Election of New Directors for the Year 1998-1999 and the Re-Appointment of Current Corporate Officers

July 28, 1998 PSE CIRCULAR FOR BROKERS NO. 1746-98 July 24, 1998 Philippine Stock Exchange 4/F Phil. Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Disclosure Department Listings and Disclosure Group RE : Election of New Directors for the Year 1998-1999 and the Re-Appointment of Current Corporate Officers Gentlemen : During the Annual Stockholders' Meeting of Alcorn Petroleum and Minerals Corporation held at the Balagtas Room of The Peninsula Manila, Makati City, held at 3:00 p.m., July 24, 1998, the following were elected as members of the Board of Directors of the Company to serve for the year 1998-1999 and until their successors shall have been duly elected and have duly qualified: Name Citizenship 1. Estelito P. Mendoza Filipino 2. Lucio L. Co Filipino 3. Leonardo B. Dayao Filipino 4. Macario U. Te Filipino 5. Robert Y. Cokeng Filipino 6. Eduardo F. Hernandez Filipino 7. Ponciano K. Mathay Filipino At the organizational meeting held immediately after the Stockholders' Meeting and held at the same place thereat, the Board of Directors elected the following officers of the Corporation to serve for the year 1998-1999 and until their successors shall have been duly elected and qualified: Name Citizenship 1. Estelito P. Mendoza Chairman of the Board 2. Macario U. Te Vice-Chairman of the Board 3. Eduardo F. Hernandez President 4. Ponciano K. Mathay Vice-President & General Manager 5. Leonardo B. Dayao Vice-President Corporate Planning 6. Mario M. Uson Vice-President Legal & Asst. Corp. Secretary 7. Elizabeth Te Treasurer 8. Eliseo P. Alampay Corporate Secretary 9. Adriano M. Hernandez Assistant Corporate Secretary Please disseminate the above information to your members and the investing public. Very truly yours, (SGD.) MARIO M. USON Vice-President & Asst . Corporate Secretary