B. Gutierrez 5. Mr. Roberto A. Atendido 6. Mr. Michael G. Bernardino 7. Maj. Gen. Ramon E. Montano (ret.) 8. Mr. Ramon S. Ang 9. Mr. Pedrito M. Aragon 10. Mr. Louis S. Coson 11. Mr. Jeronimo U. Kilayco Further, we also advise that the following were elected officers of the corporation at the organizational meeting of the board of directors held immediately after the annual stockholders' meeting: cdpr 1998 Officers Chairman of the Board Atty. Leonardo T. Siguion Reyna Vice Chairman of the Board Mr. Joost Pekelharing President Mr. Teodoro G. Bernardino Treasurer Mrs. Eleanore B. Gutierrez Vice President(s) Mr. Wilfredo D. Fuentes Mr. Marvin E. Marcojos Asst. Vice President(s) Mr. Vicsmarte E. Ubalde Mr. Rolando A. Gonzales Mr. Isaias F. Mendoza, Jr. Corporate Secretary Atty. Edgardo G. Balois Asst. Corporate Secretary Atty. Lincoln L. Tan, Jr. This report is hereby submitted in compliance with the Continuing Reporting Requirements under the Revised Securities Act. 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