PSE Circular for Brokers No. 1760-98

July 29, 1998 PSE CIRCULAR FOR BROKERS NO. 1760-98 July 22, 1998 PCD NOMINEE CORPORATION G/F MKSE Building 6767 Ayala Avenue Makati City Attention: Ms . Lee S . Garrido Manager SUBJECT : Philex Mining Corporation Your Ref . ID No. 98-0098PXB dated July 13, 1998 Date received by FSTI July 20, 1998 Gentlemen : We are returning to you the enclosed defective stock certificates/assignment, which we are unable to process, to wit: Lexlib Cert/Ref . No. Name of Stockholder No. of Shares Defect Noted B0333960 Lippo Sec., Inc. Fao 3,651 Non-Filipino Acct. Fao Tse Lee Tai B0334015 -do- 6,302 -do- B0380501 -do- 1,825 -do- B0380502 -do- 3,151 -do- Please be informed that as result of the defective deliveries, we adjusted the total issuance for your ID No. 98-0098PXB from 40,847 to 25,918, details are as follows: Lodgement No. of Shares Difference Report No. From To 54089688 14,929 0 (14,929) Thank you. Very truly yours, FIDELITY STOCK TRANSFER, INC. (SGD.) JENNY C. SERAFICA VP/Gen . Manager