PSE Circular for Brokers No. 1478-99

June 23, 1999 PSE CIRCULAR FOR BROKERS NO. 1478-99 June 22, 199 Listing and Disclosure Group Listing Department PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Complex, Pasig City Fax No. 636.08.09 Attention: Mr . Jose Luis U . Yulo President RE : PICOP Resources Inc . ("PCP") Gentlemen : In compliance with the Continuing Listing Requirements of the Philippine Stock Exchange and as provided for under Sec. 36, Chapter IV of the Revised Securities Act, we wish to inform you that at the just-concluded Annual Stockholders' Meeting of PCP and the Organizational Meeting of the newly-elected Board of Directors both held on 22 June 1999 at the Makati Sports Club, Alfaro St., Salcedo Village, Makati City, the newly-elected Board of Directors and Corporate Officers are as follows: cdll A. Board of' Directors: Atty. Leonardo T. Siguion Reyna Mr. Joost Pekelharing Mr. Teodoro G. Bernardino Mrs. Eleanore B. Gutierrez Mr. Roberto A. Atendido Mr. Michael G. Bernardino Maj. Gen. Ramon E. Montano (Ret.) Mr. Ramon S. Ang Mr. Pedrito M. Aragon Mr. Louis S. Coson Mr. Alfonso B. Cruz, Jr. B. Corporate 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. Eleonore B. Gutierrez Vice-President(s) Mr. Wilfredo D. Fuentes Mr. Marvin E. Marcojos Chief Financial Officer Mr. Emmanuel A. Rapadas Asst. Vice-President(s) Mr. Vicsmarte E. Ubalde Mr. Rolando A. Gonzales Corporate Secretary Atty. Edgardo G. Balois Asst. Corporate Secretary Atty. Lincoln L. Tan, Jr. Very truly yours, (SGD.) EDGARDO G. BALOIS Corporate Secretary